Tate & Lyle has been fined £18m by London’s Commercial Court over its 2010 sale of its EU sugars business to American Sugar Refining.
American Sugar Holdings had raised a number of claims totalling around £40m relating to £211m acquisition from September 2010.
Tate & Lyle said today that the court found in favour of ASR on two elements of its claim, awarding damages of £18m. Interest and costs are yet to be determined.
This claim was disclosed in Tate & Lyle’s annual report in 2012 and the expected announcement of this judgement was highlighted in its trading statement on 29 July 2015.
Tate & Lyle said that the impact of the judgement will be reported as an exceptional item within discontinued operations when it reports its accounts.
The firm edged down 0.7% today to 577.5p, but the shares are 6.5% up since the start of September.