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Valeo buys big names

Irish food company Valeo Foods has agreed to buy tea and coffee maker Robert Roberts and health food company Kelkin for €60m.

The deal with industrial holding company DCC is conditional on clearance from the Irish Competition Authority.

Robert Roberts and Kelkin represented 80pc of the operating profit of DCC's food and beverage division last year.

The sale also includes Findlater Wine & Spirits, a part of Robert Roberts.

A spokesperson for Valeo said the proposed sale was "a very positive development".