An IMAP CONSUMER STAPLES Report

Food and Beverage Industry Global Report — 2010

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and every consumer staple in between, we have the global expertise
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Apples TO Zinc Supplements

Contents
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Food & Beverage Global Overview ................................................ 4 M&A Activities in the Food & Beverage Sector ................................. 5 Shifting Trends and Expected Growth Areas ........................................ 6
Shift in Dominance; Change in Consumption ............................................... 6 Growth Fundamentals Intact; F&B Facing Capex Cutbacks .................... 7 Food Retail Expected to Benefit from F&B-Sector Growth .................... 7 Rising Food Prices and Food Security: The Next Big Crisis .................... 8

HT O Trends: Diet and Health Foods Defy Economic Slowdown ............
Statistical Reference (Appendices)

9

Trends in Low-Cost Foods .....................................................................................10

Global Overview of the Food & Beverage Industry .................................... A-i Food & Beverage-Sector M&A Transactions Summary ........................... B-i Growth Drivers of the Food & Beverage Industry ................................ C-i

An IMAP CONSUMER STAPLES Report

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Cheese and chocolate go together, after all. With Cadbury’s recently announced acceptance of Kraft Foods Inc.’s $19.5 billion-takeover bid, things just got a little sweeter for M&A in 2010.

Economic slowdown nibbled at food & beverage sector but the industry’s resilience remains steadfast
The global food and beverage (F&B) sector, which comprises farming, food production, distribution, retail and catering1, was valued at $5.7 trillion USD in 2008. The industry is one of the major contributors to growth of all economies and has historically witnessed consistent growth. The industry is expected to increase at a CAGR of 3.5 percent to $7 trillion USD by 20142. In terms of structure, the industry is highly fragmented and the top few players—Nestlé, Kraft Foods, Unilever and Cargill—account for less than 5 percent of the overall value3. Europe accounts for the largest share in the global F&B industry, generating revenues of $1.4 trillion USD4 in 2007 and employing 4 million workers, followed by the US, which contributed $1 trillion USD. However, Asia, led by China and India, is now emerging as a major contributor of raw material to the F&B industry. India’s F&B market was valued at $182 billion5 in 2007-08 while the food processing sector alone was worth $72 billion in 2008. China’s food processing sector increased by 13.6 percent from $44 billion in 2007 to $50 billion USD in 20086. The economic slump has had an adverse impact on most industries including the F&B industry. The major problems faced by the industry are rising food prices, increasing transportation costs due to a rise in oil prices, and decline in consumer spending. Nevertheless, the F&B industry has been relatively less affected when compared to other industries. This is mainly attributed to the fact that food products continue to be essential to consumers in spite of the slowdown. A comparison between the S&P 500 and the Dow Jones US Food and Beverage Index in 2008 is testimony to the resilient nature of this industry. In 2008, the S&P 500 declined 37.6 percent against a fall of 22.9 percent by the Dow Jones US Food and Beverage Index.
1 Source: http://www.food.gov.uk/foodindustry/ 2 Source: Dow Jones Factiva, M&A Trends in the Food and Drinks Market: In-Depth Deal Analysis and its Impact on the FMCG Landscape 3 Dow Jones Factiva – Global – Food Products – Competitive Landscape 4 Source: Dow Jones Factiva 5 Source: IBEF presentation 6 Factiva: Food and Beverage – Asia Pacific

S&P 500 vs. Dow Jones US F&B Index 2007-2009

Source: Bloomberg (data indexed to 100 as on Jan 1, 2007)

IMAP’s Food & Beverage Industry Global Report - - 2010: Page 4

2009 saw shrinkage in M&A activity
The economic slowdown had an adverse impact on M&A activity in the F&B sector in 2009. The sector witnessed 1,005 M&A transactions valued at $43 billion USD in 2009, a decline of 73.1 percent in terms of transaction value and a 37 percent decline in the number of transactions. There also was a major decline in the value of the largest acquisition. In 2008, the largest transaction of $61 billion USD was made by Anheuser-Busch InBev when it acquired Anheuser-Busch Co. Inc. In 2009, the largest transaction was the acquisition of Bertin SA by JBS SA for just $5.6 billion USD. “Strategic investors with strong balance sheets took advantage of lower selling multiples and less competition from private equity investors to strengthen competitive positions and consolidate industry verticles,” said Cathy Jaros, who heads the food and beverage practice of IMAP’s Detroit office. As for individual countries, in 2009 the US continued to account for the highest transaction value. In the US, 174 F&B-sector transactions were closed, with a total value of $7.5 billion USD. Brazil came in a close second with a value of $7.1 billion USD resulting from just 15 transactions. However, among regions, Asia was the leader with transactions worth $11.1 billion USD followed by Europe at $9.2 billion USD and North America at $8 billion. With the recently announced blockbuster transaction, whereby US-based Kraft Foods will acquire UK-based Cadbury for $19.5 billion USD, M&A in 2010 is getting off to an impressive start. A question remains whether the alliance — which forms the world’s largest candy company — will trigger additional M&A activity within the food industry.

M&A Activities at a Glance
2008 Transaction Value (USD millions) Top 5 transactions as % of total value Segment Packaged Foods & Meats Brewers 159,548 62.5% 2009 42,991 39.7%

Number of deals Value (USD mn) 17,525.8 503 51 15,357.1

Top 5 regions Asia Europe North America South America Oceania Top 5 countries United States Brazil Australia Philippines Belgium

Number of deals Value (USD mn) 11,127 183 520 197 34 44 9,182 8,027 7,785 6,145

Number of deals Value (USD mn) 7,474 174 15 29 6 13 7,089 6,078 4,230 3,558
Source: Capital IQ, IMAP

IMAP’s Food & Beverage Industry Global Report - - 2010: Page 5

indicating the significant growth potential of developing countries vis-à-vis developed economies.Shift in dominance. For example. Top 5 Wheat Producing Countries* Top 5 Rice Producing Countries* Top 5 Maize Producing Countries* *Figures Show Production Volume in International $ millions Source: FAO IMAP’s Food & Beverage Industry Global Report . wheat production in the US decreased by 12. change in consumption Historically. In comparison. This trend is visible even on the consumption front. over the same period. developed countries such as the United States have been the largest producers of food products. China increased its production capacity by 26 percent from 2003 to 2007. in the case of wheat production. supported by the fact that 37 percent of the world’s population currently lives in China and India. Additionally. This is expected to climb to 72 percent by 2050. about 58 percent of food produced is consumed by developing countries. At present. while Russia raised its capacity by 45 percent. food purchases in developing countries are shifting from staple foods rich in carbohydrates to more expensive foods such as meat and dairy products.5 percent. Russia and India increasing their production capacities. with China.2010: Page 6 . there has been a slight shift in recent times.. However.

For instance. shtml As per UN projections.3 billion people by 2050.510. As described above.2 1.8 billion to 9 billion by 2050 with developing economies accounting for more than 85 percent (7.4 969.9 percent and 11. On another note. Moreover. Capex Plan of Major Companies (in million USD) FY 4.or supermarkets.550. is expected to remain almost stagnant. consumer preferences in these countries are expected to shift toward high quality. Consumption of convenience foods is increasing due to consumer preference for cheaper. Population growth in developed countries. retail sales of ready meals in India and China grew 26.8 percent in the US and 2.8 896. The retail industry is also expected to benefit from the rising demand for convenience foods mainly in emerging economies. it is indirectly benefiting some players involved in the value chain of corn production. 1 Deutsche Bank Research 2 Most of this population growth is expected in developing countries. the retail industry in these countries is diversifying in the form of launching new formats and the emergence of private labels.0 FY+1 4.0 percent in the UK. the growth potential of the F&B industry is huge. while rising oil prices are impacting the F&B industry. nutritional products and prepacked and home-cooked food. global food production will have to increase by 70 percent to feed the additional 2. IMAP a globalized sales model to tap into emerging markets.2 2. where players are looking to increase penetration. large companies with abundant cash reserves in the last fiscal year were able to continue expanding as well as acquire middle market companies that were struggling to raise funds for expansion. coupled with low growth in mature markets. IMAP’s Food & Beverage Industry Global Report .9 billion)2. and South East Asia’s the slowest at 11 percent to 228mn. As per capex estimates provided by Bloomberg. Hence.446..5 1. For example. Income levels are estimated to grow 7 percent in developing countries after the economic crisis in 2008 against 2 percent in developed countries1.0 1. but most F&B players had to scale back on capex in 2009 due to the tight credit situation. most companies are trimming their capex in the coming fiscal year. Population growth in developed countries.2 FY+2 4. which is considered an alternative fuel for combating the problem of depleting fossil fuel reserves. the global population is expected to grow from the current 6.0 1.ie/irishfinancenews/article_1017966. by 108 percent to 910mn..finfacts. As a result. COMPANY Nestlé ADM Archer-Daniels Unilever Bunge Ltd PepsiCo Inc Corn is used for making biofuels (such as ethanol).0 Source: Bloomberg.3 1.448. unlike countries with emerging economies. However.0 2.2 980. while Metro entered China through a joint venture with Shanghai-based Jinjiang International Group. Sub Saharan Africa’s population is expected to grow the fastest. thereby providing strong growth potential for F&B companies. favorable demographics and rising income levels are expected to be key drivers in developing countries. As a result. The food retail industry.9 billion USD in 2008. That said. While growing population.624. F&B participants in developed economies will focus more on product differentiation to increase their market share. the food retail business will be a major benefactor of this trend. Further. the global population is expected to grow from the current 6.837.8 percent respectively from 2003 to 2008 compared to a meager 2. Hence.8 percent between 2008 and 2013 to $5 billion USD. ready-to-eat foods amid the slowdown and an increasing urbanization rate. This disparity in growth figures.3 billion people.0 1.678. thereby providing strong growth potential for F&B companies. Source: http://www.8 2.898. rising health consciousness and increasing need for convenience foods are expected to drive growth in developed countries. however. reflects the reason behind retailers increasingly adopting Ready Meals: Average Annual Growth Rate 2003-2008 Source: USDA Economic Research Services. rising population along with growing per capita income is leading to a change in purchasing patterns. is expected to increase at a CAGR of 4. IMAP Food retail business to benefit from F&B-sector growth With the F&B industry set to grow going forward due to rising income levels and increased demand for convenience foods. however.100. In emerging nations.419.8 billion to 9 billion by 2050 . is expected to remain flat. as per UN projections. whereby customers are moving from small neighborhood grocery stores to hyper.679.Growth fundamentals are intact but F&B is facing capex cutbacks Factors driving growth in the F&B industry in developing countries are different from those in developed countries. Wal-Mart has tied up with an Indian player Bharti to enter the retail business in India. which was valued at $3. global food production will have to increase by 70 percent to feed an additional 2.2010: Page 7 .244.. they are expected to increase it in the year that follows.

