After a relaxing Easter break, news of another piece of M&A in the UK food sector emerged with a potential management buy-out at cake maker Lees Foods. Later in the week, another UK manufacturer, Adelie Food Holdings, made the headlines with news of its sale to an Indian buyer. Embattled retailers Carrefour and US grocer Supervalu Inc providing trading updates to the market. And, our pages carried an exclusive interview with the chairman and CEO of Spanish food manufacturer Ebro Foods. Click on the headlines for more.
UK: Directors launch offer for Lees Foods
The directors of Lees Foods have launched a GBP5.6m (US$8.9m) takeover bid for the Scottish cake maker.
UK: Food-to-go firm Adelie sold to India Hospitality Corp.
UK convenience food producer Adelie Food Holdings has been sold to Indian leisure company India Hospitality Corp (IHC) for US$350m.
On the money: Carrefour stays optimistic despite struggles in France
Carrefour CFO Pierre-Jean Sivignon has insisted he expects a series of measures to help improve the retailer’s performance after it reported another quarter of falling sales in its domestic market.
In the spotlight: Supervalu’s long hard slog
US retailer Supervalu saw its sales and gross profit fall yet again in its last financial year although CEO Craig Herkert insists progress is being made. Analysts acknowledge the company is on the right track but argue it could be years before it yields the full benefits of its moves to revitalise the business. Dean Best reports.
The just-food interview – Ebro Foods chairman and CEO Antonio Hernandez Callejas
Ebro Foods, the Spanish food group, has changed dramatically in just a decade. No longer in the two sectors that defined the business in 2000 – sugar and dairy – the company has expanded into new categories and geographies and, speaking to Michelle Russell, chairman and CEO Antonio Hernandez Callejas says that will continue.
CHINA: Calbee, Tingyi, Itochu form snacks JV
Japanese snacks giant Calbee has teamed up with local conglomerate Itochu Corp. and Hong Kong-listed food group Tingyi to form a snacks venture in China.
US: Fresh Del Monte wins TM tussle with Del Monte Foods
Fresh Del Monte Produce has won a false advertising and breach of contract lawsuit against fellow US food group Del Monte Foods.
US: Cargill YTD earnings slide despite Q3 strength
A strong performance from Cargill during the third quarter of its financial year was not enough to offset declining earnings during the first half, the company revealed today (10 April).
RUSSIA: Retailer X5 reports drop in Q1 like-for-like sales
X5 Retail Group saw its like-for-like sales fall almost 4% in the first three months of the year, the Russian retailer reported today (11 April).
CHINA: Assets frozen in Zhongpin insider-trading case
The US Securities and Exchange Commission has frozen the assets of six Chinese citizens and one company charged with insider trading in shares of Chinese meat processor Zhongpin.