Business Editor
Kerry Group has said negotiations with Kerry Co-Op over a potential transaction involving its dairy-related businesses in Ireland the UK have been suspended.
The development follows the stalling of talks on a possible dairy joint venture involving the two organisations, as part of a strategic review being conducted by Kerry Group.
The deal would have seen Kerry Co-Op take a 60% stake in the Kerry Group dairy-related businesses in Ireland the UK, with Kerry Group retaining the remaining 40%.
It also included an opportunity for the Co-Op to buy out Kerry Group s stake within five years.
However, there were divided views in the Co-Op about whether to proceed with the transaction, as it would have required it to raise hundreds of millions of euro from shareholders or other sources.
A
Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: 1. Obtains access to the information in a personal capacity; 2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; 3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
SHARING OPTIONS:
A further update on the strategic review is expected to be delivered later this year. \ Valerie O Sullivan
Discussions between Kerry Group and Kerry Co-Operative Creameries Limited in relation to a potential transaction have been suspended.
In a short statement, Kerry Group said it was conducting a strategic review of its dairy-related businesses in Ireland and the UK.
It said that while the strategic review continues, there is no certainty that this will lead to a transaction.
“Further update on the strategic review process will be communicated later this year,” a Kerry Group spokesperson said.