To fight food scarcity.7 percent in 2009 (till December 2009. Agribusinesses and global investors from China.000 hectares of farmland in Morocco1. 2007-2009 Source: FAO. This price rise has spawned adverse events such as riots in many countries—two governments (Haiti and Madagascar) were even overthrown.guardian. an Abu Dhabi-based private-sector investment firm. Most countries are also trying to improve the quality of agricultural output by developing infrastructure and subsidizing seeds and fertilizers.Chinese grocery market to be largest by 2014 IGD is forecasting that China is poised to overtake the United States as the largest grocery market in the world by 2014.asp?nid=6571 A growing population. IGD also sees the grocery markets in India.2010: Page 8 .com/ anaysis/news/index. Uganda and Lesotho have started “seed fairs” to provide their farmers with better varieties of seeds.alrroya. This is leading to governments acquiring farmland in other countries for growing food crops. thereby providing some respite to both manufacturers and consumers. increased consumer spending. while the Islamic Development Bank is creating an agriculture department for the first time. 2009) IMAP’s Food & Beverage Industry Global Report . Brazil has started subsidizing inputs such as tractors while India introduced a one-off agricultural debt waiver program for about 40 million farmers3.. this scenario of rising food prices and scarcity of food supply is attracting attention. World Bank increased its spending on agriculture by 50 percent to $6 billion USD. signed a long-term contract to lease up to 700. The G8 countries pledged to spend $20 billion USD for agricultural development over the next two years4. and expects Indonesia will enter the Top 10 list for the first time. For example.1 1 IGD Retail Analysis News: http://www. Saudi Arabia. 1 http://english. food prices have spiraled upward. 2 http://www. Brazil and Russia growing in size over the next four years. this is lower than 2008 levels. Efforts to handle the crisis have even reached international levels. In 2009. and South Korea are increasingly buying farmland to grow crops on land they own rather than import food grains through international trade. IMAP Governments are intervening to contain crisis The worsening food scarcity problem is driving countries to become self-sufficient in terms of their food requirements. Food Price Index. However.com/content/uae-firm-leases-700000-hectares-farmland-morocco China decided to increase its expenditure on agricultural production by 20 percent in 20092. Tiris Euro Arab. With the financial crisis slowly receding. Rich Middle Eastern and Asian countries are acquiring farmland in poor African countries such as Ethiopia to grow grains and then export them to their own country.idg. becoming a major cause for concern. 2009) 4 Economist Print edition (November 19.7 percent in 2008. Food prices are continuing to rise and increased 19. Forecasters predict that in four years the Chinese grocery market will be worth €761 billion and the US grocery market will be worth €745 billion. Rising food prices and food security: The next big crisis Fuelled by droughts in grain producing nations and rising oil prices. Kuwait.uk/environment/2009/mar/05/china-food-farming 3 Economist Print edition (November 19. The FAO food price index rose the highest ever by 25. based on the FAO food price index).co. While the Philippines has set up a seed bank to improve seed quality and provide a reserve against natural calamities. government stimuli and the fact that China was not as hard hit by the recession as the US are cited for reasons for the rise in China’s grocery market.

is expected to continue to increase. companies prominent in this sector include US-based Pure Circle and the Canadian company GLG Life Tech. To tap this area. the coconut-water market doubled to $20 million USD in 2009.html 6 http://www. This was supplemented by the growing awareness of health foods.blog&post_ id=20654 8 http://www.com/news/2009/9-1-2009-zico_ coke_investment_milestone IMAP’s Food & Beverage Industry Global Report . The growth potential in this sector is evident from the recent acquisitions by major beverage makers such as Pepsi and Coca Cola. Currently.ca/news/2009-12-16/trends Coconut Water Coconut water5 is expected to become an integral part of the $19 billion6 global market for sports recovery drinks.researchandmarkets. Mealreplacement shakes and protein bars are expected to contribute the maximum to this sector. Pepsi together with Whole Earth Sweetener Company launched a zero-calorie sweetener. Other companies.000 of its products for nutrition and health considerations.5 billion USD by 2014. Nestlé1 is focusing on nutrition and wellness product offerings.org/article/en/diet-related-diseases/ obesity/artid/stevia-natural-sweetener-with-potential/ 4 http://www. Coca Cola bought a minority stake in California based Zico LLC8. On the other hand. while Japan and South Korea are the largest consumers of stevia3. Further. While Europe is estimated to increase at a CAGR of 3.1 percent over the same period.eatmagazine.com/?do=thinking. At present. consumption of stevia. Food giants such as Cargill. Consequently. Pepsi and Coke have already entered this market. consumers are increasingly opting for alternative sweeteners.2010: Page 9 . a market research company. driven by its natural hydrating qualities. While Pepsi acquired Brazilin coconut-water manufacturer Amacoco Nordeste Ltda.eufic. These trends gave an impetus to private label brands by retailers as well as niche areas such as organic foods and diet foods. Mintel International.2 are also offering products such as the Weight Watchers line of frozen foods. the company made changes to more than 6. In 2008.bevnet. China is the largest producer of stevia globally. most major food companies. the US is expected to expand at a CAGR of 4.forbes. estimates sales of stevia to skyrocket from $21 million USD in 2008 to $2 billion USD by 20104. in 2008. Diet food Growing concerns regarding obesity have increased the awareness of health and nutritious foods. 1 Factiva 2 Just Food: July and August Briefing Stevia Driven by a desire to reduce intake of sugars due to rising health concerns. asp?report_id=605532 7 http://www. The use of stevia increased after the US FDA approved its use in 2008.com/2009/06/04/vita-coco-zico-oneleadership-cmo-network-coconutwater. Merrill Lynch estimates this market to be worth $35 million USD in 2009 and expects it to grow further7. which is a natural (herbal) sweetener and has a low-calorie count. According to Beverage Marketing Corp. great taste and nutritional benefits. 3 http://www. such as Heinz. 5 http://www. Consequently. such as Nestlé and Unilever.com/reportinfo. The total US and European diet-related F&B market is predicted to reach $128. are revamping their product offerings to also concentrate on nutritional items.O Trends HT Diet and health foods defy economic slowdown The economic slowdown led to consumers spending less on non-essential food items.. For example.4 percent from 2008 to 2014. PureVia. the diet-food segment is positioned to grow in developed markets. more people started opting for low cost dining options and home cooked meals in favor of restaurants.landor.

Accordingly. Frozen foods are also easy to prepare.com/press-release/Private-labelproducts-not-just-for-penny-pinchers?id=376 Frozen Foods Market Value in billion USD Source: Just Foods . registering a CAGR of 3.. these brands. retailers have focused on developing their own brands.2010: Page 10 .4 billion USD by 2013). thereby encouraging innovation and diversification of their existing business. growing consumer demand for convenience food and increasing health consciousness are expected to continue driving growth in this sector.Trends in low-cost foods Frozen Food Frozen food sales increased during the recession as most consumers chose eating at home over dining outside due to reduced household budgets. especially in the US. Consequently. or nearly 1. Private-label products offer consumers high quality at low prices. up from 13 percent share in 2005. Supervalu’s Culinary Circle Premium Meals and Wal-Mart’s Great Value and Sam’s Choice. depending on its magnitude. with private labels accounting for 27 percent of food introductions till July 2009. IMAP 1 Just Food: August 2009 Briefing Food & Beverage Industry overall outlook The F&B industry has been fairly resilient throughout the economic slowdown compared to other industries due to strong growth fundamentals. In addition. While North America has historically been the most established frozen food market (forecast to reach $39. the industry is expected to continue growing.5 billion USD in 2008.mintel. recent droughts in some countries and rising fossil fuel prices are likely to cause food scarcity. mainly driven by developing countries and their large populations and rising per capita income. this situation might snowball into a global food crisis. Taking advantage of the continued demand for economical and high quality food products by cost-conscious customers. the market share of private labels has increased. The frozen food market is expected to reach $95. Going forward. most consumers feel frozen foods help in cutting expenses as wastage is less and trips to the supermarket are reduced. Private Labels Retailers are increasingly manufacturing products internally that are marketed as their in-house brands.August 2009 Briefing. These brands are typically less expensive and offer better margins than national brands sold through their outlets.800 new products. Some of the private-label brands owned by retailers include Kroger’s value Line. governments have been intervening on a national as well as international scale by acquiring farmland in remote countries and providing subsidies for agricultural products.9 billion USD by 2013 from $82. IMAP’s Food & Beverage Industry Global Report . Key players include Japan-based Nichirei Corporation and Belgium-based PinguinLutosa.1 percent. A food scarcity scenario. figure importantly in consumer decisionmaking. If unchecked. may cause a serious problem for food processors with respect to rising food prices. While the outlook of the industry is bright.1 1 Source: Mintel Research http://www. making them a value proposition. initially perceived as low-cost imitations to compete against large national brands. To tackle this problem. the highest growth in this segment is expected in Latin America — CAGR of 10 percent from 2008 to 2013 to $5 billion1. The food retail industry is expected to be the largest beneficiary of the expanding F&B industry. Going forward.

which consists of soft drinks. China Population 1. a government body in the United Kingdom. This is expected to increase at a CAGR of 4.2010: Appendix A-i . packaging and distribution to retail and catering”1.. beers. food production. • The global beverage industry.5 percent. the US held $1 trillion USD of this market in the same year. Food purchases are shifting from staple foods rich in carbohydrates to more expensive foods such as meat and dairy products.. Yum! Brands. India’s F&B market was $182 billion USD6 in 2007-08 while the food processing sector was $72 billion USD in 2008.6 trillion USD by 20134. Over the same period. • Asia-Pacific is emerging as a major contributor of raw materials to the F&B industry. PROCESSING DISTRIBUTION F&B sector overview and trends • The global F&B industry was valued at $5. wheat production in the US decreased by 12. Major Diversified: Kraft Foods. • At present.1 billion tonnes to more than 3 billion 1 Source: http://www.. This division is further divided into the following: Food.13 billion.32 billion.6 billion in 2008 to 9 billion in 2050 is expected to come from developing countries).g. China increased its wheat production capacity by 26 percent in 2003-07.6 percent to $1. World Development Indicators IMAP’s Food & Beverage Industry Global Report -. Darden Restaurants.g. Wal-Mart. approximately 58 percent of produced food is consumed by developing countries (majority of the increase in global population from 6. generated revenues of $3. Alcoholic & Non-Alcoholic: Coca-Cola Company.g.uk/foodindustry/ 2 Dow Jones Factiva – Global – Food Products – Competitive Landscape 3 Datamonitor: Global Food Products Industry Profile: March 2009 4 Datamonitor: Global Beverages Industry Profile: March 2009 5 Source: Dow Jones Factiva 6 Source: IBEF presentation 7 Factiva: Food and Beverage – Asia Pacific 8 As per FAO estimates 9 India Population 1. • Europe accounts for the largest share in the global F&B industry. e. Kellogg Company Beverages. Source: World Bank. describes the food industry as “the whole food industry — from farming. Diageo Confectioners: Cadbury. • The global food products industry. which consists of agricultural products and packaged foods. Quick Service Restaurants: These fast food restaurants serve ready-to-eat food. Food processing is an integral part of the value chain and involves the processing of raw food commodities into forms that can be easily distributed and sold to consumers.food. Pepsico. spirits and wines.69 billion.4 trillion USD in 2008 and is expected to rise at a CAGR of 2. McDonalds.4 trillion USD5 in 2007 and employing 4 million workers. e.2 trillion USD in 2008. witnessing a CAGR of 3. 2. wheat and corn. e. World Population 6. was valued at $1. This is expected to climb to 72 percent by 20508 supported by the fact that 37 percent9 of the world’s population currently lives in China and India. Mars This is the final stage of the F&B value chain and entails the distribution of finished or near-finished food products to consumers. Casual & Upscale Restaurants: They serve full meals to consumers.Appendix A: Global overview of the food & beverage industry Business value chain / breakdown of F&B industry The Food Standards Agency. generating revenues of $1. Russia and India have increased their production capacities.gov. The food and beverage (F&B) industry can be classified into three major subdivisions: SUBDIVISION FARMING DESCRIPTION This industry is involved in the production and collection of raw agricultural commodities such as rice. while Russia raised its capacity by 45 percent. This industry includes: Grocers/Supermarkets: These provide processed but unprepared food to customers.7 trillion USD in 2008 and is expected to increase to more than $7 trillion USD by 2014. • China.5 percent. Demand for cereals is expected to rise from the current 2. ciders. Examples include seed producers such as Monsanto and Dupont and agribusiness such as Archer-Daniels-Midland and Bunge.6 percent to $4 trillion USD by 20133. China’s food processing sector increased from $44 billion USD in 2007 to $50 billion USD in 20087.

