LONDON (dpa-AFX) - Associated British Foods plc (ABF.L) announced that the Board has decided to proceed with a demerger of its Retail business or Primark, from its Food business, FoodCo. On completion of the demerger, ABF shareholders will hold shares in both listed entities. Following the demerger, FoodCo will retain the Associated British Foods plc name. Primark and FoodCo will be listed on the Equity Shares category of the London Stock Exchange.
The review of the Group structure was undertaken in consultation with Wittington Investments, ABF's largest shareholder. Wittington is supportive of the proposed demerger and remains committed to maintaining majority ownership of both Primark and FoodCo.
The Board's intention is for the demerger to become effective before the end of calendar year 2027. The Board has asked ABF's current Chair, Michael McLintock, to continue as Chair of ABF until the completion of the demerger. George Weston will be Chief Executive of FoodCo and Eoin Tonge will be Chief Executive of Primark.
At last close, shares of Associated British Foods were trading at 1,885.00 pence, up 0.48%.
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