As you’d expect, news of a takeover of a British household name by a foreign giant gained significant mileage in today’s papers, with most stories playing up Thorntons troubles and painting Ferrero as its saviour.
The Times said the £112m bid by Ferrero – whose founding family have been dubbed the richest candymen on the planet – for Thorntons could save the “struggling British company”.
The new owner could use the “struggling retailer’s” chain of 200-plus stores to start selling its own chocolate direct to the British public for the first time, The Independent says.
Shares in the “troubled confectionery company”, soared by more than 42% after agreeing to the takeover bid (The Telegraph). The papers adds that the deal with Ferrero brought relief for Thorntons investors who have been stung by a string of profit warnings in recent months.
The Financial Times says in its Lombard column that the 66% premium to the three-month average of 87p could be seen as evidence that Ferrero, like the ambassador, was “really spoiling us”. It adds Thorntons was a box of chocolates that has melted in the sun. “Most investors will be heartily glad Ferrero is taking this serial disappointment off their hands.”
The paper’s Lex column compared the two companies and asks if Thorntons had remained in family hands, could it have ended up looking more like Ferrero.
Results of a confidential survey of food and drink makers put Tesco top of the pile as the worst of Britain’s leading supermarket chains at complying with industry guidelines designed to protect suppliers.
A total of 30% of suppliers said the group rarely complied with the Groceries Supply Code of Practice, while 4% said it never complied (The Telegraph).
The YouGov study of more than 1,000 supermarket suppliers, commissioned by the Groceries Code Adjudicator, also named and shamed Morrisons and Iceland, while Aldi, Waitrose and Marks & Spencer got top marks for overwhelmingly adhering to best practice on issues such as prompt payment and handling complaints (The Times).
The Telegraph also looks more closely at what questions investors in Tesco should be asking at Friday’s AGM. The paper asks in a list of five questions: how much money do you want/need to shore up your balance sheet? and Is your plan to grow market share at any cost?
UK sales of nicotine replacements such as patches and gum fell for the first time in years as consumers turned to e-cigs, with sales of vaping devices surpassing $6bn for the first time last year (The Telegraph).
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