Northern Foods will float Express Dairies

11 March 1998

Northern Foods will float Express Dairies

NORTHERN Foods yesterday formally announced its plans to float Express Dairies as a separate company in January next year.

The listing of the United Kingdoms largest milk supplier is subject to approval by Northern shareholders on 26 March at an extraordinary meeting. Dealings in new Express shares are expected to start on 30 March.

Northern predicted Express would make an operating profit of at least
£61 million for the year to the end of March. Express is expected to be valued at
£350 million$#150£490 million.

Bankers said advisers to Northern Foods were in line for about £6 million of fees from the deal.

The company is appointing Sir David Naish, former president of the National Farmers Union, as a non-executive director.

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