Premier Foods plc this week announced another asset sale with the disposal of its ethnic flour business Elephant Atta to Associated British Foods. CEO Michael Clarke believes the firm is on track with its plans to divest non-core units. Analysts are confident the group will reach its target. Elsewhere, French poultry firm Doux has confirmed ten bids for its business, while in the UK, the National Farmers Union has expressed its disappointment over cuts to farmgate milk prices.
“I think they’ll probably get there. It’s just the case that the balance sheet will remain fairly highly geared” – Panmure Gordon analyst Graham Jones on concerns Premier Food’s latest disposal of its ethnic flour business Elephant Atta to ABF will be enough to east the pressure on the company.
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“I don’t think Nestle would make such a high-profile commitment if they weren’t absolutely determined to carry it through” – Fair Labor Association chief executive Auret van Heerden on Nestle’s decision to act on recommendations in its report into the firm’s Ivory Coast cocoa supply chain.
“We are continuing to deliver on our growth strategies, growing our Power Brands, divesting selected, non-core businesses and reducing costs on track with our plans” – Premier CEO Michael Clarke on its decison to sell ethnic flour business Elephant Atta.
“Consumers will always want their cod or salmon, but by offering less available fish that are in season and having fishmongers on hand that can provide advice on how to handle them we hope to alter peoples’ attitudes to fish” – Morrisons fish specialist Andrew Speight says consumers are often “wary” of fish.
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“It’s our understanding is that the judicial administrators will use the period between now and the week commencing 23 July to incite the bidders to improve their offers ahead of an audience at the Paris commercial court scheduled to be held before the end of the month,” a Doux spokesman on ten bids made for the poultry firm.
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