Kingsmill Owner AB Foods to Buy Hovis in UK Bread Combination
Save
Associated British Foods Plc, owner of UK bread brand Kingsmill, agreed to buy rival baker Hovis from its private equity backer.
AB Foods said the deal with PE firm Endless LLP will let Kingsmill parent Allied Bakeries and Hovis combine production and distribution activities and expand into new product ranges. The combination is subject to regulatory approval, and no value was given.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 minutes ago
- Yahoo
Campaigners fighting Sizewell C granted hearing in the High Court
Campaigners fighting the new Sizewell C nuclear power station have been granted a hearing in the High Court. Together Against Sizewell C (TASC) is seeking a judicial review into plans for additional sea defences as part of the project. The action group is calling for Sizewell C's development consent order, granted in 2022, to be revoked or varied. READ MORE: Suffolk: High Court rejects Sizewell legal challenge A judge at the High Court will hear TASC's representatives claim project developer, power firm EDF, kept plans for the flood barriers secret in order to avoid scrutiny. A decision would then be made on whether to grant a judicial review hearing, which would take place at a later date. A TASC spokesperson said: "Sizewell C's attempt to avoid scrutiny of these additional sea defences now means the project is proceeding without its full environmental impact having been assessed, this being in contravention of the UK Habitat Regulations. "Sizewell C clearly believe they can do as they see fit with our heritage coast, national landscape and designated wildlife sites irrespective of the damage they will cause – this government, the largest shareholder in Sizewell C, must be challenged on this." TASC believe that the barriers were omitted from the original planning application that was granted development consent and fear that their construction could disrupt nearby wildlife habitats. READ MORE: Sizewell C campaigners lose High Court challenge for Suffolk The campaigners would like less invasive flood barrier options to be pursued. TASC has lost previous judicial reviews into the new station, which is set to cost £38 billion, including in June 2023 when the High Court rejected a legal challenge over the disposal of nuclear waste and the provision of a water supply. In 2022, a similar legal challenge claiming the development was unlawful because of concerns about the maintenance of a water supply, was also rejected.
Yahoo
11 minutes ago
- Yahoo
These 2 FTSE stocks could benefit from the growth of AI and the demand for new data centres
In my opinion, there are two FTSE stocks — Segro (LSE:SGRO) and Tritax Big Box REIT (LSE:BBOX) — that look set to gain from the anticipated explosion in the demand for data centres. According to McKinsey & Company, by 2030, $7trn will need to be spent globally on building the physical infrastructure necessary to house the servers and other hardware required to run artificial intelligence (AI) applications. Closer to home, Barbour ABI has found nearly 100 live UK planning applications for such properties. And reflecting their energy intensity, Mordor Intelligence reckons the capacity of domestic data centres will grow from 2,590 MW in 2025 to 4,750 MW by 2030. That's equivalent to an average annual increase of 12.9%. The country's number one As the UK's largest real estate investment trust (REIT), Segro already has a significant foothold in the market. It owns Slough Trading Estate, Europe's largest business park and home to the continent's biggest cluster of data centres. It also leases other warehouses to companies operating in the sector. Its tenants include Equinix and Digital Realty Trust, two of the industry's largest players. But its share price has disappointed recently — it's down 28% since August 2024. And the commercial property market can be volatile. However, its balance sheet is strong — its loan-to-value was 31% at 30 June. Also, 73% of its lettable area is located in seven countries in continental Europe, which provides it with a certain degree of diversification. Another option Tritax Big Box REIT, the UK's largest owner of logistics facilities, now has two data centres in its portfolio and has announced plans to build a new one near Heathrow airport. It anticipates spending £200m on similar properties in 2025 and £100m-£200m annually thereafter. It estimates the annual rental yield will be 9%-11%. Not surprisingly, the trust views the sector as one of its key growth drivers. As part of its expansion plans, Tritax has made an offer to buy Warehouse REIT. If the deal is successful, it will create a combined £7.4bn property portfolio. The takeover target has 409 tenants at 60 sites in England and Scotland. Immediate cost savings of £5.5m a year are expected. The proposed merger reflects a trend in the investment trust industry where stock market valuations are often lower than the value of the underlying assets. This apparent lack of appreciation from investors has frustrated directors and shareholders alike. Tritax presently trades at a 28% discount. Warehouse is valued at 11% less than its book value. Good for income One of the principal attractions of REITs is that to qualify for certain tax exemptions they must return at least 90% of rental profits to shareholders. This means they usually offer generous yields. For example, based on dividends paid over the past 12 months, Tritax is presently (15 August) offering a return of 5.6%. For comparison, Segro's is 4.6%. Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. However, the trust's dividend could come under pressure if interest rates remain at historically high levels. And possible vacancies remain an ever-present threat. But like Segro, I think Tritax has exposure to a sector that's going to see significant growth over the next decade or so. Those that agree with me could consider adding either of them to their portfolios. The post These 2 FTSE stocks could benefit from the growth of AI and the demand for new data centres appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool James Beard has no position in any of the shares mentioned. The Motley Fool UK has recommended Segro Plc, Tritax Big Box REIT Plc, and Warehouse REIT Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Yahoo
16 minutes ago
- Yahoo
UK job vacancies fall at a slower pace while wage growth holds steady
The decline in payroll employment in the UK eased in July, with employers cutting headcount by 8,000, compared to a month-on-month drop of 26,000 in June. July's figure marks the smallest decline in headcount since a modest rise in January, offering a glimmer of hope for the sluggish UK job market. The early estimate of payrolled employees for July 2025 decreased by 164,000 on the year, added the Office for National Statistics (ONS). Tuesday's data 'tallies with some of the business surveys which suggest hiring appetite has begun to improve after a torrid spring', said James Smith, developed market economist at ING. 'The combination of National Insurance (payroll tax) hikes and a sizeable increase in the National Living Wage in April had become a major headwind, particularly in consumer services.' The ONS also announced on Tuesday that the unemployment rate held steady in April to June at 4.7%, a four-year high. Annual wage growth excluding bonuses held steady at 5.0% in the three months to June, while this average in the private-sector eased slightly to 4.8% from 4.9%. Related Struggling to find work? UK sees more jobseekers and fewer vacancies BoE chief says collaboration is key to solving economic imbalances 'Although pay growth has slowed, it's now pretty static, and is still outstripping inflation, so there's a risk that firms will pass on heavier costs as higher prices,' said Susannah Streeter, head of money and markets at Hargreaves Lansdown. She added: 'Bank of England policymakers struck a more cautious tone than expected at the last meeting when it comes to future policy, and this jobs snapshot doesn't change the overall picture too much. It's touch and go as to whether there will be a cut in November but December is looking a bit more likely.' The fresh data comes after the Bank of England cut its key interest rate last week to 4%, the lowest level since March 2023. Vacancies are below pre-Covid levels in virtually all sectors now, highlighting the weakness of the labour market, although price pressures remain a risk to the economy. The number of job vacancies fell by 44,000 to 718,000 between May and July. 'The Bank faces a fine balancing act,' said Richard Carter, head of fixed interest research at Quilter Cheviot. 'Inflation remains at 3.6%, fuelled by housing and transport costs, but signs of slack in the labour market are becoming harder to ignore. With the MPC split on the pace of easing, these latest numbers could tip the balance towards further cuts to shore up the economy." Sign in to access your portfolio
