Tesco CEO Philip Clarke explains why it is spending GBP1bn  overhauling its domestic business

Tesco CEO Philip Clarke explains why it is spending GBP1bn overhauling its domestic business

A raft of first-quarter results stories this week from the likes of Danone and Nestle, and full-year results from Tesco have kept analysts busy. In addition to Tesco's sales figures, the group's CEO Philip Clarke revealed further details of its plan to spend GBP1bn to revitalise its UK business, insisting it is enough to improve Tesco's performance. Elsewhere, the CEO of IHC revealed the firm's motivation behind its purchase of UK convenience food group Adelie Food Holdings.

"I don't want to be too precise, but I think it is fair to assume that western Europe will continue being weak ... as we said at the beginning of the year, we are not expecting a collapse of Western Europe. Can it get worse? Yes. A little bit better? Probably as well, but we are assuming it is going to remain under pressure as it is today" - Danone CFO Pierre-André Terisse admitted the company's performance in Europe "looks a bit disappointing"

"I believe that as an industry we have been running up the down escalator for too long. So we drew up a plan to build a better Tesco" - Tesco CEO Philip Clarke explains why it is spending GBP1bn (US$1.55bn) on overhauling its domestic business

"The nutrition business is a highly-valued asset, and our decision about strategic options will be driven by value creation for the business and delivering the best after-tax value for our shareholders" - a spokesperson for Pfizer has insisted it will get maximum value for its shareholders out of any move to separate its infant nutrition business

"Today's announced plans, if implemented successfully, could give the UK business the shot in the arm it needs to maintain its hitherto unassailable position" - Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers on Tesco's investment

"The business environment is tough in developed markets, with consumer confidence under pressure, and if anything, lower than in 2011" - Nestle head of investor relations Child-Villiers said Nestle started the year well, from a growth perspective

"A number of meetings are being held to evaluate the commercial, industrial and financial aspects of the business but no decision has been reached at this juncture" - a spokesperson for Doux on reports it is looking to offload its assets in Brazil to meat giant JBS

"With the new acquisition, the company will draw competence - product and people, credibility and upstream learning. [Adelie will provide] access to the best in class upstream capability which can be competitively deployed in other markets, specifically India" - The CEO of IHC, Ravi Deol, on the benefits of acquiring Adelie

"The new product capability and geographic expansion provide the opportunity to expand further with our existing customers; the acquisition represents the next step in our strategy to build a business of real scale in the US" - Greencore CEO Patrick Coveney explains the benefits of convenience food firm Marketfare Foods

"The proposals we are announcing today are part of a series of actions designed to restore our dairies business to an acceptable level of profitability over the medium term" - Dairy Crest CEO Mark Allen insists the move to close two facilities was part of a strategy to reduce costs

"[The salmonella contamination] was not picked up at our facility, nor is the facility being investigated" - a spokesperson for Dole Food Co has insisted the salmonella contamination that has sparked a recall of batches of its Seven Lettuces salad in the US did not originate with the company