Loblaw wants Provigo heads to stay

Article Abstract:

Loblaw Companies Ltd., a Toronto, Ontario-based company, will entreat Provigo Inc. Chairman Pierre Michaud and President and CEO Pierre Mignault to stay even after the acquisition of Montreal, Quebec-based Provigo. Loblaw has offered to buy Provigo for C$1.6 billion, although the deal is yet to be approved by Provigo shareholders. Loblaw's offer included some payment options for Provigo shareholders for every share they have, such as C$15 cash or 0.25 a share of Loblaw plus C$7.25 cash. Loblaw estimates that the total cash purchase of Provigo will be around C$782 million, while the total share purchase will be roughly 27 million shares. Loblaw plans to keep primarily all the current Provigo employees and create a headquarters in Quebec.

Comment:

Will entreat Provigo Inc Chairman Pierre Michaud & Pres & CEO Pierre Mignault to stay even after the acquisition of Provigo

Grocery Stores, Supermarkets and Other Grocery (except Convenience) Stores, Loblaw Companies Ltd.

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Cott to take restructuring charge

Article Abstract:

Cott Corp., a soft-drink producer based in Toronto, Ontario, will take a restructuring charge of approximately $80 million as the company has recently realized a "100-day review." The company's new management, which initiated the review, intends to restructure the company's accounting policies, its products and distribution channels. Cott Corp., which is the world's biggest producer of retailer-branded pop, announced on Oct. 22, 1998, that the many changes in connection with the charge would prompt the company to have a focus, develop its management strength and fix its cost structure.

Comment:

Will take a restructuring charge of about $80 mil as this co has recently realized a "100-day review"

Canned & Bottled Soft Drinks, Soft Drink Manufacturing, Financial management, Soft drinks

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Cott gets some pop in CEO's office

Article Abstract:

Cott Corp.'s new president and CEO, Frank Weise, vowed to bring back the Toronto, Ontario-based beverage company back to profitability by implementing tough management, especially around the supply chain. Weise, who replaced the late chairman and CEO Gerry Pencer, said his first priority is maintaining the company's sales momentum and focus on making the company more efficient and profitable. Plans include paring down the company's stock keeping units (SKUs) and divesting non-core business assets.

Comment:

New president and CEO, Frank Weise, vows to bring back the Toronto, Ontario-based beverage company back to profitability

Strategy & planning, Beverages, Beverage Manufacturing

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