Dole to pay $90 million for 60% of Saba Trading

Article Abstract:

Dole Food Co. of Westlake Village, CA, has announced plans to acquire a 60% stake in Saba Trading AB of Sweden, a flower, vegetable and fruit distributor and importer, from Axel Johnson AB and the Swedish Cooperative Society for about $90 million. The Swedish Cooperative Society will retain a minority ownership of Saba Trading, which holds a 40% market share in Sweden. Dole's stock dropped 14% to close at $34.4375 a share on the New York Stock Exchange on the Sept. 11, 1998 trading likely because of the current financial crisis in Russia. The country's traditional annual importation of 5% to 7% of the world's banana supply is expected to go down.

Comment:

Will acquire a 60% stake in Saba Trading AB of Sweden from Axel Johnson AB & the Swedish Cooperative Society for about $90 mil

Sweden, Dole Food Company Inc., Axel Johnson AB, Article, Saba Trading AB

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Cadbury is scaling back its deal with Coca-Cola

Article Abstract:

Cadbury Schweppes PLC has scaled back an announced $1.75 billion agreement with Coca-Cola Co. because of regulatory problems in the European Union (EU). The deal involved selling non-US soft drink brands to Coca-Cola, but the action to scale it back reduces the transaction's value to $1.1 billion. Coca Cola stated that it will amend the agreement to keep its beverage business in the EU, but not in Ireland, the UK, and Greece, The company will also keep brands in Norway and Switzerland, and bottling assets in Europe worth roughly GBP 500 million ($800.6 million) that were part of the deal.

Canned & Bottled Soft Drinks, Soft Drink Manufacturing, European Union, Soft drinks, Coca-Cola Co. (Atlanta, Georgia), Soft drink industry, Cadbury Schweppes PLC

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Kellogg goes vegetarian in Worthington deal

Article Abstract:

Kellogg Co. has reached an agreement to acquire Worthington Foods Inc. for $307 million (285.9 million euros). This comes out to $24 per share. Worthington is a manufacturer of meat-alternative foods. The company is also the second-largest food company to merge with a natural foods maker in a one-week period. The move reflected Carlos Gutierrez, the CEO of Kellogg's, plan to not rely on his company's core businesses.

Cereal Preparations, Breakfast Cereal Manufacturing, Food industry, Abstract, Cereal products industry, Breakfast cereals, Kellogg Co., Worthington Foods Inc.

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