ST. LOUIS, MO - It’s déjà vu all over again.
Syngenta has rejected Monsanto’s second takeover proposal, which was, in essence, a repeat of its first $45 billion offer with an additional $2 billion breakup fee if the proposed merger did not meet regulatory approval.
In a letter to Sygenta’s corporate leadership, Monsanto Chairman and CEO Hugh Grant wrote, “Such a fee would be among the highest reverse breakup fees that any company has agreed to.” He also expressed his “personal disappointment” with the pace of the negotiations in the letter.
Sygenta subsequently wrote in a letter to shareholders that Monsanto’s offer “represents the same inadequate price, same inadequate regulatory undertakings to close, same regulatory risks, and same issues associated with dual headquarters’ moves. As such, we have reiterated our prior rejection of Monsanto’s proposal.”
As we reported previously, Brett Begemann, Monsanto’s President, said that if Monsanto were to acquire Syngenta, Monsanto would divest itself of Syngenta’s portfolio of seeds and crop genetics. This, he said, is intended to alleviate potential antitrust challenges combining the world’s number one and number two seed companies by sales.
In an earlier letter, dated April 18, Monsanto’s proposal called for the two companies to merge under a new parent company, with its legal headquarters in the United Kingdom, according to the St. Louis Post-Dispatch. This offer was not included in the second, most recent letter, and would be subject to “further negotiations,” Sara Miller, a Monsanto spokeswoman, told the Post-Dispatch.
The Post-Dispatch also reports that some observers suggest that Monsanto would need to add an additional $5 billion on top of its offer if it wants to complete the takeover. It remains to be seen whether the company will continue its moves to complete the deal. Nevertheless, some Monsanto executives are reportedly meeting with Syngenta shareholders this week in London, Zurich, and other European cities, according to the Post-Dispatch.
For further coverage on this potential mega-merger, stay tuned to AndNowUKnow.
The 2015 Fortune 500 list is here. The companies included in this list are ranked by total revenues for their respective fiscal year, accounting for $12.5 trillion in revenues, $945 billion in profits, $17 trillion in market value and employ 26.8 million people globally, according to Fortune Magazine.
These companies are not ranked solely by market cap.
For this piece, we have included a snapshot of some of the top dogs from our industry and beyond. For a full list and a breakdown of the methodology behind the list, see the link below.
#1. Wal-Mart – For the third year in a row, Wal-Mart is maintaining the top spot on the list beating out Exxon Mobile and reporting $485.7 billion in revenue in the last fiscal year, up from $473.1 billion from the previous year. Profits were reported at about $16.4 billion.
#18. Costco – The company moved up one spot from last year’s #19 reporting $112.6 billion in revenue, according to Fortune who reported that Costco benefits from enormous clout with suppliers and the company’s program of private label brands. Profits were $2.06 billion.
#20. Kroger – The Cincinnati, Ohio-based company has moved up on the list from #24, where it previously resided. The company has seen great success reporting same-store sales growth for 45 straight quarters through spring of this year. The company has reported revenues of $108.5 billion. Profits are reported as $1.73 billion.
#29. Amazon – Ranked at #35 last year, this online retailer is reporting nearly $89 billion in revenues. As the buzz around drones continues to grow, Amazon's new delivery drones just got testing approval from the Federal Aviation Administration, bringing the company even closer to flying products and packages to the consumer's doorstep.
#36. Target – Holding its ground in the same ranking as last year, Target reported $74.5 in revenue though profits took a hit. But new CEO Brian Cornell has decided to focus on the company’s U.S. business and in March, shared his vision for enhancing the retailer’s format with a more distinctive food assortment, better apparel, and continued roll-out of its Express and CityTarget formats along with billion-dollar investments in e-commerce.
