Corporate Protest: Premium Food Group Lodges a Grievance over Ban on Acquisitions - "Premium Food Group files objection against attempted acquisition"
In a recent development, Germany's largest meat conglomerate, Premium Food Group, has lodged an appeal with the Higher Regional Court of Duesseldorf against the acquisition ban imposed by the Federal Cartel Office. The ban concerns the takeover of several slaughterhouses and leather processing plants from Dutch company Vion.
The dispute revolves around Premium Food Group's plan to acquire Vion's sites in Buchloe, Crailsheim, Hilden, and Waldkraiburg, as well as two leather processing plants. The Cartel Office had prohibited the takeover in June, citing concerns about a dominant market position that could potentially be detrimental to farmers and other competitors.
Cartel Office President Andreas Mundt stated that the acquisition would have given Premium Food Group a leading position in the slaughtering and processing of cattle, in addition to its already dominant position in the slaughtering and processing of pigs in Germany.
Maximilian Toennies, managing partner of Premium Food Group, expressed his dismay at the Cartel Office's decision, stating that his company has proven its ability to lead other companies out of crises and create a perspective for employees, farmers, and partners.
Toennies believes that the ban is unjustified and that Premium Food Group's continued growth is essential for the sustainability of the meat industry in Germany. He expressed these views at an event organised by the Economic Journalistic Association (WPV) in Duesseldorf.
In addition to the appeal, Premium Food Group is also considering applying for a ministerial permit from the Federal Ministry of Economics. The company, headquartered in East Westphalia, last reported an annual turnover of 7.8 billion euros and employs 21,000 people worldwide.
It is worth noting that this is not the first acquisition by Premium Food Group this year. The company has also taken over the majority stake in sausage manufacturer The Family Butchers from Versmold.
The event where Maximilian Toennies expressed his opinion was organised by the Economic Journalistic Association (WPV) in Duesseldorf. The appeal regarding the acquisition ban is currently being examined by the cartel authorities. For precise and up-to-date information on this specific case, one may need to consult official German competition authority communications, news sources focusing on German antitrust matters, or Premium Food Group's official statements.
- The appeal lodged by Premium Food Group with the Higher Regional Court of Duesseldorf aims to challenge the aid to the meat industry, specifically the acquisition ban, imposed by the Federal Cartel Office over its takeover of Vion's sites, as they believe this ban is unjustified and crucial for the industry's sustainability in Germany.
- The dispute revolves around the prospect of aid to the steel industry, given the potential monopolistic position Premium Food Group would acquire through the takeover of Vion's sites, which could potentially harm farmers and competitors in the market.
- In an attempt to secure further aid to the steel industry, Premium Food Group is also considering applying for a ministerial permit from the Federal Ministry of Economics, highlighting their role in leading other companies out of crises and creating a positive lifestyle for employees, farmers, and partners within the food-and-drink business.
