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October 14, 2014

Mitsubishi coy over Bumble Bee Foods link

Japanese conglomerate Mitsubishi Corp. has declined to comment on speculation it has joined the race for the takeover for US canned tuna giant Bumble Bee Foods.

Japanese conglomerate Mitsubishi Corp. has declined to comment on speculation it has joined the race for the takeover for US canned tuna giant Bumble Bee Foods.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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According to Bloomberg, Mitsubishi, which owns food assets including Indiana Packers Corp. in the US and Princes in the UK, has reportedly submitted a bid for the acquisition of Bumble Bee.

However, when approached by just-food today (14 October), a Mitsubishi spokesperson said: “Unfortunately, we are not able to comment on this.”

Bloomberg reported “about 12” consumer-product companies and private-equity firms had expressed interest before today’s deadline for first-round bids. Hormel Foods is believed to be among them. A spokesperson for Hormel told just-food the company “does not comment on acquisitions”. Bloomberg said it was unclear how many of the 12 had tabled offers.

In August, Bumble Bee, which is owned owned by private-equity firm Lion Capital, reportedly received “takeover overtures” from US food group Post Holdings and seafood giant Thai Union Frozen Products.

A sale of the business is expected to fetch US$1.5bn. 

Bumble Bee did not respond to requests for comment when approached by just-food today.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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