Petra Foods in dispute with Barry Callebaut on cocoa unit sale

Reuters

SINGAPORE, Oct 22 (Reuters) - Singapore's Petra Foods Ltd is in dispute with Barry Callebaut after thelatter sought a discount in the final pricing for buying Petra'scocoa business, Petra Food said in a statement late Monday.

Swiss-based Barry Callebaut, the world's biggest maker offinished chocolate products for companies such as Nestle SA and Hershey Co, sought a reduction of $98.3million in the closing price last month, which Petra Foodsconsidered unjustified.

In July, Petra Foods said it expected to receive $860million from the deal, after it first announced selling itscocoa ingredients business to Barry Callebaut for $950 millionlast December.

Petra Foods said that Barry Callebaut's proposal to reducethe closing price is not compliant with the sale and purchaseagreement and the law and does not have a proper or valid basis.

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