Additional rankings include:
#61. Sysco (previously ranked #63)
#84. Safeway (previously ranked #67)
#86. Deere – John Deere (previously ranked #80)
#101. Publix (previously ranked #104)
#110. McDonald’s (previously ranked #106)
#128. US Foods (previously ranked #133)
#159. Dollar General (previously ranked 164)
#164. Supervalu (previously ranked #94)
#187. Starbucks (previously ranked #196)
#197. Monsanto (previously ranked the same)
#214. Whole Foods (previously ranked #218)
#225. C.H. Robinson Worldwide (previously ranked #220)
#228. Yum Brands (previously ranked #216)
#281. Family Dollar Stores (previously ranked #271)
#325. Darden Restaurants (previously ranked #319)
#359. SpartanNash (previously ranked #811)
#397. United Natural Foods (previously ranked #427)
To see our report last year, on the breakdown of the 2014 Fortune 500 list, please see the link below.
YERINGTON, NV - With supply on the way and a few things in store for the summer, Peri & Sons Farms is reportedly lined up for what continues, at this time, to look like a tight onion market.
“We might see an upkick in the pricing because of a little [onion] shortage, but I really think the majority of the summer we’ll see really good demand and good pricing,” Jessica Peri, Retail Sales Manager for Peri & Sons, tells me.
According to Jessica, the company is on track as far as timing with its crop, soon moving on to Firebaugh, California, once finished in El Centro, California.
On the buy-side she assures me that Peri & Sons is seeing good demand with an increase in retail business, commenting that weather in the south has impacted the onion market volume.
“Typically this time frame is challenging because you have storage onions left,” Jessica said. “But it’s been pretty successful this year.”
In preparation for the heavy part of the season, the company is promoting an alternative to the deep fried onion with its Bloomin’ BBQ Onion promotion, with spices sold together with a large, individually wrapped onion for both flavor and convenience.
“The package comes with scan-ready recipes and display boxes,” Jessica tells me. “They put on all the graphics and it's been very popular, so we are looking forward to the boost in popularity we might see from adding the spices. They’re a healthy alternative to deep fried onions and still tasty.”
The company is also preparing to send out its summer promotions for its OnionXpress 2015. Peri & Sons has seen great success through the 6 years it has run this particular promotion, which zeroes in on specific onions throughout the summer months.
So keep an eye out for all that the company has coming your way, and for the latest news and product information keep checking in with AndNowUKnow.
SALINAS, CA - Church Brothers has added Alejandro Tomas-Callejas in a newly created Research and Development Manager position.
“Alejandro is a great addition to our team with his scientific background and expertise in post-harvest technology at the production level from field to processing plant, as well as his experience in product development,” said Kori Tuggle, Vice President of Marketing. “He will support the Church Brothers team with our long term goals for continued growth.”
Tomas-Callejas was a former Principal Research Scientist at Chiquita/Fresh Express, where he provided technical leadership in pre- and post-harvest R&D projects, as well as product development, according to a press release.
He received a Bachelor’s of Science Degree in Agricultural Engineering and a Ph.D. in food science from the Technical University of Caragena (Spain). He completed his Ph.D. research work at University of California Davis. He joined UC Davis’ Department of Plant Sciences as a post-doctoral research after graduation. There, he worked in several projects related to postharvest quality and safety of fresh-cut vegetables. His research work has been published in numerous scientific journals.
In his new position, Tomas-Callejas will be responsible for driving product innovation and process development.
YAKIMA, WA - The growers of Chelan Fresh and Borton Fruit bring to you the miniature Rockit™ apple, launched to the world in 2010 from New Zealand’s east coast town of Hawke’s Bay.
Known for its naturally petite stature and “distinctively fresh” crunch, Rockit™ apples are convenient, non-GMO, natural, healthy snack foods that originated from a cross between a crabapple and a rose series cultivar.
According to the company, these little red blush-colored apples will soon be produced in the Pacific Northwest apple-growing region of Chelan and Yakima, Washington, brought to you by the growers of Chelan Fresh and Borton Fruit.
