April 9 (Reuters) – In a case that could shake one of the
world’s largest accounting firms, KPMG said it
resigned as auditor of two U.S. companies as the FBI on Tuesday
began investigating insider trading allegations involving a
former KPMG senior partner.
The companies – nutritional products group Herbalife Ltd
and footwear maker Skechers USA Inc – said
separately that KPMG had quit as their auditor in connection
with alleged leaks of nonpublic information.
April 9 (Reuters) – KPMG resigned as the auditor of
Herbalife Ltd after one of its senior partners engaged
in insider trading in Herbalife stock, the nutritional products
company said on Tuesday.
Herbalife said in a statement that KPMG’s
resignation had nothing to do with its accounting practices or
the integrity of its management – issues called into question by
the high-stakes drama between hedge fund titans Bill Ackman and
Carl Icahn over the company.
NEW YORK, April 5 (Reuters) – Santa Cruz Nutritionals and
Nellson Nutraceutical LLC are looking for buyers as the latest
firms in the nutrition sector hoping to cash in on large
companies’ hunger for healthy products, three sources familiar
with the situation said.
Santa Cruz, a California-based maker of calcium gummies and
vitamin jelly beans, and Nellson, which makes nutrition bars and
powders, are both being advised by investment bank Houlihan
Lokey, said one of the sources. The sources, who spoke to
Reuters this week, declined to be identified as both processes
NEW YORK, March 27 (Reuters) – Carol’s Daughter, known for
its products for naturally curly hair, is exploring a sale of
the company, according to two sources familiar with the matter.
The tiny company, with big backers including Jay-Z and Will
Smith, is owned by private equity firm Pegasus Capital Advisors.
It is being advised by Moelis & Co, said the sources, who
declined to be identified as the process is private.
March 25 (Reuters) – The decline in U.S. sales of carbonated
soft drinks accelerated last year as more consumers reached for
alternatives, according to a leading beverage industry
Total sales volume fell 1.2 percent in 2012 to 9.17 billion
cases, according to Beverage Digest. That compares with declines
of 1 percent in 2011 and 0.5 percent in 2010.
(Reuters) – Shares in top U.S. packaged food companies Mondelez International Inc (MDLZ.O: Quote, Profile, Research, Stock Buzz) and PepsiCo Inc (PEP.N: Quote, Profile, Research, Stock Buzz) jumped on Friday on speculation that they could merge, after a report that activist investor Nelson Peltz has taken stakes in each.
Citing sources familiar with the matter, Britain’s Daily Telegraph reported that Peltz had spent $2 billion on shares of the companies through his investment vehicle, Trian Fund Management. The paper speculated that Peltz could then push for a merger of the two companies.
NEW YORK, March 22 (Reuters) – Smithfield Foods Inc,
the largest U.S. hog producer, has hired Goldman Sachs Group Inc
to help it weigh options after a key shareholder urged
the company to break up, according to four people familiar with
Continental Grain, an agribusiness company which controls
about 6 percent of Smithfield, said in a letter earlier this
month that Smithfield should hire an independent bank to help it
analyze options including splitting into three companies,
instituting a cash dividend or bringing on new board members and
executives with new skills.
(Reuters) – General Mills Inc (GIS.N: Quote, Profile, Research, Stock Buzz) forecast a decline in quarterly earnings on Wednesday because of increased spending on in-store merchandising of its foods, which range from Cheerios cereal to Haagen Dazs ice cream.
The company, whose shares fell slightly in premarket trading, reported a higher-than-expected profit for the third quarter ended on February 24, but lifted its full-year outlook only slightly due to the higher costs this quarter.
(Reuters) – The Dow Jones industrial average is at an all-time high, the U.S. jobless rate has fallen to a four-year low and the housing market is seeing a recovery, but for many lower income and middle class Americans, the improving economy has yet to take hold.
Instead, they are anxious enough about higher gasoline prices and a payroll tax increase to slash their spending.
NEW YORK, March 12 (Reuters) – Dean Metropoulos may not be a
household name, but the food industry veteran’s reach extends
from the pantry to the refrigerator to the freezer.
Metropoulos, who works with his sons Daren and Evan, has
teamed up with longtime partner Apollo Global Management
to buy some snack cake brands from bankrupt Hostess Brands Inc
. Hostess said on Monday that their $410 million bid
was unrivaled, paving the way for the sale of Twinkies, Ding
Dongs and Cupcakes once a U.S. bankruptcy court approves.