This week has been marked by some high profile acquisition plays with ConAgra Foods making its desire to acquire Ralcorp Holdings known and DuPont making its final offer for Danisco. Meanwhile, the UK recovered from the four-day hangover of the Royal Wedding and May bank holiday, a period, which retailer Morrisons said provided it with its two largest trading days of the year so far. Here’s the best of what was said this week:
“By combining our two businesses, we will create one of the top US food companies, with product offerings across a wide range of price points, categories and channels. Given our experience managing both private-label and consumer-branded operations, we are confident in our ability to provide the right focus and resources each business needs to succeed over the long term” – ConAgra Foods CEO Gary Rodkin makes his company’s bid for Ralcorp public.
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“We are confident that Ralcorp has a strategic plan and a proven management team that will continue to generate significant shareholder value in the future. Our board of directors affirms its commitment to Ralcorp as an independent company” – Ralcorp chairman William Stiritz rejects ConAgra’s offer to acquire Ralcorp.
“These terms represent our best and final offer” – DuPont chair and CEO Ellen Kullman tables the company’s final offer for ingredients company Danisco.
“People wanted to get out there and picnic and party” – Morrisons CEO Dalton Philips describes the spike in consumer confidence that occured around the Royal Wedding and Easter.
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“Such upward pressure is testing the consumer, the retailers and the supply chain; as we have seen in countless downgrades to our sales and margin expectations for consumer staples companies forecasts” – ShoreCap analyst Clive Black suggests food inflation may prompt consumes to trade down.
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By GlobalData“Neither of these developments is positive in our view and once again brings into question management’s strategy and ability to ‘flawlessly execute’ its turnaround plan” – Espirito Santo analysts on Carrefour’s domestic head James McCann’s decision to leave the company and the French retailer’s plans to delay the listing of 25% of its property business.
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