A French court has decided to delay the decision of indebted poultry group Doux's possible takeover until at least October, according to reports.
Two competing plans were submitted: one involving giving Barclays bank an 80 percent stake in the company in exchange for €140 million (US$172.42 million) in debt forgiveness; and the other a takeover offer from a consortium of French agri-business groups led by oilseed company Sofiproteol. The commercial court has extended its deliberations until Oct. 9 and, in the meantime, ordered the liquidation of Doux's fresh poultry activity and called for bids for the business to be submitted by Aug. 10.
Doux employs roughly 4,000 people, and either plan will include the loss of 1,000 jobs.
