BERLIN (Reuters) – Germany’s largest meat processor Toennies is not for sale and its ownership structure will remain unchanged, its family owners said on Wednesday.
The company’s stakeholders – Robert, Clemens and Maximilian Toennies – said in a joint statement they wanted to run the business together in the future with a focus on sustainability and animal welfare.
News agency Bloomberg had reported in March that the family owners were seeking buyers for the 50-year-old firm in a deal that could value it at 4 billion euros ($4.75 billion), amid a family dispute over strategy.
The joint statement was the first by the company’s owners to address the speculation over a sale. Clemens Toennies owns around 45% of its shares, his nephew Robert Toennies around 50% and Clemens’ son Maximilian around 5%.