Wessanen postponing the divestment of its US subsidiary ABC
(Thomson Reuters ONE) -
In June, Wessanen announced that it had started the divestment process of its US
subsidiary ABC. Following a comprehensive process, which showed a good level of
interest from strategic and financial parties alike, Wessanen has concluded that
the bids received to date do not adequately reflect ABC's fundamental value. As
a result, Wessanen has decided to postpone the sale of ABC until a later stage.
ABC has delivered very strong and profitable growth over 2010-2012. It also
remains the clear market leader in an attractive and sustainable market.
However, despite ABC's continued success, the uncertainties attached to its
relatively short track record in the emerging ready-to-drink frozen pouch
category appears to have held back interested parties' views on value.
In light of this and ABC's outlook for 2013, Wessanen is of the view that a
postponement is the right course of action in order to realise better value for
our shareholders at a later stage.
As a consequence, ABC will be again reported as 'continuing operations',
reversing its reporting as 'discontinued operations'. We expect to recognise an
additional deferred tax asset in the fourth quarter as a result of the available
tax losses carried forward.
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For more information:
Carl Hoyer, VP Corporate Communications
Phone +31 (0)20 3122 140 / +31 (0)6 123 556 58
Email carl.hoyer(at)wessanen.com / investor.relations(at)wessanen.com
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Source: Royal Wessanen nv via Thomson Reuters ONE
[HUG#1664578]
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