Kerry Group has today completed the acquisition of Breeo Foods, the consumer foods company formed following the restructuring of Dairygold.
Breeo, a subsidiary of Reox Holdings, was purchased for a price of €140 million, reduced from €165 million as a result of the downturn in the market.
The acquistion comes after Kerry Group won a High Court appeal last Thursday overturning the Competition Authority's refusal to permit the deal.
The Competition Authority had blocked the €165 million acquisition on August 29th saying that it would “substantially lessen competition” in the consumer foods market, in particular in bacon, processed cheese and non-poultry cooked foods.
Kerry’s decision to appeal was the first time a ruling from the authority has been challenged in the courts.
