A French consortium led by oilseed company Sofiproteol has gained approval from the French government to join those bidding for indebted poultry exporter Doux. The group is making an offer for the entire company, according to reports.
The deadline for takeover bids was the afternoon of July 5, the end of the most recent step in Doux's attempts to remain in business. The company stopped paying its creditors in June with a debt of €340 million (US$423 million). Roughly 3,400 staff and 800 poultry farmers in France are currently at risk for losing their jobs and business if an agreement isn't reached.