The strained relationship between the owners of Cloetta Fazer, the Nordic confectionery group, will come to an end after eight years when the company splits into two.
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The principal owners of Cloetta Fazer, Oy Karl Fazer and AB Malfors Promotor, who collectively hold 78.5% of voting rights have struck a deal that will see the group become two companies – Cloetta and Fazer Confectionery.
Cloetta will apply for listing on Stockholm’s OMX Nordic Exchange and Fazer Confectionery will be consolidated as part of Finland’s privately-held Fazer Group.
The relationship between the two families who own the largest proportion of Cloetta Fazer shares – Finnish Fazer and the Swedish Svenfelt – has been rocky.
In 2003, disagreements over the distribution of shares emerged when the Svenfelts took legal action to prevent the Fazer family increasing its shareholding in the company.
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By GlobalDataThe Fazer family holds 44.7% of Cloetta Fazer, while the Svenfelt family has a 39.6% share.
