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.
“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.
“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.
“The success of our initiatives to drive profitable sales growth through distribution gains, strategic brand investments, new product innovation and accretive strategic acquisitions in complementary growth categories and geographies has positioned the company with a solid foundation to capitalise on the tremendous opportunities in front of us” – Hain Celestial president and CEO Irwin Simon comments on the full year results which saw profits and sales increase.
“All companies will have to move and will have to explain to trade and consumers that, with that pressure on raw materials, there must be some adjustments in 2015” – Lindt & Sprungli CFO Dr Dieter Weisskopf says Lindt will try again to push up prices next year amid continued pressure on raw material costs.
“Heinz apologises to our consumers in China and wishes to assure them that the Company is 100 percent committed to food quality and safety on behalf of our consumers in China and around the world” – Heinz recalls a batch of infant food in China after officials found it contained lead in excess of the allowable limit.
“We expect the authorities to act. We never contemplated scaling down or shutting down” – Nestle Zimbabwe chairman Kumbirai Katsande comments on speculation Nestle is withdrawing from the country after facing unfair competition from cheap imports.
“Our board reviewed, with our advisors, all aspects of Dollar General’s proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed. Accordingly, our board rejects Dollar General’s proposal and reaffirms its support for the pending merger with Dollar Tree” – Family Dollar CEO Howard Levine says the firm rejects a takeover bid from rival Dollar General.