June 20 (Reuters) – Darden Restaurants Inc, battling
an activist investor that wants to replace its entire board of
directors, on Friday reported lackluster results at its flagship
Olive Garden chain as it prepares to complete the sale of Red
Lobster next month.
Starboard Value LP launched its effort to replace Darden’s
board shortly after the restaurant operator’s May 16
announcement that it planned to sell Red Lobster to Golden Gate
Capital for $2.1 billion.
June 20 (Reuters) – Starbucks Corp on Friday said
it will raise prices on some drinks offered by its U.S. shops
and also boost list prices on its own brand of packaged coffee
sold in supermarkets and other retail outlets.
The action comes just weeks after J.M. Smucker Co
raised list prices of its well-known Folgers and Dunkin’ Donuts
brands, for the first time since 2011 because of soaring green
LOS ANGELES June 19 (Reuters) – The board of hipster
clothing brand American Apparel Inc has ousted founder
Dov Charney as chairman and said it was preparing for the
controversial executive to fight his removal.
American Apparel replaced the 45-year-old Charney as
chairman late Wednesday, citing unspecified allegations of
misconduct. It also said it suspended him as president and chief
executive officer, and plans to fire him for cause, following a
30-day period stipulated in his contract.
June 12 (Reuters) – Several industry groups representing
U.S. food makers on Thursday asked a federal judge in Vermont to
block that state’s new law that will require labels on food
products made with genetically modified organisms (GMOs).
The legal challenge was widely expected and Vermont created
a “food fight fund” in anticipation of the move because it was
the first state to pass a GMO labeling law that did not require
other states to go first.
LOS ANGELES, June 10 (Reuters) – Dunkin’ Donuts on Tuesday
said franchisees will open five “traditional” shops in
California before the end of 2014, ending the coffee and baked
goods chain’s dozen-year absence from the nation’s most populous
Exact opening dates for the stand-alone outlets in Downey,
Long Beach, Modesto, Santa Monica and Whittier will be announced
later this summer, according to Dunkin’ Donuts, which previously
had scheduled its California return for 2015.
June 9 (Reuters) – Tyson Foods Inc won the bidding
war for Hillshire Brands Co with an all-cash offer that
values the maker of Jimmy Dean sausages at $8.55 billion and
would be the biggest deal yet for the global meat business.
Tyson, the largest U.S. meat processor, on Monday announced
an agreement to buy Hillshire for $63 per share. That topped
last week’s $55 bid from Pilgrim’s Pride Corp, which is
majority owned by Brazilian meatpacking giant JBS SA.
NEW YORK (Reuters) – Asian stocks basked in the glow of a record close on Wall Street after bright U.S. jobs data pointed to improving economic momentum, while the dollar gained on Monday on rising U.S. Treasury yields.
U.S. jobs data on Friday showed that nonfarm payrolls increased by 217,000 last month, bringing employment back to its pre-recession level and validating the view that labor conditions are improving. The unemployment rate held steady at a 5-1/2 year low of 6.3 percent. (Full Story)
Pilgrim’s Pride Corp (PPC.O: Quote, Profile, Research, Stock Buzz) sweetened its per-share bid on Tuesday to $55 from $45, beating Tyson Foods Inc’s (TSN.N: Quote, Profile, Research, Stock Buzz) $50 offer.
TOKYO (Reuters) – The dollar edged up slightly in early Asian trade, while the euro came under pressure as the market braced for further stimulus measures from the European Central Bank this week.
Short-term investors increased short positioning on the euro to 16,633 contracts from 9,220 a week ago, according to data for the week ended May 27 released by the Commodity Futures Trading Commission on Friday. IMM/FX
LOS ANGELES/CHICAGO, May 29 (Reuters) – The bidding war for
Hillshire Brands Co could herald further deals as meat
companies seek to round out their assets from farm to table in a
food frenzy that accelerated after China’s acquisition of
Smithfield Foods a year ago.
The deals also are being fueled by Americans’ increasing
appetite for protein: Profit margins in chicken production have
become fat even as tight supplies in the beef and pork markets
have driven up prices, raising costs for producers and prompting
some consumers and retailers to reach for poultry products.