'Kerry Group welcomes the outcome of the vote by Kerry Co-Operative Creameries Limited in favour of the proposed sale of Kerry Dairy Ireland to the Co-op'

Kerry Co-Operative Creameries members have voted in favour of a €500m deal to sell a dairy business whose consumer brands include Cheestrings, Dairygold and Kerrymaid.

Last month, an agreement was announced for Kerry Co-Operative Creameries to sell Kerry Dairy Holdings (Ireland) Ltd.

Kerry Dairy Ireland consists of Dairy Consumer Products, with its range of brands across cheese, cheese snacks, dairy snacks and dairy spreads which can be found in chilled cabinets across retailers in the UK and Ireland.

It also comprises the Dairy Ingredients business.

After the Kerry Co-Operative Creameries members backed the deak, Kerry Group shareholders will vote on the proposed transaction at an EGM tomorrow (Thursday 19 December 2024).

Kerry Co-Operative Creameries members will become direct owners of Kerry shares equivalent to 85% of the Co-Op's current shareholding. The remaining 15% of the Co-Op's shareholding in Kerry will be redeemed as part of the consideration for the disposal, following which the Co-Op will cease to be a shareholder.

In a statement a Kerry Group spokesperson, said: “Kerry Group welcomes the outcome of the vote by Kerry Co-Operative Creameries Limited in favour of the proposed sale of Kerry Dairy Ireland to the Co-op. Kerry Group shareholders will now vote on the proposed transaction at an extraordinary general meeting taking place on Thursday, December 19 2024.”