Barilla upset by Kamps decision

Related tags Germany European union Euro Kamps

Barilla's holding company pledges to provide all the necessary
information to regain a Standard & Poors rating for its German
subsidiary Kamps.

The decision by ratings agency Standard & Poors to withdraw the rating for German bakery group Kamps has angered the company's new owner, Barilla.

The Italian firm's holding company, Fin.Ba, said in a statement that it was committed to providing Kamps' bond holders with all the relevant and appropriate information, and that it was ready to supply S&P with all the necessary information regarding its financial position and strategy, particularly with regards to the acquisition of Kamps.

Fin.Ba owns 51 per cent of Finba Bakery Europe, the bidding company which owns more than 94 per cent of Kamps. A further 2.46 per cent of Kamps' share capital is owned by another member of the Barilla group.

Barilla and Italian bank Banca Popolare di Lodi (BPL) launched a public takeover offer for all Kamps' listed shares after an agreement in April that the Italian group would pay €12.50 per share for the German bakery.

Kamps bakery products are present in a number of European countries, including Germany, the Netherlands and France. Brands include Lieken Urkorn and Golden Toast.

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