Kerry Group has hired Bank of AmericaMerrill Lynch to advise on the future of its consumer foods business, which may see its chilled meat and convenience meals business sold and dairy products operation spun off into a joint venture with its main shareholder, Kerry Co-op, according to sources.
Bloomberg reported on Friday that Kerry Group was considering strategic options for its legacy consumer food business for âbillions of euroâ, in a move that could free up money for acquisitions in its largest and fast-growing division, Taste & Nutrition (T&N). Shares in Kerry Group rose 3.3 per cent to â¬121.50.
However, the company was already known to be in talks for months to sell a 60 per cent share in its dairy business to members of Kerry Co-op, which owns 12.5 per cent of Dublin-listed Kerry Group that is worth â¬2.66 billion, based on the current share price.