Ireland’s competition watchdog will block the proposed EUR165m (US$243.82m) acquisition of Breeo Foods by the Kerry Group, just-food understands.
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Breeo, which is owned by investment group Reox Holdings, includes the Dairygold, Galtee, Shaws, Roscrea, Mitchelstown, Calvita and Sno brands. The acquisition also includes Breeo Foods’s chilled-foods distribution service.
In a company memo seen by just-food, Breeo said: “The Competition Authority has now informed both Reox Holdings and Kerry Group that approval for the sale will not be granted. After six months of investigation, the Authority has concluded that the sale will result in a substantial lessening of competition in the marketplace for certain products.”
“Breeo Foods will restructure itself to meet the challenges of the current market place and invest where necessary to grow the business,” the memo read.
According to a source close to the situation, Breeo will keep half of the deposit of EUR38.4m paid by Kerry.
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By GlobalDataAn official announcement from the Competition Authority is expected later today (29 August).
