Mars, the confectionery, food and petcare giant, has reached an agreement to acquire Pringles and Pop-Tarts maker Kellanova at a more than $29bn valuation, marking one of the largest deals of the year, said people briefed about the matter. (The Financial Times £)

Starbucks has ousted chief executive Laxman Narasimhan, replacing him with Chipotle’s Brian Niccol, as the world’s largest coffee chain responds to falling sales and pressure from an activist investor, unionised baristas and its former boss (The Financial Times £). Starbucks Corporation has replaced its chief executive with the head of Chipotle Mexican Grill, the restaurant chain, amid declining sales and pressure from investors (The Times £)

Starbucks has suddenly replaced its chief executive after the company suffered a bigger-than-expected drop in sales (Sky News). The boss of Starbucks is leaving the company after less than two years in charge as the coffee chain looks for a fix for its flagging sales (The BBC). The boss of Starbucks has been ousted less than two years into the role amid falling sales and customer boycotts over Israel (The Telegraph £, The Daily Mail).

Starbucks named the Chipotle Mexican Grill head, Brian Niccol, as its new CEO on Tuesday in a surprise management shake-up as it tries to fend off pressures from the activist investor Elliott Investment Management (The Guardian).

After overseeing a turnaround that sent Chipotle’s stock price almost 800% higher, Brian Niccol was tapped on Tuesday to lead Starbucks, another business in need of revival with a self-described founder who casts a long shadow over the business. Investors, hopeful for a repeat performance, drove the coffee chain’s shares up almost 25%. (The Financial Times £)

It is Howard Schultz who appears victorious: the former chief executive, major shareholder and vociferous critic of Narasimhan had opposed any deal with activist investor Elliott Investment Management. The fact that Niccol’s appointment was not discussed with Elliott (but came with Schultz’s full support) suggests that the former may have been outmanoeuvred. (The Financial Times £)

Asda’s share of the grocery market has fallen, only days after its chairman revealed he was “embarrassed” by the company’s performance and wanted its owner to step back from day-to-day operations (The Times £). Asda has been hit by a fresh slump in sales just days after its chairman admitted he was “embarrassed” by the supermarket’s recent performance (The Telegraph £). The crisis engulfing Asda has deepened amid a summer slump at the private equity-owned supermarket (The Daily Mail).

Sky News examines what’s gone wrong at Asda? “Many of the problems with Asda’s operational performance have been laid at the door of Mohsin Issa and his comparative lack of experience in supermarket retailing.” (Sky News)

Shoppers in Great Britain have faced increased pressure on their budgets in recent weeks after grocery price inflation rose for the first time since March last year, returning to the rate before the cost of living crisis (The Guardian). UK grocery price inflation rose for the first time since March 2023 last month, fresh figures suggest, in the latest sign that the country’s fight against cost pressures is yet to be won (The Daily Mail). Grocery inflation has risen for the first time since March 2023, according to closely watched industry data (Sky News)

Grocery price inflation has risen for the first time in more than a year - but this did not stop shoppers splashing out on booze to celebrate a summer of sport, new figures suggest. (The BBC)

Online adverts for nutrition brands Huel and Zoe featuring Dragons’ Den star Steven Bartlett have been banned after they failed to disclose his involvement in the firms (Sky News). See The Grocer’s report on the story here.

Cargill, the world’s largest crop trader, said annual revenues declined by a tenth as ample crop supplies have pushed down prices. (The Financial Times £)

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