Tican has signed a framework agreement on the transfer of shares in Tican A/S with the German food company Tönnies.
The agreement has been put in place after the merger agreement with Danish Crown expired at midnight October 31 st 2015, without having obtained approval from the Danish Competition and Consumer Authorities.
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 approve d by the European competition authorities.
The agreement with Tönnies also provides confidence that the future settlement price of finishers and sows will be at a competitive level.
Monday November 2, 2015/ Tican/ Denmark.