The Business Matrix: Friday 23 May 2014

Ragu and Bertolli sold to Japan

Japan’s Mizkan, a 200-year-old vinegar manufacturer, paid $2.15bn (£1.27bn) for Unilever’s US pasta sauce brands Ragu and Bertolli. Ragu and Bertolli have an annual turnover of more than $600m and the deal should complete next month. The sell-off is part of Unilever’s plan to streamline is US foods business.

Activist joins Bwin.Party board

The US activist investor that agitated for change at online betting group Bwin.Party has won a seat on the board after a compromise agreement. Activist investor SpringOwl, which has a 5 per cent stake and is led by Jason Ader, will see nominee Michael Fertik, a technology expert, join the board.

Emerging markets boost SAB Miller

SAB Miller posted a 3.9 per cent rise in net profit for the year to April was $3.38bn (£2bn) as emerging markets off set weaker European and US regions. Earnings, before interest, tax and amortisation, rose 1.2 per cent to $6.45bn. It plans to cost cut further and is targeting savings of about $500m a year by 2018.

BlackRock urges more Pfizer talks

AstraZeneca’s biggest investor, BlackRock, has reportedly called for it to reopen talks with Pfizer about the US giant’s £69bn takeover offer. BlackRock, which owns 8 per cent of the British company, has told its board that while the £55-a-share offer was too low, talks should continue once a three-month curfew is over.

Gulf firm looks to buy Travelex

The private equity firm Apax and the entrepreneur Lloyd Dorfman are in talks to sell Travelex to the owner of a Gulf-based foreign exchange firm, according to reports last night. Bavaguthu Shetty, the founder of UAE Exchange, is in looking to buy Travelex, which has been mulling a £1bn float.

Wonga’s Wass is stepping down

Wonga’s chief executive Niall Wass is quitting the payday lender within weeks of chairman and co-founder Errol Damelin stepping down. Wonga said Mr Wass would leave “in the next few weeks to take a position at another company.” It said finance director Tim Weller would be acting chief executive.

Deutsche Bank AGM interrupted

Deutsche Bank’s annual meeting in Frankfurt was interrupted by demonstrators yesterday as co-chief executive Anshu Jain defended the bank’s €8bn fund raising. Jain addressed some 9,000 shareholders at length in German having previously used English.

Mothercare sees shares surge

Annual losses at Mothercare deepened to £26m last year as UK sales fell 8 per cent to £462m. Underlying profits of £9.5m managed to beat City forecasts, however, helping its shares surge 17 per cent. The baby goods retailer said its search for a new CEO continues.

Internet sales aid Booker

Booker said annual profits rose 33 per cent to £122m, as the wholesaler boosted internet and non-tobacco goods sales and opened new branches in India. Booker runs 172 UK branches supplying items to caterers, stores, restaurants and pubs.

Tour’s a tonic for Halfords

Halfords is predicting another surge in bicycle sales this year as the Tour de France comes to Yorkshire. A 19 per cent rise in cycle revenues helped profits at the car parts to cycle seller rise to £72.6m last year on sales up 7.9 per cent at £940m.