Kerry Group has made a 33m (£27.1m) bid to acquire Newmarket Co-operative Creameries.

Cork-based Newmarket supplies cheese for Kerry's branded cheese business, including Low Low and Cheestrings. Kerry Group chief executive Stan McCarthy said combining the two businesses would offer "positive growth".

One analyst said the transaction was a good match as it would give Kerry additional capacity. Subject to shareholder and regulator approval, the deal is expected to complete in two months.