767. • The Dow Jones US Food and Beverage Index declined about 23 percent compared with 40 percent by the S&P 500 in 2008.099. Hypermarkets.266 3.372.359.588 8.fao.832 3.org/site/342/default. World Bank increased its spending on agriculture by 50 percent to $6 billion USD.741. Food prices increased by 16.479 5. Dist. consumption in developing countries is also shifting towards packaged food products3. Nevertheless. Top 20 Commodity Exporters (2007 Data) Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Area United States of America United States of America Netherlands France Malaysia United States of America Indonesia Brazil United Kingdom Argentina Italy United States of America Argentina Thailand Canada Brazil United States of America Australia Indonesia France Commodity Maize Soybeans Crude Materials Wine Palm oil Wheat Palm oil Soybeans Bever.709.639 6. with rising income levels.381 6. accounting for more than half of global sales of packaged products.9 trillion USD in 2008 at a CAGR of 6 percent in 2004-08 and is expected to increase at a CAGR of 4.736.8 percent of total revenues2.858.580. Wal-Mart and Carrefour are now sourcing processed foods from emerging economies such as India. • Purchasing patterns in low cost production countries (such as China. while the Islamic Development Bank is creating an agriculture department for the first time.9 percent in 2009 (till November. based on the FAO food price index).tonnes by 2050 while demand for meat production is likely to grow by 200 million tonnes to 470mn tonnes over the same period1. McDonald’s and Pizza Hut are setting up operations on a large scale.726 4. Russia and Brazil) are changing from small neighborhood grocery stores to hyper. However.887.898 10. Tesco and Carrefour.2010: Appendix A-ii .254.225 9.217.Alc Value (1000 $) 10.868.ie/irishfinancenews/article_1017966. • In 2009.344. • Low cost countries are also becoming a sourcing hub for global retailers. international fast-food brands such as KFC. This is lower than 2008 levels.720 Source: http://faostat. • Packaged food forms the majority of total food consumed.339 4. To tap the growing demand for readily available and low cost fast food in these countries.419. Dist.180 9.011 4. • The food retail industry earned revenues of $3.050 4.648 9. and discounters contributed 48.016. with developed countries such as the US.174.046 3. • The FAO food price index rose the highest by 24 percent in 2008. For example.748. supermarkets. Japan and EU.finfacts.492 4.497. account for a large proportion of retail sales in developing countries.shtml 2 Factiva: Global: Food Retail – Market Overview 3 USDA Economic Research Service IMAP’s Food & Beverage Industry Global Report -. India.609 4.214. which need to be processed before becoming edible.749 6. raw products.aspx 1 http://www.467 4.Alc Cake of Soybeans Wine Cotton lint Soybean oil Rubber Nat Dry Wheat Chicken meat Food Prep Nes Wheat Rubber Nat Dry Bever.8 percent between 2008 and 2013 to reach $5 trillion USD in value.and supermarkets including Wal-Mart.

vegetables Other foods Total Food Expenditure % of total expenditures Percent of total food expenditures United States Hong Kong Barbados Canada Singapore Germany Sweden Netherlands Austria Denmark Bermuda Belgium Switzerland Finland Japan Australia New Zealand France Norway United Kingdom Ireland Italy Luxembourg Spain Israel Iceland Greece Slovenia Trinidad & Tobago Hungary Brazil Chile Portugal Oman Czech Republic Uruguay Zimbabwe Qatar Mexico Paraguay Swaziland Mauritius Bahrain Thailand Ecuador Venezuela Peru Poland Bulgaria Belize Korea Slovakia Iran Turkey Argentina Botswana 28.80 20.15 25.39 11.52 17.15 15.18 7.89 44.16 4.27 2.73 10.28 2.92 2.77 4.01 14.41 24.61 5.40 16.02 36.52 12.58 18.86 1.11 1.25 14.05 13.67 20.44 15.55 13.18 18.30 15.12 3.36 12.41 9.53 7.68 2.79 16.55 8.19 11.22 6.87 1.97 10.28 8.29 14.87 15.32 18.16 7.33 16.00 17.78 10.29 5.89 7.12 28.32 2.79 22.19 15.38 11.13 16.71 22.46 23.21 11. cereals Meat Fish Dairy Fats.05 15.35 16.43 11.92 16.39 0.02 13.84 10.73 8.99 1.45 8.00 23.87 11.98 14.14 9.02 11.31 10.61 6.52 1.31 2.79 9.62 5.46 13.53 11.70 3.04 13.61 3.82 9.98 5.37 14.32 8.09 13.16 10.96 9.96 8.55 24.06 16.38 23.10 11.90 21.28 2.51 13.25 27.53 37.88 13.57 14.82 19.59 9.06 12.90 3.80 26.91 7.07 10.86 11.80 2.48 13.78 7.66 22.86 1.95 24.60 3.93 10.57 16.00 23.13 4.65 2.04 9.01 1.37 22.85 2.14 25.78 7.08 14.48 28.26 13.99 10.42 3.38 15.49 4.17 31.28 13.11 12.56 10.18 9.98 8.22 3.12 17.47 14.66 1.35 12.59 16.72 16.40 2.83 11.29 20.58 9.30 10.64 13.81 20.47 30.97 6.15 17.06 26.23 13.59 3.10 11.21 14.83 17.97 6.60 11.18 16.65 30.76 14.50 12.09 13.88 4.55 0.76 1.71 17.43 10.57 11.45 25.37 10.59 27.32 13.44 4.64 4.97 7.16 1.77 1.06 22.85 1.91 16.76 5.91 14.91 13.56 29.09 19.42 19.56 13.80 12.69 2.67 14.53 12.21 3.51 5.85 12.25 25.87 4.05 4.97 11.81 18.37 16.11 16.34 3.58 11.11 14.27 17.84 12.00 12.31 5.12 7.69 20.33 3.18 31.66 1.43 10.79 9.72 28.47 15.56 6.70 10.34 15.63 21.39 9.88 15.49 24.76 7.36 14.99 13.16 12.29 2.25 10.06 1.65 1.28 11.57 9.63 27.03 1.65 4.24 32.37 2.54 22.12 11.70 18.44 9.36 13.70 1.33 14.64 12.23 12.23 17.21 28.90 7.83 17.17 8.41 21.58 12.45 16.58 22.88 12.60 32.09 5.88 9.38 21.99 10.23 26.04 23.80 21.73 3.33 17.02 3.43 12.62 10.34 16.64 2.90 5.95 14.51 11.90 13.45 11.74 3.88 11.36 10.31 9.73 9.27 20.49 11.87 7.63 10. oils Fruits.36 5.96 12.27 11.98 20.09 29.48 8.25 1.87 18.23 19.35 21.80 IMAP’s Food & Beverage Industry Global Report -.55 28.55 32.71 11.60 12.09 2.82 25.75 4.68 1.12 4.85 17.17 12.72 14.48 25. tobacco Breads.38 5.67 15.11 11.34 14.88 11.93 21.28 14.51 11.22 26.40 8.38 17.12 18.42 10.33 17.68 13.69 7.64 32.93 21.02 14.00 29.62 4.43 18.52 15.96 15.67 14.54 21.04 19.25 21.17 21.88 4.07 7.62 8.34 22.19 19.70 18.55 16.73 0.58 26.82 2.94 10.27 27.04 11.35 15.29 13.18 43.93 13.02 20.25 10.45 23.05 11.06 12.79 6.Food budget shares for 114 countries (Updated in October 2003) Country Beverages.77 2.19 4.91 28.72 1.69 1.30 23.70 9.28 21.12 11.53 14.13 2.46 2.81 0.44 3.04 24.13 11.27 2.45 3.65 28.68 6.23 24.99 47.41 0.14 8.82 16.49 4.73 11.50 22.70 31.47 10.06 13.81 2.09 11.57 6.14 22.65 29.31 30.02 13.07 15.87 3.06 10.37 2.88 10.45 12.14 16.08 17.44 22.35 13.47 24.79 18.38 21.40 10.67 9.56 23.33 33.47 12.97 1.11 1.25 10.26 10.57 4.28 17.16 8.21 12.36 29.77 3.92 10.70 10.12 11.79 32.00 25.61 11.66 4.14 4.04 2.87 24.03 22.12 12.72 2.23 14.59 17.74 4.06 32.36 9.23 14.13 16.16 17.19 8.71 12.29 11.14 11.86 25.59 24.96 0.04 13.48 3.42 12.70 8.51 22.24 19.48 24.2010: Appendix A-iii .55 26.22 10.09 17.86 1.67 22.64 19.84 10.23 11.52 8.08 21.65 14.53 1.56 24.20 11.66 11.97 5.02 13.13 17.89 20.98 16.67 4.00 20.25 12.30 4.46 18.04 18.18 21.96 23.62 23.

47 46.39 10.25 13.50 10.39 10.61 3.32 33.82 14.33 8.31 3.38 18.68 4.49 4.02 5.47 29.27 39.26 18.36 3.52 0.64 4.61 18.70 1.62 20.99 8.51 Source: http://www.10 6.51 2.03 12.94 21.49 21.22 10.39 15.82 14.45 4.25 4.85 17.81 4. vegetables Other foods Total Food Expenditure % of total expenditures Percent of total food expenditures Estonia Russia Macedonia Jamaica Bahamas St.92 0.83 25.56 11.07 16.78 16.56 2.26 19.00 6.26 45.62 22.32 9.99 12.92 19.23 4.99 13.79 0.13 12.10 12.92 25.47 24.39 47.87 11.86 16.22 6.57 15.38 10.84 2.28 36.31 1.92 46.14 19.90 15.24 1.10 13.36 11.50 0.63 13.99 47.33 19.20 21.05 0.57 50.87 11.67 38.95 36.13 21.29 31.89 8.78 15.27 12.50 4.87 6. Kitts & Nevis Jordan Dominica Lebanon Lithuania Grenada Latvia Bolivia Moldova Guinea Cameroon Cote d'Ivoire Ukraine Romania Morocco Kenya St.06 6.55 15.62 9.70 9.15 4.51 40.86 10.13 62.70 8.61 3.15 47.87 20.17 6.06 11.18 12.35 53.45 34.83 4.76 42.gov/data/InternationalFoodDemand/ IMAP’s Food & Beverage Industry Global Report -.72 25.21 0.21 5. Lucia Congo Pakistan Kyrgyzstan Georgia Syria Gabon Egypt Uzbekistan Philippines Belarus Indonesia Turkmenistan Kazakhstan Mali Senegal Malawi Benin Bangladesh Nepal Mongolia Zambia Yemen Sierra Leone Sri Lanka Vietnam Madagascar Tajikistan Albania Armenia Nigeria Tanzania Azerbaijan 21.45 10.47 4.65 5.38 13.38 1.91 9.40 3.50 21.85 5.73 4.47 11.24 9.41 17.58 5.Country Beverages.21 33.82 51.22 11.26 5.21 24.89 16.44 1.73 20.67 21.81 30.01 13.37 15.94 69.80 44.67 7.84 4.38 14.52 18.22 10.12 36.04 1.98 22.44 26.11 34.56 5.88 58.61 11.50 0.41 6.91 6.73 10.92 13.38 1.68 3.35 50.93 9.80 11.48 14.97 4.98 33.23 9.33 48.64 18.65 7.22 14.47 10.17 24.62 10.75 16.46 15.97 73.73 34.86 10.86 26.08 27.02 10.15 15.68 9.63 0.62 17.78 8.56 0.29 16.36 5.08 14.74 60.45 26.12 10.92 47.12 17.75 9.27 53.75 7.64 2.87 23.ers.64 34.45 43.63 27.58 11.10 8.72 33.89 5.73 18.75 17.69 35.40 56.60 2.54 4.83 4.99 41.67 2.21 9.32 6. cereals Meat Fish Dairy Fats.26 69.01 13.80 22.89 21.36 11.15 3.73 13.06 25.38 11.15 9.50 4.72 23.91 13.05 11.30 10.03 45.80 1.45 50.13 6.62 8.19 7.92 20.88 8.71 8. tobacco Breads.85 10.05 1.15 16.22 13.32 9.68 4.79 1.88 9.05 6.08 11.47 12.25 3.32 4.35 34.29 15.14 11.31 4.11 14.49 7.16 6.62 50.18 10.49 14.13 5.27 4.10 11.08 48.46 6.76 14.55 39.81 35.Vincent & Grenadines Tunisia Antigua & Barbuda Fiji St.42 16.69 4.68 3.21 23.46 6.15 32.34 3.14 19.53 19.39 26.93 7.88 4.23 5.66 4.53 12.16 5.61 45.06 12.63 24.74 2.12 9.82 46.20 8.60 14.38 3.66 72.02 8.04 11.78 13.57 1.29 3.53 9.09 63.56 7.37 6.71 4.68 9.12 8.44 23.88 68.44 24.11 6.60 17.21 4.64 12.19 16.34 19.42 40.17 4.36 1.99 11.82 6.86 21.99 27.65 44.73 35.67 5.42 9.52 9.75 65.usda.76 6.48 3.61 30.10 18.65 13.01 9.06 19.19 5.08 39.85 44.30 11.54 9.95 16.07 13.20 2.62 15.80 10.18 31.87 35.84 7.79 6.36 18.62 46.23 9.45 12.50 10.70 11.63 18.89 20.45 11.14 5.43 7.13 12.24 18.60 11.79 23.08 13.25 18.35 10.33 40.58 14.89 5.36 15.66 8.05 10.78 13.17 57.05 57.27 7.26 22.10 7.85 15.52 43.71 0.93 17.67 14.66 2.81 2.24 73.92 1.10 14.36 5.80 9.37 0.2010: Appendix A-iv .86 9.13 3.40 2.20 8.53 4.73 12.60 7.28 6.07 4.89 8.51 10.74 6.78 12.81 61.29 14.33 3.45 14.32 44.50 8.73 14.47 8.94 48.23 23.25 1.09 1.18 16.35 1.11 6.76 6.99 14.47 26.70 1.11 13.84 15.81 7.12 11.93 8.65 27.04 2.38 21.69 43.32 29.42 13.62 21.30 8.32 45.22 16.73 18.01 10.53 4.81 6.50 3.15 9.91 5.85 12.05 14.04 31.96 1.68 15.02 20.79 3.12 12.98 16.23 7.90 6.91 19.20 3.17 13.05 3.83 3.15 10.33 37.58 3.00 11.02 2.35 24.67 24.40 7.35 55.05 19.86 34.63 12.89 13.25 4.73 4.89 1.56 9.11 4.84 8.82 53.06 5.48 5.05 6.78 35.13 23.57 7.55 5.78 21.71 18.44 15.84 20.96 4.62 28.45 14. oils Fruits.95 3.13 2.55 64.07 19.65 15.68 9.16 2.77 34.21 5.92 14.09 8.71 9.16 16.15 14.46 4.39 16.63 12.86 16.57 30.21 31.89 12.

