German meat giant Toennies ‘exploring sale’ | Food Industry News

Talks deliberate with main meat corporations
German meat big Toennies is reportedly exploring a sale of the enterprise led by member of the family Clemens Toennies.

A sale of the family-owned firm might presumably fetch as a lot as EUR4bn (US$4.8bn), Bloomberg reported, quoting unnamed sources aware of the proceedings, who added the meat processor might begin talks with potential events within the subsequent few weeks.

The publication’s sources stated Toennies plans to strategy international meat friends Tyson Meals, Brazil’s JBS and China’s WH Group, which additionally owns US pork processor Smithfield Meals.

No last selections have been made across the disposal and there’s no assure whether or not deliberate talks will result in a deal, Bloomberg reported, including Toennies and Tyson had declined to touch upon the matter, whereas it had not obtained replies from JBS or WH Group.

just-food has additionally approached Toennies for remark this morning.

CEO Toennies holds a forty five% share within the firm, whereas his nephew Robert Toennies owns 50%, with Bloomberg’s sources saying they’re each keen to promote their stakes “in any deal”.

A few of Toennies’ German factories have been hit by Covid-19 outbreaks final yr, with round 1,000 optimistic instances recorded at a single plant within the north west of the nation at one stage.

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