Kerry Group has completed the first phase of the sale of its dairy processing division to its main shareholder, Kerry Co-op.
The Dublin-listed company said the first phase of the deal, which was approved by shareholders last month, was completed on December 31st.
The sale is taking part in two phases, with the deal worth a total of €500 million. Under the agreement, the co-op said it would sell 15 per cent of its stake in Kerry Group, in which it owned about 11 per cent, and distribute the remainder of its holding in Kerry Group among its own members. The co-op would also take a 70 per cent stake in Kerry Dairy Ireland.
Kerry Group confirmed it had redeemed and cancelled the co-op’s entire shareholding of 19 million ordinary shares and issued 16.1 million shares to the co-op members and to satisfy fractional share entitlements. Issued share capital was reduced by almost 2.86 million shares to more than 166 million.
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“Today marks a significant step in Kerry’s history, becoming a pure play global business to business taste and nutrition company, with sustainable nutrition at its core, while also supporting our financial objectives of continued market outperformance, strong margin progression, and delivering greater returns for our shareholders,” said Edmond Scanlon, chief executive of Kerry Group.
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