Global retailer Ahold rushed out a statement this week to calm investors after its shares fell 10% in the wake of a report suggesting it may be forced to buy out its Scandinavian partners, ICA and Canica.
Ahold chief financial officer Michiel Meurs said the deal required Ahold to buy the stakes held by its Scandinavian partners if they chose to leave the alliance, but none of the partners can sell their shares before April 2004.
Ahold also increased its stake in Chilean supermarket chain Santa Isabel to 97% in a $50m deal. Santa Isabel has 117 supermarkets in Chile, Peru and Paraguay.
Reshape pays
US consumer products group Sara Lee has raised its first quarter earnings forecast by 21% as the benefits of its two-year reshaping programme kick in. With products ranging from bakery goods to Jimmy Dean hot dogs, Sara Lee said operating profit grew 20% in the first quarter and 15% in the full year.
Company boss Steve McMillan said its focus would be on market share gain for existing brands, plus new products, such as crustless bread for kids under the Iron Kids brand.
Italian stake
French retail group Auchan is to make a bid for the 41.4% stake in Italian retailer Rinascente that it does not already own. A bid of E735.4m will be made through holding company Eurofind.
Profits leap
US soft drinks and snacks giant PepsiCo posted a 55% surge in third quarter profit compared to last year's figures which were impacted by the costs of buying cereal maker Quaker Oats.
Net income to September 7 jumped to $969m from $627m last year.
Costs relating to Quaker were $27m against $231m in 2001. Group sales for the quarter grew 6.6% to $6.34bn from $5.98bn.
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Ahold chief financial officer Michiel Meurs said the deal required Ahold to buy the stakes held by its Scandinavian partners if they chose to leave the alliance, but none of the partners can sell their shares before April 2004.
Ahold also increased its stake in Chilean supermarket chain Santa Isabel to 97% in a $50m deal. Santa Isabel has 117 supermarkets in Chile, Peru and Paraguay.
Reshape pays
US consumer products group Sara Lee has raised its first quarter earnings forecast by 21% as the benefits of its two-year reshaping programme kick in. With products ranging from bakery goods to Jimmy Dean hot dogs, Sara Lee said operating profit grew 20% in the first quarter and 15% in the full year.
Company boss Steve McMillan said its focus would be on market share gain for existing brands, plus new products, such as crustless bread for kids under the Iron Kids brand.
Italian stake
French retail group Auchan is to make a bid for the 41.4% stake in Italian retailer Rinascente that it does not already own. A bid of E735.4m will be made through holding company Eurofind.
Profits leap
US soft drinks and snacks giant PepsiCo posted a 55% surge in third quarter profit compared to last year's figures which were impacted by the costs of buying cereal maker Quaker Oats.
Net income to September 7 jumped to $969m from $627m last year.
Costs relating to Quaker were $27m against $231m in 2001. Group sales for the quarter grew 6.6% to $6.34bn from $5.98bn.
{{NEWS }}
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