Unilever Portugal restructures foods business

Unilever today announced that it will be restructuring its Portuguese foods business with its current joint venture partner, Jerónimo Martins Group.

Until now, Unilever Portugal has held a 40% stake in the FimaVG foods business, a joint venture with Jerónimo Martins Group, in addition to its wholly owned Bestfoods business acquired in 2000.

The deal sees the two foods businesses - FimaVG and Unilever Bestfoods Portugal - unified and the joint venture stakes re-balanced so that Unilever will subsequently hold 49% of the combined foods business and Jerónimo Martins Group 51%. Unilever receives approximately €80m as a result of the deal.

The deal is subject to regulatory approval.

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