Britain’s biggest retailers have been ramping up their stockpiling efforts to record levels in the run-up to Brexit, according to the Confederation of British Industry (The Guardian). UK retailers have built up record stockpiles as Brexit uncertainty in the run-up to Christmas prompted stores to buy in seasonal products earlier than usual, a survey shows (Sky News).

Retailers suffered a sixth consecutive month of falling sales as shoppers shifted more of their spending online, putting the high street’s “golden quarter” of Christmas sales under threat. (The Telegraph)

The increasingly bitter takeover battle for Just Eat has taken another turn after an intervention by an American activist investor (The Times £). The bidding war for Just Eat has sparked a major row between an aggressive US hedge fund and takeaway rival Delivery Hero (The Telegraph). The takeover battle for Just Eat heated up on Monday as its preferred merger partner launched an attack on the investment vehicle that is trying to gatecrash the party (The Daily Mail).

Beyond Meat raised its sales outlook on Monday after recording better than expected revenues and its first ever quarterly profit, but the news was not enough to satisfy investors, who sent the shares lower in after-hours trading (The Financial Times £). The growing appetite among consumers for alternatives to meat has lifted Beyond Meat to its first quarterly profit (The Times £).

Walgreens Boots Alliance has revealed it will raise its annual cost savings target to at least $1.8bn by 2022, from $1.5bn, after a difficult year in which operating income fell by a fifth (The Financial Times £). The American owner of Boots yesterday announced a sharp fall in profits and singled out the British retail chain as among the challenges it faces (The Times £). Sales at Boots have fallen further in the UK as it struggles with brutal conditions on the high street and lower funding from the NHS, which impacts its prescriptions (The Telegraph).

Pigs in blankets and other festive meal treats might be in short supply this Christmas, the British Meat Processors Association has warned. (The BBC)

Christmas markets have quickly become a familiar sight in many cities, but the uncertainty around Brexit means they have faced extra challenges this year. Organisers brought goods over to the UK early and paid for expensive storage ahead of the previous 31 October Brexit deadline, which fell at a crunch moment in their preparations. (The BBC)

Shares in Tiffany jumped by almost 30% after the US jeweller confirmed it was reviewing a $14.5bn all-cash takeover bid from LVMH, owner of Moet & Chandon and the world’s largest luxury goods group (The Financial Times £, Sky News, The BBC). The acquisition would be the most expensive to date for LVMH, the owner of Louis Vuitton. However, sources close to Tiffany said that its board was likely to advise against accepting the bid in an attempt to ratchet up the sale price (The Times £).

LVMH is only offering Tiffany shareholders a fairly modest profit. A bid of $120 works out at the bog-standard 30pc premium to where Tiffany’s shares stood when it was tabled earlier this month. (The Telegraph)

The FT’s Lex column writes: “The French luxury group’s share price hardly twitched after news of its $14.5bn approach to the US jewellery retailer, potentially its biggest takeover yet. The cool response is appropriate, even if the tie-up has some merit.” (The Financial Times £)

Hammerson executives could have their bonuses cut after the shopping centre owner launched a consultation on pay reforms in response to an investors’ revolt. (The Times £)

A flood of money has poured into the Chinese e-cigarette industry, bucking the trend of an investment drought in the world’s second biggest economy. But investors face increasing risk as the government eyes tighter regulations amid a global backlash against this young business. (The Financial Times £)

Weakness in coffee prices is weighing on the production of higher-grade beans, threatening to reduce the variety on offer to consumers. (The Financial Times £)

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