23rd Mar 2015 08:38
LONDON (Alliance News) - Dairy Crest Group PLC on Monday said the sale of its dairies business to Müller UK & Ireland Group has been referred back to the UK Competition and Markets Authority by the European Commission.
Dairy Crest said it had held "constructive talks" with the European Commission over the deal, under which it is selling the dairies business to Müller for GBP80 million in cash, leaving it focused on its spreads and cheeses division.
The company said the transaction remains on track.
"It has always been our preference for the transaction to be reviewed in the UK, so we welcome this referral back to the CMA as a positive step. We will work with Müller and the CMA to progress the merger review as quickly as possible," said Dairy Crest Chief Executive Mark Allen.
Shares in Dairy Crest were down 0.2% to 450.20 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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