Caribbean. Oceania. Asia.13 2: ARCHER-DANIELS MIDLAND (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) 3: UNILEVER NV (NETHERLANDS) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 4: BUNGE LTD (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) Global agribusiness and food company operating in the farm-to-consumer food chain Oilseed processing. Other Foreign: 37. ice cream. ethanol. YOY(%): 109. one of the parent companies of the Unilever Group Savories.90 Operating profit: $2.6 billion USD. and personal product categories. Good as Gold.12%. US Europe: 34.74%. Gloria.82%. Europe: 25. transporting. packaged vegetable oil. health. corn sweeteners. nutrition. Novatol. and other feedstuff. Asia.9 Operating profit: $2.74 Agricultural processing company engaged in procuring.8 billion USD. YOY(%): 88. beverages. Milo. water. YOY(%): -5. Kitkat. YOY(%): 6. and pharma Nescafe. Argentina: 5. Oleina Brazil.6 billion USD. Meatbind. Canada. Knorr Mainly Europe and Asia Asia & Africa: 35. US: 23.75 Net income: $16. Rest of the world: 0.707 billion USD.1 billion USD.69 Net income: $7. dressings.62%.19%.72%. pet care. YOY(%): 36.8 billion USD. Canada: 3.51%. fertilizers.4 billion USD. Power Bar Products are sold in 120 countries across the world Americas: 30.71%.60Z%. YOY(%): 8. Argentina. Kaliakra. Asia: 10. Europe. Maggi. Canada. home. cocoa.Thumbnail summaries of top 50 global food and beverage producers1 1: NESTLÉ SA (SWITZERLAND) Brief description Products sold Key brands Customers/Markets covered Geographic coverage (2008) Future plans Financials (2008) Holding company of the Nestlé Group. Hickory. Edigel US. manufacturer of vegetable oil and protein meal.7 billion USD. confectionery. milk products.57%.2 billion USD.59%.45%. focus on developing and emerging markets Revenue: $101.49 Operating profit: $13. storing.99% Increasing investment in its ethanol capacity to meet growing demand for ethanol in the US Revenue: $69. YOY(%): 13. Europe: 31. food products Retail bottled oil brands: Vénusz.27%.7 billion USD. and Africa: 15.72% Market development in developing and emerging markets Revenue: $59.2010: Appendix A-v . YOY(%): 10.5 billion USD.3 1 Private companies are included where information can be obtained and is deemed reliable IMAP’s Food & Beverage Industry Global Report -. Unisol.05% Expansion of sugar and bio energy business in Brazil Revenue: $52. YOY(%): 38. Floriol. ice cream. YOY(%): 38. and other food and feed ingredients Monarch.76 Supplier of consumer goods across foods.60 Net income: $1. YOY(%): -0.15%. wheat.4 billion USD.20 Operating profit: $8. processing. flour. and wellness sectors Products are divided into nine categories: prepared dishes and cooking aids. and beverages Lipton. and Middle East US: 51. Bionature. and merchandizing agricultural commodities and products Processor of oilseeds. Germany: 10. Increase presence in the out-of-home market by doubling Nestlé Professional’s sales over the next 10 years. Americas: 32. Nestlé. YOY(%): 9 Net income: $1. corn. Rest of the world: 32. biodiesel. Brazil: 22. spreads. engaged in the nutrition.

North America: 24. Eurasia. Revenue: $43. Minute Maid. Arawana IMAP’s Food & Beverage Industry Global Report -.5 billion USD.9 billion USD. Toblerone. beverages. Honey Maid’s North America. Coca Cola. Pepito. fertilizers. Toasted Chips. Extra. and Africa. Orbit. Galaxy. Fortune.3 billion USD.28 Net income: $5. rice. Asia.59%.9 billion USD. beverages. convenient meals. and distributes non-alcoholic beverages and syrups Still and sparkling beverages PowerAde.85%. Europe. Announced “final” acquisition offer of $19.86%.70 Operating profit: $8.87%. Mexico: 8. and Middle East: 13. Milky Way.13%. soy protein. All other countries: 29. Covers approximately 200 countries US: 52. cheese.12 8: MARS INC. Alpha. Mirinda. pet care. Latin America: 11.08%. and flour milling Neptune.61% Expanding businesses in key emerging markets. and grain-based snacks. oil palm. EU: 17.32%. UK: 4. Double Ring. YOY(%): 12. Other: 18. Splendid. YOY(%): 16.5: PEPSICO INC (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 6: KRAFT FOODS INC (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 7: COCA-COLA CO (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) Manufacturers. edible oil. and Asia US: 50. (US) (PRIVATE COMPANY) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) Family owned company in the chocolate and confectionery space Chocolates. and food company Range of salty.2 billion USD. Jacob’s. North Asia. Diet Pepsi. sweet. YOY(%): -3. Eurasia & Africa: 6. Twix 75 countries across the world NA Revenue: $30 billion USD 9: WILMAR INTERNATIONAL (SINGAPORE) Brief description Products sold Key brands Agribusiness company involved in edible oil refining and processing Biodiesel. Canada: 4.9 billion USD. Fanta. cheese. Snickers. carbonated and non-carbonated beverages Pepsi. Orchid.80%.07% Driving higher quality organic revenue growth. Europe: 31.31% Net income: $5. drinks M&M. and convenient meals Easy Cheese. Revenue: $42.91 Manufactures and markets packaged food products such as snacks. Chips & Chunks US.87% Cater to the growing nonalcoholic ready-to-drink and water market Revenue: $31.5 billion for Cadbury Plc.37%. YOY(%): 12.01 Global beverage. and various packaged grocery products Snacks. oilseed crushing.45%.57 Operating profit: $6. YOY(%): -9. YOY(%): 12. Mountain Dew. Middle East.9 billion USD. Uncle Bens. Restoring profit margins to industry benchmarks.1 billion USD.8 billion USD. YOY(%): 10.79 Operating profit: $4. markets. YOY(%): 9. YOY(%): -2. confectionery.2010: Appendix A-vi . grocery. Europe. Sprite Global presence (200 countries worldwide) Bottling Investments: 26. Flavia. Twist. convenient.34 Net income: $2. snack.13%.

78 Produces. Kirin Ichiban. Kirin Light.83 Operating profit: $3. larger stout and bitter beer. manufactures and sells soft drinks.2010: Appendix A-vii Beer brewery: manufactures ale. Non-US: 9. Budweiser. Asia: 12.6 Operating profit: $0. and related allied products Chicken Originals. YOY(%): -1. Other: 12.21%. beverage cans Bacardi.68%.9 billion USD.5 billion USD.97%. sparkling liquor. and Europe China: 51. Grolsch Global coverage specifically the US and China Latin America: 39.13%. and prepared foods Chicken.18%.Customers/markets covered Geographic coverage (2008) Financials (2008) 10: TYSON FOODS (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) Primary focus on Indonesia.8 billion USD. YOY(%): 163. YOY(%): 1. YOY(%): 38. YOY(%): 43.4 billion USD.13 Net income: $778 million USD.73 Operating profit: $5.94 Net income: $1. and clinical nutrition products Activia. fruit juice. Global export and holding companies: 3. beef. YOY(%): 37.32% Expansion into developing markets such as China Revenue: $26. Flings.00 Operating profit: $1.38%. new alcohol beverage products.58%. research and development of pharmaceutical products Kirin Free.5 billion USD.1 billion USD. North America: 16.23%. and markets chicken. pork. Harbin lager.62 Net income: $1. YOY(%): 114. also engaged in packaging and entertainment Alcoholic beverages.4 billion USD.4 Net income: $-537 million USD.7 billion USD. Tanrei W Japan and now entering North American markets Japan: 75. non-alcoholic beverages. baby food and clinical nutrition products Produces fresh dairy products.24% Concentration on health through food to as many people as possible Revenue: $22. beverages.72%.02 Net income: $1. King Cobra. Nodogoshi Nama. manufacture and sale of pharmaceutical products.14% Revenue: $23.29 . Danette.17 IMAP’s Food & Beverage Industry Global Report -.86%. distributes. transportation and food industry related engineering. mineral water. YOY(%): -66. Other: 4.82% Revenue: $29.65% Revenue: $22. pork.33%.12 Produces fresh dairy products. baby food. dairy products. and wines.06%. Nutricia.9 billion USD. Cockadoodles. Peels. Tyson Microwave Drum Mainly US and Canada US: 90.7 billion USD. beverages. Family Recipe. energy drinks. YOY(%): -724. YOY(%): -37. Asia/Oceania: 20. Rest of the World: 25. YOY(%): -0. YOY(%): 46.. milk. beef. Tilt.3 billion USD. YOY(%): 77 Operating profit: $1. Europe: 8.51%. Evian Primarily Europe and Asia Europe: 62. and seasonings. Southeast Asia: 4.98%. Pacific Rim: 23. prepared foods. YOY(%): 19. Western Europe: 19. Nutricia.4 billion USD. India. YOY(%): 27. Kirin Tanrei. Asia-Pacific: 6. Malaysia.3 billion USD.4 11: ANHEUSER-BUSCH INBEV (BELGIUM) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) 12: DANONE (FRANCE) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 13: KIRIN HOLDINGS (JAPAN) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) Engaged in the manufacture and sale of alcohol beverages and soft drinks Manufacture and sale of beer. Central & Eastern Europe: 13.

