The Kraft Foods-Cadbury saga continued to dominate the food industry’s headlines this week, with news that the UK M&A regulator has given the US food group until 9 November to make a formal offer for the UK confectioner – or walk away. Nestle, the Swiss food giant, made headlines of the wrong sort when it admitted to sourcing milk from a farm owned by the wife of Zimbabwe President Robert Mugabe. Meanwhile, in Europe, the food safety watchdog has asked scores of companies to go back to the drawing board after it rejected the bulk of health claim applications. These are the top ten stories on just-food this week.
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UK: Kraft handed Cadbury bid deadline
Kraft Foods has been set a deadline to make a formal offer for Cadbury or the US food giant will be forced to put any takeover ambitions on hold for six months.
ZIMBABWE: Nestle admits to sourcing milk from Mugabe’s wife
Nestle today (28 September) revealed that it sources up to 15% of its milk supply in Zimbabwe from a farm owned by the wife of President Robert Mugabe.
EU: EFSA rejects majority of initial health claims
The first assessment of existing food health claims by Europe’s food safety watchdog has rejected two thirds of the submissions as unproven.
UK: Watchdog backs planning “test” – but tweaks rules
The UK’s competition watchdog today (2 October) repeated its desire for stronger checks on supermarket expansion – but has tweaked its proposals.
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By GlobalDataINSIGHT: Marks and Spencer “positive” about food division
UK retailer Marks and Spencer said today (30 September) that sales in the company’s food division have become “positive” for the first time in eight quarters.
UK: Shares in cake maker Finsbury soften
Shares in UK cake maker Finsbury Food Group tumbled this morning (30 September) after the company reported a slide in annual profits.
FRANCE: Carrefour warned over emerging market exit talk
Carrefour would limit its potential for future revenue growth if the French retail giant were to bow to reported investor pressure and sell operations in emerging markets, an analyst has insisted.
FRANCE: Entremont, Sodiaal sign deal; talks continue
French dairy firms Entremont Alliance and Sodiaal have made official their exclusive negotiations on a possible merger with the signing of a formal agreement by the two parties.
JAPAN: Seven & I H1 earnings slide
Japanese retailer Seven & I Holdings today (1 October) booked a slump in half-year earnings – but the company kept its forecast for the full financial year.
