French poultry group Doux is in talks with several companies over a partial or full takeover, after failed agreements with bankers forced Doux to hire a judicial administrator to help management draw up a plan that will keep the company operating, according to reports.
Among the companies in discussion with Doux are animal feed producer Glon Sanders, French farm cooperatives Terrena and Triskalia, and private poultry group LDC. "Things are not very clear at this stage," said Philippe Tillous-Borde with Glon Sanders. "We understand that the administrator wants to speed the process, which means coming up with a disposal plan. Whether it will be partial or total will depend on the court."
Doux's debt currently stands at €340 million (US$426 million). The company is seeking a buyer to take over the entire business and ensure its survival, said Regis Vaillot, one of the company's administrators, and will remain open to a possible refinancing of the group to avoid a break-up.