Canadian convenience operator Couche-Tard posted record net earnings for the first quarter of fiscal 2011 this week, up 42% against the same period of the previous year. But its efforts to acquire Casey’s General Stores were dealt a heavy blow when the US company completed its latest round of defences in the from of its modified “Dutch auction” self tender offer. Here’s the best of what was said this week:
“Their science doesn’t allow them to go further without jeopardising the taste of the product.” – Industry analyst James Amoroso on Mars’ plans to reduce the amount of saturated fat in its chocolate bars by 15%
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“Our recapitalisation plan was successful on every level. It has provided the company with an opportunity to purchase a significant number of shares at an attractive price and has allowed shareholders who held their shares to benefit from the significant long-term value of owning a larger percentage of Casey’s.” – Robert Myers, Casey’s president and CEO on the company’s self tender offer.
Market conditions remained challenging with high levels of competitive promotional activity.” – Ahold CEO John Rishton on the company’s H1 results
“I am delighted that Robert is to be M&S’ next chairman. His appointment completes our succession plan and enables us to revert to standard governance practice. His considerable experience of both the City and the commercial world will be a real asset to the Board and the business.” – M&S outgoing chairman Sir Stuart Rose on Robert Swanell’s appointment as Rose’s successor
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I am disappointed by the decision of their Board of Directors to reject our offers and to create obstacles without even opening the dialog. But I still believe that the combination of Casey’s and Couche-Tard is in the best interest of both companies’ shareholders and other stakeholders. – Couche-Tard CEO Alain Bouchard on the company’s attempts to acquire Casey’s General stores
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By GlobalData“The agencies have not been able to come up with a proposed standard they all can agree on as of yet but it will happen.” – Senior attorney at the FTC’s Bureau of Consumer Protection, Keith Fentonmiller on proposed advertising guidelines in the US
“We don’t want to second-guess the OFT’s conclusions, but we’re working hard behind the scenes to plan our next steps” – a spokesperson for Asda on its plans for Netto
“Walmart is an excellent place for women to work and has been recognised as a leader in fostering the advancement and success of women in the workplace” – Wal-Mart on a sex-discrimination case brought by its female workers
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“We’d like to certainly expand our presence in markets with the product (Kettle) and also, you’ve seen our new ridge crisp products, we’d like to expand that too” – Linda Segre, senior vice president, corporate strategy and communication for Diamond Foods talks about the company’s plans for Kettle