Western Growers is urging industry members to make their voices heard this week in an effort to reinstate a critical plan that would provide much-needed water to farmers across the San Joaquin Valley.
California’s Temperature Management Plan for the Sacramento River would, according to Western Growers, pave the way for cooperative agreements among water districts throughout the Central Valley and provide moderate water supply relief to many San Joaquin Valley farmers.
To send your support to reinstate this plan to Governor Jerry Brown, please visit the link below. It only takes a few moments to send. Together as an industry, we can help tens of thousands of farmers keep their businesses running.
SEND COMMENTS HERE TO GOV. BROWN
The Plan was agreed upon early last month. It resulted in several complex agreements in which water districts moved scarce water from areas with some to areas with none with the consent and support or the farmers they serve.
The State Water Resources Control Board (SWRCB) is expected to revisit its suspension of the plan as early as Wednesday this week, so your comments are needed urgently.
If the Plan is not reinstated, the result will be “turmoil and conflict as agreements are voided and communities turn to the courts to protect themselves rather than trying to work collaboratively to stretch water that keeps farms alive and farm workers working,” according to the message suggested by Western Growers for members contacting Gov. Brown.
Let’s all do our part and ensure that the suspension of this plan is lifted as soon as possible. Every comment counts!
NECKARSULM, BADEN-WÜRTTEMBERG - U.S. expansion plans for Germany-based grocery chain Lidl are heating up with two North Carolina stores reportedly in the works.
Late last month, the Triad Business Journal reported that a 36,000 square foot Lidl store would be constructed in Lexington, North Carolina, according to the city council’s approved zoning permit. Another building permit, filed last week in another Triad city, Winston-Salem, shows a proposed location for a second Lidl store.
As we reported previously, Klaus Gehrig, CEO of Lidl’s parent company, Schwarz Group, had made statements in the German newspaper Heilbronner Stimme, which confirmed Lidl’s plans to enter the U.S. by 2018. With news of these two latest stores, it appears that the company may be on track to enter the country even sooner than that.
The zoning permit came from Bohler Engineering’s Ben Lazillota on behalf of MGP Retail Consulting, the development arm for Lidl. Meanwhile, the $2.5 million building permit, filed by David Farhat, the Director of Construction and Procurement for MGP, shows plans for a grocery store in Winston-Salem. MGP is also in negotiations with Alamance County officials on plans for a major distribution hub, according to the Triad Business Journal.
In an email to Triad Business Journal, MGP’s PR and Marketing Manager, John Froman, would not confirm these plans.
“As has been reported, Lidl is in the early stages of preparation to operate in the United States,” he said. “We are taking steps toward that effort. However, we are not able to comment on any particular transaction at this time.”
Lidl has been eyeing a U.S. expansion for quite some time, claiming a proposed 100 store rollout. In other recent news, the company has purchased a $56.6 million 217,500 square foot building in Arlington, Virginia that analysts believe will operate as its U.S. corporate headquarters.
Stay tuned as we continue to follow this retailer’s expansion into the U.S.
Longtime Executive Director of the Eastern Produce Council and industry veteran John McAleavey, passed away on Friday June 5th at his home surrounded by his loving and devoted family.
“John's passing takes from us a man who was instrumental in building the EPC into one of the highest respected Produce Food Councils in the nation. John's tireless work ethic, professionalism, sacrifice, spirit, and love of the EPC will leave a never-ending legacy which we have now been charged to maintain and bring to the next level,” Vic Savanello, President of the Eastern Produce Council, said in a note on the council’s website. “I, and the entire Board of Directors lost a comrade and a friend; we will miss him dearly, but always be affected by him and better people for knowing him! He was absolutely one of a kind and truly loved by all of us!”
