Avonmore completes its takeover of Beni

Avonmore Foods has exercised its option to acquire the entire share capital of the British processed meats group Beni Foods, an acquisition that will cost Avonmore a total of £54 million. Initially, Avonmore bought 10 per cent of Beni last May for £5.4 million with an option to acquire the balance for a total of £48.8 million. This option has now been exercised and Avonmore will acquire the outstanding shares in three annual tranches of £10.8 million followed by a final payment of £16.3 million.