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C&C buys up US cider

DRINKS group C&C has bought the number two domestic cider brand in the US, Hornsby's.

In a deal worth up to $27.5m (€20m) in cash, C&C is buying the business from California-based E & J Gallo Winery.

C&C will initially pay €16.4m, with another €3.6m subject to the performance of the business in the period to April next year. Shares in the company closed up 3.4pc at €3.03 in Dublin.