Top stories on just-food this week
Carrefour booked a positive set of first-half results at the end of this week but revealed it was still experiencing lacklustre growth in its home market of France. In an effort to turn this around, the company launched a price promotion earlier in the week designed to drive sales volumes. Premier Foods also announced a solid set of results, but shares slid on worries about the UK food group's high levels of debt. US organics group Hain Celestial's fourth-quarter results revealed that it has not fared so well, with net income dropping by almost a half. Meanwhile, the news that National Foods has secured Dairy Farmers in a A$910m (US$773.89m) takeover draws to an end the bidding war for the Australian dairy cooperative. In other news, Entremont-Alliance reached a settlement with French dairy farmers ending weeks of protest over the price of milk. These are the top ten stories on the site this week.
Carrefour, the world's second-largest retailer, today (29 August) reaffirmed its full-year outlook after emerging markets boosted its first-half performance.
French retail giant Carrefour has launched a price-cutting promotion in an effort to drive sales volumes gains in its home market.
Concerns over Premier Foods' level of debt have caused the group's share price to drop 7.74% in morning trade after the UK food manufacturer posted first-half profits in line with expectations.
US-based organics group Hain Celestial posted a 46% drop in net income for its fiscal fourth quarter as a result of charges and continued acquisition integration.
National Foods, the Australian unit of Japanese conglomerate Kirin Holdings, will acquire all outstanding shares of Dairy Farmers in a deal valued at A$910m (US$773.89m).
Speculation has mounted today (26 August) that Fonterra could be planning to make a move on the processing plants that National Foods will be forced to sell should its planned acquisition of Dairy Farmers go through.
Irish consumer foods and ingredients company Kerry Group today (26 August) indicated that it has a number of potential acquisitions in the pipeline.
Entremont-Alliance, one of France's largest dairy processors, has reached an agreement with its supplier farmers that will settle the pricing dispute that has disrupted the company's milk supplies in Western France.
UK retailer Tesco has said that sales of local produce are expected to increase by more than GBP500m (US$918.85m) this year.
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