Campofrio Food Group enters into a joint venture in Rumania
http://www.campofriofoodgroup.com/pls/portal/docs/PAGE/CAMPOFRIO_FOOD_GROUP/INVESTORS%20INFO/INVESTORS%20INFO%20PRESENTATION/PRESS%20RELEASES/20100304%20JOINT%20VENTURE%20AGREEMENT%20IN%20ROMANIA.PDF
09-Mar-2010 (16 years 2 months 30 days ago)Campofrio Food Group S.A announces that on the date hereof it has entered into an agreement with meat processing Caroli Group companies to integrate the business of such group with the meat processing business of Campofrio Food Group in Romania and develop the business together in Romania and other territories. Campofrio will hold 49 % of the resulting group in exchange of the contribution of its shares in its Romanian subsidiary Tabco Campofrio and a cash payment of 12,3 million € subject to final price adjustments.
This joint venture will create the leading company in the Romanian processed meat market with a combined market share over 16% and turnover exceeding Euro 120 Million.
The parties have agreed to enter on the closing date into a shareholders agreement to regulate the governance of the Joint Venture including required qualified majorities for certain resolutions as well as certain rights and obligations in connection with the transfer of shares.
The transaction is subject to due diligence, antitrust approval and condition precedent in line with normal practices in this type of transactions.
This joint venture will create the leading company in the Romanian processed meat market with a combined market share over 16% and turnover exceeding Euro 120 Million.
The parties have agreed to enter on the closing date into a shareholders agreement to regulate the governance of the Joint Venture including required qualified majorities for certain resolutions as well as certain rights and obligations in connection with the transfer of shares.
The transaction is subject to due diligence, antitrust approval and condition precedent in line with normal practices in this type of transactions.