Boparan paves way for Northern Foods takeover, reports

21st Jan 2011 13:20

Ranjit Boparan, the food magnate who gate-crashed the proposed merger between Northern Foods and Irish food group Greencore, has reached agreement with trustees of Northern Foods' pension scheme, reports say.Such a move would clear the way for Boparan, whose current activities include supplying chickens to supermarkets and running the Harry Ramsden chip shop chain, to take over Northern Foods.Shares in Northern Foods soared when the merger with Greencore was announced last year. Boparan is expected to have to pay about 60 to 65p for Northern, whose range includes Goodfellas pizza and Fox's biscuits.Reuters reported today that one of its sources said the pension deal would see more than £15m paid into the pension scheme each year if the takeover succeeds.