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Labatt gives approval for U.S. dairy sell-off.

John Labatt Ltd. said it has approved the sale of its U.S. dairy business and discussions with respect to potential sale transactions are ongoing.

The company said the sale of certain of these assets in the near term will result in a significant loss, preliminary estimate of which is (C)$160 million.

The company also said its board has approved a Management Proxy Circular pertaining to the previously proposed spin-off of its Canadian dairy operations Ault Foods, Ltd.

The company said it expects that the circular will be mailed to common shareholders and holders of installment receipts seeking their approval at a special meeting scheduled for April 29.

The proposed spin-off will establish Ault Foods as a major new Canadian public dairy company with assets in excess of (C)$475 million.
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Publication:Modern Brewery Age
Date:Apr 5, 1993
Words:132
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