Kellogg announced that it has sold its biscuits, snacks and ice-cream businesses to Ferrero for about USD 1.3 billion as it seeks to focus on its core cereal brands. Nestle had also sold its US confectionery business to Ferrero in 2017, as many firms struggle with the fast-changing demand in the packaged food sector. In contrast, Ferrero’s snack division is reporting solid growth and the family-owned business has made four purchases in the US alone in the past two years.
Ferrero was rumored to be one of the firms interested in buying Australia’s Arnott’s biscuit brand and Denmark’s Kelsen Group from Campbell Soup but sources are saying that Mondelez is now the sole bidder. The deal could be worth up to USD 2.5 billion and would add to Mondelez’ growing biscuit portfolio as the firm has been purchasing fast-growing snack brands around the world.
Consolidation is also expected to happen in the agricultural trading world, although nothing has been announced so far. The head of Glencore Agri said last week that the sector needed to consolidate because it was facing a fragmented overcapacity. At the same event, the CEO of Louis Dreyfus said the firm would look to purchase regional partners and set up joint ventures in Asia.
Meanwhile, a Commodity Futures Trading Commission (CFTC) study looking at end-of-day prices between 2013 and 2018 found that the increase in algorithmic trading had not caused an increase in volatility, confirming the group’s decision to shelf a plan to regulate automated trading. The CME president said that algorithmic trading was “a natural evolution” which made the market more efficient.
In an attempt to refinance part of its existing debt, Olam announced that it has secured a three-year credit facility of USD 350 million, which will be linked to the firms “digital maturity score” in what is being called the world’s first “digital loan”. The process is being handled by the Boston Consulting Group which will assess the score based Olam’s digital growth.
Cargill reported USD 566 million in net earnings for the past quarter, up 14% on year as spending cuts helped offset lower revenues as a result of the ongoing US-China trade war as well as the swine fever in China. The CEO said the firm was benefiting from a push to grow in the protein business which will help make it less reliant on its trading business.
The plant-based protein segment saw some big announcements this week
Plant-based meat alternatives are seeing a rise in popularity as they are believed to have a much smaller carbon footprint, a theory this recent study confirms. The Union of Concerned Scientists found that US families were able to reduce their greenhouse emissions without affecting their nutritional intake when switching to plant-alternatives. On the other hand, they noted that red meat might still be very popular among low-income families because it remains the cheapest source of protein. The study supports the fact that individuals can make a difference, which goes against the argument that the whole food system needs to be completely overhauled for changes to be felt.
But the most surprising scientific discovery announced this week, if not ever, is that cheese will taste better if it has been aged while hip-hop music was playing in the background. Experts found that the cheese texture evolved differently when it was contained in a box with speakers. They all agreed that hip-hop cheese tasted better than rock n roll and jazz cheese.
This summary was produced by ECRUU
In the April 4th Press Summary, was the last bit of news item that cheese tastes better when aged with hip hop music factual news or an April fool joke? 🙂
We wondered that as well, but the article was dated 24th March so it was too early for an April fool joke!