Premier Foods has played down reports that it is weighing up a potential sale of Batchelors, its Cup a Soup brand.
The company, which is also behind Ambrosia custard and Bisto gravy, said it “regularly reviews options”, adding that talks have not gone beyond an “exploratory stage”.
Premier was responding to reports over the weekend that Batchelors was being readied for a £200m sale to its biggest shareholder, Japan’s Nissin.
“On 29 June 2017 the company confirmed that, in line with good corporate governance, it regularly reviews options to deliver value for all its stakeholders.
“Such reviews do periodically involve discussions with third parties, including Nissin.
“There is no current situation where discussions have gone beyond an exploratory stage,” the firm said.
In 2016, Premier rejected a £537m takeover bid from the US company McCormick, choosing instead to form a strategic alliance with Nissin.
Since then the group, which has over £500m of debt, has had to issue a profit warning linked to the Brexit-hit pound.
Premier added: “As a matter of normal good governance, the board continues to keep under review any options which could potentially add value for shareholders and other stakeholders, and accelerate the delivery of the Board’s strategic objectives, particularly with respect to reducing gearing.”
The group served up a half-year pre-tax loss of £1.2m for the six months ending in September, a narrowing of the £8.7m loss recorded for the same period last year.
By Ravender Sembhy
Source: The Independent online
Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.
German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.
Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.