Blog: Major M&A deals fall into place
Dean Best | 7 February 2012
Two of the more notable pieces of M&A in the food sector in recent months look to be nearing completion.
Today (7 February), German yoghurt maker Muller said it had secured the backing of Robert Wiseman Dairies shareholders representing almost 94% of the business and declared its GBP279.5m offer "unconditional".
And, yesterday, Swedish confectioner Cloetta said the country's competition authorities had improved its plan to merge with local rival Leaf International.
Muller said that it would look to buy up the rest of Wiseman's shares and said the milk firm would now apply to de-list from the London Stock Exchange.
Over in Sweden, Cloetta shareholders will meet next Wednesday to vote on the merger with Leaf. However, Cloetta investors representing 64% of its share capital and 81% of the votes in the company have stated their support for the transaction. Its main shareholder, Malfors Promotor, which owns over 52% of the business, plans to invest SEK545m in the transaction. Approval from Sweden's competition authority means the deal has taken a significant step forward.
The transactions are two of the major deals agreed in the last two months and both have been covered on just-food's insight pages.
The planned merger between Cloetta and Leaf was lauded by analysts, who argue the enlarged company will benefit from access to more markets and a greater ability to deal with volatile commodity costs.
However, the jury is out over Muller's takeover of Wiseman. Analysts, however, are divided over the benefits of the deal to Müller, with some questioning how much clout the takeover will give the company when dealing with the UK's powerful retailers.
UK health leaders have called for an "emergency task force" to tackle the childhood obesity crisis in the country as, for the first time, they are faced with a generation of patients "who may predecea...
Tyson Foods has completed its US$8.55bn acquisition of Hillshire Brands, with shares in the Jimmy Dean sausage maker delisted before the market opened today (29 August) - and its CEO leaving the busin...
New Zealand dairy group Synlait Milk revealed today (28 August) it has hit the "major milestone" of receiving regulatory clearance to begin exporting finished product from its new NZ$28.5m dry blendin...
ConAgra Foods has responded to investor criticism of its palm oil usage by committing to source 100% sustainable palm oil by December 2015....
- BRICs and beyond: Fonterra, Beingmate partnership
- On the money: Mengniu hones in on "star" brands
- just-food interview: Agropur CEO Robert Coallier
- Comment: Competition to rise on whey investments
- Consuming issues: The hunger-obesity paradox
- Valio lactose-free trucks stopped at Russia border
- UK firm Pasta Reale enters administration
- H1 profits down at dairy group FrieslandCampina
- Valio targets China with EUR70m whey inve
- Fonterra, Beingmate launch infant formula JV