BEST OF THE BROKERS November 24, 2010 NORTHERN FOODS Evolution Securities has upgraded the food firm to a “buy” with an upgraded target price of 60p. The broker believes the company’s planned merger with Greencore to create Essenta will create a market leader with a complementary mix of products, with synergy savings of up to £90m. The new firm’s proforma dividend per [...]
Northern Foods chief leaves after being left out of new Essenta board November 24, 2010 THE CHIEF executive of Northern Foods will quit at the end of the week to join food wholesaler Brakes as head of UK operations, the firm said yesterday. Stefan Barden’s announcement comes a week after he was left out of the board of new company Essenta, which will be formed from a merger of Northern [...]
UK groups hold firm in Ireland November 22, 2010 SOME of the most high-profile corporate emigrants to the Irish tax regime told City A.M. yesterday they are not yet considering a move away from the country, with UK rules on controlled foreign companies (CFCs) influencing their decision more than the total tax rate. Now that the Irish government has admitted it will seek bailout [...]
Bailout looms for troubled Ireland November 17, 2010 A bailout for troubled Ireland drew closer last night as an international taskforce prepared for crunch negotiations over the country’s economic future. Representatives from the International Monetary Fund, the European Central Bank and the European Commission – the same team that descended on Greece – will begin their work in Dublin this morning. They will [...]
Northern and Greencore agree merger November 17, 2010 FOOD retailers Greencore and Northern Foods revealed plans to merge yesterday, in a deal that will produce one of the biggest chilled food players in the UK. The firms, responsible for Goodfella’s pizzas, Fox’s biscuits and the Weight Watchers range, will be rebranded Essenta once the proposed tie-up is complete in March 2011. Management said [...]
Northern and Greencore agree merger November 17, 2010 FOOD retailers Greencore and Northern Foods revealed plans to merge yesterday, in a deal that will produce one of the biggest chilled food players in the UK. The firms, responsible for Goodfella’s pizzas, Fox’s biscuits and the Weight Watchers range, will be rebranded Essenta once the proposed tie-up is complete in March 2011. Management said [...]
Barden left out of Essenta’s top team November 17, 2010 THE CREATION of Essenta has forced Northern Foods chief executive Stefan Barden out of the firm, after the chairmen of the two firms omitted him from the rejigged executive team. The chairmen of Northern and Greencore, old friends Anthony Hobson and Ned Sullivan, thrashed out the make-up of the combined board in private meetings over [...]
Barden left out of Essenta’s top team November 17, 2010 THE CREATION of Essenta has forced Northern Foods chief executive Stefan Barden out of the firm, after the chairmen of the two firms omitted him from the rejigged executive team. The chairmen of Northern and Greencore, old friends Anthony Hobson and Ned Sullivan, thrashed out the make-up of the combined board in private meetings over [...]
Retailers may have to eat own margins November 17, 2010 THE chilled convenience food market is ripe for consolidation. In recent years, the major players have lacked the scale needed to secure a decent return from powerful supermarket retailers. Investment has fallen, taking its toll on the quality of products. For that reason, the marriage of the two leading chilled players in the UK market [...]
BETWEEN MURDOCH AND A VERY HARD PLACE November 17, 2010 FINALLY! A chance for harried BSkyB chief executive Jeremy Darroch to let his hair down: the Sky Christmas party – or “Winter Reception” – invites have been issued, the balloons blown up, the goose cooked. And it will be a well-deserved rest. The Capitalist hears that Darroch has had a stressful few weeks in the [...]