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Doux, the French poultry group from the Northwestern region of Brittany, had been placed in receivership in 2012 due to a series of debts causing them to terminating close to one thousand employees in establishing a plan that would push the company forward, which went into effect at the end of November 2013 by the Commerce Tribunal of Quimper. Doux has anticipated one amalgamation in particular for a long time.
![Doux, the number one poultry group in Europe, was in receivership in 2012 at the demand of its leaders, who broke from negotiations with the state and its creditors.](https://groundreport.com/wp-content/uploads/2014/10/1713933_3_4743_le-groupe-doux-premier-volailler-europeen-a_b6b276857860c6a78f423be66539d4d6-298x149.jpg)
Doux, the number one poultry group in Europe, was in receivership in 2012 at the demand of its leaders, who broke from negotiations with the state and its creditors.
This agreement was always based on the assumption that D&P, Doux’s largest shareholder, would become the primary holder with 52.5% of the stake. Almunajem would take 25%, announced Monday, October 20th, converting a debt into 25% stake in the company and the Doux family would keep 22.5%, where it was first at 80%. The inclusion of Almunajem was finalized within a contextual agreement with provisional implementations that D&P had written. D&P Finance, the family-owned investment firm led by Didier Calmels, a businessman specialized in the recovery of bankrupt companies, had already reduced his stake in Doux to 75% beforehand.
Almunajem, a Saudi company and ally of Doux for 40 years, operates particularly in the agribusiness sector as a wholesaler and importer of frozen foods. They are also the sole importer and distributer of Doux in Saudi Arabia. With this decision, Almunajem confirmed its commitment to all other shareholders, the sustainability of industrial process and its faithfulness to the Doux Trademark, while keeping true to their brand.
This agreement had to be finalized before the first trimester in 2014. At first, around the end of June, the poultry group had indicated that the capital of Doux was 100% owned by D&P but there were assurances that Doux and Almunajem could gain stake.