Philippines’ poultry firm in takeover bid for New Zealand’s Tegel Group

Phililipine fishBounty Fresh Food, Inc, Philippines’ one of the leading poultry firms, has placed a US$309.4mn bid to but stakes of New Zealand’s Tegel Group Holdings Ltd, a move in which the Philippines’ company aims to expand its poultry business across international markets

Bounty has poultry operations in a number of Asia countries including Malaysia and Indonesia. The new bid aims to provide a significant opportunity to the poultry firm to boost its business portfolio.

Tegel has appointed Goldman Sachs to advise it on the takeover notice and the independent directors intend to appoint an independent expert to evaluate the merits of the offer. The board will report to shareholders more fully in accordance with the takeovers code requirements, once this advice has been received and our assessment of the offer has been completed.

Bounty is one of the largest poultry companies in the Philippines, with vertically integrated farm-to-plate operations including breeding, raising, processing and retailing including both locally and via export to other parts of Asia.

Tegel is New Zealand’s one of the leading exporters of chicken and poultry products and looks after more than half of the country’s poultry production.

Last year, Philippines inaugurated largest processing poultry plant in a joint venture between Cargill and Jollibee Foods Corporation. The Asian nation seeks to boost poultry production for both satisfying the domestic consumption as well as emerging as a regional poultry export hub.

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