Greencore eyes Uniq merger but 'decision weeks away'
Published 02/05/2011 | 05:00
GREENCORE has asked advisers Barclays Capital to run the rule over Uniq but is "weeks away" from making a decision on a bid, sources said last night.
Greencore, which recently failed to clinch a €2bn merger with Northern Foods, sees Uniq as its next consolidation target.
UK-based Uniq has effectively put itself on the market after ceding a 90pc stake in its equity-to-pension holders to repair a massive pensions deficit.
With a portfolio including prepared sandwiches, salads and deserts, its business is seen as complementary to Greencore's food-to-go proposition.
Sources last night confirmed Barclays was looking over Uniq on behalf of Greencore, but stressed there was no imminent bid or deal.
Greencore is mulling over a number of deals.
"Uniq is just one thing that's being looked at," a source added. Greencore declined to comment on any possible deal with Uniq.
While significantly smaller than Northern Foods, Uniq's annual revenues of £312m (€352m) would be a significant addition to Greencore's sales of €856m.