The Directors of Australia’s only ASX-listed sugar miller, MSF Sugar (formerly Maryborough Sugar Factory Limited), have accepted a A$4.45 per share takeover offer by Thai sugar company Mitr Phol. In a media statement released yesterday, the company’s directors recommended that MSF Sugar shareholders also accept the offer in the absence of a superior proposal. According to Mitr Phol’s most recent shareholder notice (lodged with the ASX on 17 January 2012), Mitr Phol currently owns 26.9 per... ...Read more »

Sucrogen, the Australian-based sugar subsidiary of Singapore-listed Wilmar International Limited, has been given approval to purchase Proserpine Sugar Mill by the mill’s creditors, Westpac Bank. Sucrogen’s offer comprised a headline price of A$120 million, plus a working capital adjustment, normal settlement adjustments, as well as absorption of the mill’s normal operating costs and certain critical capital expenditure incurred from 31 October 2011. Sucrogen CEO Ian Glasson said the creditors’... ...Read more »

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 »

The Australian Competition and Consumer Commission yesterday announced that it will not oppose the acquisition of the iconic Australian Foster’s Group by SABMiller. According to ACCC chairman Rod Sims “the proposed acquisition is not likely to result in a substantial lessening of competition for the supply of beer”.  Before reaching this conclusion, the ACCC carried out a comprehensive review, involving market inquiries with a range of interested parties in the beer industry. UK company SABMiller... ...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 »

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 »

Ireland’s Kerry Group yesterday revealed it is in exclusive talks to buy Cargill’s flavours business. The Ireland-based company, which owns consumer brands like Wall’s sausages but derives over two-thirds of its revenue from food ingredients, said a deal would “advance” its ability to serve food and drink manufacturers. “Kerry is a leading global food ingredients and flavours provider and a leader in development and delivery of consumer-preferred taste solutions.... ...Read more »

Lactalis has claimed it has become the world’s largest maker of dairy products, after the French company sealed the takeover of Italian rival Parmalat, owner of Australian milk brand Paul’s. After the deadline for Lactalis’s EUR3.4bn (US$4.8bn) offer for Parmalat passed this afternoon, the company said it had secured 83.3% of the business. With the takeover of Parmalat, Lactalis has an estimated turnover of EUR15bn and has become the “worldwide leader in dairy products”,... ...Read more »

Nestlé has confirmed it is in talks about a possible takeover of Chinese confectionery company Hsu Fu Chi.The world’s largest food maker said yesterday (4 July) that it was “engaged in preliminary confidential discussions” with the Chinese firm. Nestlé declined to comment further. In a notice to the Singapore Stock Exchange, Hsu Fu Chi had said yesterday (4 July) that it was in “preliminary discussions” in relation to a “possible transaction relating to the company,... ...Read more »

The European Commission has cleared Lactalis’s proposed acquisition of fellow dairy group Parmalat, producer of Australian milk brand Paul’s.Lactalis has made a EUR3.4bn (US$4.91bn) takeover bid for the 71% of Parmalat that it does not already own. The EUR2.60-a-share offer, which some Parmalat shareholders believe is too low, is open to investors in the Italian dairy company until 8 July. The Commission said today (14 June) that the deal would not “significantly impede effective... ...Read more »