Kerry welcomes High Court dec

RNS Number : 1701P

Kerry Group PLC

19 March 2009

 

Press Announcement

19 March, 2009

Kerry Group welcomes High Court decision to allow acquisition of Breeo Foods

Kerry, the global ingredients & flavours and consumer foods group, today welcomed the decision of the High Court to annul the Determination of the Competition Authority of Ireland to prohibit the Group's proposed acquisition of Breeo Foods, a subsidiary of Irish based Reox Holdings plc.

Welcoming the decision of the court, Kerry Group Chief Executive Stan McCarthy 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 which are household names in Ireland - including Dairygold, Galtee, Shaws, Roscrea, Mitchelstown, Calvita and Sno.'

'The business being acquired is entirely complementary to our Kerry Foods' chilled foods branded offering on the Irish market and our national chilled foods distribution service. I believe we can achieve significant synergies in combining both chilled foods' businesses which will benefit all stakeholders including consumers', Mr McCarthy said.

He added 'I expect the transaction to be EPS neutral in the current year and to be earnings positive in 2010.'

The transaction will now proceed to closing for a total consideration of €140m.

-ENDS-

For further information please contact:

Frank Hayes, Director of Corporate Affairs, Kerry Group plc. Tel no: [phone] Fax no: [phone] Kerry Web Site: www.kerrygroup.com

 

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