Carrefour booked a positive set of first-half results at the end of this week but revealed it was still experiencing lacklustre growth in its home market of France. In an effort to turn this around, the company launched a price promotion earlier in the week designed to drive sales volumes. Premier Foods also announced a solid set of results, but shares slid on worries about the UK food group’s high levels of debt. US organics group Hain Celestial’s fourth-quarter results revealed that it has not fared so well, with net income dropping by almost a half. Meanwhile, the news that National Foods has secured Dairy Farmers in a A$910m (US$773.89m) takeover draws to an end the bidding war for the Australian dairy cooperative. In other news, Entremont-Alliance reached a settlement with French dairy farmers ending weeks of protest over the price of milk. These are the top ten stories on the site this week.
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FRANCE: Carrefour sees “strong” H1
Carrefour, the world’s second-largest retailer, today (29 August) reaffirmed its full-year outlook after emerging markets boosted its first-half performance.
FRANCE: Carrefour launches price promotion
French retail giant Carrefour has launched a price-cutting promotion in an effort to drive sales volumes gains in its home market.
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By GlobalDataUK: Debt worries weigh on Premier
Concerns over Premier Foods’ level of debt have caused the group’s share price to drop 7.74% in morning trade after the UK food manufacturer posted first-half profits in line with expectations.
US: Hain Celestial income falls on charges
US-based organics group Hain Celestial posted a 46% drop in net income for its fiscal fourth quarter as a result of charges and continued acquisition integration.
UK: Cadbury extends Dairy Milk line
Cadbury is extending the Dairy Milk line in the UK, with the introduction of two new variants.
AUS: National Foods secures Dairy Farmers deal
National Foods, the Australian unit of Japanese conglomerate Kirin Holdings, will acquire all outstanding shares of Dairy Farmers in a deal valued at A$910m (US$773.89m).
AUS: Fonterra “could cherry-pick” Dairy Farmers’ plants
Speculation has mounted today (26 August) that Fonterra could be planning to make a move on the processing plants that National Foods will be forced to sell should its planned acquisition of Dairy Farmers go through.
UPDATE – IRELAND: Kerry eyeing acquisitions
Irish consumer foods and ingredients company Kerry Group today (26 August) indicated that it has a number of potential acquisitions in the pipeline.
UPDATE: FRANCE: Entremont reaches deal with dairy farmers
Entremont-Alliance, one of France’s largest dairy processors, has reached an agreement with its supplier farmers that will settle the pricing dispute that has disrupted the company’s milk supplies in Western France.
UK: Tesco sees local produce sales up
UK retailer Tesco has said that sales of local produce are expected to increase by more than GBP500m (US$918.85m) this year.
