German Meatpacker Toennies May Be Sold in $4.7 Billion Deal
· German slaughterhouse operator may fetch up to 4 billion euros
· JBS of Brazil has been growing through acquisitions abroad
By Eyk Henning, Ruth David, and Aaron Kirchfeld, Bloomberg
July 13, 2021
Toennies Holding ApS & Co. is attracting interest from Brazilian rival JBS SA and an Asian bidder in a sale that could value Germany’s largest slaughterhouse operator at as much as 4 billion euros ($4.7 billion), according to people familiar with matter.
The company’s family owners are holding initial talks with both parties and could decide on the next steps this summer, the people said, asking not to be identified discussing confidential information. There’s no certainty considerations will lead to a transaction and the owners may still opt to keep the business, according to the people.
A representative for Toennies declined to comment, while a spokesperson for JBS couldn’t be immediately reached for comment.
JBS is the world’s largest meat producer and has this year grown through acquisitions in the U.K. and Australia. The Brazilian firm has also expanded its plant-based food offerings with the purchase of Dutch firm Vivera.
The owners of Toennies began exploring a sale of the roughly 50-year old company earlier this year, less than 12 months after its was embroiled in a nationwide scandal due to a huge coronavirus outbreak at one of its packing plants. The company reached out to a narrow group of industry peers including JBS, Tyson Foods Inc., WH Group Ltd., the Chinese company that bought Smithfield Foods Inc. in 2013, as well as other Asian players, the people said...
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