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Post Holdings to buy Michael Foods for $2.45 bn

US breakfast cereals giant Post Holdings will buy Michael Foods, which specializes in egg and dairy products, for $2.45 billion, the companies said Thursday. Post Holdings, which has been on a buying spree to diversify its food products portfolio, said the Michael Foods deal was its biggest acquisition to date. The St. Louis, Missouri-based Post Holdings said Michael Foods will continue to be managed by its existing executive team led by chief executive Jim Dwyer.

Sodastream in talks to sell up to 16 percent stake: report

(Reuters) - At-home soda maker Sodastream International is in early talks to sell a stake of up to 16 percent to a strategic entity, Israeli financial news daily Calcalist reported on its website. U.S. shares of Sodastream rose as much as 12 percent to $42.25 on Wednesday after the website identified PepsiCo Inc, Dr Pepper Snapple Group or Starbucks Co as the potential investors in the Israel-based company. The website did not cite any sources for its information.

Danone says China recall weighs on first-quarter sales

French dairy food giant Danone reported on Wednesday a slide in first quarter sales as it struggles to turn around its Chinese business amid volatility in currency markets. Total sales in the first three months of the year fell by 5.2 percent from the performance a year earlier to 5.061 billion euros ($7 billion), the company said. The company was hit hard last year but a false health alert by a supplier which caused it to recall products in China and damaged its brand.

Tesco seeks Asia pick-up after fresh profit setback

Supermarket giant Tesco announced a second drop in annual profits in a row on Wednesday, leaving Britain's biggest retailer hoping that recent expansion into India and China can offset weakness in Europe. The world's third-biggest supermarket group said its trading profit dropped 6.0 percent to £3.31 billion ($5.54 billion, 4.0 billion euros) in the year to late February, compared with its performance in 2012/13.

Supermarket Tesco reports profit setback, focuses on Asia

Supermarket giant Tesco, Britain's biggest retailer, announced a second drop running in underlying annual profits on Wednesday as it hopes that recent expansion into India and China can offset weakness in Europe. The copany, the world's third-biggest supermarket group, said its trading profit dropped 6.0 percent to £3.31 billion ($5.54 billion, 4.0 billion euros) in the year to late February, compared with its performance in 2012/13. But annual profit after tax though soared to £974 million from £28 million.

Exclusive: Nestle and Fresenius home in on Danone Medical - sources

By Anjuli Davies and Andreas Kröner LONDON/FRANKFURT (Reuters) - The field of bidders for Danone's Medical Nutrition business has narrowed to German healthcare group Fresenius and Swiss food company Nestle, two people familiar with the process told Reuters on Friday. Talks over the business, which has been valued at 4 billion euros ($5.5 billion), would soon enter a decisive phase, they said.

Heston Blumenthal's Fat Duck flies south to Australia

Celebrity chef Heston Blumenthal's The Fat Duck restaurant will close its doors in Britain and relocate to Australia for six months in 2015, Melbourne's Crown resort said Monday. The famed Michelin three-starred restaurant in Bray, west of London, will spend half of the year in Australia's second-biggest city before returning to its home in Britain. Blumenthal, who will bring the entire Fat Duck team with him to Australia, described the move as an "incredible opportunity" to remain open while the British restaurant undergoes renovations.

Burger King to roll out mobile payment options for customers

Burger King is going mobile. The fast-food chain said Wednesday that it will soon begin accepting payments and offering discounts through mobile devices. Burger King says it will unveil a new app in April that customers can use to buy burgers at more than 7,000 U.S. locations. Eventually, the company plans to add other features, such as the ability to pre-order food. The company says the app will provide convenient payment options for customers and critical information on consumer habits to the company.

UK grocer Morrisons' profit warning prompts price war fears

By James Davey LONDON (Reuters) - Britain's Wm Morrison Supermarkets <MRW.L> sparked fears of an industry price war on Thursday after it posted its lowest profit for five years and said it would invest 1 billion pounds ($1.7 billion) in price cuts over three years to win back customers.

Ocado sees opportunities from Amazon move into groceries

By Emma Thomasson LONDON (Reuters) - British online grocer Ocado sees Amazon's push to sell more groceries as more of an opportunity than a threat, believing it will encourage big international retailers to look for partners to help them get set up in e-commerce. "What Amazon is clearly doing is awakening the global grocers to the online challenge they are going to face and they are accelerating the opportunities for us as a platform partner provider," Ocado Chief Executive Tim Steiner said on Thursday.
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