and Zywiec Western Europe.98%. Miller Genuine Draft.96% Revenue: $21.48%. Amstel. Panama. distills. Newcastle Brown Ale.1 billion USD.37%. Guatemala.24% Revenue: $15. roast beef with gravy.75%. Rest of Latin America: 36.2 Integrated beverage company. Company produces. Star. Central & Eastern Europe: 25. beef. Exports: 59.94%. Asia-Pacific: 1. Mato Grosso do Sul. canned vegetables. Aguila. Goias. International. Anglo Brazil.92 Produces and distributes beverages Beer Heineken.7 billion USD. Johnnie Walker scotch whisky. Expansion in premium segment in emerging economies Revenue: $15 billion USD. Costa Rica.11 Net income: $607 million USD.2 billion USD. Brazil. Brazil: 40.99 Operating profit: $386 million USD. Revenue: $16. J&B scotch whisky. North America: 31. and markets alcoholic beverages Liquor products Smirnoff vodka. stewed steak.11 16: FOMENTO ECONOMICO MEXICANO (MEXICO) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) 17: DIAGEO PLC (UK) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) 18: SABMILLER PLC (UK) Brief description Products sold Key brands Brewing and beverage manufacturer. Minas Gerais. YOY(%): 12. Castle. Foster’s. Europe. it also owns convenience stores across Latin America and the US Products of Coca Cola.52% Acquired Pilbrim’s Pride in December 2009. YOY(%): 14. Asia-Pacific Western Europe: 48. YOY(%): 36. Ochota. Miller Lite. YOY(%): 13. Venezuela.60 Operating profit: $1. YOY(%): 11. manufactures and exports meat products.60%. and Argentina Mexico: 63. Sola. Italy.55 Net income: $14 million USD.63 Operating profit: $1. Baileys Original Irish Cream liqueur.39%. Parana. sausages.2010: Appendix A-viii .96%. Birra Moretti. Primus. Colombia. Maes. Mato Grosso. Exeter. Cruzcampo.3 Operating profit: $4 billion USD. and markets soft drinks and beer.06 IMAP’s Food & Beverage Industry Global Report -. YOY(%): -116. and beef cuts Friboi. Maturatta. bottler for Coca Cola Liquor products Portfolio of 200 brands including Pilsner Urquell. Captain Morgan rum. Snow and Tyskie The company produces. Swift. Rio de Janeiro.14: HEINEKEN HLDG (NETHERLANDS) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) 15: JBS (BRAZIL) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future Plans Financials (2008) Involved in the food processing sector. Peroni Nastro Azzurro. YOY(%): 128. Rondonia. Murphy’s. Africa & Middle East: 12.6 billion USD. Acre. Beer Coca Cola. Central and Eastern Europe. distributes. Asia-Pacific: 10.7 Net income $2. Sagres. Africa and the Middle East. YOY(%): -7.64 Net income: $154 million USD. The Americas: 10. Oxxo Mexico. Grolsch. The Americas. YOY(%): -72. and Australia: 64 industrial units worldwide.96 billion USD.05%. YOY(%): 7. Tanqueray gin. Nicaragua. and pork Corned beef. Strongbow. and Asia Pacific Europe: 35. the US.76%. Tiger.8 billion USD. Sao Paulo. Argentina. International: 22. YOY(%): 130. and Guinness stout North America. YOY(%): -22.

Bread. Asia-Pacific: 19. cereals. Middle East. bio-ethanol production in UK.06 Net income: $437 million USD. YOY(%): -0. and retail Askeys.04% Introduction of new products and extending existing brands to new markets Revenue: $14. YOY(%): 1.48%. Kanoka’s.48%.66%. YOY(%): -20.55%.02 Operating profit: $916 million USD. YOY(%): 24. YOY(%): -8. Spain.65% Expansion of geographical footprint in markets across the world. Developing strong. Better for Bread More than 130 countries worldwide US: 82. Latin America: 24.6 Operating profit: $2. Canada: 4. General Mills.51 Operating profit: $1.2 billion USD.1 billion USD.55 Produces beer and other non-alcoholic beverages Beer.31%. Mexico. YOY(%): 1. The company is also a supplier of branded and unbranded food products to the food service and baking industry. Latin America and South Africa: 3. Squirt US.07% Expansion of sugar operations in Africa. whiskey. Asia/Pacific: 4. YOY(%): -25. Jacksons of Piccadilly.34%.47%. Africa UK: 46. Patak's Europe. Bake Shop.24%. Billington’s. to regions such as China and India. Revenue: $14. Africa & Asia: 8.YOY(%): 14. spirits.86%. YOY(%): 14. sugar.7 billion USD. Asahi Super Dry. and Africa: 18. YOY(%): -11. Jordans.68 Engaged in the processing and manufacture of food worldwide Grocery.4 billion USD.6 billion USD. YOY(%): -7. Europe: 24. Fruit Brute. agriculture. The Americas: 16.2010: Appendix A-ix . Turkey US and Canada: 74. ingredients. China. Cheddar Classics. sells.8 billion USD. and distributes carbonated soft drinks and other ready-to-drink beverages Soft drinks Dr Pepper.5 Operating profit: $1. Operations are spread across 60 countries.13%. La Tisaniere. Russia. North America: 23.Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) 19: GENERAL MILLS (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) The company’s market ranges from developed economies. yeast/yeast extract production in China Revenue: $14. fruit juices Asahi Prime Time.01% Revenue: $13.8 IMAP’s Food & Beverage Industry Global Report -. Sho-ChuI Japan Japan: 100% Improve profitability in its domestic alcoholic beverage business Revenue: $14. Europe: 15. YOY(%): -12.45%. Canada. health drinks. YOY(%): 7. South Africa: 18. Bireley’s.1 billion USD.3 billion USD. such as the US. Crusha. YOY(%): 0. Blue Dragon.33%. Europe.9 Net income: $559 million USD.7 Operating profit: $2. relevant brand portfolios that win in local markets. carbonated drinks.3 billion USD.91%. Europe: 5. Crush.9 billion USD.7 20: ASSOCIATED BRITISH FOODS (UK) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) 21: ASAHI BREWERIES (JAPAN) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 22: PEPSI BOTTLING (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) Manufacturers. YOY(%): -69. fruit snacks.0 Manufacturer and marketer of branded consumer foods sold through retail stores. ice cream Flavor Wave. and wine.5 Net income: $1. Frosted Cheerios.4 Net income: $1. Mexico: 10.8 billion USD. Greece.93 Net income: $162 million USD.

1 billion USD. Snack Pack. Ember Farms. PAM. Sportime. YOY(%): 4. Esskay. markets packaged foods to consumers and restaurants Potato. Stefano's. Murray. beverage. Asia Pacific: 5.9 billion USD.23: SARA LEE CORP (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Financials (2009) 24: KELLOGG CO (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 25: CONAGRA FOODS ( US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) 26: SMITHFIELD FOODS (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) 27: DEAN FOODS CO (US) Brief description Products sold Food and beverage company. Durablend.5 Operating profit: $991 million USD. Hunt's.5 billion USD.7 Net income: $ -190 million USD. Smithfield. YOY(%): 8.65%.1 Meat and hog producer.29% Revenue: $12. Farmland. The perfect Solution US and Europe US: 78.43%. sweet potato processing plant Revenue: $12. Krakus.1 Operating profit: $1. Lykes Cook's. and household product categories Huskies.5 Net income: $364 million USD. YOY(%): -148. Crunch. Non-US: 9.73%. Cumberland Gap. YOY(%): 10 Operating profit: $ -166 million USD. Honey Smacks. Spain: 9. International: 10. Peter Pan. Van Camp's Primarily North America US: 90. Healthy Choice Fresh MixersTM. bakery items. Tom & Ted's. spices. toaster pastries.06%. fruit snacks. and grain products Angela Mia. Kretschmar. and veggie foods Cereal products Kellogg’s.6 . Williamsburg Primarily the US US: 89. Chef Boyardee. Cotton light. YOY(%): 5. Freeform. Produces branded and private label dairy and dairy related products Milk and dairy related products IMAP’s Food & Beverage Industry Global Report -. frozen waffles.95 billion USD. Lean Generation. Latin America: 8.1 billion USD. Rath Roegelein. YOY(%): 10.30%. bakery. Great Gwaltney. Carando. vegetables. Entry into the natural foods segment Revenue: $12.08 Food manufacturer. Valleydale.26% Plans to invest an additional $90 million USD in fiscal year 2010 to construct the Delhi.6 Net income: $978 million USD. cereal bars. Rosarita. YOY(%): -247. Swiss Miss. Europe: 20. Ohse Patrick Cudahy. YOY(%): -2.8 billion USD. Manwich. YOY(%): -7. beverages & household products Meats. Reddi-wip.7 billion USD. Fruit Harvest. John Morrell.2010: Appendix A-x Global manufacturer of products focused primarily on meats.96%.70% Restructuring Pork Group for higher performance and stability of earnings Revenue: $12. Dinner Bell. ($ -79 billion USD in 2008) Manufactures and markets ready-to-eat cereal and convenience foods such as cookies.58%. YOY(%): 20.03%. The Netherlands: 12. Ro*Tel. produces and markets a variety of fresh meat and packaged meats both domestically and internationally Pork and hog production Animex. Jamestown. Louisiana. Froot Loops Primarily operates in North America and Canada but sells globally as well North America: 65. YOY(%): 4.88 Operating profit: $1. crackers. Hebrew National. Egg Beaters.55 Net income: $1.

Pal Sweet.: 16% Revenue: $11. Celta. YOY(%): 63. seasonings. Not Allocated: 0. Isotonic drinks. YOY(%): 13. sausages. dairy products. YOY(%): 39.94%. Force 4. YOY(%): -23. sale. and Creamland Primarily the US US: 100% Revenue: $12. Rest of the world: 7.6 billion USD. Brahva Latin America North Latin America: 66%.5 billion USD. Easy. Bohemia. YOY(%): 7.11% Focus on R&D to increase food product portfolio Revenue: $11.99 billion USD. Alta Dena. Europe & Africa: 8. Campobueno. YOY(%): 43. Chug Pack. Elephant beer.2010: Appendix A-xi The company produces beverages such as beer. YOY(%): 7. YOY(%): 11.93%. Pet.92%. Tuborg. Ringnes Primarily Europe Northern & Western Europe: 61. Liber and Kronenbier. Berkeley Farms. Asia: 5. Light beer. King Korn. mineral water and sports drinks in 14 countries across the Americas.61%. Brahma. Inc. Carls. Quilmes. YOY(%): 39.81 30: CIA DE BEBIDAS DAS AMERICAS . soft drinks. Deam Fat Free. YOY(%):-141.4 Operating profit: $213.56 billion USD. Peanut Butter Twister.S. Amino Vital Primarily Japan Japan: 68.4 billion USD. energy drinks. Antie Primarily Japan Japan: 92.91 Food company mainly engaged in the manufacture and sale of food and fine chemicals Processed food. Sarbast. Skol. Hon-Dashi.39% Revenue: $10.63 Operating profit: $1. edible oil products. YOY(%): 5.7 billion USD. Madness. Canada: 18%. YOY(%): 21. Beer.42%. Jolly Shandy. YOY(%): 17 . Bell. Cook Do.AmBev (BRAZIL) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Financials (2009) 31: NIPPON MEAT PACK (JAPAN) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Financials (2009) Meat processor Meat products such as hams. Land O' Lakes. and aquatic products Schau Essen.20%. Okocim.39 Net income: $184 million USD. and marketing of beer Soft drinks.1 billion USD.8 billion USD. Pure Select. beer. Royal Stout.5 Operating profit: $3. Quality.2 Net income: $102 million USD. Mori-No-Kaori. carbonated soft drinks.2 29: CARLSBERG (DENMARK) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) International brewing company engaged in the production.3 Net income: $16. prepared meals. Barbe's. Lubzer. YOY(%): 14.2 billion USD. YOY(%): 22.9 billion USD.27%. Pripps. AmBev is the bottler for PepsiCo International. Eastern Europe: 31. and other processed foods. Country Charm. Piper Farms.21% Focus on innovation through R&D activities undertaken at the Carlsberg Research Center Revenue: $11. KOFF. Barbers. Derbes.6 Net income: $1.3 IMAP’s Food & Beverage Industry Global Report -. Neo Madness.45 Net income: $519 million USD. Caracu. The Americas: 9.Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) 28: AJINOMOTO CO INC (JAPAN) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) Barbes. soft drinks Antartica.35 Operating profit: $631 million USD. South Latin America. Winny.4 Operating profit: $408 million USD. non-carbonated soft drinks.. Dairy Ease. Asia (East & South): 14. outside the U. beverages. bottled water Carlsberg. tea. frozen food products AJI-NO-MOTO.

