for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Deals

Toennies, Germany's largest meat processor, not for sale - family owners

FILE PHOTO: A truck of Toennies Meat arrives at the Toennies meat factory after Germany's largest slaughterhouse was reopened following a lockdown due to the spread of the coronavirus disease (COVID-19) among its employees, in Rheda-Wiedenbrueck, Germany, July 16, 2020. REUTERS/Wolfgang Rattay

BERLIN (Reuters) - Germany’s largest meat processor Toennies is not for sale and its ownership structure will remain unchanged, its family owners said on Wednesday.

The company’s stakeholders - Robert, Clemens and Maximilian Toennies - said in a joint statement they wanted to run the business together in the future with a focus on sustainability and animal welfare.

News agency Bloomberg had reported in March that the family owners were seeking buyers for the 50-year-old firm in a deal that could value it at 4 billion euros ($4.75 billion), amid a family dispute over strategy.

The joint statement was the first by the company’s owners to address the speculation over a sale. Clemens Toennies owns around 45% of its shares, his nephew Robert Toennies around 50% and Clemens’ son Maximilian around 5%.

($1 = 0.8417 euros)

Reporting by Douglas Busvine

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up