Tate & Lyle uses new rules to swerve vote on Kelco buy

Tate & Lyle said it would not be putting its £1.4bn acquisition of US speciality ingredients maker CP Kelco to shareholders for approval under new listing rules brought in by the UK’s financial regulator.

Changes introduced by the Financial Conduct Authority took effect at the end of July permitting companies to take fewer matters to investors for a vote.

The company also said it was seeing positive volume momentum for the five months to August 31 and held guidance for full-year earnings, although it continued to expect to deliver revenue slightly lower than last year on a constant currency basis.

Reporting by Frank Prenesti for Sharecast.com