With reference to the public announcement of Petra Foods Ltd. dated October 21, 2013, Barry Callebaut states that it has submitted the completion statement in accordance with the Share Purchase Agreement (SPA) to Petra Foods. This would result in an adjustment payment from Petra Foods to Barry Callebaut in the amount of up to USD 98 million and would further reduce the total consideration of USD 860 million communicated on July 1, 2013.
Petra Foods disputes Barry Callebaut’s claim to such an adjustment payment. The two parties will now have to apply the dispute resolution mechanism foreseen in the SPA.
This dispute related to the final purchase price does not affect in any way the operational performance or the integration of the recently acquired cocoa business; it will however affect the calculation of the final purchase consideration and goodwill.