Russia

Spanish group Fuertes sell stake in Russian joint venture

Mergers & Acquisitions

Cherkizovo Group acquires the 50?% stake in the authorized capital of Tambov Turkey from Grupo Fuertes.

Posted on Jan 20 ,15:40

Spanish group Fuertes sell stake in Russian joint venture

AIC Mikhailovsky, part of Cherkizovo Group, acquired a 50 % stake in the authorized capital of Tambov Turkey from Grupo Fuertes. In exchange for 1,175,000 new shares issued by the Group and valued at RUB 3.6 bn (€41.50 million) during a public offering. As a result, Grupo Fuertes’ stake in the authorized capital of Cherkizovo Group rose from 8.58 % to 11.12 %.

Cherkizovo Group’s consolidation of 100 % in Tambov Turkey was approved by the Federal Antimonopoly Service of Russia in December. The legal advisor of the transaction was Cleary Gottlieb.

The Tambov Turkey joint venture was established by Cherkizovo Group and Grupo Fuertes on a parity basis in 2012. Its first stage was launched in 2015, and in 2017 it started offering Pava-Pava-branded products, such as chilled chop meat and ready-to-cook products with natural spices. In the summer of 2020, the second stage of Tambov Turkey was launched to increase its total annual capacity to 85,000 tonnes of meat products. In 2021, production totaled about 80,000 tonnes.

“We are grateful to our friends and partners from Grupo Fuertes for 10 years of their cooperation on Tambov Turkey project. Over the years, we have learned a lot from them in terms of management, creation of products that meet European quality standards and got access to advanced production technologies. I am sure that as a significant shareholder of Cherkizovo, Grupo Fuertes will continue making good use of their vast experience in the agri-industry to further develop all business segments of our company”, commented Sergey Mikhailov, CEO of Cherkizovo Group.

“We are very satisfied with the partnership that we started a decade ago with the Cherkizovo Group. For Grupo Fuertes, this new coalition is a step forward in our relationship with the group, as we increase our percentage in the company and we consolidate a strategic relationship that unites us. We are committed, not only with turkey but also chicken and pork, mainly focusing on a firm and future-oriented strategic market such as Russia. We share the same strategy and most importantly, the same values”, affirms Rafael Fuertes, from Grupo Fuertes.

 NEWSLETTER - Stay informed with the latest news!

Comments





Similar articles

UKRAINE

Ukraine farm sector indirect losses may reach $83 bln

Ukraine is a global major grower and exporter of grain, vegetable oils and oilseeds. KSE said in...


Read more Read more
USA

US pork industry partnerships on display in Vietnam

USMEF Vietnam Representative Le Van Anh Tu and ASEAN Director Sabrina Yin led the pork and soybea...


Read more Read more
EU

EU Commission delays deforestation law’s implementation with one year

The European Commission announced a 12-month delay in the implementation of the deforestation law...


Read more Read more
Websolutions by Angular Software and SpiderClass