Sector News

Categories

Borderless Insights

Image
How to impress the headhunter: Andrew Kris in conversation with Anthony Harling provide the clues.
Image
Now performing in the biotech big top: The Chief Medical Officer
Image
What can the Life Sciences sector and other industries learn from Amazon

Greenyard Foods merges to become global fruit, vegetable giant

April 14, 2015
Food & Drink
(Reuters) – Belgian frozen vegetable group Greenyard Foods will merge with fresh fruit company Univeg and gardening company Peatinvest to form a global fruit and vegetable group with 3.7 billion euros ($3.9 billion) in annual sales.
 
The companies, in which the family of chairman Hein Deprez has major stakes, will then be listed on the Brussels stock exchange through Greenyard Foods as a parent company.
 
As part of the transaction, new Greenyard Foods shares will be issued to the owners of Univeg and Peatinvest, though the company is looking at ways to increase the free float of the stock after the deal is completed.
 
Shares of Greenyard Foods rose as much as 9.6 percent in early trading on the Brussels stock exchange on Monday.
 
Univeg, with a turnover of 3.1 billion euros, will be by far the largest part of the newly created group.
 
Univeg, which sells produce under the “Seald Sweet” and “Univeg” brands, produces some 1.9 million tonnes of fruit and vegetables and has plantations across the globe, including Argentina, South Africa, Uruguay and Turkey.
 
Greenyard Foods said the deal was subject to regulatory approvals and due diligence.
 
Belgian holding company GIMV, which through its vehicle GIMV-XL has a 17.3 percent stake in Greenyard Foods, would also exercise warrants, resulting in a capital increase of 25.6 million euros. ($1 = 0.9465 euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

Read more
October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

Read more
October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.

Read more
More news