This week, Russia eased off on its Western import ban, announcing a list of products it would allow into the country. Elsewhere, the takeover battle for Chiquita Brands International took a new twist when juice maker Cutrale Group called on the produce giant’s shareholders to vote against its planned merger with Fyffes. Meanwhile, German food giant Dr Oetker struck a deal to buy McCain Foods’ North American pizza business. Here is the week in quotes.
“The volume of additional support needed to substitute for the embargoed items in full – if we are talking about short-term, through the end of the year – is tens of billions of rubles. Next year and in the subsequent years, you could say that this sum will be measured in the hundreds of billions of rubles” – Russian minister of agriculture Nikolai Fyodorov says the ban Russia has set on imports is likely to cost more than it has set aside in subsidies.
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“Cutrale-Safra remains confident that the Cutrale-Safra proposal offers compelling and more certain value for Chiquita shareholders as compared with the proposed Fyffes combination, and we believe it is evident that Chiquita’s shareholders recognise this as well” – Cutrale Group and Safra Group appeal to Chiquita’s shareholders to vote against the merger with Fyffes.
“TA understands growth company investing and we believe they can add significant value and resources to our business. TA will help us further solidify and build on our strong foundation” – CEO of popcorn maker Skinnypop, Andy Friedman, announces the investment from private-equity firm TA Associates in the firm.
“We believe that fiscal 2015 earnings will be influenced by consumer sentiment in this slow-growth economy, our continuing investment in and success with new products, higher-trending freight costs and the completion of our dressing capacity expansion project that should also provide efficiency gains” – Lancaster Colony CEO, John Gerlach Jr comments on the annual results at the firm which saw sales increase but profits drop.
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“The business suits us and our strategic goal of market leadership in the Canadian frozen pizza market” – Dr Oetker chairman Richard Oetker comments on the acquisition of McCain North America’s pizza arm.
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