Kerry Group has decided to take action against Ontake Research, the little known hedge fund that last week launched a "short attack" on the company's shares. Shares in Kerry Group fell by more than 11pc in response but rebounded somewhat after investment bank Jefferies responded to Ontake's claims with a positive note of their own. A spokesperson for Kerry Group said last week that “the report is full of errors, inaccuracies and incorrect deductions". Kerry Co-operative Creameries - a 12.3pc shareholder in Kerry Group - is understood to be preparing a bid to buy 60pc of the business. In a late development yesterday, Kerry said it was making 150 Irish workers redundant over the next 6-12 months and moving their functions to two shared services facilities in Mexico and Malaysia.

Source: Irish Independent February 17, 2021 02:39 UTC