US snack maker Lance has signed an agreement to merge with pretzel firm Snyder’s of Hanover.The deal, announced last night, will combine the two firms in a stock-for-stock merger of equals that will create a company to be called Snyder’s-Lance. “This transaction allows us to create a stronger company in a highly competitive industry and simultaneously create value for our shareholders,” said David Singer, president and CEO of Lance. In addition to brands including Lance, Snyder’s... ...Read more »
Campbell Soup Co. has said it sees opportunities for M&A to add to its “meal makers” business as the US food group looks to ramp up growth in emerging markets.Speaking at a meeting with investors on Monday (12 July), Larry McWilliams, president of Campbell’s international business, said the meal makers sector, which includes stocks and sauces, is a “large but fragmented” category and that the firm plans to focus more on this part of its portfolio. “We see many... ...Read more »
New Zealand-based dairy firm A2 Corporation is eyeing expansion in Australia and beyond following its merger with ASX-listed Freedom Nutritional Products. Previously, Freedom Nutritional had produced A2 products in Australia under an exclusive rights arrangement. The company signed a sale and subscription agreement with Freedom to buy a 50% interest in A2 Dairy Products in return for 120,376,950 fully-paid ordinary A2 Corp shares, comprising 25% of the enlarged company. The deal includes a provision... ...Read more »
Brazilian orange juice manufacturers Citrosuco and Citrovita announced earlier this week their plans to merge to form the biggest orange juice producer in the world with sales exceeding two billion reais ($A1.23 billion). Chief Executive of Citrosuco Tales Lemos Cubero told Estado news agency that after the merge, the new company will have the capacity to produce 25 per cent of all orange juice in the world. The two companies Citrosuco and Citrovita will each have 50 per cent stakes in the new company.... ...Read more »
Diversified food company Freedom National Products Limited (FNP) and A2 Corporation Limited(A2C) - the company that owns and commercialises intellectual property that enables the identification of cattle for the production and subsequent marketing of a2 MilkTM - announced on Friday that they are in merger talks. The announcement on the ASX stated that they are discussing a ‘merger of equals’ under which the surviving entity would remain listed on the ASX. To facilitate discussions... ...Read more »
Japanese food and drink group Kirin Holdings has shuffled its management pack as the company looks to push on with plans to drive earnings. Kirin, which owns Australia’s Dairy Farmers and National Foods, said today (10 February) that executive vice president Senji Miyake would become president and CEO from next month. Current CEO Kazuyasu Kato will become Kirin’s chairman. The promotion of Miyake is the latest move from Kirin to establish “a leading company” in food and health... ...Read more »
ASX-listed wine businesses Constellation Brands and Australian Vintage have applied for informal merger clearance from the Australian Competition and Consumer Commission as talks continue for a possible tie-up between the two firms. The companies advised that talks ”may result in a possible combining of part of CBI’s Australian and U.K. wine operations with AVL in exchange for a non-controlling, 50% equity interest in the combined entity” but warned that there is no certainty... ...Read more »
Australian Vintage announced today that it is in discussions with Constellation Brands “which may result in a possible combining of part of CBI’s Australian and UK wine operations with AVL in exchange for a substantial, but noncontrolling, interest in the combined entity”. The winemaker said that the difficult trading conditions were the impetus for the discussions. “This potential combination would create synergies between the two companies, better positioning both for success... ...Read more »
Kirin Holdings and Suntory have sought approval from the competition watchdog in Japan for their merger plan despite being yet to announce a final agreement on a deal, according to reports from Japan. The merger would create one of the world’s largest food and beverage companies - ranking in the top five globally, with a major presence here in Australia. Together, Suntory and Kirin would combine to create a powerhouse in the beverage industry in Australia; with Kirin having recently purchased... ...Read more »
PepsiCo, one of the world’s largest food and beverage manufacturers, has announced an improved takeover offer has been accepted by the Boards of their two largest bottlers. Pepsi Bottling Group and Pepsi Americas, who both operate in Europe, North America and Central America, entered into definitive merger agreements with PepsiCo after initially rejecting the approaches of their major shareholder. This forced PepsiCo to offer just under a quarter more than their initial proposal to reap back... ...Read more »