On August 1, the Commercial Court of Quimper (Brittany) returned a decision on the some 15 takeover bids received since Groupe Doux was placed under judicial administration on June 1 [1]. All bids were rejected - including a one from a consortium of companies coordinated by oilseed producer Sofiprotéol - in favour of allowing Doux, associated with its largest creditor, Barclays, time to finalise their recovery plan.
In the opinion of the CFDT, both major proposals are unacceptable, but they had this to say about the court's decision: "How can one pile up so much debt, benefit from CAP subsidies, have an approach that is disrespectful of employees, lay off more than 1,600 workers without a worry and maintain the trust of the court?"
The court granted the Doux family's request to proceed with the liquidation of the chronically loss-making fresh products division, Doux Frais. It will continue operating until September 10 to allow time for a potential buyer to be found.
Doux Frais employs some 1,700 workers at 8 sites in Brittany.