News Release
(Thomson Reuters ONE) -
ARYZTA AG / News Release processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Zürich, 13 May 2010
ARYZTA AG announces that its subsidiary IAWS Group Limited ("IAWS") has given
notice to Tim Hortons Inc (TSX: THI, NYSE: THI) ("THI"), its 50-50 partner under
the Maidstone Bakeries joint venture, invoking the buy/sell provisions of the
joint venture. As a result, THI has the option to either sell its interest or
acquire IAWS' interest in the joint venture.
ARYZTA believes that the business of the joint venture will be better served
under an alternative ownership structure rather than under the existing joint
venture arrangement. The parties have agreed to an extended negotiation period
to consider amendments to the ownership structure and the underlying
arrangements. The existing joint venture documentation provides that THI's
supply rights for products extend for seven years after either party's exit from
the joint venture and sourcing commitments extend until early 2016 for donuts
and Timbits, allowing THI sufficient flexibility to secure alternative means of
supply, if desired.
Given that the discussions regarding the transaction are in the preliminary
stages, the resolution of these matters may change as the ultimate ownership
structure is determined.
The parties expect to reach final agreement by calendar year-end 2010.
[HUG#1415467]
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ARYZTA AG
Talacker 41 Zurich Schweiz
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" alt="Terra Ventures Retains Cormark as Adviser on Strategic Options to Further Enhance Shareholder ValueDatum: 13.05.2010 - 15:01 Uhr
Sprache: Deutsch
News-ID 20865
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contact information:
Town:
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Kategorie:
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