Canada Dry. Asia: 30. Wink y Tai Latin America Chile & Bolivia: 100% Revenue: $10. soups. YOY(%): -16. Kapo. cognacs & brandies. Cinch. YOY(%): 0. Simba. Candy Cadbury Dairy Milk. Gum. Rest of the world: 4.0 Net income(2009): $1.9 Operating profit(2008): $967 million USD. frozen food.1 Operating profit (2009): $ 2. Nurture. condiments and sauces. beans and pasta meals. aniseed spirits. Chivas Regal. Simple Goodness North America. Americas: 25. Europe Europe: 33.85 Producer and distributor of spirits and wines Whiskies.04%. Dentyne.84%. Campside. and Asia-Pacific Europe: 32. Martell.80%. YOY(%): 24. Maynards Europe. infant food.95%.64% Build on its excellent position in emerging markets and capitalize on strong consumer demand for confectioneries.4 billion USD. Andina. Middle East. Mineragua. YOY(%): 6. Hollywood.34%. Asia-Pacific: 18. manufacturing of food products. Asia-Pacific.5 billion acquisition offer to shareholders. Americas.01 Operating profit: $1. Flake. Stimorol. Asia-Pacific: 16.2010: Appendix A-xii Bottles. supplies. Keg ‘o ketchup. Trident. frozen foods. champagnes & wines Ricard. YOY(%): -4. and other processed foods NA IMAP’s Food & Beverage Industry Global Report -.61% Plans to launch at least 200 products over the next two years Revenue: $10.3 billion USD.3 Manufactures and markets a line of processed food products throughout the world Ketchup. YOY(%): 5. The Americas: 30.46%. Asia-Pacific. YOY(%): 2. Heinz. Ballantine’s. US Food Service: 14.3 billion USD.2 Manufacturers confectionery products and beverages Chocolate. Board has recommended Kraft’s $19.97 billion USD.61%.0 . stock farm products. and other processed food products Budget Gourmet. mineral water Vital Mineral Water. YOY(%): 15.5 billion USD.2 billion USD. the Americas. Green & Black’s. YOY(%): 9. Malibu. Havana Club.60%.9 billion USD. North American Consumer Products: 30.8 Net income: $923 million USD. Fresca.1 billion USD. and markets non-alcoholic beverages under license from The Coca-Cola Company Beverages. Jameson. Simple & Delicious.8% Operating profit: $1.7 Net income: $335 million USD. Africa: 30. and Africa UK. liqueurs. Clorets. Ireland. YOY(%): -48. The Glenlivet. Bubbaloo. and other businesses Canned foods. Creme Egg. YOY(%): 14.41%. bitters. Revenue: $9. Euro Zone: 20. Star Kist.90%. YOY(%): 0.80 Net income: $674 million USD. white spirits & rums.79% Revenue (2009): $ 9. France: 10.32: COCA-COLA EMBONOR (CHILE) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) 33: HJ HEINZ CO (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Future plans Financials (2009) 34: CADBURY PLC (UK) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 35: PERNOD-RICARD SA (FRANCE) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) 36: MARUHA NICHIRO (JAPAN) Brief description Products sold Key brands Japan-based holding company principally engaged in the marine product business. and Absolut Vodka Europe.

Rest of Europe: 7. Very Veggie North America. France. artificial sweeteners. Lazzoroni. North America: 4. starch. Temptingly Tropical.Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) Asia.78% Company’s midterm plan is to improve group infrastructure to minimize indirect cost Revenue: $8. Noodle Nest. ice cream. YOY(%): 19. Healthy Request. bioethanol.94%. bakery products. and bakery products Frozen products. rice derivatives. sauces. YOY(%): 36. starch. Germany. and Asia NA Revenue: $7. YOY(%): -6.80 Net income: $58 million USD.2 billion USD. LA Forest.6 billion USD.8 Operating profit: $310 million USD. YOY(%):754 38: YAMAZAKI BAKING (JAPAN) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) Makes bread and Japanese and western confectionery. YOY(%): 20. Europe. Moldova. Prego. NOBO.8 IMAP’s Food & Beverage Industry Global Report -.72 Operating profit: $248 million USD.78%. ProtiGrain Europe.35%. insulin. North America. snacks Chunky. Dole. YOY(%): 4.9 Net income: $736 million USD. YOY(%): 5. Other Countries: 8. Mygreens. Cup-a-Fruit. snacks. rice balls. Pinellopy. Europe: 2. Europe. and rice crackers Baking products Daily Yamazaki stores. Japanese crackers.9 billion USD.13%. Australia/Asia-Pacific: 10. Czech Republic.82 Net income: $121 million USD.9 Operating profit: $155 million USD. YOY(%): 34. Europe: 8. Just Lettuce.14%. Manufactures and markets sugar. fruit concentrates Suedzucker. North America Japan: 89. Slovakia. Cookbook Classics. fresh vegetables and packaged foods Cranston Cranberry.46 39: DOLE FOOD CO INC (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) Producer of fresh fruit and fresh vegetables Fresh fruit.76%. Asia: 2.6 billion USD. Chunky For Cooking. Ineapple. Rest of the world: 0. Netherlands.5 billion USD. packed meals.09%.30% Revenue: $8. Positively Pineapple. and Europe Japan: 100% Revenue: $7.0 Net loss: $-63 million USD (net profit of $1 billion USD in 2007) 37: SUEDZUCKER AG (GERMANY) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) Processing of agricultural raw materials. (net loss of $58 billion USD in 2007) 40: CAMPBELL SOUP CO (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Financials (2009) Global manufacturer and marketer of food products Soup. International. beverages.81 Operating profit: $250 million USD. Austria. Dole Premium Select. and Romania EU: 92.4 Net income: $234 million USD. Strawberry Sunrise. Plump & Juicy Global US: 73. Belgium. Hungary.2010: Appendix A-xiii .2 Operating profit: $1. Sun Etoile Asia. Chunky. Makes and sells sandwiches. the UK. YOY(%): -5. dairy. bakery products.01% Revenue: $7. Poland. YOY(%): 65. YOY(%): -36. Circus O's. YOY(%): 11.97 billion USD.70%. Vie de France Stores. YOY(%): 42. Dinosaur.

YOY(%): 12. premix and specialty feed. muffins.57%. tortillas.1 billion USD.71% Strengthen market position in US markets after acquisition of Weston Foods Revenue: $7. Revenue: $7.34%. YOY(%): 31.21%. YOY(%): 5. Nevada. Mexico. Belgium: 5. Australia: 1. Tía Rosa. Cheestrings. and Puerto Rico US: 93. Germany: 5.5 billion USD. Mexico: 6. and ruminants. Crystal. Ballyfree.30%. China Mexico: 64. sale and marketing of poultry products by Sada NA Canada. Ciel. Dawn. Argentina. YOY(%): 1. all baking related products Bimbo. Europe.58 billion USD) .42% Revenue: $7. Activities are divided into three business units: animal nutrition.73%. sports. Company filed for Chapter 11 bankruptcy on Dec.55%.8 Operating profit: $81 million USD. Mattessons. distribution.18%. YOY(%): 18. Suandy.66 Net income: $169 million USD. Colombia. YOY(%): 14.5 billion USD.2010: Appendix A-xiv Produces prepared and fresh chicken products. US: 4.82%. Milpa Real. Manantial.1 billion USD. Asia Spain: 25. Norway: 9. Richmond. UK: 4.05%.63%. YOY(%): -19. (operating loss of $512 billion USD in 2007) Net income: $ -152 million USD (net loss of $998. Rest of the world: 10. buns. Venezuela. YOY(%): -18. Lonchibon. The Netherlands: 16. Marinela.25 Net income: $507 million USD.84%. Low-Low. 2008 Chicken Pilgrim's Pride US.36%.86 44: PILGRIM'S PRIDE (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future Plans Financials (2008) 45: KERRY GROUP (IRELAND) Brief description Products sold Key brands International food corporation that provides food ingredients and flavor techniques to food & beverage companies Food ingredients and flavors Walls. and meat and other activities Food for farm animals such as poultry. chocolates. Mercosur: 25. Europe. Brazil.3 billion USD. Canada: 9. pigs. Chile: 4. and Charleville IMAP’s Food & Beverage Industry Global Report -. and Santa Clara Mexico.03% Strengthen global market position in feed specialties and fish feed by organic growth and acquisitions.90 Operating profit: $209 million USD. Italy: 2. Latincentro: 15.60 Operating profit: $621 million USD. Rest of the world: 35. cookies. snacks.01%.87 43: NUTRECO HLDG NV (NETHERLANDS) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) Animal nutrition and fish feed company. YOY(%): 12.29%. Central America Mexico: 40.93%. Central and South America. and energy drinks Alpina.41: COCA-COLA FEMSA (MEXICO) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Financials (2008) 42: GRUPO BIMBO-A (MEXICO) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) Engaged in the manufacture.70% Emerged from bankruptcy December 2009 having restructured business and selling majority interest to JBS SA. Japan: 1. cakes. Wonder US. fish feed. Gabi. focus on new geographic regions and markets Revenue: $7. cookies. Venezuela: 18.22 Net income: $391 million USD. YOY(%): 3.08 Bottler of Coca-Cola trademark beverages in Latin America Carbonated. candies.49 Operating profit: $1. Oroweat.03%. Denny. and processed foods Bread. Del Hogar. 1. feeds for 50 species of farmed fish. production of broilers.30%. Lara. and sale of bread.

