Newmarket deal approved
Published 14/09/2010 | 05:00
Newmarket Co-op has secured approval from its 439 members to allow the co-op's takeover by Kerry Group to proceed.
Acceptance forms had to be completed by last Friday evening. In the event, more than 82pc approval was secured. The approval rate was even higher, at 94pc, when deceased members were accounted for.
The only potential hurdle for the deal to clear at this stage is approval by the Competition Authority. This is seen as a formality, however, by industry sources since Newmarket does not own any cheese brands that were in competition with Kerry's range of products.
A Kerry spokesman said that there had been no consideration as to the make up of the management at Newmarket under Kerry ownership. He added that the new acquisition would be managed as a going concern for the foreseeable future.