Lakeland, LacPatrick Merger Could Be Completed Next Month
The merger between Lakeland and LacPatrick could be completed in the coming months, according to Agriland.
The deal is currently under review by the UK’s Competition and Markets Authority (CMA) and Ireland’s the Competition and Consumer Protection Commission (CCPC).
Speaking to the news publication at the RUAS Winter Fair, Lakeland chief executive Michael Hanley said that the two groups expect a result in February.
“We are hopeful that there will be merger clearance and full approval,” Hanley told Agriland.
Hanley said that this would squash rumours that the group would have to sell off a part of the business.
Lakeland Dairies and LacPatrick Dairies reached an agreement to merge in October last year following the unanimous approval of the boards of both co-operatives.
In late November, the CMA said that it planned an investigation into the merger as it feared that, if carried into effect, the two will ‘cease to be distinct’.
The new society, if approved, will operate under Lakeland’s banner, and will boast 3,200 suppliers, processing over 1.8 billion litres of milk annually, yielding over €1 billion.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.