Fusion Tican and Tönnies are joining up
Tican A/S is the holding company for all of Tican's activities within pig slaughtering and meat processing with the companies Tican Fresh Meat A/S, Direct Table Foods Ltd., Pro-Pak Foods Ltd., Tican UK, Tican Chilled and Nove Sp.zo.o. The sales companies in Germany and China are also covered by the agreement.
According to the agreement a due diligence review will take place during November. A share transfer agreement between the parties is expected end November. The transaction is expected to be approved by the European competition authorities; however it is expected that this approval will take place within approximately one month from the notification – around year end.
When this agreement has been approved, the financial interest of the cooperative members for a competitive residual payment for the financial year 2014/15 is secured. The agreement with Tönnies also provides confidence that the future settlement price of finishers and sows will be at a competitive level. It has also been of crucial importance for the board and management to ensure the future operation and development of Tican's companies.