The Full Federal Court has upheld a primary Federal Court judgment which allows Metcash to acquire shares in the Franklins chain of supermarkets, from Pick n Pay Retailers. The Australian Competition and Consumer Commission (ACCC) had appealed the earlier Federal Court judgment of Justice Emmett, refusing the ACCC’s application to stop Metcash from acquiring the Franklins supermarket chain. The Full Court has ordered that the ACCC pay Metcash’s legal costs. Once it has acquired the 80 Franklins... ...Read more »

Australian retail food brand manager and franchisor, the publicly listed Retail Food Group Limited (RFG) has announced it is in the midst of a number of acquisitions which, if successful, will raise the number of food outlets it operates by around 15 per cent. RFG currently owns the Australian franchises of Donut King, Michel’s Patisserie, Brumby’s Bakeries, bb’s cafe, Esquires, and Big Dad’s Pies. The latest announcement was made by RFG’s CEO, Anthony Alford, at the company’s Annual... ...Read more »

The Australian Federal Treasurer today approved SABMiller’s acquisition of Australian brewer Foster’s and the remaining 50% of Pacific Beverages, on recommendation from the Foreign Investment Review Board (FIRB). The Treasurer’s approval of the transaction marks the final regulatory condition to be satisfied ahead of the shareholder vote at the upcoming scheme meeting scheduled for 1 December 2011. In a statement released today, SABMiller said the acquisition is expected to be completed... ...Read more »

Australia’s only ASX-listed sugar miller, MSF Sugar (formerly Maryborough Sugar Factory Limited), is the latest Australian company to be targeted by a foreign investor, with Thai sugar company Mitr Phol proposing a A$4.45 per share takeover offer. Mitr Phol, which currently owns 22 per cent of shares in MSF Sugar, is one of the largest sugar producers in Asia, with an estimated market share of 19% in Thailand and 9% in China. The takeover agreement is subject to the satisfactory completion of limited... ...Read more »

Australian food industry design and construction company Wiley has been given the green light for the second stage of a multi-million dollar expansion of smallgoods producer Primo Smallgoods. The project involves construction of the largest Australian factory of its kind, with a combined project floor area of 40,000 square metres on an 8.6 hectare greenfield site in Wacol, west of Brisbane. Stage one was completed recently and included construction of a raw material freezer and distribution chiller,... ...Read more »

Coca-Cola Amatil’s Managing Director Terry Davis has indicated that the company is considering buying the spirits, ready-to-drink mixed spirits and non-alcoholic brands of Australian brewer Foster’s Group Limited. Mr Davis made the announcement at a meeting of the American Chamber of Commerce in Australia, held in Melbourne. The brands in questions include Foster’s Cascade brand of soft drinks, its Cougar and Black Douglas spirit brands, as well as its Fiji brewery and distillery. However,... ...Read more »

Australia’s largest ASX-listed dairy company Bega Cheese has announced plans to complete a merger with Victorian-based dairy co-operative Tatura Milk Industries by the end of 2011. Bega Cheese acquired 70 per cent of Tatura Milk Industries in 2007 for approximately A$39 Million. By agreement made between the two companies in March 2011, Tatura Milk advised Bega Cheese it must be listed with the Australian Securities Exchange (ASX) in order to acquire the remaining shares from Tatura Milk Industries.... ...Read more »

Multi-national brewer SABMiller has agreed with Foster’s Group Limited a recommended cash offer to Foster’s shareholders at A$5.10 per share, which values Foster’s equity at approximately A$9.9 billion. The agreement is the culmination of a long-running series of negotiations between the two companies, with SABMiller recently mounting pressure on the Australian brewer. As part of the transaction, Foster’s will pay its shareholders a return of capital of A$0.30 per share prior... ...Read more »

Wholesale giant Metcash is free to complete its acquisition of Australian supermarket chain Franklins after the Federal Court refused an application by the Australian Competition and Consumer Commission’s (ACCC) for an injunction to prevent the acquisition taking place. The Federal Court also granted an expedited timetable for the appeal hearing with a three day hearing scheduled for 24 October 2011. As a result, Franklins parent company Pick n Pay can now agree with Metcash to waive the condition... ...Read more »

North American packaged foods giant ConAgra Foods announced today that it will withdraw a US$5.18 billion proposal to takeover US food manufacturer Ralcorp Holdings if negotiations do not begin by 19 September 2011. ConAgra has put forward three separate takeover proposals to Ralcorp in the past six months, all of which have been rejected by Ralcorp. On 12 August 2011, Ralcorp snubbed a proposal from ConAgra to buy a US$94 per share in the company. In a statement released today, ConAgra said, “Since... ...Read more »