12 Mar 2019

Tuesday's business news: What you need to know

2:50 pm on 12 March 2019
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KFC is own of the fast food chains operated by Restaurant Brands. Photo: 123RF

Mexico-based Finaccess Capital is closing in on its target to take control of Restaurant Brands, as its offer is set to expire today.

Finaccess said it now has 61 percent of the fast food operator - its target is 75 percent.

It is offering 9.45 a share, and Restaurant Brands has urged shareholders to accept the partial takeover offer.

Finaccess has the option to extend its offer or go unconditional.

Goodman Fielder taken over by Wilmar

Singapore agribusiness firm Wilmar has taken full control of Australasian food company Goodman Fielder.

The Hong Kong investment firm First Pacific is to sell its 50 percent stake in Goodman Fielder for $US300 million as it slims its investments.

Goodman Fielder makes Vogels and Molenberg bread, Edmonds flour and Meadowfresh milk.

Wilmar has a wide spread of interests in food and agriculture through Asia and the Pacific, including palm oil in Malaysia and Indonesia.

Briscoe Group notches up another record annual result

Briscoe Group has reported a record full year profit after a surge of sales going into the Chirstmas shopping season.

The company operates the Briscoes, Living & Giving and Rebel Sport chains made a net profit of $63.4 million compared with $61m the year before.

Group revenue rose 4.4 percent to $631.9m, with the company's gross margins improving slightly as it had better control of stock and improved online sales.

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