All three bidders for Australian dairy Warrnambool Cheese and Butter Factory tabled revised offers this week – with the takeover target still backing Canada’s Saputo. Meanwhile, Mexican food group Sigma has made a move for Spanish meats firm Campofrio. And our latest just-food interview saw Orkla CEO Age Korsvold talk about the Nordic group’s plans for FMCG.
AUS: Saputo ups offer for Warrnambool
Saputo has reacted to new offers from rivals and returned to the table with a higher bid for Australian dairy Warrnambool Cheese and Butter Factory.
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In the spotlight: Sigma looks to Europe with Campofrio bid
Sigma Alimentos, the food arm of Mexican conglomerate Alfa, has launched a bid to acquire Spanish meat processor Campofrio. While Mexico’s largest meat processor has been active in M&A in Latin America and the US in recent years, the move would mark the group’s first foray into Europe. Katy Askew reports.
The just-food interview: Orkla CEO on the group’s consumer goods ambitions
Norwegian conglomerate Orkla is selling off non-core assets that span sectors from energy to finance – in order to bring vibrancy to its leading regional food brands. Katy Askew spoke to CEO Age Korsvold to find out more about the strategy.
On the money: Dean Foods confident savings will offset volume declines
Dean Foods said an expected increased savings in the fourth quarter and into 2014 will help offset volume deleveraging from its lost business.
INDIA: PepsiCo plans US$5.5bn investment push in India
PepsiCo has said it will invest INR330bn (US$5.5bn) by 2020 to grow its business in India, with a focus on developing infrastructure and local manufacturing.
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By GlobalDataUS: Heinz cuts continue with three plants facing axe
Heinz is to close three plants in North America as the changes at the ketchup giant continue under its new private-equity owners.
NETHERLANDS: Ahold shares dip on domestic market share woes
Shares in Ahold fell more than 5% in morning trade today (14 November) as the firm’s third-quarter results raised concerns over the Dutch retailer’s domestic market share.
US: Wal-Mart lowers earnings outlook
US retailer Wal-Mart warned its full-year earnings will come in below previous expectations this morning (14 November), on soft sales and one-time expenses.
CANADA: Loblaw issues profit warning on competition
Canadian retail giant Loblaw has warned its profits this year will be flat after it stepped up investment in response to rivals expanding in the country.
Consuming issues: A taxing question
As it has done elsewhere, the food industry is opposing the imposition of a tax on sugary drinks and high-calorie foods in Mexico. The industry has been generally successful in forestalling the imposition of nutrient taxes and its reasons for opposition – such taxes are ineffective and regressive – carry some weight. But, Ben Cooper writes, when industry is seen to have prevailed in debates purely by dint of massive lobbying power, issues of trust and credibility inevitably arise.