dairy products. Alnoor. YOY(%): 84. Tsingtao. The Americas: 28. Africa.8 billion USD. Batavo. Confianca. frozen. and canned meat products.2010: Appendix A-xv . equipment. Pacifico. YOY(%): -7.6 billion USD. Corona Light. Chi-Chi’s. YOY(%): 20. cooked. distribution. Asia.87 Net income: $30 million USD. other food products Buttercare. Apreciatta. YOY(%): 8. Sugarcare. Modelo Especial. Carlsberg North and Latin America.92 Operating profit: $265 million USD.19 Operating profit: $415 million USD. YOY(%): -22.61 Net income: $281 million USD. Borella. oats.16% Partnership with Nestlé Water Revenue: $6. Light & Elegant. Negra Modelo. Halal. Perdix.Customers/markets covered Geographic coverage (2008) Financials (2008) 46: GRUPO MODELO-C (MEXICO) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 47: VITERRA INC (CANADA) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) 48: HORMEL FOODS CRP (US) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Financials (2009) Customer base in 140 countries primarily Europe (the UK and Ireland) Europe: 61.53 Net income: $816 million USD. Nabrasa Primarily South America Brazil: 61.19 Agribusiness company operating in grain handling and marketing. Fibercare. and financial products Crop protection products. and sale of 12 brands of beer Beer Corona Extra.3 billion USD. beef cuts. Non-US: 5. livestock feed and services. YOY(%): 2.87%.5 billion USD. YOY(%): 7.84%. Tropical Light. malt.4 Net income: $343 million USD. Rest of the world: 41. Estrella. Masterpieces. YOY(%): -6. pork. Escolha Saudavel.1 49: BRF BRASIL FOODS SA (BRAZIL) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2008) Future plans Financials (2008) Produces and sells poultry. Leon.24 Operating profit: $1. Barrilito.8 Engaged in the production. trade credit. YOY(%): -81. Asia-Pacific: 9. milk. Fazenda. Montejo. barley. YOY(%): 4. YOY(%): -3.9 Net income: $260 million USD. Europe. Propass. fertilizer.58%. and Oceania Mexico: 58. YOY(%): 190.95 Produces a variety of meat and food products and markets them throughout the US and internationally Fresh. North America Canada: 100% Focus on new opportunities to meet the growing demand for healthy food ingredients around the world Revenue: $6. Modelo Light. and marketing NA Canada. Sulina.98%. seed and seed treatments. grain handling. feed products.78 IMAP’s Food & Beverage Industry Global Report -. Rest of the world: 38. Victoria.6 billion USD.42% Expanding business in Brazil through the Bom Conselho agroindustrial complex Revenue: $6. the Middle East. cured. secured loans. Turma da Moica. agri-products. Chester. milk Perdigão. Toque de Sabor.04%. YOY(%): 87. meat. Pasta Puree.97% Revenue: $7 billion USD.3 Operating profit: $532 million USD. YOY(%): 146. and processed food products Chicken.4 Operating profit: $580 million USD.13% Revenue: $6. agri-food processing. smoked. Sugarcare US US: 94. Unef. YOY(%): 6.

6 billion USD Brazil Foods SA: $6. papaya and coffee 31 JBS Sa: $16. ketchup and other sauces. YOY(%): 6. oranges. Sidul. proteins.50: TATE & LYLE (UK) Brief description Products sold Key brands Customers/markets covered Geographic coverage (2009) Financials (2009) Holding company for group of international companies which manufacture. Melli.3 billion USD Cotton: $2. Largest producer of wheat.3 Source: Bloomberg. bio-PDO.3 billion USD Soybeans: $6. NES = not elsewhere specified.6 billion USD Apple Juice: $1. Other European companies: 18. Including turtle eggs and birds’ nests.3 billion USD Henan Shuanghui Investment: $3. process. and distribute sweeteners and starches Acidulants. pure and cooked fruits. food starches.2 billion USD Fruit Prep NEs2: $1. Tate & Lyle. bio-ethanol. and tea 153 Tingyi (Cayman Isln) Hldg Co: $4. UK: 17. stuffed pasta. Splenda North America and Europe North America: 42.2 billion USD Rice milled: $2. cereal sweeteners.2010: Appendix A-xvi . YOY(%): -71. biogums. molasses. whether or not cooked. including frozen. vinegar and substitutes.7 billion USD United Breweries Holdings: $1. sugars and syrups. YOY(%): -37. refine. sugar and ethanol trading Lyle's Golden Syrup.70% Revenue: $6. molasses distribution. mangoes.72%.8 billion USD Cia De Bebidas Das Ame: $11. yeast and baking powders. Company websites & presentations Thumbnail summaries of food and beverage production in various countries 1: CHINA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of food in the world.1 Operating profit: $282 million. other than those listed separately.65%. paste. Factiva.1 billion USD Food Prep NES1: $1.6 billion USD Top 3 products exported and their value 1 Including both crop and livestock products.1 billion USD Top 3 products exported and value 2: BRAZIL Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of sugarcane. blending. and protein concentrates.5 billion Top 3 products exported and their value 3: INDIA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of millets. nuts and peel. and spices 229 Ruchi Soya Industries: $2. sucralose. IMAP’s Food & Beverage Industry Global Report -. Rest of the world: 20. soups and broths.3 Net income: $112 million. Inter alia: homogenized composite food preparations. potatoes.2 billion USD United Spirits Limited: $1. Sores. mixed condiments and seasonings. marmalade. NES = not elsewhere specified. corn sweeteners.1 billion USD Cake of Soybean: $1. dietary fibers. couscous.7 billion Chicken Meat: $4. industrial starches. prepared or preserved.2 billion Meat-Cattle-Boneless: $3. jam.1 billion USD. rice.7 billion USD Inner Mongolia Yili: $3.93%. 2 Fruit.

IMAP’s Food & Beverage Industry Global Report -. pulses.5 billion USD Food Prep NES1: $3.9 billion USD Macaroni: $1.386.751. sorghum. maize.9 billion USD Suedzucker Ag: $8. cranberries.5 billion USD Food Prep NES1: $1. Inter alia: homogenized composite food preparations.30 Wine: $4. oats. mixed condiments and seasonings.77 Davide Campari-Milano Spa: $1.1 billion USD Pork: $1. vinegar and substitutes.7 billion USD Food Prep NES1: $1.2 billion USD Bunge Ltd: $52.5 billion USD Top 3 products exported and their value 1 Including both crop and livestock products. soups and broths. linseeds. and protein concentrates.7 billion USD Cigarettes: $3. wool 48 Unilever Plc: $59. Including turtle eggs and birds’ nests. rye.3 billion USD Top 3 products exported and their value 5: UK Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of oats.1 billion USD Soybean: $10 billion USD Wheat: $8. yeast and baking powders. couscous.8 billion USD Cheese of whole milk: $3.4 billion USD Rapeseed: $2.3 billion USD Pastry: $834 million USD Top 3 products exported and their value 6: GERMANY Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of gooseberries.9 billion USD Wheat: $4. and indigenous turkey meat 41 Baywa-Bayerische Warenvermit: $12. stuffed pasta. and soybean 303 Archer-Daniels-Midland: $69.2 billion USD Maize: $10.2010: Appendix A-xvii . NES = not elsewhere specified.4: USA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of cow milk. and peas 71 Viterra Inc: $6.2 billion USD Maple Leaf Foods Inc: $4.6 billion USD Diageo Plc: $15 billion USD Sabmiller Plc: $14. whether or not cooked.6 billion USD Saputo Inc: $5.5 billion USD Pepsico: $43. ketchup and other sauces. Moksel Ag: $2.6 billion USD Top 3 products exported and their value 8: CANADA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of mixed grain.9 billion USD Beverage/Dist Alcohol: $6.06 La Doria Spa: $659.1 billion USD Top 3 products exported and value in 7: ITALY Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of grapes and kiwi fruits 9 Parmalat Spa: $5.5 billion USD A.

1 billion USD Wine: $2.4 billion USD Coca-Cola Amatil Limited: $3.9 billion USD Meat-Cattle-Boneless: $3.97 billion USD Apples: $1.A.8 billion USD Unimilk Ojsc-Brd: $1.5 billion USD Top 3 products exported and their value 10: ARGENTINA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Second largest producer of natural honey and maté 12 Molinos Rio De La Plata S.A.6 billion USD Food Prep NES1: $43.5 billion USD Industrias Alimenticias Caro: $1.5 billion USD Ledesma S.: $556 million Quickfood S.A.6 billion USD Cia Cervecerias Unidas Sa: $1.4 billion USD Soybeans: $3.6 billion USD Wine: $2.: $2.2010: Appendix A-xviii .4 billion USD Top 3 products exported and their value 11: CHILE Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of lupins 31 Embotelladora Andina: $1. sunflower seeds. gooseberries.6 billion USD Wheat: $3.-Cl B: $384 million Cake of soybeans: $5. Dist Alc: $186 million USD Cheese of whole milk: $48.A.7 billion USD Soybean oil: $4.9: AUSTRALIA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of wool 55 Awb Ltd: $4.7 billion USD Wimm-Bill-Dann Foods-Cls: $2.I.6 billion USD Sunflower Oil: $467 million USD Barley: $416 million USD Top 3 products exported and their value 13: BELARUS Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Top 3 products exported and their value 14: ESTONIA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Top 3 products exported and their value Third largest producer of cranberries NA NA Cheese of whole cow milk: $315 million USD Milk skimmed dry: $202 million USD Cattle meat: $161 million USD Fourteenth largest producer of gooseberries NA NA Bevergae. and currants 7 Baltika Brewery-Cls: $3.4 billion USD Grapes: $1.1 billion USD Top 3 products exported and their value 12: RUSSIA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Largest producer of raspberries.6 billion USD Foster's Group Ltd: $3. 4 billion USD IMAP’s Food & Beverage Industry Global Report -.5 billion USD Wheat: $3.

3 billion USD Top 3 products exported and their value 20: FINLAND Brief description Number of listed F&B companies Second largest producer of oats 5 1 Including both crop and livestock products.72 million USD Beverage/Dist Alcohol: $117 million USD Cigarettes: $91.1 billion USD Wheat: $73.3 million USD Walnut: $46.47 Mironovskiy Groats and Feed: $294.5 billion USD Food Prep NES1: $1.77 million USD Siguldas Ciltslietu Un Maksl: $1.442.7 million USD Barley: $524. NES = not elsewhere specified.7 million USD Top 3 products exported and their value 19: DENMARK Brief description Number of listed F&B companies Top 3 domestic companies based on revenues (USDmn) Seventh largest producer of currants 10 Carlsberg: $11.15: LATVIA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Fourth largest producer of cranberries 6 Brivais Vilnis: $17. whether or not cooked. stuffed pasta.6 million USD Sunflower oil: $49. couscous. Including turtle eggs and birds’ nests.79 Slavutich Brewery: $345.51 Pig meat: $3.8 million USD Pet food: $163. Inter alia: homogenized composite food preparations. yeast and baking powders. soups and broths.25 Danisco: $2. vinegar and substitutes. and protein concentrates.4 billion USD Top 3 products exported and their value 16: LITHUANIA Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Fifth largest producer of blueberries 10 Pieno Zvaigzdes: $283 million USD Rokiskio Suris: $290 million USD Zemaitijos Pienas Ors: $201 million USD Cheese of whole cow milk: $256 million USD Cigarettes: $209.86 Sunflower Oil: $978. IMAP’s Food & Beverage Industry Global Report -.3 million USD Thirteenth largest producer of sour cherries NA NA Wine: $83.2010: Appendix A-xix .825. mixed condiments and seasonings.75 East Asiatic: $1.047. ketchup and other sauces.2 million USD Top 3 products exported and their value 17: MOLDOVO Brief description Number of listed F&B companies Top 3 domestic companies based on revenues Top 3 products exported and their value 18: UKRAINE Brief description Number of listed F&B companies Top 3 domestic companies based on revenues (USDmn) Second largest producer of sunflower seeds 18 Sun Interbrew Ukraine: $556.4 billion USD Cheese of whole cow Milk: $1.45 million USD Grobina Fur Farm: $4.2 million USD Wheat: $351.

