No deal at Greencore

CONVENIENCE food company Greencore, said to be the world’s biggest sandwich maker, saw its shares turn stale yesterday after takeover talks were called off.

Former Tesco chief executive Sir Terry Leahy Former Tesco chief executive Sir Terry Leahy

The Irish group, with shares listed in Dublin and London, blamed turmoil on financial markets for the collapse of the possible deal.

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Its shares fell 11 per cent to 63 cents (54p).

Greencore revealed in October it had received an approach from an unnamed bidder, believed to be US private equity firm Clayton Dubilier & Rice where former Tesco chief executive Sir Terry Leahy is an adviser.

But after six weeks of talks it said “the company is no longer engaged in any discussions regarding a potential offer”.

An offer for Northern Foods was trumped by Harry Ramsden owner Ranjit Boparan

It added: “Given the board’s unanimous view on the strong underlying value of Greencore and the current dislocation in global equity and debt capital markets, both parties have agreed to end discussions.”

In July Greencore agreed the takeover of Uniq, the former Unigate group that is now a major supermarket food supplier.

An offer for Northern Foods was trumped by Harry Ramsden owner Ranjit Boparan.

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