London, Jan 19, 2026, 14:44 GMT — Regular session
Shares of Greencore Group Plc (GNC.L) climbed 2% to 279 pence on Monday as 360,231,087 new shares began trading in London. The company confirmed its total issued share capital now stands at 803,283,097 shares.
This admission comes alongside Greencore’s acquisition of Bakkavor and happened as Bakkavor was delisted. The Financial Conduct Authority officially cancelled Bakkavor’s listing, while the London Stock Exchange halted trading in the shares starting at 8:00 a.m. London time.
The legal hurdles cleared, attention now shifts to execution: combining factories, supply chains, and customer lists without disrupting supermarket deliveries. The additional shares recalibrate per-share earnings, putting pressure on the market for a swift, clear integration strategy.
Greencore reported its combined operations now cover 28,000 employees at 36 sites in the UK and US, producing roughly 3,200 products. CEO Dalton Philips claimed the group has gained “the scale, expertise and ambition to lead the way in convenience food.” Greencore
RBC Capital Markets has raised its target price on Greencore to 330p, maintaining an “outperform” rating. The broker highlighted potential gains from cross-selling and procurement. It views £80 million in cost synergies within three years as “achievable,” with half expected in the first year. Leverage, measured as net debt to earnings, is forecast to fall to 1.6x by September 2027. RBC’s target implies a 10.9x enterprise value-to-EBITA multiple for 2027, slightly below peers. voxmarkets.com
Greencore’s drop happened as UK stocks faltered. The FTSE 250 slipped 0.9% by late morning, hit by President Donald Trump’s tariff threats against Britain and several European countries, Reuters reported.
The £1.2 billion takeover was agreed last year. Britain’s competition watchdog gave the green light in December after securing commitments. Under the deal, Greencore shareholders are set to own about 56% of the merged entity. Bakkavor counts Tesco, Marks and Spencer, and Waitrose among its retail clients, while Greencore supplies every major UK supermarket.
Under the arrangement, Bakkavor shareholders on record at the specified time will receive 85 pence in cash, 0.604 Greencore shares, and a contingent value right per share—a payout tied to future developments. Bakkavor said the settlement will be made as soon as possible, but no later than Jan. 30.
Greencore’s shares fluctuated between 273.0 and 280.5 pence on Monday, inching close to the 52-week high of 281.0p, with the range spanning from 162.6p. The stock has been on a steady rise since the deal reached its final phases, although trading volumes may remain uneven as ex-Bakkavor investors shift their holdings.
But the real challenge kicks in during integration. Missed deadlines or incomplete deliveries to retailers, or failing to achieve anticipated savings quickly, could put the recent rerating under pressure.
Investors are turning their attention to Greencore’s Q1 trading update and AGM set for Jan. 29, seeking the first insights into the performance of the expanded group.
