October 6, 2008

Russia's Prodo Group intends to buy out minority shareholders in six of its poultry and hog production facilities.

The Prodo Group, one of the largest players on the Russian meat market said in a statement that it intends to buy out minority shareholders in six of its poultry and hog production facilities.

Prodo notified the minority shareholders of its intent on Wednesday, 1 October 2008.

According to the proposals, Prodo plans to buy a 15.9-percent stake in Ufa Canned Meat Plant, a 15.24 percent stake in Omsk Bacon, a 20.54 percent stake in Sibirskaya Poultry Plant in the Omsk region, a 13.1 percent stake in Kaluga Poultry Plant, an 11.09 percent stake in Tyumen Broiler and a 13.6 percent stake in Lindovskaya Poultry Plant.

The company did not specify the price it offered per share, but said Uralsib Bank was guaranteeing the offer.

The Prodo Group has branches in Klin, Nizhny Novgorod, Rostov-on-Don, Togliatti, Perm, Tyumen, Omsk and Ufa. The group produces more than 1,500 tonnes of name-brand sausage, poultry and refrigerated and frozen semi-finished meat products yearly.