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Today's Headlines 20/11/2009

Procter & Gamble Repurchasing Shares, Quiet on Potential Deals Chicago, Nov 20 - Procter & Gamble Co does not see acquisitions as a core part of its growth plan and has started to buy back shares again, Chief Financial Officer Jon Moeller said on Friday.

US Shoppers Going Green Despite Struggling Economy New York, Nov. 20 - Despite the worst U.S. recession in decades, sales of organic and sustainable products have continued to grow, experts say, with shoppers willing to spend a few more dollars in a bid to become more green.

Wessanen Sells Liberty Richter to World Finer Foods Utrecht, 20 November 2009 - The Executive Board of Royal Wessanen nv announces that Liberty Richter, based in Bloomfield, New Jersey (USA), has been sold to World Finer Foods (WFF), also based in Bloomfield, New Jersey, for an undisclosed amount, effective today. Tree of Life Inc., a subsidiary of Wessanen, owns 45.2% of WFF shares.

Cheesecake Factory Sticks to 2010 Forecast Chicago, Nov. 20 - Casual dining chain operator Cheesecake Factory Inc Friday stood by its forecast for 2010 earnings and said it has not made one for 2011.

Brenntag Changes 2.5 Bln Euro Loan to Allow IPO London, Nov 20 - Privately-owned German chemical distributor Brenntag is amending its 2.5 billion-euro ($3.72 billion) leveraged loan to allow an initial public share offer, banking sources said on Friday.

European Commission Refers Greece to ECJ over Unjustified Milk Import Controls 20 November 2009 - The Commission decided today to refer Greece to the European Court of Justice (ECJ) because the Member State has implemented national rules on milk import controls which are incompatible, in the Commission's view, with existing Community legislation.

JM Smucker's Quarterly Net Income Increases 172% Nov. 20 - The J. M. Smucker Company today announced results for the second quarter ended October 31, 2009 of its 2010 fiscal year. Results for the three-month and six-month periods ended October 31, 2009, include the operations of The Folgers Coffee Company ("Folgers"). References to base business refer to the Company's operations excluding the impact of Folgers.

Ferrero, Hershey Would Likely Break up Cadbury Nov 20 - Cadbury suitors Ferrero and Hershey would likely break the UK confectioner up into separate businesses if a mooted bid for the company succeeds, an Italian newspaper reported.
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Indonesia's Astra Agro Revises Up CPO Forecast Nov 20 - Indonesia's largest listed plantation firm, PT Astra Agro Lestari Tbk, revised up on Friday its forecast for crude palm oil production this year to a 10 percent rise due to favourable weather.

Cocoa Supplier Olam to Benefit from Consolidation Among Confectionery Industry's Leading Players, Says CEO 20 November 2009 - Sunny Verghese, CEO of Olam International, one of the world's leading suppliers of cotton, cocoa, sugar and rice, said that he believes that global cocoa demand will increase if the current consolidation talks between major players in the global confectionery market materialise.

Avebe and National Starch Food Innovation to Expand Application Scope Veendam, 18 November 2009 - AVEBE and National Starch Food Innovation have mutually agreed to expand the application scope of their existing alliance and cooperate in specialty potato starch applications in the global personal care market.

Auchan Backs Hypermarkets as Rivals Rethink Paris, Nov 19 - French retailer Auchan said its large hypermarket model is working well in France and sees no need to cut back on size, unlike listed rivals Carrefour and Casino.

Ferrero Could Eye Cadbury Gum, Candy Unit Milan, Nov 20 - Italian chocolate maker Ferrero could be interested in Cadbury's gum and candy division, a unit worth about 5 billion euros ($7.4 billion), in a possible joint takeover bid, business daily Il Sole 24 Ore said on Friday.

Dole Food Posts Wider Q3 Loss Nov 19 - Fruit and vegetable producer Dole Food Co Inc's third-quarter loss more than doubled, hurt by sales declines across all its segments.

Fonterra Sells Stake in UK Joint Venture to Arla Nov. 20 – Fonterra Cooperative Group, the world's largest exporter of dairy products, has sold its stake in a joint venture to market Anchor products to the U.K.

Imperial Sugar Company Closes Three-Way Joint Venture to Build New Cane Sugar Refinery in Louisiana Sugar Land, Texas, Nov. 19 - Imperial Sugar Company announced the formation and funding of a three-way joint venture with Sugar Growers and Refiners, Inc and Cargill, Incorporated to construct and operate a new state-of-the-art cane sugar refinery in Gramercy, Louisiana adjacent to Imperial's existing sugar refinery.