John was born and raised in Newark, N.J., where he graduated from Seton Hall Preparatory School. Before earning his degree from Rutgers University, he served in the U.S. Navy aboard the USS Leyte. During his career in the produce industry, John worked in sales, marketing, merchandising, and consulting for the California Pistachio Commission, Chilean Fresh Fruit Association, and the New York Department of Agriculture and Markets, according to the Star Ledger. John also represented the New York Apple Association as well as the T. Marzetti Co.
Jim Allen, President of New York Apple Association shared a few words with us about his dear friend and colleague, “John went way beyond the scope of a colleague or an employee. John was a close friend and confidant that I learned so much from. He was a life professor that taught class, dignity and undisputable moral character. I was honored to know him and to benefit from him for over 21 years. I, and we, will miss him terribly.”
The industry veteran passionately served as the Executive Director of the Eastern Produce Council for the past 25 years, and was inducted into its Hall of Fame in 2008. John is survived by his beloved wife of 51 years, Joann; children, Susan Sarlund and her husband, Chas; son, John McAleavey; grandchildren, Meghan and Charlie Sarlund; brother, Tom and his wife, Mike, of Florida; and cousin, Nancy Roberts and her husband, Mike, of Connecticut.
In lieu of flowers, contributions may be made to The John McAleavey Jr. Fund, P.O. Box 514, Short Hills, N.J. 07078, to help continue a 20-year tradition of providing services for individuals and families affected by spinal cord injuries.
A Mass of Christian Burial will be celebrated on Thursday, June 11, 2015, at 10 a.m. at St. Rose of Lima Church, Short Hills. Interment will follow at Fairview Cemetery, Westfield, N.J. There will be a visitation on Wednesday from 4 to 8 p.m. at the Bradley, Smith & Smith Funeral Home, 415 Morris Ave., Springfield, N.J.
AndNowUKnow would like to offer our sincere condolences to all affected by this loss.
MINNETRISTA, MN - Golden Sun Marketing (GSM) is welcoming Chayla Hare to the team in a newly created business development position. To further support their growing client base, Chayla will focus on developing strategic relationships with retail buyers on behalf of clients to drive sales.
“We couldn’t be more pleased to hire Chayla. She has an impressive track record of building business for quality products within the produce industry,” Don Goodwin, President and Founder of Golden Sun Marketing, said. “Her strong reputation in the industry is a great asset to help our clients grow their business.”
Chayla brings a strong background in business development to her new role, which compliments GSM’s unique focus on strategy, business development, and fresh produce marketing, according to a press release.
“I am looking forward to this new opportunity to use my business development skills to help grow our clients’ business, while also learning new aspects of the produce industry,” Chayla said.
Previous to joining GSM, Chayla worked on business development for Oppy where she focused on strategy for key retail accounts and growers, while building relationships and business opportunities. Chayla has also managed new product launches and integration of new products.
VANCOUVER, B.C. - Village Farms International has announced that the company is a finalist in two categories for this year’s United Fresh New Products Awards Competition.
The first, its new Cabernet Estate Reserve™ tomato, is a finalist in the Best New Vegetable category. This brown cherry on-the-vine is exclusive to Village Farms, and features a unique, deep wine color and crisp, sweet flavor the company compares to that of a fine Cabernet. According to a press release, its attributes are smooth and distinctive in earthy flavor.
Village Farms is also a finalist in the Best New Packaging category for its True Rebel Mix® 1lb clamshell. Featuring a QR code that links back to the Village Farms website for an exclusive recipe created by Corporate Chef Darren Brown, the packaging sends webpage users to nutritional facts and varietal information. Visitors of United Fresh can go to the New Products Awards showcases located next to the United Fresh membership booth to cast their vote.
Visit Village Farms at Suite 2046 to see all its exclusive products, including Cabernet Estate Reserve™, Cherry no.9 fall in love again™, True Rebel® mix pack, and a host of other greenhouse grown tomato, pepper, and cucumber varieties. Village Farms’ exclusive Heavenly Villagio Marzano® will also be on display and available for tasting.