Irish Competition Authority Appeals Kerry Breeo Acquisition Ruling

On 19 March 2009 the High Court announced its decision to annul the Determination of the Competition Authority of Ireland to prohibit the Group’s acquisition of Breeo Foods, a subsidiary of Irish based Reox Holdings plc.

08/04/09 Kerry has been informed this evening that the Competition Authority of Ireland has served Notice of Appeal against the judgement of the High Court in the matter of the Competition Authority’s prohibition of Kerry’s acquisition of Breeo Foods.

Kerry said it is determined to defend its position and will resist this appeal in the Supreme Court. The deal is worth €165m.

On 19 March 2009 the High Court announced its decision to annul the Determination of the Competition Authority of Ireland to prohibit the Group’s acquisition of Breeo Foods, a subsidiary of Irish based Reox Holdings plc.

The acquisition involves transferring from Dairygold to Kerry, a number of properties, including plants at Mitchelstown, Co Cork, and Tallaght in Dublin, and the intellectual property rights of its business and assets, including some 225 trade marks.

The trade marks comprise many well-known brands, including Dairygold, Galtee, Shaws, Roscrea, Mitchelstown and Calvita. Kerry owns other well-known trade marks, including Denny, Ballyfree, Clover, Low Low and EasiSingles.

The authority refused the takeover on grounds it would substantially lessen competition in the markets for rashers, non-poultry cooked meats and processed cheese.