Ernst & Young expert report to advise shareholders

GREENCORE will apply to the Commercial Court on Monday to approve the appointment of accountancy firm Ernst & Young as “joint expert” to report on the proposed merger of Greencore and Northern Foods to shareholders of both companies.

After completion of the expert report and other requirements for cross-border mergers, Greencore intends to apply to the court to approve the proposed merger.

Both companies hope to have the merger completed by March 2011. Between them, they have sales of some €1.7 billion and employ 17,000 people. They say the merger will “generate significant opportunities for costs savings and operational efficiencies” of some €40 million.