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