US: Shares in Sara Lee rocketed this week following reports that it had rejected a £7.6bn ($12bn) unsolicited takeover offer from private equity firm KKR & Co.

The global consumer goods company is understood to have received the offer about six weeks ago and is looking to sell its bakery business. The food giant is currently without a CEO after the resignation of Brenda Barnes who stepped down earlier this year after suffering a stroke.

Whole Foods Market has teamed up with non-profit organisation The Non-GMO Project to raise awareness about the presence of genetically modified organisms in food. As part of the initiative, Whole Foods Market has developed a 'Non-GMO Project verified seal' to help shoppers recognise products that avoid the intentional use of GMO ingredients.

"Shoppers want more information about what's happening to their food," said Whole Foods Market senior global vice president of purchasing, distribution and marketing Michael Besancon.

FRANCE: The European Commission has cleared Lion Capital's acquisition of French frozen food retailer Picard Surgelés. An inquiry was prompted because Findus, one of Lion's portfolio companies, is active in the sector. Brussels concluded Picard and Findus operated at different levels in the supply chain, the deal would not shut out rivals in retail or supply, and there were sufficient alternative suppliers of frozen food, it added.

The approval clears the final obstacle to the biggest private equity deal in France since the financial crisis began.

RUSSIA: Russian food retailer O'Key Group is planning an IPO of its shares on the London Stock Exchange by the end of the year. The company intends to use net proceeds to help expand its hypermarket and supermarket footprint in Russia. It may also temporarily use a portion of proceeds to reduce debt.

"The funds raised will help us grow the business as we look to replicate the considerable success we have achieved in major cities across Russia," said O'Key CEO Patrick Longuet. Rival X5 Retail is already listed on the London Stock Exchange.