This week Tesco found itself under more scrutiny after it overstated expected profits for the first half of the year by GBP250m. Fonterra and Diamond Foods both reported a slump in annual profits but were optimistic about their prospects. Elsewhere Fyffes, Chiquita and Cutrale and Safra continued to go at each other as the former two announced a revised deal for shareholders if they were to merge. Here is the week in quotes.
“Things are always unnoticed until they’re noticed” – Tesco chairman Sir Richard Broadbent comments after the retailer admits it over-stated expected profits for the first half of its financial year.
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“Volatility is here to stay, don’t have any illusion it will change” – Fonterra CEO Theo Spierings says the firm will continue to have a tough time as the dairy industry remains erratic – the firm reported a slump in full year profits.
“The impact on TUF’s financial model is negligible, but I don’t think the company is thinking of that – rather … it is thinking of the premium brand it is acquiring” – Prasit Sujiravorakul, analyst at Bualuang Securities, says Thai Union Frozen Products’ recent acquisition of Norway-based King Oscar will have a small impact on sales but gives the Thai group a robust brand in Europe and the US.
“The Fyffes transaction is a natural strategic partnership that brings together two complementary companies to create a combined company that is better positioned to succeed in a highly competitive marketplace, while driving strong performance and value for shareholders as well as immediate benefits for customers and consumers worldwide” – Ed Lonergan, Chiquita Brands International’s CEO, announces new terms to its proposed merger with Fyffes.
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By GlobalData“Fyffes continues to use a game plan of trying to hoodwink Chiquita investors with ongoing rejiggered information, ranging from suddenly found cost savings to “illustrative” stock price valuations to rescrambled combination terms” – Cutrale Group and Safra Group, the Brazilian juice group and investment firm that have bid for Chiquita, responds to its target’s new deal with Fyffes.
“Unfortunately demand for Optivita has declined in recent years and we have decided to focus on our core brands like Special K and All-Bran as well as big category events such our recent Origins programme and Give A Child A Breakfast campaign” – A spokesperson for Kellogg UK tells just-food the firm is delisting the cholesterol lowering product after it continues to lose popularity.
“We need to make improvements now to ensure Sealord’s ability to grow and invest in operations in the future as we increase our focus on fresh and chilled products” – New Zealand seafood processor Sealord is mulling the restructure at its Nelson wet fish plant as it is not economically viable in its current form.
“We believe that our present portfolio construct, combined with our product innovation emphasis, positions us well for accelerated growth” – Diamond Foods CEO Brian Driscoll is confident the US snacks group is well positioned to drive top-line growth despite booking a loss in its most recent financial year.
“Negotiations are still in progress and the project is subject to approval by the Swedish Competition Authority” – Finnish meat firm Atria announces the sale of its Swedish cheese business.
