This week, the EU announced more measures to help out dairy farmers hit by the Russia ban. Chiquita and Fyffes insisted again a merger between the two would be the best outcome for shareholders. Our latest just-food interview saw us discuss Agropur’s M&A strategy with the Canadian dairy co-op’s CEO, while we chatted to Scandinavian free-from firm Fria about its expansion across Europe. Here is the week in quotes.
“The European dairy sector needs time and help to adapt so I am announcing today targeted market support, focusing on milk powder, butter and exported cheeses If needed, further measures will follow,” – EU agriculture and rural development commissioner Dacian Ciolos announces intervention to help the bloc’s dairy farmers affected by the Russian ban on dairy products.
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“As a result of our diligent and thorough integration planning efforts, Chiquita and Fyffes have identified an additional $20m of synergies that will allow ChiquitaFyffes to deliver even more value for our shareholders and result in a combined company with stronger earnings power” – Chiquita Brands International CEO Ed Lonergan and Fyffes executive chairman David McCann insist a merger of the two firms is the way to go as opposed to a Chiquita takeover by Cutrale-Safra.
“My sense is that for Fonterra, this is mostly about distribution which would take a lot of time and money to build on their own. Beingmate, as the leading domestic infant powder brand, is a good partner,” – A.T Kearney analyst Torsten Stocker believes Fonterra has made a good move in partnering Chinese Beingmate for distribution of baby formula in China.
“It gives us a critical mass in a market that is consolidating very quickly” – Agropur CEO Robert Coallier explains why the acquisitive Canadian dairy co-op has bought US cheese and dairy ingredients firm Davisco Foods International, its largest acquisition to date.
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“Private label is a sign the big chains are interested and see a business opportunity in gluten free. I don’t see this as a big threat to our business” – Free-from firm Fria CEO Jeanine Holmgren welcomes a bit of healthy competition in the sector.
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