Private equity goes cold on Coles
Tooronga, Australia: A private equity bid for Coles Group looks increasingly unlikely, following news that a private equity consortium, including Blackstone Group Texas Pacific Group and Carlyle Group, would not be submitting an offer for the retailer. The decision clears the way for Australian conglomerate Wesfarmers, which tabled an A$19.7bn (£8.3bn) offer for Coles in May. However, Coles Group said the consortium had not withdrawn from the process and had "indicated an interest in discussing an alternative investment structure".
Carrefour fined for sharp practice
Paris: Carrefour has been fined €2m (£1.3m) for false advertising, below-cost selling and collusion with suppliers. The retailer was accused of advertising products that were not sold at the advertised price or did not match descriptions in its catalogue. It must display the ruling at every checkout in its 213 hypermarkets in France. Carrefour said it was surprised by the severity of the punishment, adding that it could appeal.
Peltz lands stake in Kraft Foods
Northfield, Illinois: Nelson Peltz, the activist investor who called for Cadbury Schweppes' confectionery and beverages operations to be split, has acquired a 3% stake in Kraft Foods. Peltz has requested talks with Kraft and wants the company to focus on only its most successful products, say reports. He also wants Kraft to increases its share buy-back programme and expand overseas sales of its pizza and frozen food businesses.
Miller in tie-up with Foster's
Milwaukee, Wisconsin: SABMiller's US subsidiary Miller Brewing Company has entered into an agreement with Australian brewer Foster's Group to brew the Foster's lager brand in the US. Brewing of Foster's lager and Special Bitter brands will transfer from Molson Coors to two Miller's breweries in Texas and Georgia in November as part of the 10-year deal.
Kroger reports continued growth
Cincinnati, Ohio: Supermarket chain Kroger has reported a 9.2% increase in first quarter net profit to $336.6m (£168.4m) on sales up 6.7% at $20.7bn (£10.3bn). Like-for-like sales during the period rose 5.2%, excluding fuel, the eighth consecutive quarter like-for-like sales growth had exceeded 3%. "Looking beyond 2007, we believe our strategy will allow us to grow identical supermarket sales in the 3% to 5% range, excluding fuel," said Kroger chairman and CEO David Dillon.
Coca-Cola firms forge links in Japan
Tokyo: Coca-Cola Japan has acquired a 34% stake in the Tokyo Coca-Cola Bottling Company through the purchase of newly-issued shares. As part of the deal, Coca-Cola Japan said it would work with Tokyo Coca-Cola Bottling Company on new initiatives and would also appoint a new president and board members, with Keiji Takanashi continuing as chairman and CEO.
Tooronga, Australia: A private equity bid for Coles Group looks increasingly unlikely, following news that a private equity consortium, including Blackstone Group Texas Pacific Group and Carlyle Group, would not be submitting an offer for the retailer. The decision clears the way for Australian conglomerate Wesfarmers, which tabled an A$19.7bn (£8.3bn) offer for Coles in May. However, Coles Group said the consortium had not withdrawn from the process and had "indicated an interest in discussing an alternative investment structure".
Carrefour fined for sharp practice
Paris: Carrefour has been fined €2m (£1.3m) for false advertising, below-cost selling and collusion with suppliers. The retailer was accused of advertising products that were not sold at the advertised price or did not match descriptions in its catalogue. It must display the ruling at every checkout in its 213 hypermarkets in France. Carrefour said it was surprised by the severity of the punishment, adding that it could appeal.
Peltz lands stake in Kraft Foods
Northfield, Illinois: Nelson Peltz, the activist investor who called for Cadbury Schweppes' confectionery and beverages operations to be split, has acquired a 3% stake in Kraft Foods. Peltz has requested talks with Kraft and wants the company to focus on only its most successful products, say reports. He also wants Kraft to increases its share buy-back programme and expand overseas sales of its pizza and frozen food businesses.
Miller in tie-up with Foster's
Milwaukee, Wisconsin: SABMiller's US subsidiary Miller Brewing Company has entered into an agreement with Australian brewer Foster's Group to brew the Foster's lager brand in the US. Brewing of Foster's lager and Special Bitter brands will transfer from Molson Coors to two Miller's breweries in Texas and Georgia in November as part of the 10-year deal.
Kroger reports continued growth
Cincinnati, Ohio: Supermarket chain Kroger has reported a 9.2% increase in first quarter net profit to $336.6m (£168.4m) on sales up 6.7% at $20.7bn (£10.3bn). Like-for-like sales during the period rose 5.2%, excluding fuel, the eighth consecutive quarter like-for-like sales growth had exceeded 3%. "Looking beyond 2007, we believe our strategy will allow us to grow identical supermarket sales in the 3% to 5% range, excluding fuel," said Kroger chairman and CEO David Dillon.
Coca-Cola firms forge links in Japan
Tokyo: Coca-Cola Japan has acquired a 34% stake in the Tokyo Coca-Cola Bottling Company through the purchase of newly-issued shares. As part of the deal, Coca-Cola Japan said it would work with Tokyo Coca-Cola Bottling Company on new initiatives and would also appoint a new president and board members, with Keiji Takanashi continuing as chairman and CEO.
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