PepsiCo to Invest $100 Million in Egypt in 2010 New York, Nov 19 - U.S. soft drinks and snacks maker PepsiCo Inc plans to invest $100 million in Egypt next year, a senior company official said in a speech on Thursday.

Australia Wheat Crop Estimates Cut in Record Heat Sydney, Nov 20 - Estimates for Australia's 2009/10 wheat crop have been cut by up to 5 percent after temperatures rose to record levels in some growing regions, throwing in doubt expectations the country will produce its best crop in 4 years.

Ex-Parmalat Auditors Settle US Investor Lawsuit New York, Nov 19 - Two former auditors of Parmalat SpA agreed to pay $15 million to settle a class-action lawsuit by U.S. equity investors over their roles in the Italian dairy company's 2003 collapse.

Hershey Merger Talk Makes Waves in a Company Town Hershey, Penn., Nov. 19 - In a company town where the street lamps are shaped like chocolate Kisses and orphans are cared for with corporate largesse, the prospect that America's biggest chocolate maker may merge with a foreign entity has unnerved some people.

Yesterday's Headlines 19/11/2009

Tesco in Broadband Push as Reaches Beyond Groceries London, Nov 19 - Tesco, Britain's biggest retailer, set its sights on capturing a bigger slice of the broadband and home phones market on Thursday as part of a drive to increase revenues from more profitable non-grocery markets.

Any Ferrero Bid for Cadbury to be Friendly, Says Italian Source Milan, Nov. 19 - Any bid for UK confectioner Cadbury by Italian chocolate maker Ferrero would have to be friendly, an Italian source close to the matter told Reuters on Thursday.

India Sugar Protest Forces Parliament to Shut New Delhi, Nov 19 - Tens of thousands of Indian farmers protesting against low state-set sugarcane prices forced the adjournment of first day of parliament on Thursday, prompting the prime minister to consider changes in fixing cane prices.

Kerry Group Keeps Full Year Earnings Growth Forecast 19 November 2009 - Kerry, the global ingredients & flavours and consumer foods group, issues the following Interim Management Statement for the ten months to 31 October 2009.

Nestle Professional to Acquire Vitality Foodservice Glendale, California, November 19, 2009 - Nestlé Professional today announced it has agreed to acquire Vitality Foodservice Inc., one of North America's leading beverage solution providers to the foodservice industry.

Pinnacle Foods Acquires Birds Eye Foods for USD 1.3 Billion Mt. Lakes, N.J., Nov. 19 - Pinnacle Foods Group LLC announced today that it has signed a definitive agreement to acquire Birds Eye Foods, Inc. from a holding company controlled by Vestar Capital Partners, Pro-Fac Cooperative, and Birds Eye management in a transaction valued at $1.3 billion.
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DSM Makes Great Strides in Production Processes for resVida Trans-Resveratrol, Resulting in a Significantly Improved Cost Position Kaiseraugst, 19 November 2009 - DSM Nutritional Products announces that advances in manufacturing will allow the company to provide a better competitive position, effective January 2010 for resVida® brand of trans-resveratrol.

Russian Grocer X5 Plans Higher 2010 Capex Moscow, Nov 19 - X5 Retail Group, Russia's largest grocer by sales, plans to spend more on its discount chain expansion next year than in 2009, as it hopes to win market share at the expense of distressed rivals.

Sugar Supply Seen Tight Despite Plantings Boost London, Nov 19 - A doubling of sugar prices this year will trigger a boost in plantings in 2010/11, but the economic crisis and expectations of a global deficit will keep supplies tight and prices high.

Brazil: Laep in Talks to Sell Dairy Plant to Nestle 19 November 2009 - Laep Investments Ltd., a fund that controls Brazilian dairy company Parmalat Brasil, is reportedly in talks with Nestle's Brazilian unit to divest a dairy plant for an estimated USD 59.3 million.

SunOpta Announces Opening of Natural and Organic Sesame Hulling Operation Toronto, Nov. 19, 2009 - SunOpta Inc. today announced that the SunOpta International Sourcing and Trading Group, in hand with its joint venture partner, has completed the construction of the first natural and organic sesame hulling plant in Ethiopia, operated as Selet Hulling Plc.

Greencore to Sell Bottled Water Business to Highland Spring 19 November 2009 - Greencore Group plc today announces that it has agreed to sell its bottled water business to Highland Spring Limited.

China-Biotics Sees Quarterly Operating Income Increase 99.2% Shanghai, Nov. 17 - China-Biotics, Inc., a leading Chinese firm specializing in the manufacture, research, development, marketing and distribution of probiotics products, today announced its financial results for the second quarter of its 2010 fiscal year, ended September 30, 2009.

