Snacks and drinks giant Cantrell & Cochrane is to seek a stock market listing, in Ireland's biggest flotation for four years.

The 152-year old Dublin-based firm, whose brands include Ballygowan mineral water and Tayto potato crisps, said it is to list in Ireland and London this summer.

There has been speculation that the company will seek to float in July, gaining a market value of about 1bn euros.

The move is sure to ease concerns in London over a listings market hit earlier this month when Punch Taverns delayed a float, and HMV shares disappointed in their first few days' of trade.

Cantrell & Cochrane chief executive Maurice Pratt said he was optimistic about the timing of the flotation.

"Now is a good time," Mr Pratt said.

"The market is looking for defensive stocks with good growth and we believe that is exactly what C&C is."

Youth boost

Besides boasting 80% of the Irish Republic's cider market, through the Bulmers brand, the firm, which employs 2,000 people, is also a leader in savoury snacks.

And the company sees the relatively high proportion of young people amid Ireland's population boosting future sales.

Outside Ireland, where Cantrell & Cochrane earns one quarter of its income, the company markets Tullamore Dew Irish whiskey and the liqueur Irish Mist.

The firm's underlying earnings rose to 147.5m euros in the year to the end of August, up from 128.4m euros for the 12 months before.

International ambitions

Cantrell & Cochrane will use cash generated by the flotation to cut its debt from about 800m euros to 500m euros.

The company said it would also look to make "carefully selected acquisitions".

Mr Pratt, a former chief executive of Tesco Ireland, is thought to favour looking abroad for acquisitions.