Irish buy into Budgens

30 August 2000



Irish buy into Budgens

By FWi staff

SHARES in supermarket chain Budgens soared by 10% on Tuesday (29 August) at news that its biggest shareholder had sold out in an 89.4m deal

Rewe of Germany sold its 28% holding to Musgrave, Irelands biggest food distributor, reports the Daily Mail.

The deal also includes 98% of Budgens loan stock which is convertible by September 2003. This would take Musgrave to 43.53%.

The Mail advises readers not to expect imminent bid action, as Musgrave pledged not to bid for the rest for at least 12 months, unless someone else does.

Budgens was the target of farmers protests for not sourcing enough British pigmeat.

• Budgens backs down over pork, FWi, 14 May 1999
• Pig muck dumped outside supermarket, FWi, 06 January 1999
• Booker to release details of merger talks, FWi, 07 September 1998
  
• Daily Mail 30/08/2000 page 58
  
• Daily Express 30/08/2000 page 52