The Financial Times reports of fresh worries for Tesco CEO Dave Lewis with news that the retailer has had to “drastically scale back ambitions” for the sale of its data company Dunnhumby. The paper said bidders were “discouraged” by lower-than-expected earnings and difficulties financing a deal. Dunnhumby was put up for sale earlier this year with a price of up to £2bn but it is now thought bidders are looking at tabling offers of £700m – or less – according to people familiar with the auction process.
Marks & Spencer has lost another executive in its general merchandise side of the business just a few weeks after three weeks after head of food Steve Rowe took over the division following the surprise exit of John Dixon (The Telegraph). Frances Russell, the head of the troubled womenswear division, has left the retailer after a review of the leadership team. Russell will be replaced by Jo Jenkins, currently head of the lingerie and beauty division. The Daily Mail said Rowe “wasted no time wielding the axe” by ditching Russell. She has been at M&S for seven years and was behind the revamping of the womenswear ranges.
The Indian authorities are seeking $100m in damages from Nestlé for allegedly misleading consumers about the safety of its Maggi noodles (The Financial Times). The Ministry of Consumer Affairs filed a complaint stating the Swiss food group’s Indian unit had misled consumers by selling “unsafe, hazardous, defective and misbranded products”.
The Competition and Markets Authority indicated it is close to approving Müller’s proposed takeover of Dairy Crest’s dairies operations (The Telegraph). As The Grocer reported on Monday dairy processors Medina and Freshways emerged as the front-runners to take up a ‘toll processing’ agreement with Müller as part of its proposed purchase.
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