Barclays to assume control of poultry group Doux

Bank Barclays will assume control of indebted poultry group Doux in mid-September, according to reports, acquiring an 80 percent stake in the company in exchange for forgiving debt of €140 million (US$175 million).
The plan, which received implicit backing from a French court on Aug. 1, will allow the bank to come up with a turnaround plan for Doux. "The transformation of Doux's Barclays debt into 80 percent of its capital should be implemented on Sept. 10," said Raymond Gouiffes of the CGT union.
In the meantime, a French commercial court has ordered the liquidation of Doux's fresh poultry operations, and the court is due to review the five offers made on Sept. 5.