Minerva to sell Uruguayan plant for $48 million to ease antitrust worries in broad deal
Minerva has proposed to Uruguay's watchdog Coprodec to sell one of the three plants it wishes to buy from Marfrig (MRFG3.SA), opens new tab - the Colonia unit - immediately following the deal, after the regulator blocked Minerva's acquisition of the three assets last year.
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The Sun
19 minutes ago
- The Sun
Primark owner to buy 135-year-old business in huge deal
PRIMARK'S London-listed parent company is set to make a huge deal to buy a 135-year old business. The deal that will unite brands Kingsmill and Hovis under the same ownership is expected to be announced by the end of the week. 3 3 Associated British Foods (ABF), which is the London-listed parent of Primark, are set to pay about £75 million to acquire Hovis, according to Sky News. The final touches of the landmark transaction between ABF and private equity firm Endless are reported to have been put in place on Wednesday. It will see ABF acquire the 135-year-old brand, with an announcement likely to come at the end of the week. The timeline, however, is subject uncertain and subject to delay as warned by banking sources. The second and third largest suppliers of packaged bread in Britain's major supermarkets will as a result come together in this deal. The move is therefore likely to ignite lengthy reviews from competition regulators. Sources in the industry have suggested that as a combined group, benefits of up to £50 million in annual cost savings could be made from the merger. The overall bakery market in the UK is estimated to be worth around £5 billion in annual sales, which equates to roughly £11 million loaves of bread sold each day. ABF owns Kingsmill's parent, Allied Bakeries, that has been struggling in recent years. Challenges have been linked to continual price inflation, changing consumer preferences and competition from other large rivals like Warburtons, as well as new entrants into the market. Huge A-list actress follows Samuel L Jackson and Robert De Niro to star in TV ads for bread firm Warburtons Family-owned business, Warburtons, is the largest bakery in the UK, with an estimated 34% share of the branded sliced breads. Hovis holds 24% and Allied Bakeries 17%, making their merger give them the largest segment of the market. Jon Jenkins, who is the current chief executive of Hovis, is also a former boss of Allied Milling and Baking. Prior to being owned by Endless, Hovis came under Premier Foods which also makes Mr Kipling, and the Gores family. The Hovis brand has a deep history, dating back to 1890, when its name was derived from the Latin 'Hominis Vis' meaning 'strength of man'. ABF has been seeing a number of changes in its brands, particularly with Primark recently. The merger from Primark's owner comes just months after the retailer introduced click & collect services in all its 187 stores across the UK. They also opened a brand new type of store, called Primark Home. The new iteration of Primark Home came just in time for the summer, and is dedicated to interiors for shoppers want a new range of homeware. The retailer also launched it's app for the first time in the UK just this week, with some greatly-anticipated features. 3
Reuters
an hour ago
- Reuters
Stone secures IDB financing to offer credit to businesses in the Amazon
SAO PAULO, Aug 4 (Reuters) - (This Aug 4 story has been corrected to say IDB, not IBD, in the headline) Brazilian payments company Stone (STNE.O), opens new tab said on Monday it has secured 295 million reais ($53.4 million) in financing from the Inter-American Development Bank's private investment arm to expand credit offerings to small and mid-sized companies, focusing on Brazil's remote Legal Amazon region. Funds from IDB Invest will support the development of businesses in the region, including by women. The area covers nine states, most of which are among the poorest in Brazil, and faces deforestation, illegal mining, land conflicts and governance challenges. The transaction, the first between Stone and the IDB, was initiated before discussions about U.S. tariffs on Brazil, said Diego Salgado, treasury officer at Stone in Brazil. "This process began over a year ago, before the American election and before the imposition of tariffs. The challenge of a more multipolar world was not yet a significant concern," he said. The financing will "help us reach 'deep Brazil,' which is the Brazil of those in need," said Carolina da Costa, Stone's director of sustainability and impact. Under the agreement, IDB Invest will also help Stone improve its products by developing solutions specifically for women entrepreneurs in remote areas such as the Amazon.
Reuters
an hour ago
- Reuters
Western Midstream to buy Aris Water for $1.5 billion
Aug 6 (Reuters) - Western Midstream Partners (WES.N), opens new tab said on Wednesday it will acquire Aris Water Solutions (ARIS.N), opens new tab in a cash-and-stock deal valued at about $1.5 billion as it aims to diversify operations in the Permian Basin. The U.S. natural gas-focused pipeline operator has been seeking to create a leading water infrastructure platform in the top U.S. oilfield and diversify its customer base across West Texas and southeastern New Mexico. Aris shareholders will receive 0.625 common units of Western Midstream for each Aris share, or $25 per share in cash. The maximum cash consideration for the transaction is $415 million. The deal is expected to close in the fourth quarter of 2025.
