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Greek Dairy Product Companies Strike Big Deal

mevgalOne of Greece’s biggest dairy product companies Delta Foods S.A., subsidiary of VIVARTIA, has bought 43% of  the Greek dairy industry, MEVGAL, based in northern Greece.
According to the press release “MARFIN INVESTMENT GROUP (MIG) announces that DELTA FOODS S.A., a subsidiary of Vivartia Group, has signed a preliminary agreement to acquire a 43% stake in MEVGAL from the Papadakis – Chatzitheodorou families. The transaction is subject to the approval of the Hellenic Competition Commission.
The acquisition amounts to €4.5m, which will be paid following the repayment of an obligation worth €3.8m by MEVGAL to DELTA and the repayment of a convertible bond loan that is expected to be provided by the lending banks to MEVGAL as part of the company’s financial restructuring plan. With this transaction DELTA will increase its stake in MEVGAL to 57.8%.
In the interim period until the transaction is approved by the Hellenic Competition Commission and the transfer of shares takes place, Mrs Mary Hatzakou will assume the position of Chairman of the Board and Mr Petros Papadakis the position of Vice Chairman and CEO.”
Vivartia Group CEO, Yannis Artinos stated that “MEVGAL had entered into financial difficulties, amid prolonged challenging market conditions. The agreement with DELTA, supported by the excellent cooperation with Mrs Hatzakou, Mr Papadakis and the lending banks, paves the way for the company’s survival.”

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