UK dairy co-operatives First Milk and Milk Link have abandoned a plan to merge.
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The companies opened merger talks in October and then insisted that the enlarged GBP1bn (US$1.9bn) company would “create an organisation that will deliver enhanced and sustainable returns for its members”.
However, the two companies yesterday (5 February) admitted that the talks had foundered on a “number of important issues”, including agreement on how much the two co-operatives are worth.
“Despite extensive discussions, it has not been possible to agree terms for a merger that either party felt they could recommend to their memberships at the present time,” a statement from First Milk and Milk Link said.
First Milk has a 15% stake in Robert Wiseman Dairies and a 50% stake in Promo-Vita, a pre-biotic joint venture with Fayrefield Foods International.
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By GlobalDataMilk Link has a 50% stake in Staplemead Dairy Products, a joint venture with Arla Foods, manufacturing retail cream, flavoured milks, and custards.
