UK-based Dairy Crest has cleared the final hurdle in the divestment of its French branded spreads business St Hubert to Montagu Private Equity,with its shareholders approving the€430m deal.
The company has also received clearance of the proposed disposal from the French Anti-Trust Authority(Autoritéde la Concurrence)on 2 August 2012.
Dairy Crest noted that all of the conditions to which the disposal of St Hubert was subject have now been satisfied and the disposal is expected to complete on 28 August 2012.
In July 2012,Dairy Crest has agreed to sell its French branded spreads business St Hubert,as a part of its plan to focus on UK dairy operations.
At that time,the company noted that it will strengthen the UK dairy operations by developing its portfolio of brands such as Cathedral City,Country Life,Clover and Frijj,and make strategic acquisitions of branded dairy businesses in the UK.
