Tesco reported another year of falling profits

Tesco reported another year of falling profits

Tesco was in the spotlight this week after the publication of its annual results confirmed what a challenging year the UK's largest retailer endured. Another UK grocer under scrutiny is The Co-operative Group, which reported banking-induced losses, but revealed it is re-sizing its food retail estate to give it more focus. Elsewhere, China's WH Group, of which Smithfield Foods is now a part, announced plans to list in Hong Kong and US group Post Holdings made another M&A move, with a deal to buy egg-to-dairy supplier Michael Foods. Click on the headlines for more.

UK: Tesco FY profit slides on lower sales, margins
Tesco booked a near 7% drop in underlying pre-tax profit in fiscal 2013/14, a year that saw margin dented by investments in creating a "compelling offer for consumers" in a bid to stem the firm's sales decline.

US: Acquisitive Post Holdings swoops for Michael Foods
Acquisition-hungry US food group Post Holdings has today (17 April) announced its biggest takeover - an agreement to buy egg-to-dairy supplier Michael Foods for US$2.45bn.

CHINA: Meat processor WH Group details $5.3bn IPO
WH Group, the world's largest pork producer, has announced plans to list in Hong Kong in an initial public offering that could raise more than HK$42bn (US$5.3bn).

UPDATE: UK: Co-op to sell 60% of Somerfield estate in convenience drive
The Co-operative Group will sell around 60% of the space it acquired as part of the 2009 acquisition of Somerfield as the embattled UK grocer increases its focus on its core convenience estate.

NETHERLANDS: Daelmans acquires Fabulous Bakin' Boys
Dutch bakery group Daelmans has announced the acquisition of UK cake maker Fabulous Bakin' Boys.

UK: Bart expands in wet ingredients with OTP Foods buy
UK herbs and spices supplier The Bart Ingredients Co. has decided to expand its wet ingredients business with the acquisition of local firm OTP Foods.

NETHERLANDS: Wessanen sells snacks unit Izico to PE firm Egeria
Dutch food group Wessanen has announced the sale of Benelux snacks unit Izico to local private-equity firm Egeria in a deal worth EUR68m (US$93.9m).

S AFRICA: Retailer Pick n Pay mulls Nigeria entry
South African retailer Pick n Pay has revealed it is looking at ways to enter Nigeria.