Teeling will not control Norish

ENTREPRENEUR John Teeling has ruled himself out of the running to take over publicly-quoted distribution group Norish, after the company said it had received an approach from a potential buyer yesterday.

Dr Teeling, whose interests include Cooley Distillery, Petrel Resources, Pan Andean Resources and African Diamonds, will not increase his stake from the 9% level he currently holds.

Norish, whose shares are traded in Dublin and London, told shareholders yesterday that it had received an approach that “may or may not lead to an offer being made for the company“.