Key Developments: Barry Callebaut AG (BARN.S)

BARN.S on Swiss Exchange

22 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Petra Foods Ltd In Dispute With Barry Callebaut AG On Cocoa Unit Sale-Reuters
Monday, 21 Oct 2013 08:50pm EDT 

Reuters reported that Petra Foods Ltd is in dispute with Barry Callebaut AG after the latter sought a discount in the final pricing for buying Petra's cocoa business. Barry Callebaut 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.  Full Article

Barry Callebaut AG Closes Acquisition Of The Cocoa Ingredients Division From Petra Foods Ltd
Monday, 1 Jul 2013 11:51am EDT 

Barry Callebaut AG announced that it has closed the acquisition of the Cocoa Ingredients Division from Singapore-based Petra Foods Ltd. as planned on June 30, 2013, following approval from the regulatory authorities. It creates an organization with over 8,000 employees, an estimated annual sales volume of 1.6 million tonnes and CHF 6 billion (EUR 4.9 billion / USD 6.4 billion) in sales revenue, as well as further diversifying Barry Callebaut's global footprint to 50 factories on four continents.  Full Article

Barry Callebaut AG Initiates Sustainable Cocoa Program In Collaboration With Rainforest Alliance Inc
Thursday, 20 Jun 2013 04:02am EDT 

Barry Callebaut AG announced that it has initiated a sustainable cocoa program in collaboration with Rainforest Alliance in Cameroon. Barry Callebaut has provided comprehensive training in sustainable cocoa production to 1,000 farmers in central and western Cameroon, Facilitated the establishment of five cooperatives to improve market access and services for farmers and Participating cocoa farmer cooperatives are the first cooperatives in Cameroon to become Rainforest AllianceCertified. In addition to training the farmers in sustainable agricultural practices, Barry Callebaut helped the farmer groups to achieve cooperative status. The certification training activities build on the success of Barry Callebaut's own Quality Partner Program (QPP) with farmer cooperatives, started in Ivory Coast in 2005 and launched in Cameroon in 2010.  Full Article

Barry Callebaut AG Prices $400 Million 5.5% Senior Notes Due 2023
Thursday, 13 Jun 2013 02:35pm EDT 

Barry Callebaut AG announced the pricing of $400 million 5.5% senior notes due 2023 (the Notes) with estimated gross proceeds totalling $392.5 million. The remaining amount will be financed through the partial funding of an existing bridge loan. The proceeds of the offering will be used to fund a portion of the consideration in respect of the previously announced acquisition of the Cocoa Ingredients Division of Petra Foods for USD 950 million (subject to customary closing adjustments). The Notes will be due June 15, 2023 with a coupon of 5.5%. The Notes are unsecured and rank pari passu with the existing revolving credit facility and the existing notes.  Full Article

Barry Callebaut AG Cleared To Buy Petra Foods Ltd's Cocoa Division-DJ
Friday, 7 Jun 2013 06:37am EDT 

Dow Jones reported that Barry Callebaut AG has been cleared to buy the cocoa division of Petra Foods Ltd after the European Commission said the merger wouldn't harm competition. The commission said it looked into the competitive impacts of an acquisition in the markets for the procurement of cocoa beans and the production and sale of semi-finished cocoa products where the company's activities overlap. The commission's investigation said the markets for cocoa products are relatively concentrated, with some major players such as ADM and Cargill. However, the investigation showed the merger would not distort market competition. It is expected to be completed later this summer at a cost $950 million.  Full Article

Barry Callebaut AG Announces Launch of $600Million Notes-DJ
Tuesday, 4 Jun 2013 05:37am EDT 

Dow Jones reported that Barry Callebaut AG announced the launch of a $600 million senior note offer which it will use to part fund its acquisition of Petra Foods Coca Ingredients Division (P34.SG). The transaction is expected to be launched, subject to market conditions, following an investor roadshow in London, Zurich, New York and Boston commencing on June 5. The capital will be used to fund part of the $950 million acquisition of the division.  Full Article

Barry Callebaut AG Buys Swedish Plant-Reuters
Friday, 18 Jan 2013 02:15am EST 

Reuters reported that Barry Callebaut AG said it was buying a chocolate factory in Sweden. Financial terms of the deal were not disclosed.  Full Article

Barry Callebaut AG To Acquire Cocoa Ingredients Division From Petra Foods Ltd
Tuesday, 11 Dec 2012 08:44pm EST 

Barry Callebaut AG announced that it has reached an agreement with Petra Foods Ltd., Singapore to acquire their Cocoa Ingredients Division. Petra Foods' Cocoa Ingredients Division is the largest cocoa products supplier in Asia with a global sales volume of 265,000 MT and 47,000 MT of co- manufacturing volumes for large accounts. The transaction also includes a long-term agreement with Petra Foods' branded consumer division to supply it with cocoa products covering 75% of its total needs. The transaction is subject to approval by Petra Foods' shareholders as well as regulatory authorities. The closing of the transaction is expected in summer 2013. Barry Callebaut will fund the transaction through a bridge loan from banks. The bridge loan will be replaced within 12 months by the issuance of a combination of equity and debt. The transaction has the full support of Jacobs Holding AG, Barry Callebaut's majority shareholder.  Full Article

Barry Callebaut AG to Propose Dividend
Tuesday, 6 Nov 2012 07:00pm EST 

Barry Callebaut AG announced that its Board of Directors will propose a payout to shareholders of CHF 15.50 per share (same as 2011), representing a payout ratio of 33% (versus net profit from continuing operations), at the Annual General Meeting of Shareholders on December 5, 2012. The payout will partly consist of a dividend payment from reserves from capital contributions and partly of a capital reduction through par value repayment. The redistribution of these funds to shareholders will not be subject to withholding tax and – for individuals residing in Switzerland and holding the shares as private property – income tax. The payout to shareholders will be executed as of March 4, 2013, subject to approval by the Annual General Meeting of Shareholders and the necessary statutory actions.  Full Article

Barry Callebaut AG To Sell Factory In Dijon To Chocolaterie de Bourgogne
Friday, 21 Sep 2012 02:45am EDT 

Barry Callebaut AG announced intention to sell factory and the related business in Dijon (France) to Chocolaterie de Bourgogne. With this, Barry Callebaut would conclude the final step to dispose of all consumer activities. After the sale of Barry Callebaut's European Consumer Products business (Stollwerck) to the Belgian Baronie Group in 2011, the Dijon factory remained as the last consumer factory within the Group. In order to support the business under the new ownership, Barry Callebaut has agreed that Chocolaterie de Bourgogne will continue to provide 12,000 tonnes of liquid chocolate per year to Barry Callebaut under a five-year supply contract. The transaction will be executed upon completion of the information and consultation process with the works council.  Full Article


Chocolate maker Barry Callebaut cancels Ivorian meeting on Ebola fears

ABIDJAN - Barry Callebaut, the world's biggest chocolate maker, confirmed on Monday it has canceled an annual meeting of managers that was due to take place in Ivory Coast because of concern over the spread of the Ebola virus.

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