The events around Conviviality, not surprisingly, attracts widespread coverage this morning, The Financial Times (£), commenting on C&C Group’s acquisition yesterday of Conviviality’s wholesale business, says the deal looks “undeniably win-win”. But for Conviviality shareholders, the deal for Matthew Clark and Bibendum is “simply…lose”.

Conviviality appointed administrators on Wednesday The Financial Times (£). The Daily Telegraph says PwC was appointed administrator of the wholesale side of the business and it was on its appointment that the shareholding of the Matthew Clark Bibendum business was transferred to C&C for a nominal £1 for both businesses and their subsidiaries. C&C also paid the failed business’s banks £102m, which is more than half of the £180m debt Conviviality owed its lenders.

The Times (£) and The Daily Telegraph say the deal saves almost 2,000 jobs in the drinks industry. The transaction will be funded with the help of a loan from AB Inbev, the world’s biggest brewer, thought to be between £10m and £20m. The Daily Mail wonders whether this is the end of Bargain Booze. It says the chain could be left “on the shelf”.

Aldi and Lidl defied freezing weather in the UK to gain an even larger share of the grocery market over the Easter period The Times (£). Sales at Aldi rose by 10.7% in the 12 weeks to March 25 compared with a year earlier, raising its market share by 0.5% to 7.3%, according to data compiled by Kantar Worldpanel. Lidl recorded year-on-year sales growth of 10.3% to reach a 5.3% share of the market. The Independent highlights that more than 63% of households visited at least one of the German chains in the past 12 weeks. The Daily Telegraph, also reporting on the figures, leads on the 2.5% fall in grocery inflation over the period.

US private equity group Carlyle has bought Australia’s largest wine producer, Accolade Wines, from Champ Private Equity for A$1bn (£547m) The Financial Times (£). Accolade makes Hardys, the UK’s biggest-selling brand. The seller owns 80% of the company. Constellation Brands owns the remaining 20%.

Soyabean prices plunged as much as 5% after China targeted the US’s rural heartland by including them, together with other grains, on its latest retaliatory list against US tariffs, reports the Financial Times (£). Corn and cotton prices also fell. China’s retaliatory action is aimed squarely at the US’s industrial heartland, says The Times (£)

Elsewhere, the Financial Times (£) reports that international businesses have expressed hopes that a trade war between the two powerhouses can be averted. Barclays chief executive Jes Staley, said a trade war between the two was likely to be averted because countries would recognise the importance of economic integration The Times (£).

Another article in The Times (£) reports that Wilbur Ross, US commerce secretary, poured cold water on fears of “World War III” with China. He said threats from the US to impose tariffs on goods worth $50bn (£35.5bn) could pave the way for talks between the two nations. The Daily Mail says Trump’s trade war with China has wiped £1.8tn off US stocks in just 68 days.

JM Smucker, which makes products from Jif peanut butter to Folgers coffee, has added Ainsworth Pet Nutrition to its pet food roster in a deal worth $1.9bn Financial Times (£). The US-based food conglomerate said it was exploring “strategic options” for its US baking brands, which includes Pillsbury, Martha White, White Lilly and Hungry Jack.

David Wood, previously group president of US grocer retailer Kmart, has been appointed chief executive of Mothercare to take over from Mark Newton-Jones Financial Times (£). Mothercare will be a big challenge for the new CEO, says Sky News,

The Advertising Standards Authority has ruled that Lidl breached rules during its August bank holiday promotion on 36 bottles of discounted prosecco because it did not make adequate efforts to inform customers that boxes of the Italian sparkling wine had run out in many locations. Seven people complained about the promotion which offered six bottles of prosecco for £20, down from the usual £31.50 The Independent.

The Daily Mail reports that mall giant Westfield said more than 940,000 people visited its two sites over Easter – in Shepherd’s Bush, west London, and Stratford in east London – up 18% year on year.

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