Glanbia and Tesco put focus on big food deals

Two separate deals yesterday sparked foods shares into life, as Glanbia eyed a big cheese expansion in the US, while Tesco unexpectedly unveiled a €4.3bn purchase of restaurants supplier Booker.

Glanbia announced “late-stage” plans for its third cheese operation in the US, involving a $400m (€373m) joint-venture plant in Michigan.

It already operates in Idaho and New Mexico. While it will own a 50% stake in the new operation, Glanbia, through debt management, may only have to contribute as little as $100m in cash upfront, said analysts.