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Pápa local council near deal to boost stake in troubled meat company

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Shareholders of Pápai Hús 1913 have accepted an offer that clears the way for the local council of Pápa to acquire a majority stake in the troubled meat company, mayor Tamás Áldozó said on Wednesday. Dedeko and Nyugat-Agro accepted the offer that would restructure the ownership through a capital raise, making the local council the biggest owner, Áldozó said. Talks with the parties will continue Wednesday afternoon, he added. The local council already owns a direct and indirect stake in Pápai Hús 1913. It earlier provided the company with a HUF 650 million loan through the municipality's industrial park operator, circumventing a European Union prohibition on direct support to enterprises.

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