Greencore fends off Exista move

GREENCORE chief executive David Dilger warned the company’s Icelandic suitor, Exista, could be gobbled up by Greencore if it attempts a takeover of the Irish convenience food group.

Exista, capitalised at €1.4bn against €863m for Greencore, has in recent weeks built an 18% stake in the Irish group, using Contracts for Difference (CFDs).

Recent reports claimed three Exista board members have built up an 18% stake in the group, fuelling bid speculation. Exista has declined to comment.