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Co-op board ready to make €660m offer for a 60pc stake in Kerry Group’s dairy business

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Industry sources insisted that a deal is very close to being agreed.

Industry sources insisted that a deal is very close to being agreed.

File photo

File photo

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Industry sources insisted that a deal is very close to being agreed.

The Kerry Co-op board is understood to have made a formal decision to advance the purchase of a 60pc majority share in Kerry Group’s primary dairy business.

Unconfirmed reports put the value of the offer at €660-670 million, with the deal involving the purchase of Kerry Group’s main milk processing and trading facilities at Listowel, Farranfore, Newmarket and Charleville, plus the company’s dairy spreads business at Ossett in West Yorkshire.

The board decision means the proposed purchase could now move to due diligence.