THE Competition Authority announced yesterday it had appealed a High Court decision relating to Kerry Group’s takeover of the Breeo Foods consumer brands.
It said it had initiated an appeal to the Supreme Court against the High Court ruling of March 19 that annulled the authority’s decision to block the acquisition of Breeo Foods and Breeo Brands by Kerry Group.
Kerry Group said it was determined to “defend its position and will resist this appeal in the Supreme Court”.
The authority made its decision to block the acquisition on August 28 last.
Kerry Group appealed to the High Court, which annulled the authority’s decision on March 19.
Yesterday’s appeal was made in accordance with section 24 (9) of the Competition Act 2002, which specifies that an appeal to the Supreme Court may only be made on a question of law.
The authority warned after the High Court ruling that it could appeal the decision to the Supreme Court.
It said at the time that it would review its options and decide on what action, if any, would be taken.
Kerry chief executive, Stan McCarthy, had welcomed the High Court decision and indicated it would proceed to complete this important acquisition by its consumer foods division.
The global ingredients and flavours and consumer foods group announced on March 26 it had completed the acquisition of Breeo Foods, a subsidiary of Reox Holdings, the Dairygold Co-op spin-off firm, for a total consideration of e140 million.
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