2 July 2007 - Last month, FLEXNEWS reported that the appeals court in Riom, near Clermont-Ferrand, had started examining Toury's appeal. Toury had appealed against the Clermont-Ferrand commercial court's decision to order the sale of the company to a consortium of four companies, instead of fellow dairy products company Lactalis.
In May, the court had ruled in favour of a takeover plan proposed by a group of four companies led by cheese maker Paul Dischamp of dairy group Toury. The three others are the Dairy Cooperative Group of Charente-Poitou, Spanish dairy firm Leche Pascual and Vitagermine, an organic food specialist.
The French business press reports today though that the Riom court has decided not to pursue Toury’s appeal.
The decision means that the group of four companies led by Dischamp will acquire Toury and, hence, denies Lactalis’ takeover plans a second time.
The court decided to ignore Lactalis’ offer to raise its bid by 15 million euro, adds the press.
A family-owned business, Toury’s annual turnover is estimated at EUR 230 million. The group was placed into receivership in April 2007.