Thailand: Tesco has announced a final offering price of THB10.40 (£0.21) per unit for the IPO of its Tesco Lotus Retail Growth Freehold and Leasehold Property Fund. The price was at the top end of the pricing range due to strong demand from institutional and retail investors, Tesco said. The IPO is expected to raise £379m, making it Thailand’s largest-ever IPO of a property fund, and the country’s biggest IPO in more than five years.
Turkey: Asda has acquired GAAT, the largest supplier of clothing for its George fashion label. GAAT is currently part of the Türkmen Group and works with more than 80 manufacturers to manage garment production on behalf of Asda in locations such as Turkey, Sri Lanka and Egypt. “This is a natural and exciting next step for the business,” said George executive managing director Andrew Moore.
Lithuania: Carlsberg workers are not allowed to strike after a court ruled that beer production was “vitally essential”. Members of the Lithuanian Trade Union of Food Producers voted in favour of strike action in support of their demand for a decent company-level collective agreement last summer but have been prevented from striking due to the ruling, which places beer production in the same category as medical supplies and drinking water. UK workers union Unite has waded into the row, writing to Carlsberg’s president to demand it “stops attacking its workers’ rights”.
Australia: Bottler Coca-Cola Amatil will not be acquiring Foster’s Group’s Australian spirit RTD business. CCA had the right to acquire the business, as well as Foster’s Australian non-alcoholic beverages business and the Fiji Breweries and distillery in Fiji and Samoa when Foster’s sold its interest in Pacific Beverages to SABMiller.
United States: Wine and spirits supplier Brown-Forman has posted an 8% increase in sales to $2.8bn for the nine months to 31 January. Sales were boosted by strong growth in developed and emerging international markets, the company said. Notable double-digit growth was recorded in Germany, Mexico, Russia, France, Brazil, Turkey and Canada. However, declines were posted in China, Greece, Ireland, and Spain.
United States: Dole Food Company has acquired natural snack company Mrs May’s Naturals for an undisclosed sum. The acquisition, which will become part of the Dole Packaged Foods division, would help accelerate the development of Dole’s all-natural offerings in the health and nutrition space, Dole Food said.