PR advisers take tiny bite out of dairy merger fees

ADVISERS to Müller and Robert Wiseman Dairies have charged more than £8m for their assistance in putting together the £280m agreed deal, according to documents issued in connection with the takeover.

The bulk of the fees are being paid to the legal and banking advisers.

The documents disclose the fees paid to the financial public relations consultants to the deal, following rule changes introduced last year by the City’s Takeover Panel.

FTI Consulting (formerly Financial Dynamics) has charged £50,000 for its advice to Müller whereas Weber Shandwick, long-time advisers to Wiseman, has billed just £20,000.

The relatively modest sums paid to the public relations consultants were explained away last night with reference to the fact that the deal was relatively straightforward and agreed, meaning it did not involve a long-running campaign in the media.

In one of the first cases of public relations fees being disclosed under the new rules, it emerged that Brunswick had charged Charter £1.1m during its takeover talks.