Northern Foods And Greencore Merger Will Create Private Label Giant

UK-food group Northern Foods and its Irish counterpart Greencore have announced that they are to merge in an all-share deal. Shareholders in the two companies will each receive 50% of the equity of the enlarged group, which is to be named Essenta. The firm will have annual sales of around GBP1.7bn and will be a major player in the ready-meal sector, while also having significant interests in biscuits and frozen food. Investors in both companies have responded very positively to the news, with the share price of both up by more than 20% on November 17 2010. This reaction highlights

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