In a further sign of the troubles confronting the wine sector, ASX-listed Cockatoo Ridge Wines has advised investors that they have entered voluntary administration ahead of what they forecast to be another difficult quarter. Formed two decades ago, the South Australian-based wine producer suspended trading on their shares on December 10 as they worked to sell their Monash winery. They managed to lease the property last week but the cashflow boost was not expected to stave off insolvency. “Cockatoo... ...Read more »

The latest Roy Morgan Supermarket Satisfaction Report has German-owned discount grocer comfortably ahead of their closest supermarket rival in the consumer satisfaction stakes. Aldi is 4.5 percentage points ahead of its nearest rival IGA – in the monthly survey of Australia’s four largest grocery chains. Both Aldi (up 0.2% points) and IGA (up 0.4% points) improved in November while there was no change in position of the country’s largest supermarket chains – Coles and Woolworths. Among... ...Read more »

The European Union has granted Australia market access to its new EU Tariff Quota for high quality beef. The duty-free quota, which first became available in August last year, provides for an additional global supply of 20,000 tonnes of high quality beef into the EU each year. Australia’s total beef exports to the EU currently exceed $136 million or about 11,000 tonnes annually. Minister for Trade Simon Crean and Minister for Agriculture, Fisheries and Forestry Tony Burke yesterday said the... ...Read more »

Kraft Foods’ largest shareholder Warren Buffett has labelled the company’s proposed acquisition of Cadbury a “bad deal” in a withering attack on US television. Billionaire Buffett, who owns around 10% of Kraft, questioned the US food giant’s revised offer for Cadbury, which values the UK confectioner at GBP11.5bn (A$21b). Kraft yesterday raised its bid for Cadbury after a previous GBP10.5bn failed to win over the Dairy Milk maker’s board. Buffett said he had “a... ...Read more »

Food Standards Australia New Zealand is seeking public comment on an “urgent amendment” to the Food Standard Code with regard to semi-dried tomatoes. The proposed measures would require traceability and processing requirements of semi-dried tomatoes and ingredients within Australia. In November 2009 Australian health authorities advised people to avoid eating semi-dried tomatoes unless they were thoroughly cooked. This followed the investigation of locally-acquired cases of hepatitis... ...Read more »

ASX-listed malt producer and flour miller GrainCorp has today reported the resignation of Managing Director Mark Irwin, with immediate effect. Mr Ian Wilton, currently GrainCorp’s Chief Financial Officer, has been appointed as interim Chief Executive Officer after the surprise announcement – for which no reason was given. “Mr Irwin had driven significant change within GrainCorp since he became Managing Director in March 2008,” GrainCorp Chairman Don Taylor said. “He... ...Read more »

Kraft Foods and Cadbury have reached an amicable takeover agreement overnight that is now only pending shareholder approval in the absence of a counterbid from potential suitor Hershey. In a change of heart on Monday, prominent members of the Cadbury leadership team met with Kraft CEO Irene Rosenfeld to work toward a revised offer that the Cadbury Board would accept. That revised offer – valuing the company at around 11.9 billion pounds or A$21b – has now been unanimously recommended... ...Read more »

Chocolate maker Lindt & Sprüngli saw sales fall 1.9 per cent in 2009 during “an extremely difficult market environment for premium products”.Organic growth of 2.3% was realised in local currency terms, but the strength of the Swiss Franc hurt revenue. “In view of the challenging situation on the markets for premium and luxury products, this sales growth in local currency terms is a satisfactory result,” the company said in a statement. Sales in the USA, Canada and Australia,... ...Read more »

CSR Limited has agreed with ASIC that the first court hearing relating to the proposed demerger of their Sugar and Renewable Energy business will now be held on the 29th January 2010 – the third delay to the case. “ASIC and CSR have made substantial progress in working through a considerable amount of detailed material, including independent expert reports relating to the disclosure of asbestos liabilities in the draft scheme booklet for the proposed demerger,” the ASX-listed firm... ...Read more »

The Agriculture Council of the European Union is looking at ways to improve the food supply chain to ensure value is more evenly distributed across the chain and food price fluctuations are not as severe. Speaking in a press conference at the end of the Council, which was held on Monday, Spanish Minister for the Environment Elena Espinosa said that all the ministers had welcomed the ideas raised. According to the Spanish minister, several states, including Spain, have a price observatory, although... ...Read more »