IAWS cancels €64m SWS deal

THE Irish Agricultural Wholesale Society (IAWS) Co-op has pulled out of the €64 million deal to buy the wind and waste management divisions of Bandon-based SWS Group.

This follows a dramatic decision by Drinagh Co-op last night to reverse its commitment to the sale of parts of SWS to IAWS.

Drinagh took the decision after discussions between the four West Cork co-ops. IAWS Co-op, which will soon change its name to One 51 to avoid confusion with publicly-quoted food group IAWS plc, said: “Some shareholders in SWS have reversed their previous support for the transaction and, in light of this development, IAWS Co-op has withdrawn its offer.”