The ‘Kradbury’ takeover saga took a further twist this week when Kraft Foods went hostile in its pursuit of Cadbury – and formally tabled the same bid it first proposed back in September. Unsurprisingly, the Dairy Milk maker immediately rejected the offer and so set in train a series of events that could take both companies into February before a conclusion is reached. Meanwhile, Tesco, which like the rest of the UK’s multiples is gearing up for a tough Christmas, was said to have grown its share of the country’s grocery market for the first time in two years. Outside the UK, Winn-Dixie, the US retailer, copped some flak from investors, while Mars Inc and Kellogg both revealed challenges in emerging markets.
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Here are the ten most popular stories on just-food this week:
US/UK: Kraft goes hostile on Cadbury
Kraft Foods has formalised its bid for UK confectioner Cadbury without sweetening the offer – turning the US food giant’s takeover attempt hostile.
UK: Tesco market share inches higher
Tesco has increased its share of the UK grocery sector, according to figures released by TNS today (10 November) – the first rise since the analysts issued its 12-week updates in 2007.
US: Winn-Dixie faces investor flak
US retailer Winn-Dixie Stores today (10 November) faced public calls from investors to return cash to shareholders rather than spend money on remodelling its stores.
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By GlobalDataUS: Kellogg bemoans lack of emerging market targets
Kellogg said today (12 November) that it has seen the pace of its net sales growth moderate over the past year, with expansion held back by limited opportunities in high-growth, emerging markets.
RUSSIA: Mars quits Russian soup market
Mars is planning to stop the production of its ready-made soups in Russia, sold under the Gourmania brand.
US: Flowers Foods cuts outlook as sales disappoint
US bakery group Flowers Foods has trimmed its outlook for full-year profits and turnover after disappointing third-quarter sales were dented by higher promotional activity in the retail channel.
UK: Uniq sells German, Polish businesses
UK-based convenience food group Uniq has agreed to sell its German and Polish businesses to IFR Capital.
RUSSIA: Seventh Continent avoids bankruptcy
Russian retail group Seventh Continent has struck an agreement with bond holders that will see the company restructure its debt in order to avoid bankruptcy.
UK: Northern shares rise after profit boost
Shares in Northern Foods rose by more than 3% this morning (10 November) after the company reported a rise in half-year profits and a GBP26m (US$43.4m) investment in key brand Fox’s biscuits.
US: Post president quits cereal maker
The boss of US cereal manufacturer Post Foods has quit the role to pursue other career opportunities.
