Politics
Icelandic Founder Seals £ 50m Supermarket Purchase | Business news
The veteran founder of a frozen food chain in Iceland has struck arguably the best discount deal for supermarkets: a £ 50 million ransom, with the purchase price reduced by millions of pounds.
Sky News has learned that Malcolm Walker has agreed with the South African conglomerate Brait to early payment of the remaining two installments of £ 115 million.
Under the deal announced in June, Brait said it would transfer its 63% stake in Iceland to Mr Walker, who started the business exactly 50 years ago, and Iceland’s CEO Tarsem Dhalival.
The first tranche of £ 60 million was paid under the deal, with £ 26.9 million to be paid on July 30 next year and £ 28.1 million 12 months later.
“NewCo may settle deferred payments in whole or in part at any time on or before these payment dates, in which case the early repayment discount will apply,” it said in a statement in June.
Sources said both parties have agreed to pay the full amount now at a discount of approximately £ 5 million to the total purchase price, which is said to have been settled.
Brait is said to have pushed for an early payment of the outstanding £ 50 million as it struggles to save value from its other major UK retail asset, fashion chain New Look.
Brait also controls Virgin Active, which has been hit hard by the coronavirus pandemic in its main markets in the UK and South Africa.
Iceland trades in nearly 1,000 stores across the UK but faces growing competition from price-conscious competitors like Aldi and Lidl, as well as consumer goods retailer B&M, which now sells cheap frozen food.
Iceland declined to comment, and Brait could not be reached for comment on Sunday.
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Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!
Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.
Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.
The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.
For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!
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The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.
Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.
No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.
Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.
Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.
The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.
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The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .
The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.
Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.
The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.
Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.
“This is a victory for Italian and European citizens who demand energy security,” he added.
Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.
However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).
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