Itochu agrees to $1.9 billion food tie-up with CP Pokphand
Thailand’s CP Foods and Japan’s third largest trading company Itochu Corp. have agreed on a cross shareholding deal valued at US$1.9 billion to boost sales across Asia. According to the deal Itochu will buy a $852 million stake in CP Food’s Hong Kong unit while CP will purchase $1 billion in Itochu’s stock. The venture will help CP further expand its market reach across China and other parts of the ASEAN region. Itochu, meanwhile, said it will be able to reduce raw material and other operating costs.
Starting next spring, lobstermen in PEI will be permitted to hold more than one license in a move that will reduce the overall number of traps in the water. Known as stacking, the rule allows fishermen to buy out other lobstermen’s licenses. "These changes will allow our aging fishermen the opportunity to retire with fair compensation for their fleets and will help those fishing enterprises that remain to become more viable by being able to fish more traps," said Craig Avery, president of the Western Gulf Fishermen’s Association.
In other news shrimp farmers in Vietnam’s Mekong Delta are on pace to produce 4.6 percent more shrimp this year compared to 2013. Estimates call for the region to harvest 54,000 tons of white shrimp in the second half of the year, with the overall Mekong harvest pegged to hit 430,000 tons by year’s end.
Finally, Wal-Mart will replace the CEO of its US division Bill Simon with the current chief of its Asian business Greg Foran. This is the latest major management shakeup for Wal-Mart since Doug McMillion took over as the retailer’s CEO and President in February. Foran will take up the position on August 9 while Simon will be kept on as a consultant for six months.
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