More than four-fifths of Kerry Co-op shareholders, who were eligible to vote, have backed a deal which would see the co-op buy Kerry Group’s dairy division for €500 million.
Over five thousand co-op shareholders were eligible to vote on the proposal described by Kerry Group founder Denis Brosnan as ‘the deal of the century.’
Voting took place at the Gleneagle INEC in Killarney this afternoon.
82.4% of shareholders backed the deal which would see Kerry Co-op acquire 70% of Kerry Dairy Ireland by the end of January.
Under the terms of the deal, the co-op would acquire the remaining 30% by 2035 at the latest.
More than 82% of shareholders backed the deal which would see Kerry Co-op acquire 70% of Kerry Dairy Ireland by the end of January.
The proposed sale would see around 85% of the co-op’s shareholding in Kerry Group held directly be co-op members, with the other 15% used to part-finance the €500 million acquisition.
Under the terms of the deal, the co-op would acquire the remaining 30% by 2035 at the latest.
Chair of Kerry Co-op James Tangney said the decision is ground-breaking and historic.
Kerry Group has also welcomed the outcome of the vote taken by Kerry Co-op shareholders.
It says its shareholders will now vote on the proposed transaction at an extraordinary general meeting taking place this Thursday.
