The Dairy Crest board has rubber stamped the proposed disposal of its spreads business, St Hubert - with the sale now on course to be completed by the end of the month.
In July 2012, the firm received a €430m offer from Paris-based Montagu Private Equity for the spreads business.
The three St Hubert-brand spreads – St Hubert, St Hubert Demi and St Hubert Omega 3 – are manufactured in France for distribution through France and Italy.
“Further to the announcements made on 29 June 2012 and 26 July 2012, the Board of Dairy Crest is pleased to confirm that at the General Meeting of Dairy Crest held today the resolution to approve the proposed disposal of St Hubert was duly passed,” said a Dairy Crest statement.
“In addition, clearance of the proposed disposal was received from the French Anti-Trust Authority on 2 August 2102. Therefore, 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.”