Petra Foods in dispute with Barry Callebaut on cocoa unit sale
SINGAPORE (Reuters) - Singapore's Petra Foods Ltd (PEFO.SI) is in dispute with Barry Callebaut (BARN.S) after the latter sought a discount in the final pricing for buying Petra's cocoa business, Petra Food said in a statement late Monday.
Swiss-based Barry Callebaut, the world's biggest maker of finished chocolate products for companies such as Nestle SA (NESN.VX) and Hershey Co (HSY.N), sought a reduction of $98.3 million in the closing price last month, which Petra Foods considered unjustified.
In July, Petra Foods said it expected to receive $860 million from the deal, after it first announced selling its cocoa ingredients business to Barry Callebaut for $950 million last December.
Petra Foods said that Barry Callebaut's proposal to reduce the closing price is not compliant with the sale and purchase agreement and the law and does not have a proper or valid basis.
(Reporting by Rujun Shen; Editing by Supriya Kurane)
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