Unilever has replaced Marijn Dekkers as chairman, ending a tenure marked by controversy over a failed attempt to revamp the Anglo-Dutch company’s structure and move its headquarters to Rotterdam (The Financial Times £). Unilever’s chairman Dr Marijn Dekkers will step down from his position with immediate effect a year after he U-turned on a decision to axe the company’s London headquarters in favour of Rotterdam (The Daily Mail). The chairman of Unilever has given up his job a year after a shareholder row over his failed efforts to move the Anglo-Dutch group’s headquarters to the Netherlands (The Times £).
The boss of Takeaway.com was forced to backtrack last night after appearing to rule out the prospect of sweetening the terms of its all-paper offer for Just Eat. (The Times £)
Coca-Cola Hellenic Bottling Company fizzed to the top of the FTSE 100 yesterday after reporting a strong third-quarter performance. The drinks bottler said that its revenue was 5 per cent higher than it had been at the same time in the previous year — this despite cold, wet weather in the summer that put a seasonal dampener on the wider industry. (The Times £)
British Land is preparing for further declines in the value of its shopping centres, shops and retail parks as the work done by surveyors to estimate their worth catches up with difficult conditions on the high street (The Times £). Landlord British Land has become the latest to suffer from the crisis gripping the high street after 10.7pc was wiped off the value of its retail estate (The Telegraph). British Land, which owns shopping centres including Sheffield’s Meadowhall and Drake Circus in Plymouth, has had nearly £600m wiped off the value of its retail empire over six months (The Guardian).
Inflation has fallen to its lowest level in nearly three years as the Consumer Prices Index fell to 1.5% in October compared to 1.7% the previous month. (Sky News)
The pugnacious founder-chairman of JD Wetherspoon has taken up arms against the City, turning his talent for polemic away from Brexit and towards the financial establishment (The Guardian). The chairman of JD Wetherspoon has accused its biggest institutional shareholder of hypocrisy in not adopting the corporate governance practices it demands of companies in which it invests (The Times £). JD Wetherspoon founder Tim Martin has launched an attack on two of his pub chain’s biggest shareholders, accusing them of hypocrisy on corporate governance (The Financial Times £).
The pubs boss makes two good points, writes The FT. First, too many UK boards are comprised of non-execs, with only the CEO representing the business. More directors from executive committees and workforces are needed. Second, governance rules largely ignore the central duty of business: to serve customers. (The Financial Times £)
One of the biggest shareholders in Eddie Stobart has made a proposal to acquire a majority stake in the troubled trucking group (The Times £). Haulier Eddie Stobart Logistics investors face huge losses under £55m rescue deal (The Daily Mail). Transport and logistics group Eddie Stobart said on Wednesday that DouglasBay, a private equity investor and a former large shareholder, had submitted a proposal to take a majority stake in the logistics group (The Financial Times £).
The highly anticipated Frozen and Star Wars films will help drive the UK’s £1bn Christmas toy market this year, say experts. (Sky News)
Onion prices in India have soared to eye-watering heights, leading to worries about food inflation and consumer unrest amid declining availability of one of the country’s most important vegetables. (The Financial Times £)
The glass is half empty for Bordeaux – France is falling out of love with wine from its most celebrated region. (The Financial Times £)
It seems that no festive season is complete without blockbuster advertising campaigns. Argos, Asda, Amazon, Ikea and Sainsbury’s have already launched theirs and on Saturday it is the turn of John Lewis. (The Times £)