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Premier Foods seeks investment to cut debt

14-Oct-2008

Related topics: Markets

The UK’s biggest food manufacturer is seeking investment to bolster its share price and cut its debt which stood at £1.8bn at the end of June.

The Sunday Telegraph reported that the company had held talks with CCMP, formerly the private equity division of JP Morgan, seeking “a cash injection likely to be worth several hundred million pounds.”

Premier, which owns Hovis bread and Mr Kipling’s cakes, had seen its share price sink to 57.25p on Friday from a peak of 329p in January 2007.

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