Danish Crown, Tican co-ops approve merger
March 27, 2015
by Erica Shaffer
RANDERS, Denmark – Members of Danish Crown and Tican approved plans to form a joint pork-processing company.
Tican held a general meeting in Hanstholm while Danish Crown's board of representatives met in Horsens. Tican members approved the merger with 91 percent voting in favor of the plan. Danish Crown's board reported a 100 percent vote.
“The debate was both matter-of-fact and constructive,” said Jens Jørgen Henrikesen, chairman of Tican’s board of directors. “Our members’ primary concern is, of course, how they will get through the next two years when a proportion of their supplementary payment will go towards equalizing the difference in the current earnings levels and equity.
“However, that does not change the fact that there was broad support for the merger,” he added.
Tican and Danish Crown generate most of their revenue outside Denmark, and a significant part outside the European Union. Tican owns processing companies in Denmark, the United Kingdom and Poland. Danish Crown is Europe’s leading processed-meats business via its DC Foods division.
“I am delighted there is such massive support among the owners of both companies,” said Erik Bredholt, chairman of Danish Crown’s board of directors. “It shows that this merger is the right solution, and the clear yes from owners on both sides creates an excellent foundation for proceeding with the work to merge the two enterprises.”