Barclays to take 80% of Doux in September
Barclays, one of Doux's main creditors, is set to assume control of the French poultry group, Reuters reports.
A union representative said that Barclays is set to assume control of Doux next month.
Barclays is expected to take an 80% stake in Doux, which went into court administration in early June, in exchange for forgiving debt of €140 million (US$175 million).
"The transformation of Doux's Barclays debt into 80 percent of its capital should be implemented on September 10," Raymond Gouiffes of the CGT union told Reuters following a meeting of the company's works council.
Gouiffes further revealed that a Barclays representatiave had been added to the interim Doux management team.
A French commercial court has ordered the liquidation of Doux's money-losing fresh poultry operations, which have attracted five bids. The court is due to review the offers on September 5.
To comment, login here
Or register to be able to comment.