Saudi Arabia’s Almunajem Foods Co. has started talks to acquire a minority stake in the local business Al Jouf Agricultural Development Company. In a stock exchange filing yesterday (19 January), Almunajem Foods said the potential investment in the agribusiness is aligned with its strategy of “achieving continuous growth and strengthening its position within the food sector”. Al Jouf cultivates fruit, vegetables and grains such as potatoes, onions and wheat but also produces olive oil, honey, pickles, a ...

Core Viewpoint - Greencore's acquisition of Bakkavor is set to finalize in January after receiving clearance from the UK's Competition and Markets Authority (CMA), contingent upon the sale of the Bristol soups and sauces business [1][3]. Group 1: Transaction Details - The CMA accepted Greencore's commitment to sell the Bristol factory to The Compleat Food Group to address competition concerns, preventing further investigation [2]. - The completion date for the Bakkavor transaction is set for 16 January, with the Bristol business disposal expected to conclude on 17 January [3][4]. - The takeover is valued between £1.2 billion and £1.5 billion ($1.6 billion to $2 billion), creating a combined private-label business with revenues of approximately £4 billion [4]. Group 2: Financial Performance - Greencore reported a 7.7% increase in annual revenue for the year ending September, reaching £1.95 billion, with profit before tax rising by 29.3% to £79.5 million [6]. - Adjusted EBITDA increased by 17.9% to £181.2 million, while adjusted operating profit rose by 28.9% to £125.7 million [6]. - Adjusted earnings per share surged by 46.5% to 18.6 pence [6]. Group 3: Company Structure Post-Acquisition - Following the acquisition, Greencore shareholders will own approximately 59.8% of the new entity, with Bakkavor investors holding the remaining shares [5]. - Both companies operate in the food-to-go and convenience products sector, supplying major UK supermarkets [5].

Market Trends - Pickles are gaining popularity and are being incorporated into various food items like snacks, sandwiches, and slushies [1] - The increasing prevalence of pickles is polarizing, with some considering it an "abomination" [1]

Market Trends - Pickles are gaining widespread popularity, appearing in various food items like snacks, sandwiches, and slushies [1] - The sweet-and-sour flavor of pickles is driving its prevalence in the food industry [1] Consumer Sentiment - Some consumers strongly dislike pickles, viewing their prevalence negatively [1]