Greencore deal at risk from rival

GREENCORE’s planned merger with Northern Foods was under threat last night, following a last minute play for the British group from a rival bidder.

News of the proposed merger came last November, when Greencore published its latest set of full-year results. It was envisaged that the two would merge, forming a company — Essenta Foods — which would have a Dublin headquarters and a London share listing and result in combined savings of about £40m (€46m) for the firms.

Last week, Northern Foods said that the merger with Greencore remained the most compelling option; but added that it would have to consider any rival bid from businessman, Ranjit Singh Boparan, who owns a 6.6% stake in Northern and who entered the fray before Christmas.