INDUSTRIAL holding group DCC has continued its policy of buying out the minority shareholdings in its subsidiary companies with the acquisition of the outstanding 20 per cent of Oare plc for £3.8 million.

Oare was the vehicle used by DCC when it acquired the food distribution company, Wardell Roberts, three years ago and is the holding company for Robert Roberts, Kelkin and Healthlife. The minority shareholders - all members of Oare's management are receiving £3.6 million in cash and loan notes and £190,000 worth of DCC shares issued at 266.4p per share.

Robert Roberts is mainly involved in the manufacture and distribution of snackfoods, tea and coffee and markets the KP brand of snackfoods in Ireland. The company is also involved in a 50-50 joint venture with United Biscuits to manufacture KP products for the Irish market. Kelkin is the market leader in healthfoods in Ireland while Healthlife in Britain is a branded and own label supplier of food supplements.

Since the beginning of the year, DCC has spent over £40 million on buying out minority shareholding in its subsidiary companies. Of this, £28 million went on buying out the 40 per cent minorities in Flogas.

DCC also spent £1.3 million to increase its stake in software publisher ITP from 45.5 per cent to 90 per cent, and another £800,000 was spent on increasing its stake in Micro P from 86.5 per cent to 89.1 per cent.

DCC also spent £1.5 million to buy out the 12 per cent minority shareholders in Fannins; £3.4 million to buy out Scottish Provident's 11.4 per cent stake in Printech; and £1.6 million to buy out the 11 per cent minority shareholders in Emo Oil.

Earlier this year, DCC realised £4.1 million when it sold its 29.4 per cent in the British oil group Greenway Holdings and sold its 25 per cent stake in Heiton Holdings for £11.4 million.