Germany’s largest pork processor may be cut in two
Shareholders within Germany’s largest pork slaughterer and processor Tönnies have intensified their internal power struggle, potentially leading to a dissociation of the company.
Newspaper Finanacial Times Deutschland
reports about the power struggle between the family members Robert and Clemens Tönnies. Clemens Tönnies, 55, is general manager of the German pork processor.
Robert Tönnies’ attorney Mark Binz was quoted saying that Robert would like to have 5% of his shares back – which he granted to his uncle Clemens – giving him effectively 55% majority share.
On the contrary, Clemens Tönnies would prefer to dissociate the company into separate entities.
Robert Tönnies’ wishes to see a number of Clemens’ private enterprises to be included in the corporate strategy. These include shares in the meat processing company Zur Mühlen as well as shares in Russian pig production integrators. Robert Tönnies claims these private enterprises cause conflict and confusion when calculating financial results.
Robert Tönnies is known to be in favour of a restructuring of the comopany’s corporate structure, with two managing directors, supervised by a council of independent commissioners.