Dairy Crest Reaches Agreement Over Milk Price Investigation

Under this agreement Dairy Crest expects to pay a significantly reduced fine of £9.4 million provided that it continues to cooperate fully with the OFT's investigation.

This amount will be treated as an exceptional item in the year ending 31 March 2008.

UK dairy giant Dairy Crest has announced that, in common with a number of other processors and retailers, it has reached an early resolution agreement with the Office of Fair Trading (OFT) concerning its investigation into the 'milk price initiatives' of 2002 and 2003. Under this agreement Dairy Crest expects to pay a significantly reduced fine of £9.4 million provided that it continues to cooperate fully with the OFT's investigation. This amount will be treated as an exceptional item in the year ending 31 March 2008.