Nestlé is close to competing its takeover of Brazilian chocolate manufacturer Garoto, according to the firm’s managing director.
Speaking to local portal G1, Liberato Milo said that the two companies are working closely with the Administrative Council for Economic Defense (Cade) “to reach the best possible deal”.
Nestlé has been investing in Garoto since 2002, however Brazil’s antitrust authority vetoed a potential merger in 2004, on the grounds that it would hinder competition in the domestic chocolate market.
Since then, operations manufacturing and management have remained separate, but the formalisation of the takeover should give greater legal certainty to the business of the group.
Garoto’s estimated turnover for 2016 is of BRL 2.5 billion (€687 million).
Source: European Supermarket Magazine
Cécile Béliot has assumed the role of Bel Group chief executive officer, following the decision to separate the roles of chairman and CEO. The separation of the functions will enable Bel Group to develop in three areas of healthy snacking. Meanwhile, the company’s former CEO, Antoine Fiévet, has had his mandate renewed as chairman of the board.
US Food and Drug Administration (FDA) Commissioner Dr. Robert Califf was grilled by lawmakers during a House Appropriations subcommittee hearing, where he was slammed over the agency’s handling of the escalating infant formula shortage.
Sweegen is ramping up its efforts to reduce sugar across F&B applications while simultaneously tapping into the benefits of using antioxidants and bitter blocking technology. Speaking to FoodIngredientsFirst, Casey McCormick, vice president of global innovation at Sweegen, says product developers can find a broad range of solutions in Sweegen’s nature-based sweetener systems as brands elevate better-for-you foods.