Icelandic food company Bakkavör has relinquished its interest in shares in Irish sandwich maker Greencore.
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Bakkavör said today (9 October) that funding for its 10.9% economic interest in over 22m ordinary shares at EUR1.30 each was “outside the group’s normal banking arrangements”.
Ágúst Gudmundsson, CEO of Bakkavör Group said: “As a direct result of the turmoil and fluctuations in the global financial markets, it is with regret that the funding source for the CFD [Contract for Difference] was withdrawn, making it necessary for the group to relinquish its economic interest in Greencore.
“The funding of the CFD was outside the group’s normal banking arrangements and its withdrawal is in no way a reflection of the financial standing of the group.”
The company said it remains “committed” to the fresh prepared foods sector in the UK and internationally.
