Ukrainian group MHP has taken a significant step in its ambition to acquire Uvesa, the second largest poultry meat producer in Spain, after receiving formal approval from the Spanish Government for its strategic investment. This decision, issued by the Council of Ministers on 4 March 2025, paves the way for MHP to advance its bid, valued at up to 360 million euros, which also includes debt.
Ukraine’s Ambassador to Spain welcomes the Spanish Government’s authorisation
MHP’s investment was examined under Spanish foreign investment regulations and received a favourable assessment from the Foreign Investment Board, confirming that it poses no risks to national security, public order or public health.
Oscar Chemerinski, a member of MHP’s board of directors, expressed his satisfaction at the approval, highlighting the company’s commitment to sustainable food production, innovation and growth in the European market. Ukraine’s Ambassador to Spain, Serhii Pohoreltsev, also welcomed the decision, viewing it as a signal of confidence in Ukrainian investors in Europe.
MHP’s final offer would stand at 360 million euros (including debt)
MHP has offered 181 euros per share, with the possibility of an additional payment of 21.43 euros should an appeal before the Constitutional Court succeed regarding UVESA’s litigation against the Labour Inspectorate. The offer is conditional on the acceptance by at least 25% of Uvesa’s share capital before 31 March, with the ultimate aim of reaching 100% ownership.
With this move, the group is targeting a total valuation of 360 million euros, including debt, thereby surpassing the proposals of its rivals: Portuguese firm Lusiaves, with a package valued at 340 million euros, and Grupo Fuertes — owner of El Pozo — which submitted a bid of 312 million euros.
In a strategic move to boost acceptance, MHP has made its offer conditional on at least 25% of Uvesa’s shareholders joining before 31 March, although the original threshold had been set at a minimum of 50.01%. Furthermore, the transaction includes a commitment by MHP to provide a bank guarantee covering 35% of the price during the review period, which could extend up to six months.
The final decision rests with the 1,600 shareholders
Uvesa’s board has recommended that its shareholders accept MHP’s offer, highlighting its firm minimum price. However, the final decision rests with Uvesa’s more than 1,600 shareholders. Founded 60 years ago by a group of veterinarians, Uvesa recorded a turnover of 624 million euros in 2023 and has a workforce of over 2,000 people. With facilities spread across several Spanish regions, the company has established itself as a cornerstone of the sector, making the potential acquisition a key transaction that would reshape the poultry landscape in Spain.
Implications for the Spanish poultry sector
The acquisition of Uvesa by MHP promises to inject new vitality into the Spanish poultry sector. MHP plans to strengthen the poultry supply chain, create new jobs and collaborate with local poultry farmers and companies, bringing financial strength, expertise and internationalisation to UVESA’s entire production chain.
Founded by Yuriy Kosyuk and with a turnover of more than 3 billion euros, MHP is a major European poultry meat producer with a broad presence in the poultry, livestock, agricultural and food processing sectors. The acquisition of Uvesa will enable MHP to enhance its capabilities in the Spanish market and foster synergies that will drive growth and innovation in the food sector.
Other competing bidders
Although MHP has obtained government approval, it is not the only party interested in UVESA. Grupo Fuertes, owner of El Pozo Alimentación, and Portuguese company Lusiaves have also submitted offers for the poultry group. However, MHP’s bid, together with government approval, positions it as the leading candidate to acquire Uvesa.
For further information:
-. Grupo Fuertes bets on poultry: submits a 300 million euro offer for Uvesa, outbidding MHP (22 January 2025)
-. Uvesa: the bidding war for Spanish poultry reaches 340 million euros (26 Feb 2025)
-. News on poultry companies on NeXusAvicultura.com