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
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.