South Africa: Walmart has offered to acquire 51% of the shares of South African retailer Massmart Holdings in a deal valued at about £1.5bn. The transaction, which still requires shareholder approval, faces strong opposition from the South African retailer's main union. It has mounted a legal challenge, threatened strike action and plans to participate in the competition review for the proposed deal.
France: Carrefour has cut its 2010 profit forecast and said writedowns for its Brazilian operation would be more than three times the amount previously expected. The company said charges would reach £460m (550m) against £150m (180m) previously estimated and reported and will be recognised as non-operating income.
Carrefour replaced its management in Brazil and hired KPMG in October to audit operations following poor performance at the unit's superstores. It gave a profit forecast of £2.5bn (3bn), around £108m (130m) lower than previously communicated.
Russia: X5 reported a rise in third-quarter revenues and announced plans to ramp up its new store openings. Net sales rose 21% year-on-year to £1.67bn (RUR80,050m). The company said it expected to exceed its store opening plan with 250-300 discounters, 20 supermarkets and 10 hypermarkets.
Chile: Nestlé is investing £64m (US$100m) in the construction of a new powdered milk factory in Osorno, Chile. The plant will mostly manufacture export to Central America but with the potential to expand to other markets. Nestlé said the move affirmed its drive to develop the industry through innovation, new technology and support for fresh milk suppliers.
"Today, 40% of local dairy exports are made by Nestlé and we expect to double this figure in the next decade," said Nestlé Chile chief executive Fernando del Solar.
Brazil: Sara Lee is to acquire Café Damasco, a coffee business based in the southern region of Brazil, for about £39m (US$60m). The transaction will be filed with the Brazilian competition authorities for review and approval.
France: Carrefour has cut its 2010 profit forecast and said writedowns for its Brazilian operation would be more than three times the amount previously expected. The company said charges would reach £460m (550m) against £150m (180m) previously estimated and reported and will be recognised as non-operating income.
Carrefour replaced its management in Brazil and hired KPMG in October to audit operations following poor performance at the unit's superstores. It gave a profit forecast of £2.5bn (3bn), around £108m (130m) lower than previously communicated.
Russia: X5 reported a rise in third-quarter revenues and announced plans to ramp up its new store openings. Net sales rose 21% year-on-year to £1.67bn (RUR80,050m). The company said it expected to exceed its store opening plan with 250-300 discounters, 20 supermarkets and 10 hypermarkets.
Chile: Nestlé is investing £64m (US$100m) in the construction of a new powdered milk factory in Osorno, Chile. The plant will mostly manufacture export to Central America but with the potential to expand to other markets. Nestlé said the move affirmed its drive to develop the industry through innovation, new technology and support for fresh milk suppliers.
"Today, 40% of local dairy exports are made by Nestlé and we expect to double this figure in the next decade," said Nestlé Chile chief executive Fernando del Solar.
Brazil: Sara Lee is to acquire Café Damasco, a coffee business based in the southern region of Brazil, for about £39m (US$60m). The transaction will be filed with the Brazilian competition authorities for review and approval.
No comments yet