Kerry Co-operative Could Raise €90m From Shares Sale in Kerry Group
Kerry Co-operative is reportedly set to raise in the region of €90 million from a sale of 800,000 shares in Kerry Group. The €112.50-a-share price of the current deal is a 2.5pc discount to the sto...
Kerry Co-operative is reportedly set to raise in the region of €90 million from a sale of 800,000 shares in Kerry Group.
The €112.50-a-share price of the current deal is a 2.5pc discount to the stock's Tuesday close, reports the Irish Independent.
The group attributed this to neutral pricing, contribution from acquisitions of 4.7%, and a favourable translation currency impact of 2.7%.
During the period, the group completed three acquisitions at a total cost of €327.2 million including Ariake U.S.A.,Inc. and Southeastern Mills’ North American coatings and seasonings business (SEM.)
At the time Edmond Scanlon, chief executive officer said said that good progress has been made on the integration of recent acquisitions, which are performing very well.
According to the Irish Independent Kerry Group has recently been linked to a possible acquisition of the nutritional arm of US chemicals giant DuPont.
Earlier this month, Scanlon reportedly told analysts he would be prepared to ask the company's own investors to help fund a potential takeover that would generate shareholder value.
The newspaper highlighted that Scanlon did not mention the DuPont deal specifically, but refused to 'rule out that a transaction could be in the works'.
If needed, Kerry would look at raising equity to fund any such deal, he said.
"In terms of equity, I feel we would be prepared to go to shareholders for support in the event of a strategic opportunity that would generate shareholder value," Scanlon said.
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