Tican has agreed to sell the shares of its pig slaughtering and meat processing business Tican A/S to German food company Tonnies, following the collapse of a deal with Danish Crown.
The news came as Danish Crown called off its merger with Tican after it could not get approval with the competition authorities within the time limit.
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A spokesperson for Tican told just-food: “Of course we were frustrated that Danish Crown didn’t manage to have the merger approved,” when asked.
Tican AMBA is the cooperative company holding 100% of the shares in Tican A/S. Tican A/S holds 100% of the shares in all operative companies Tican Fresh Meat A/S, Direct Table Foods Ltd, Pro-Pak Foods Ltd. and Nove. The sales companies in Germany and China are also covered by the agreement.
A due diligence review will take place during November with the share transfer agreement expected by the end of November, subject to competition authority approval.
“The agreement with Tönnies also provides confidence that the future settlement price of finishers and sows will be at a competitive level,” Tican said in a statement. “It has also been of crucial importance for the board and management to ensure the future operation and development of Tican’s companies.”
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