Marks & Spencer’s shock trading update this week cast a shadow over UK retail – and proved this week’s most popular story on just-food. The company’s gloomy outlook came just as Aldi prepares for an assault on the UK market, in a sign that discounters could finally gain a grip of the country’s retail sector. Elsewhere, a raft of M&A deals, including the sale of Smithfield Foods’ European venture to Spain’s Campofrio and Bunge’s purchase of Tate & Lyle’s sugar trading operations, ensured a busy week on our news pages. Here are this week’s top ten stories on just-food.
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UK: M&S shares tumble; food boss leaves
Shares in UK retailer Marks & Spencer plunged more than 20% this morning (2 July) after the company said weakening consumer confidence had hit sales.
M&S – the analysts’ verdict
The gloomy trading update from Marks & Spencer yesterday (2 July) sent its share price plunging and shudders through the UK retail sector. Analysts have had their say on the outlook for the business and here’s a selection of the key quotes from industry watchers.
GERMANY/UK: Aldi outlines UK expansion plans
Aldi, the German discount retailer, has earmarked investment of GBP1.5bn (US$2.6bn) for the UK market as it looks to further tap into consumer concern over rising food prices.
US: Campofrio to acquire Groupe Smithfield
US pork producer Smithfield Foods said today (30 June) that it will sell its Groupe Smithfield venture to Campofrio Alimentacion, Spain’s largest processed meat producer.
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By GlobalDataUS: Kellogg buys Chinese biscuit firm
Kellogg has acquired Chinese biscuit maker Zhenghang Food Company, also known as Navigable Foods, for an undisclosed sum.
US: Bunge acquires Tate & Lyle business
Global agribusiness and food company Bunge has struck a deal to acquire the international sugar trading and marketing division of Tate & Lyle.
US: Campbell buys organic soup brand
Campbell Soup Co. has moved to bolster its range of soups on sale in the US with the acquisition of organic business Wolfgang Puck.
UK: Tesco launches legal challenge against CC proposal
Tesco has today (30 June) launched a legal challenge to part of the UK’s Competition Commission’s inquiry into the country’s grocery sector.
AUS: Olam “pulls out of Dairy Farmers race”
Olam International, the Singapore-based food ingredients group, has pulled out of the race to buy Dairy Farmers, the Australian dairy group.
(For news on speculation that Fonterra may team up with National Foods over a joint bid for Dairy Farmers, click here).
UK: Finsbury sees margins drop as costs mount
UK cake maker Finsbury Food Group said it foresees tough trading over the next 12 to 18 months after higher wheat, dairy and egg costs ate into margins.
