Kellerhals Carrard supported Provins in its partnership with fenaco
During a general assembly held in writing in response to the coronavirus pandemic, the approximately 2500 members of the Provins cooperative, the largest producer of Swiss wines, voted with 96% of the votes (80% of voting participation) in favour of its transformation into a company limited by shares and approved the new articles of association. At the same time, in a second general assembly, about 95% of the members voted in favour of increasing the share capital and electing a new Board of Directors, thus paving the way for the intended partnership with fenaco, Switzerland’s leading agricultural cooperative. The latter will become the new majority shareholder of Provins with 70% of the shares and will invest a total of around CHF 50 million. Half of this amount will be used for a capital increase, the rest is intended to provide a credit line to repay outstanding bank debts and loans.