Food giant Kerry Group is free to press on with the acquisition of Breeo Foods, a subsidiary of Ireland-based Reox Holdings Plc, almost a year after an appeal against a decision by the Competition Authority of Ireland to block the proposed deal.
Food giant Kerry Group is free to press on with the acquisition of Breeo Foods, a subsidiary of Ireland-based Reox Holdings Plc, almost a year after an appeal against a decision by the Competition Authority of Ireland to block the proposed deal.
The High Court ruling means that the €140 million (£130 million) deal, which was struck in March 2008, can proceed, adding a substantial number of Irish household names to Kerry’s portfolio of brands.
Stan McCarthy, Kerry Group chief executive, said: “We will now proceed to complete this important acquisition by our consumer foods division. As originally announced on 13 March 2008, the proposed transaction includes an attractive portfolio of leading added-value dairy and meat product brands – including Dairygold, Galtee, Shaws, Roscrea, Mitchelstown, Calvita and Sno.”
On a pro forma basis based on the last reported accounts, Breeo generated revenue of €188.5 million, had gross assets before liabilities of €58.5 million and pre-tax profits of €15.1 million.
