Europe's organic food producer Royal Wessanen NV (KJWNY.PK) said it has acquired the minority stake in Rabo Capital's Favory Convenience Food Group. The partly deferred consideration for this 35.9% minority stake amounts to 5 million euros. A strategic review of the Frozen Foods business has resulted in the conclusion that further alignment and process integration between Favory and Beckers need to take place.
Rabo and Wessanen have discovered a number of potential routes and ownership structures to achieve this, and the outcome is that Wessanen takes complete ownership of the Frozen Foods entities with a view to execute the strategy and maximise shareholder value. In the light of Wessanen's focus on organic food in Europe, Frozen Foods is labelled non-core and at some point in time, the company anticipates these activities to be divested.
For comments and feedback: editorial@rttnews.com