Carlsberg is understood to be preparing to put a third bid for Britvic on the table after its unsolicited £3.1bn proposal for the soft drinks group was dismissed as too low. (The Times £)
Pepsi has given its blessing to Carlsberg’s £3.1bn swoop for Britvic, paving the way for a knockout bid by the Danish beer giant for the near-century-old maker of Robinsons orange squash (The Times £).
Britvic shares jumped on Friday after the drinks company, whose brands include J20 and Robinsons, said Carlsberg had made two takeover proposals this month (The Guardian). Soft drinks maker squashes offer that it feels ‘significantly’ undervalues business (Telegraph £). The brewer is attempting to diversify away from its traditional beer offering towards categories including cider, hard lemonade, hard seltzers, and ready-to-drink cocktails amid rising consumer interest (Daily Mail). The takeover attempt marks the latest by a string of foreign companies that have sought to acquire London-listed groups this year, attracted in part by cheaper prices (Financial Times £).
Has Carlsberg had one too many? That is clearly what its shareholders fear. They marked down the Danish brewer’s stock by up to 8% on Friday after news of its unsuccessful takeover approaches for Britvic — the second of which valued the UK carbonated drinks maker at £3.8bn including debt. (Financial Times £)
Sky News’ Ian King writes: “The approach for Britvic comes as no surprise. The company’s share price performance has made it vulnerable… Britvic’s management has been irritated by its share price performance for many years and particularly by comparisons with Fever Tree, the up-market maker of tonic water and mixers, which became something of a stock market darling after its stock market flotation in 2014.” (Sky News)
The Times writes: “On the face of it, the Danish brewer’s audacious £3.1bn offer for Britvic looks a little left-field… What Carlsberg wants to create is a broader “multi-beverage platform” in Britain, where it languishes in fourth place in the brewing league table by market share behind Heineken, AB InBev and Molson Coors.” (The Times £)
Alex Brummer in The Mail writes: “There is no reason to think that Carlsberg will be a particularly harmful owner. Nevertheless, Britvic has a strong global footprint and is in a growth segment of the beverages industry. If the Danish company comes back with what seems a compelling offer, Britvic’s directors must resist temptation to roll out the barrel.” (Daily Mail)
Retailers cashed in on the warmest May in at least 140 years last month as shoppers splashed out on clothing, footwear and furniture (Daily Mail). British retail sales rebounded much more than expected as consumers became more confident amid slowing inflation, providing some good news about the economy ahead of the election (Financial Times £). Retail sales rebounded strongly last month after unusually wet weather earlier in the spring deterred people from visiting high streets (The Times £). Spending in shops and online bounced back strongly last month as better weather, falling inflation and rising consumer confidence boosted spending (The Guardian). Retail sales rose by a better-than-expected 2.9% in May as increased footfall, better weather and deals saw shoppers return to high streets, according to officials (Sky News).
Investors in Getir, the food delivery app which is abandoning its UK operations, have approved a break-up of the company that will trigger a fresh capital injection of up to $250m (£277m). Getir, which is based in Turkey, held an extraordinary general meeting on Sunday at which shareholders backed plans to split it into two independent companies. (Sky News)
Ocado changed the food business. But will it ever make money? The steady drumbeat of bad news has battered Ocado’s share price — down by 89% from its pandemic high to 311p — and sparked concerns about the cash-burning company’s ability to refinance its debt of £1.5bn, £600m of which falls due next year. (The Times £)
A legal firm is seeking £382m on behalf of British consumers from some of the world’s largest salmon producers, which are accused of price fixing. (The Guardian)
The chairman of THG is on course to avoid an investor revolt at the health and beauty retail group’s annual meeting against his reappointment after criticism from an activist investor. (The Times £)
A descendant of the founder of Cadbury has criticised the decision of its US owner to keep selling products in Russia, as he said it goes against the chocolate brand’s core values. (Telegraph £)
The outgoing chair of John Lewis has insisted that the retail group is “back on track” and “more fit for the future” with an improving financial position enabling it to spend money refurbishing Waitrose supermarkets and opening convenience stores (The Guardian). Dame Sharon White: ‘John Lewis is back on track’. The Telegraph interviews JLP’s departing chairman on a difficult tenure – and her advice for Starmer. (Telegraph £)
Strong retail figures may have provided a boost to the City, but the picture wasn’t so cheery for B&M European Value Retail after a downgrade from Morgan Stanley. (The Times £)
Asda shop bans ‘granny trolleys’ in crackdown on theft. Supermarket looks to stop shoplifting as customers told to leave wheeled bags at the door. (The Telegraph £)
Tesco shares have rocketed 50% - can you buy now and still profit, asks the Mail’s Midas share tip column? (The Daily Mail)
Domino’s hung on to its marketing budget at the start of the year so it could embark on a splurge this summer. In Andrew Rennie, who took over as FTSE 250-listed Domino’s UK & Ireland boss in August, it has an experienced pair of hands. (The Daily Mail)
The Australian government is tightening regulation of the country’s powerful supermarkets, with the threat of potentially billions of dollars in fines if they squeeze farmers and other suppliers on price. (The Financial Times £)
From the bakery aisle to the dairy case, and the meat counter to the ice cream freezer, surging inflation for groceries has brought about an unexpected reality: Americans are buying less food at the store. (The Financial Times £)
A review of licensing laws and planning rules aimed at boosting pubs, restaurants and music venues would be launched in the first 100 days of a new Conservative government, the party has promised. (BBC)
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