|
|
Article: Noble vows to soldier on with egg merger.(dairy)(Noble Foods)(Stonegate Farmers Ltd.'s merger with Deans Food Group)(Brief article)
- Article from:
- Grocer
- Article date:
- April 28, 2007
- Author:
CopyrightCOPYRIGHT 2007 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Egg supplier Noble Foods is confident it will avoid being broken up, despite a recent ruling by the Competition Commission.
Noble's management says there is little prospect of a successful sale of Stonegate--the smaller partner in the merger with Deans because none of its competitors have the funds or the interest. In its last full-year results on 2004/05, Stonegate posted profits of 2.4m [pounds sterling] on turnover of 103m [pounds sterling].
"We genuinely believe that a buyer for Stonegate will not be found and that we will gain full approval for the merger in six to nine months time," said chief executive Michael Kent in a letter to egg producers.
...