Nissin, a Japanese instant noodle firm, has committed to buy a 17.27% stake in Premier Foods.The move comes as the two companies finalise a relationship agreement which will give Premier the ability to distribute Nissin products in the UK, while making its own products more widely available in key overseas markets.Premier Foods said there would also be opportunities for the sharing of intellectual property and manufacturing capabilities.David Beever, chairman of Premier Foods, said: “We welcome Nissin as a new long-term shareholder in our business. By gaining a strategic investor who understands and supports our growth ambitions, we have an exceptional opportunity to deliver shareholder value. Based on the conditional cooperation agreement we announced yesterday, we very much look forward to working with Nissin to develop ways our two businesses can co-operate to drive growth.”The move comes in the wake of Premier Foods announcing it had rejected two bids from US spice brand McCormick, the latter offer on the 14 March, valuing the company at 60p a share.hostile takeoverDr Hossam Zeitoun, assistant professor of strategy and international business at Warwick Business School, said the move would help Premier Foods fend off a hostile takeover from McCormick and give the company time to turn around its troubled finances.He said: “Premier Foods’ deal with Nissin will help it pursue its turnaround strategy and avoid a hostile takeover by McCormick. This co-operation will be another obstacle for McCormick and would make it even more difficult for the US company to complete a takeover.“Companies under the threat of a hostile takeover often look for a ‘white knight’, ie. a friendlier acquirer, but in the case of Nissin it doesn’t want to be an acquirer – at least not yet. It is content with a stake in the company. This means Premier Foods can continue its turnaround strategy by decreasing its debt and working to boost its market share.“Japanese companies are renowned for pursuing long-term objectives. In Japan, hostile takeovers are extremely rare, and Premier Foods is calling Nissin a long-term shareholder, which can give it time to follow its strategy through rather than looking for a short-term hike in its stock price. If all goes well, Nissin may want to acquire Premier Foods in the future, but not at the moment – it only wants a non-executive director on the board.”
Peralta was the third SC Chief Justice appointee of President Rodrigo Duterte after previously choosing Lucas Bersamin and Teresita Leonor De Castro./PN “He made many landmark decisions that reverberate to this time, which include the imposition of the death penalty on a policeman who used his service firearm to shoot an 11-year-old boy while flying his kite on a rooftop in People vs. Fallorina; the first conviction for plunder involving a cashier of the Bureau of Internal Revenue in People vs. Manalili; the first and only conviction of Qualified Bribery under Article 211-A of the Revised Penal Code, as amended, involving a substantial number of police officers in the case of suspected foreign drug-traffickers,” Panelo said. “We are certain that with Chief Justice Peralta at the helm of the Supreme Court, the Judiciary will continue to be well-managed as it thrives to uphold the principles of judicial excellence, integrity and independence,” Panelo said. According to Panelo, the Malacañang is confident that the judicial branch will effectively fulfill its core functions with Peralta, who will serve as the SC CJ for the next three years. He added that Peralta convicted the most number of accused involved in big time drug cases and other serious crimes. Vice President Leni Robredo is off to a good start one week into leading the government’s crackdown on illegal drugs, Presidential Spokesman Salvador Panelo says. PCOO Peralta’s track record is unquestionable, Panelo said, as he has served the judiciary for more than three decades in various capacities, a trial court judge, associate justice and presiding justice of the Sandiganbayan and associate justice of the SC. MANILA – The Supreme Court (SC) will remain independent under the tenure of newly-appointed Chief Justice Diosdado Peralta, Presidential spokesperson Salvador Panelo said.