Illovo to Double EU Exports; Rand to Hit Earnings Johannesburg, Nov 19 - South Africa's Illovo Sugar expects to double exports into Europe over the next 4-5 years due to quota and tariff-free access into the EU and a vast output expansion plan, its managing director said on Thursday.

Symrise Acquires Futura Labs Group

Goodman Fielder Expects Sale of Fats Arm Soon Melbourne, Nov 19 - Australian food manufacturer Goodman Fielder expects to sell its edible fats and oils arm soon and is in talks with one preferred bidder, it told shareholders at its annual meeting on Thursday.

Danone Reconfirms Its Objectives for 2009 and Announces Objectives for the Medium-Term Paris, November 18th, 2009 - Danone hosted an Investor Seminar in Amsterdam, the Netherlands, on November 17th and 18th 2009. These two days focused, among others, on the Company's corporate mission and strategy, as well as on the long-term business growth drivers of its divisions.
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Blackstone's Pinnacle to Buy Birds Eye - Report November 19, 2009 - Blackstone Group's Pinnacle Brands Corp is likely to buy U.S. frozen vegetable company Birds Eye Foods for more than $1.3 billion, the Wall Street Journal said, citing people familiar with the matter.

European Shares Lower as Food Producers Weigh London, Nov 19 - European shares were lower in early trade on Thursday for the third consecutive session, with food producers leading the losers after Danone cut its sales growth target.

Ferrero, Hershey Mull Cadbury Bid, Kraft Seen No.1 London/Chicago, Nov 18 - Italy's Ferrero and U.S.-based Hershey Co are considering a bid for chocolatier Cadbury Plc, but Kraft Foods Inc is still seen as the front-runner with its $16.8 billion hostile offer.

US Food Safety Likely to Get Overhaul in 2010 Washington, Nov 18 - A U.S. Senate committee voted unanimously on Wednesday to increase government oversight of food safety but the first significant overhaul in 50 years may not happen until 2010.

Oleon to Double Malaysia Palm Processing Capacity Kuala Lumpur, Nov 19 - Belgian oleochemicals maker Oleon Holding NV will double its plant capacity in Malaysia to 34,000 tonnes in the next two years to meet growing demand for palm oil-based products in the food and auto sectors.

Morrison Q3 Growth Slows on Lower Food Inflation London, Nov 19 - British grocer Morrison, which has had its chief executive poached by retailer Marks & Spencer, said falling food price inflation knocked sales growth in its third quarter, but it was still winning customers.

SABMiller See H2 Boost as H1 Beats Forecasts London, Nov 19 - World No. 2 brewer SABMiller Plc expects a second-half boost from a fall in the cost of inputs such as barley and favourable currency movements after it beat forecasts with a 6 percent rise in first-half earnings.

Wednesday's Headlines 18/11/2009

Hershey Credit Protection Costs Soar on Bid News New York, Nov 18 - The cost to protect Hershey Co's debt with credit default swaps doubled on Wednesday after sources said Hershey and Italy's Ferrero would mount a $16-billion plus bid for Cadbury Plc.

China's Fosun to Expand Drug, Consumer Businesses, Including 'Old Uncle' Milk Powder Shanghai, Nov 19 - Fosun International Ltd , China's largest non-state conglomerate, plans to expand investment in pharmaceutical and consumer-related businesses in the next few years as the government encourages domestic consumption, Chief Executive Liang Xinjun said.

Penford Sells Australian Gluten and Starch Plant 18 November 2009 - The Australian branch of Penford Corporation, Penford Australia Pty, has sold its Tamworth, New South Wales, food ingredient plant to Grain Products Australia Proprietary Limited, which has committed itself to investing in the facility.

Philippines: San Miguel Building USD 7.5 Million Ice Cream Plant 18 November 2009 - Philippine food and beverage giant San Miguel Corporation has announced that its subsidiary San Miguel Pure Foods Co. is building a P350 million (about USD 7.5 million) ice cream plant in Sta. Rosa, Laguna.

South Korea's CJ Focuses on Home-Grown Ingredients 18 November 2009 - According to South Korean food giant Cheil Jedang, most food companies in the country are focusing on developing and launching premium products made of home-grown ingredients. And today it is rising as a key marketing strategy.

EU Delivers Scientific Opinion on Food Colouring Azorubine/Carmoisine (E 122) 18 November 2009 - Following a request from the European Commission to the European Food Safety Authority (EFSA), the Panel on Food Additives and Nutrient Sources added to Food (ANS) was asked to deliver a scientific opinion on Azorubine/Carmoisine (E 122) when used as a food colouring substance.

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