Dairy Crest announced a strategic review of its successful French spreads business, St Hubert, which is likely to result in its sale.
IC TIP:
Buy
at
345p
The milk processor said the surprise decision had been the result of its failure to identify any complementary acquisitions to build scale in Europe. However, City analysts reacted positively to the news – a sale could generate £370m and prompt a return of capital to shareholders, as well reducing debt and offering scope for branded food deals in the UK.
