Dawn Meats to pay €128m for 65pc stake in New Zealand-based Alliance Group

The firm has a strong presence in markets including Asia

Alliance Group said its strength in providing lamb to the market will present opportunities. Photo: Getty

Dawn Meats, the major Waterford-based food processor, has confirmed a planned deal to pay NZ$250m (€128m) for a 65pc stake in the New Zealand-based Alliance Group.

Dawn Meats had been linked to a potential deal since last month. The Irish group employs more than 8,000 people in 10 countries and has annual revenue of about €3bn.

Farmer-shareholders in Alliance Group were informed of their board’s preferred and unanimously recommended option yesterday.

Proceeds from the proposed transaction would be used to reduce Alliance Group’s short-term working ca

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