TRALEE, IRELAND - Kerry Group PLC, a global leader in the food industry, has announced the convening of an extraordinary general meeting (EGM) to seek shareholder approval for the sale of its dairy segment in Ireland. The transaction would see Kerry Dairy Holdings (Ireland) Limited, known as Kerry Dairy Ireland, transferred to Kerry Co-Operative Creameries Limited, a significant shareholder in Kerry Group.
The EGM is set for Thursday, December 19, 2024, at The Rose Hotel in Tralee, County Kerry. The sale is classified as a related party transaction due to the Co-Op's approximate 11% holding in Kerry Group's issued share capital. Consequently, the approval of independent shareholders is required under the Irish Listing Rules.
Shareholders can access the relevant documents, including the Circular detailing the proposed sale, the Form of Proxy, and the Articles of Association of Kerry in the proposed amended form, on the company's website. These documents are also available for inspection at specified company and legal offices during usual business hours until the date of the EGM.
The Circular and other ancillary documents will be submitted to the Irish Stock Exchange t/a Euronext (EPA:ENX) Dublin and the UK's National Storage Mechanism, where they will be available for public inspection. Kerry Group has committed to communicating any updates regarding the EGM through a Regulatory Information Service and on its website.
The proposed divestiture comes as part of Kerry Group's strategic realignment of its portfolio to focus on its taste and nutrition segments. The transaction's specifics, including financial terms and strategic rationale, have not been disclosed in the press release statement. Shareholders of Kerry Group are advised to review the details in the Circular and the associated documents to fully understand the implications of the proposed sale.
This move by Kerry Group underscores the dynamic nature of the food and beverage industry, where companies frequently reassess and reshape their portfolios to adapt to changing market conditions and strategic priorities. The outcome of the EGM will determine the next steps in the proposed transaction between Kerry Group and the Co-Op.
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