US: Del Monte Foods shareholders have approved a £3.3bn ($5.3bn) takeover by a consortia of private equity firms. Shareholders will receive $19 (£11.77) per share in cash as part of the deal a 40% premium above the average closing price during the three months prior to market rumours last year. Del Monte chairman, president and CEO Richard Wolford has retired following the deal.
Snack maker Diamond Foods has reported record second-quarter sales growth, buoyed by Kettle and strong organic snack sales. Sales during the quarter were $257.6m (£159.6m) 40% ahead of last year. The company forecast full-year sales of between $925m to $950m (£573m to £589m) compared with $920m and $945m (£570m and £586m) previously. Advertising would be increased to provide support for distribution of new products, the company said.
FRANCE: Retailer Auchan has reported a 6.7% increase in full-year profits to 742m (£636m), following solid performances in France, Russia and China. Sales rose 7.1% to 42.5bn (£36.4bn) and like-for-like sales were up 1.3% during the period. Sales grew by 22.7% in central and eastern Europe and Asia, where a large part of the group's expansion was focused during the year.
China's Bright Food is through to the second round of bidding for French yoghurt maker Yoplait. Bright confirmed that it was on the shortlist to buy the 50% stake of Yoplait being sold by French private equity firm PAI. Bright's failure to execute large overseas deals, including one for United Biscuits, has cast doubt over its credibility as a bidder.
GERMANY: Metro Group is adopting a new sourcing strategy for its Metro Cash & Carry business. From next year, the Düsseldorf-based wholesaler will strengthen direct co-operation with smaller, local producers to ensure a wider range, plus better quality and prices. The company will centralise procurement offices for certain fresh produce to allow direct sourcing from local producers, which it said would cut purchase prices and costs for customers.
Snack maker Diamond Foods has reported record second-quarter sales growth, buoyed by Kettle and strong organic snack sales. Sales during the quarter were $257.6m (£159.6m) 40% ahead of last year. The company forecast full-year sales of between $925m to $950m (£573m to £589m) compared with $920m and $945m (£570m and £586m) previously. Advertising would be increased to provide support for distribution of new products, the company said.
FRANCE: Retailer Auchan has reported a 6.7% increase in full-year profits to 742m (£636m), following solid performances in France, Russia and China. Sales rose 7.1% to 42.5bn (£36.4bn) and like-for-like sales were up 1.3% during the period. Sales grew by 22.7% in central and eastern Europe and Asia, where a large part of the group's expansion was focused during the year.
China's Bright Food is through to the second round of bidding for French yoghurt maker Yoplait. Bright confirmed that it was on the shortlist to buy the 50% stake of Yoplait being sold by French private equity firm PAI. Bright's failure to execute large overseas deals, including one for United Biscuits, has cast doubt over its credibility as a bidder.
GERMANY: Metro Group is adopting a new sourcing strategy for its Metro Cash & Carry business. From next year, the Düsseldorf-based wholesaler will strengthen direct co-operation with smaller, local producers to ensure a wider range, plus better quality and prices. The company will centralise procurement offices for certain fresh produce to allow direct sourcing from local producers, which it said would cut purchase prices and costs for customers.
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