Consulting firm DMR Corporate has defended its claim that Ricegrowers is undervalued by as much as $100 million, after criticism from the rice processor’s chairman. Ricegrowers shareholders are set to vote on a takeover offer from Spanish group Ebro Foods at the end of the month.DMR Corporate, which “specialises in securities and business valuations”, made its claim when asked by the largest shareholder in the rice firm, which trades as SunRice, to value the company. The DMR report,... ...Read more »

By:  | 9 May 2011 Decrease font size Increase font size Comment on this article Email this to a friend Print this page Share this article Spanish food group SOS has confirmed today (9 May) that it plans to change its name following the sale of its rice division to Ebro Foods. A spokesperson told just-food today that the company will look to get shareholder approval to change the name to Deoleo at its general meeting on 9 June. She said that following the sale of rice brand SOS, it wants to change... ...Read more »

Ricegrowers Ltd has released a scheme booklet for its shareholders, with the board unanimously recommending that they vote in favour of a takeover by Ebro at a shareholder meeting at the end of this month. The booklet includes the results of an independent expert report by Lonergan Edwards & Associates, which, based primarily on share value considerations, concludes that  “the Scheme is fair and reasonable and in the best interests of both the A and B Class shareholders in SunRice in the absence... ...Read more »

Ebro Foods’ two planned acquisitions in the rice sector will be a “new step forward” for the Spanish food group, the company’s chairman and CEO has insisted. Antonio Hernandez Callejas said Ebro’s move to buy Australian rice processor Ricegrowers, as well as the rice assets of fellow Spanish food maker SOS Corporacion Alimentaria – deals that are both yet to be finalised – would benefit the business. Speaking at the Consumer Analyst Group Europe (CAGE) conference... ...Read more »

SunRice announced on Friday that the Rice Marketing Board for the State of New South Wales, RMB, has agreed to extend the company’s exclusive export licence for another five years to 30 June 2016, if the proposed acquisition of SunRice by Ebro Foods S.A (Ebro) is approved by shareholders and implemented. In that letter to SunRice, the RMB Chairman Mr. Nick Papallo advised that the RMB formed a committee comprising only non-grower RMB members, and sought its own independent opinion and legal... ...Read more »

Swiss scientists have linked cardboard packaging made from recycled newspapers to health complaints in lab rats, ranging from the inflammation of internal organs to cancer.Researchers at the Food Safety Laboratory in Zurich said that mineral oils in ink from newspapers that are then recycled can make their way into foods such as cereal, pasta and rice – even passing through inner plastic bags. The researchers analysed a total of 119 products bought from German supermarkets last year. According... ...Read more »

Spanish food processor Ebro Foods has improved its A$600m offer for Ricegrowers, the Australian company that sells through the SunRice brand.In a letter to shareholders, Sunrice chairman Gerry Lawson said on Friday (11 February) that Ebro would guarantee to purchase all the medium-grain rice grown in Australia at the benchmark price of California rice for seven years, up from five previously. Ebro would then automatically roll this over for another seven years in the absence of a material adverse... ...Read more »

Mars Food plans to build a global network of external science and research resources to develop and support improved rice production and breeding programmes. The company announced today (14 February) that it has appointed David Mackill as strategic rice expert within its research and development arm. Mackill joins the company from the International Rice Research Institute (IRRI), where he was principal scientist – Plant Breeding, Genetics and Biotechnology. Mars said that at IRRI Mackill led... ...Read more »

Four of Australia’s leading research institutions will collaborate closely over the next three years to fast-track development of new ‘healthier’ varieties of three of the world’s most widely cultivated cereal grains. The new ‘High Fibre Grains Cluster’ will focus on wheat, barley and rice. One of the primary research goals is to boost the amount of beneficial compounds, such as beta glucans and arabinoxylans, which are key contributors to the soluble component of dietary fibre in the... ...Read more »

Spanish food group Ebro Foods has purchased Australia-based Ricegrowers, which trades as SunRice, for A$600m (US$578m).Ebro, which yesterday announced the acquisition of the rice division of fellow Spansih food maker SOS Corporacion Alimentaria, confirmed it was in talks to buy SunRice last month. As part of the transaction, Ebro will enter into a “continuity undertaking deed poll”, it said on Friday (26 November), which sets out a number of principles related to SunRice and its business... ...Read more »