President loses out to Sanyo Foods in battle to buy stake in Tingyi

Article Abstract:

After weeks of speculation, a 33% stake in Taiwan's leading instant noodle maker, Tingyi, has been sold to Sanyo of Japan. The deal was struck after negotiations with former front-runner Uni-President broke down because the latter demanded management control and too low a price. Ting Hsin (Cayman Islands) Holding Corporation, Taiwan's second largest food group, has sold a 33.14% stake in Hong Kong-listed instant noodle producer Tingyi to unlisted Sanyo Foods of Japan. The news comes just weeks after reports that Ting Hsin had signed a letter of intent to sell the stake in Tingyi to Uni-President Enterprises, Taiwan's largest food group (see Eurofood, 6 May 1999, p7). Sanyo is reported to have paid US$143m (??139m) for the stake in Tingyi.

Taiwan, China, Japan, Noodle Products NEC, Pasta products, Pasta industry, Sanyo Foods Corp., Tingyi

---

General Mills strong on acquisitions

Article Abstract:

US consumer-foods giant General Mills posted $6.25 billion in sales for FY 1999, up four percent from the previous year, partly due to strong performance of Yoplait yogurt and partly through the acquisitions of Lloyds Barbecue and Farmhouse Foods. Its international foods divisions are not doing as well due to negative foreign exchange rates in Canada, poor turnover resulting from weak economies in the ASEAN countries as well as Russian and Brazil, and costs incurred by the Snack Ventures Europe joint venture with PepsiCo.

General Mills Inc., GIS, Lloyd's Barbeque Co., Farmhouse Foods Co.

---

Kellogg sells Lenders at a loss

Article Abstract:

Breakfast cereal maker Kellogg Co., signs deal to sell Lender's Bagel Bakery Inc., to Aurora Foods Inc., for $275 million. Kellogg bought Lender's Bagel from tobacco giant Philip Morris in 1996 for $466 million, but now selling at a loss. Aurora Foods promise to make Lender's Bagel profitable by refocusing its marketing strategy.

Asset sales & divestitures, Bakery Products, Bread and Bakery Product Manufacturing, Cereal Preparations, Breakfast Cereal Manufacturing, Cereal breakfast foods, Misc Food Products, Food, Baked goods, Breakfast cereals, Kellogg Co., Baked products industry, Baked goods industry, Aurora Foods Inc., AOR, Lender's Bagel Bakery Inc.

Similar abstracts:

• Abstracts: Old friends. A legend in the making. Perfection in Piedmont
• Abstracts: Home roasting: Getting the most out of your coffee. Toasting food with sparkling wine. A mushroom for all seasons
• Abstracts: Jury to decide Turning Leaf case in battle of industry titans. California's mystery vintner
• Abstracts: French accent at Long Island's newest winery. Americans rewarded for efforts in passing wine's toughest test. Thurmond wants to roll back a key victory by the wine industry
• Abstracts: Global beats Jourdan to buy Sims for 22.4m [pounds sterling]. Future of Hillsdown uncertain

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.