Media Bites 6 August: Mars/Kellanova, Treasury Wine Estates, Haleon | News

Mars, the candy, food and petcare conglomerate, is in talks to buy Pringles and Pop-Tarts maker Kellanova in what would be one of the year’s biggest takeovers. New York-listed Kellanova, which had a market capitalisation of $22bn on Friday, was created in 2023 by the break-up of Kellogg’s (The Financial Times £). Shares in the Pringles maker Kellanova have surged nearly 20% after it emerged that the family-owned snacks company Mars was considering a takeover of the $27bn company (The Guardian).

The FT’s Lex column writes that Pringles, the hyperbolic paraboloid potato snacks, are controversial. In fact, there’s probably at least one reader foaming at the mouth that we called them “potato snacks”. It won’t surprise most readers to know the nature of a Pringle has been the subject of legal proceedings over VAT. (The Financial Times £)

Australia’s largest wine producer Treasury Wine Estates has said it is writing down and selling off its cheapest labels, including well-known brands Wolf Blass and Blossom Hill, as it responds to consumer tastes moving upmarket. (The Financial Times £)

Haleon can shine as investors seek safety in consumer healthcare. When hard-pressed consumers look for savings, they tend to make an exception for their families’ health. The resilience of brands such as Advil, Sensodyne and Panadol is fuelling investors’ interest in London-listed Haleon — as are fears about the US economy and overvalued technology stocks. (The Financial Times £)

The Daily Mail looks at why coffee prices have skyrocketed. The prices of robusta and arabica beans, which collectively account for about 99% of global coffee production, have boomed. Coffee sellers, including pubs, cafes, and supermarkets, have subsequently had to hike prices to protect their profit margins. (The Daily Mail)

Spending in UK pubs, bars and clubs almost tripled on the day of the Euro 2024 football final compared with the year before, a rare bright spot in July as consumer spending fell and retail sales growth registered only a modest rise. (The Financial Times £)

We may be in the era of the “sober curious generation” but alcohol-free bars are struggling to survive. Although growing numbers of people are opting for alcohol-free beers and cocktails at home and in pubs, several exclusively dry bars in the UK and Ireland have closed over the past couple of years. (The Guardian)

Shop workers are “fearing for their safety” as rioters turn to looting, retailers have warned. (The Telegraph £)