Kerry Co-op members to vote on €500 million dairy business deal today

Kerry Co-op shareholders will today vote on whether to proceed with a historic €500 million deal to buy the dairy division of Kerry Group.

The details of the deal were announced last month, with two phases proposed.

The first, worth around €350 million, would see the co-op initially acquiring 70% of Kerry Dairy Ireland by the end of next January, with Kerry Group retaining a 30% interest.

The second phase will see the remaining 30% in Kerry Dairy Ireland transferred to the co-op in the period up to 2035.

The deal would be financed through a share exchange, which would exchange 85% of their shares for Kerry Group shares, with the rest used to finance the acquisition.

Voting takes place at the Gleneagle INEC in Killarney later today.