EU clears McCain purchase of PinguinLutosa potato unit
The European Commission said on Wednesday it had cleared the proposed 225 million euro ($289.25 mill…The European Commission said on Wednesday it had cleared the proposed 225 million euro ($289.25 million) purchase by McCain Foods of the potato division of PinguinLutosa, subject to certain conditions.
The Commission said its approval was conditional on the divestment of the Lutosa brand of potato products in Europe because of the risk of significantly reduced competition, particularly in Belgium.
The deal would clear frozen food group PinguinLutosa of its debts and the company had delayed the release of its annual results until Wednesday, pending the EU Commission decision.
The Belgian financial markets regulator suspended trading in shares of PinguinLutosa early on Wednesday.
Privately owned Canadian group McCain Foods is the world's largest producer of frozen French fries. ($1 = 0.7779 euros)