2010: Appendix A-xx .4 billion USD Aker Asa-A Shares: $1.1 billion USD Cheese of whole cow milk: $94. stuffed pasta.7 billion USD Soybean oil: $56. Inter alia: homogenized composite food preparations.6 million USD Butter cow milk: $124.6 billion USD Top 3 products exported and their value 23: SWEDEN Brief description Number of listed F&B companies Top 3 domestic companies based on revenues (USDmn) Fourth largest producer of oats 12 Aarhuskarlshamn Ab: $2.6 billion USD Water. All export values are based on 2007 data as published by FAO. 2 Including both crop and livestock products. financial investments.25 million USD Cheese of whole cow milk: $147. NES = not elsewhere specified. vinegar and substitutes.3 billion USD Food Prep NES2: $48. TOP 10 GROCERY MARKETS BY VALUE 2010 RANK 1 2 3 4 5 6 7 8 9 10 COUNTRY US China Japan India France Russia Brazil UK Germany Italy €(billions) 638 529 345 279 205 186 185 170 160 130 RANK 1 2 3 4 5 6 7 8 9 10 2014* COUNTRY China US India Japan Russia Brazil France UK Germany Indonesia € (billions) 761 745 448 360 322 284 228 198 168 167 Source: IGD Retail Analysis: http. ice: $5. ketchup and other sauces.6 billion USD Horses: $7.Top 3 domestic companies based on revenues (USDmn) Hkscan Oyj-A Shs: $3.9 million USD Source: Bloomberg.6 billion USD Top 3 products exported and their value 22: NORWAY Brief description Number of listed F&B companies Top 3 domestic companies based on revenues (USDmn) Eleventh largest producer of gooseberries 27 Orkla Asa1: $11.com IMAP’s Food & Beverage Industry Global Report -. whether or not cooked. soups and broths.4 million USD Top 3 products exported and their value 21: ICELAND Brief description Number of listed F&B companies Top 3 domestic companies based on revenues (USDmn) NA 3 Bakkavor Hf: $3 billion USD Grandi Hf: $172 million USD Slaturfelag Sudurlands B: $79 million USD Skin Furs: $9.8 million USD Cloetta Ab-B Shs: $152. FAO.5 billion USD Marine Harvest: $2.1 million USD Food Prep NES2: $477. *International Dollar Top 3 products exported and their value 1 Okkla Asa has not been included in the preceding list of Top 50 companies because it is a conglomerate and has diversified interests in food.oanda.//igd.com/analysis/news/index. aluminium.3 million USD Beverages/Dist Alcohol: $758. and protein concentrates.2 million USD Pastry: $299. Including turtle eggs and birds’ nests. yeast and baking powders. mixed condiments and seasonings.6 billion USD Kopparbergs Bryggeri Ab-B: $210. etc.asp?nid=6571 * 2014 is calculated using fixed exchange rates based ont he average rates of 2009 from www.4 billion USD Atria Plc: $2 billion USD Raisio Plc-V Shs: $741 Skin furs: $342. couscous.

In 2008.127 9.005 compared to 1. the US saw the highest transaction value of $7. details are available for only 342 transactions in 2009.8 percent) followed by brewers (5 percent in volume terms and 35.A.0 percent) and value (40.558 Value (USD mn) 11.526 15.1 billion USD was made by Anheuser-Busch InBev when it acquired Anheuser-Busch Cos Inc. the largest transaction of $61.145 Tables Source: Capital IQ * Only mergers and acquisitions have been considered IMAP’s Food & Beverage Industry Global Report -.5 billion USD with a total of 174 transactions.230 3. packaged foods and meats accounted for the highest in 2009 both in terms of volume (50. Among regions.991.1 percent in terms of total transaction value.1 Acquisition of Sadia S. However.6 billion USD.182 8.357 Largest in terms of value Acquisition of Sadia S.005 transactions valued at $42.8 Acquisition of By Anheuser-Busch InBev by Anheuser-Busch Cos Inc for $61.600 transactions in 2008.Appendix B: Food & Beverage Sector M&A Transactions Summary Summary of M&A Transactions* in the F&B Sector The F&B sector saw 1. the largest transaction was the acquisition of Bertin SA by JBS SA for $5. for $5.5% 2009 1.475 7.600 628 159. There has also been a major decline in the value of the largest transaction.A by BRF Foods for $5. Asia was the leader at $11.6 billion USD 39.079 4. In 2009.005 342 42.7bn In 2009.089 6. Top 5 Countries US Brazil Australia Philippines Belgium Region Asia Europe North America South America Oceania Number of Transactions 174 15 29 6 13 Number of Transactions 183 520 197 34 44 Value (USD mn) 7. The total number of transactions in 2009 was 1.7% In terms of business segments.785 6. representing a decline of 73.7 percent in value terms).A by BRF S.1 billion USD through 15 transactions.1 billion USD.027 7.2010: Appendix B-i . Brazil came in second with a value of $7.99 trillion USD in 2009. Particulars Total number of deals* Transactions with available values Total transaction value (USD mn) Largest transaction Top 5 as a % of total transaction value 2008 1.6 billion USD Acquisition of Lion Nathan Ltd by Kiran Holdings Company for USD3.05 billion USD 62.547. Number of transactions 503 51 Segment Packaged Foods and Meats Brewers Value (USD mn) 17.

4 18.095.7 15.2 1.0 Average EV/ Revenue (x) 1.6 1.2 8.2 8.2 69.6 0.8 291.2 5.8 1.2 174.9 6.4 5.9 826.4 21.0 12.078.1 11.0 67.2 4.5 9.9 7.4 33.4 4.4 0.8 47.8 84.474.1 49.5 8.2 8.5 0.5 5.3 0.4 5.7 83.7 661.2010: Appendix B-ii .3 4.5 7.6 7.0 IMAP’s Food & Beverage Industry Global Report -.7 0.4 808.2 0.6 1.046.7 435.320.5 52.9 17.2 0.8 10.2 7.8 98.6 0.0 1.3 65.4 0.8 9.1 23.3 11.088.8 14.0 13.5 8.5 247.3 48.2 0.5 2.224.8 1.7 1.8 29.6 98.7 8.2 27.0 1.7 144.4 Average EV/ EBITDA (x) 9.2 29.2 15.3 1.8 0.0 1.0 443.0 18.9 2.6 11.3 8.2 13.8 7.7 19.4 440.2 3.3 0.912.0 2.3 0.230.0 112.6 79.8 66.3 9.6 2.7 0.0 63.3 19.7 4.8 95.557.3 1.3 3.4 0.0 583.3 198.1 0.1 11.0 3.7 0.Summary of Transactions* in the F&B Sector in 2009 by Country Country United States Brazil Australia Philippines Belgium South Korea China Japan Poland Netherlands France United Kingdom Russia South Africa Spain Canada Chile Malaysia Ireland Colombia Italy Greece Singapore Cayman Islands Indonesia Norway Turkey Mexico Bulgaria Israel Egypt Ukraine Iceland Finland Hong Kong India New Zealand Zambia Germany Thailand Number of Transactions in 2009 174 15 29 6 13 6 39 14 12 13 94 93 44 11 87 18 9 15 7 2 38 7 9 1 5 10 3 3 3 3 4 28 2 5 3 20 14 1 34 5 Total Transaction Value in USD mn 7.1 318.8 26.8 6.1 135.5 8.9 Average EV/ EBIT (x) 63.4 6.6 0.6 1.6 0.2 16.8 1.3 0.0 8.

3 0.Country Portugal Vietnam Sudan Fiji Argentina Nigeria Romania Denmark Panama Nicaragua Belarus Sweden Botswana Croatia Serbia Georgia Sri Lanka Burma Switzerland Pakistan Austria Czech Republic Estonia Ghana Hungary Kazakhstan Latvia Macedonia Moldova Morocco Oman Paraguay Peru Saudi Arabia Senegal Slovenia Taiwan United Arab Emirates Total Number of Transactions in 2009 5 3 1 1 5 2 4 11 1 1 3 6 1 7 3 1 1 1 7 4 8 4 1 1 5 1 5 1 1 1 1 1 2 2 1 1 1 1 1.3 8.1 0.5 1.0 18.8 2.991 Average EV/ Revenue (x) Average EV/ EBITDA (x) - Average EV/ EBIT (x) 4.9 3.8 - 0.0 42.7 - Source: Capital IQ * Only mergers and acquisitions have been considered IMAP’s Food & Beverage Industry Global Report -.0 0.2 0.0 7.0 4.2 13.2 1.6 7.0 1.8 20.0 19.005 Total Transaction Value in USD mn 22.6 1.2010: Appendix B-iii .5 - 13.4 12.2 2.3 8.9 4.3 11.

4 19.8 15.1 Average EV/ Revenue (x) 0.991.7 12.7 9.324.8 17.6 8.5 7.5 13.2 Average EV/ EBIT (x) 30.8 0.8 2.3 42.5 13.7 748.5 0.2 10.1 9.8 1.005 Total Transaction Value in USD mn 11.7 IMAP’s Food & Beverage Industry Global Report -.1 8.005 Total Transaction Value in USD mn 17.127.1 14.2 2.0 11.8 Average EV/ EBITDA (x) 8.8 726.8 40.8 7.525.7 1.0 0.9 1.288.1 3.1 18.4 162.0 18.6 19.7 10.6 63.411.991.6 6.784.357.0 Average EV/EBIT (x) 28.3 0.759.Summary of Transactions* in the F&B Sector in 2009 by Business segments Segments Packaged Foods and Meats Brewers Food Retail Distillers and Vintners Food Distributors Agricultural Products Hypermarkets and Super Centers Soft Drinks Total Number of Transactions in 2009 503 51 162 91 25 67 16 90 1.1 Summary of Transactions* in the F&B Sector in 2009 by Region Continents Asia Europe North America South America Oceania Africa Middle East Total Number of Transactions in 2009 183 520 197 34 44 23 4 1.144.2 9.9 15.4 1.7 Average EV/ EBITDA (x) 9.6 3.1 Source: Capital IQ * Only mergers and acquisitions have been considered Average EV/ Revenue (x) 1.181.7 1.5 575.6 0.2010: Appendix B-iv .8 1.026.4 42.6 11.7 2.0 18.6 9.5 10.

no superior proposal emerging.97 15.A. Kirin Holdings Company. As of August 18. Simpson Thacher & Bartlett LLP acted as legal advisor and UBS Pactual acted as financial advisor for Perdigão S. 2009.3 billion in cash on April 23. As on April 27. approved the transaction at separate shareholder assemblies.26 Packaged Foods and Meats Brazil Transaction Comments Perdigão S. subject to no superior proposal emerging. Alastair Chapman and Timothy Lamb of Freshfields Bruckhaus Deringer LLP acted as the legal advisor and Luiz Muniz and Marcos Spieler of N M Rothschild & Sons (Brasil) Ltda. Sadia has formed a committee to evaluate terms of transaction. Lion Nathan shareholder will conduct a shareholders meeting to get a vote on the scheme on September 17. certain third party approvals.731. 2009. As of October 7. As of September 17. Paulo Cezar Aragão. Romeu Amaral of In.A. Mallesons Stephen Jaques acted as legal advisor to Lion Nathan. and Sadia S. Manoel Ferraz Whitaker Salles. J. The New Zealand Overseas Investment Office approved the transaction on July 16. (BOVESPA:BRFS3) 100.2010: Appendix B-v . Martus Antonio Rodrigues Tavares and Roberto Faldini. The association agreement will be submitted for approval by the Brazilian Antitrust authorities. an Implementation agreement was signed and Independent Board Committee of Lion Nathan unanimously recommended that Lion Nathan’s non-Kirin shareholders vote in favour of the scheme. Perdigão and Sadia announced that the controlling shareholders approved the merger process and they received the adhesion of the shareholders of Sadia representing more than 51% of Sadia’s common shares and the adhesion of the signatory shareholders of Perdigão.72 to be paid by Lion Nathan. As of June 30. A fully franked cash payment of AUD 0. received approval for the scheme of arrangement from Australian Competition & Consumer Commission. Bocater Camargo Costa e Silva Associados and Eliana Helena Ambrósio and Chimenti Nei Zelmanovits of Machado. 2009.634. The European Union approved the transaction but approval from the Brazilian Anti-Trust Commission is still pending. approved the transaction.63 18. 3. The association agreement shall be subject to adhesion by the holders of more than 51% of Sadia’s common shares. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . The deal is subject to regulatory approval and approval by Brazil’s Justice Ministry Antitrust Division.86 9. 2009.2 Kirin Holdings Company. shareholders of Perdigão S. Swaine & Moore LLP acted as legal advisors for Sadia SA. 2009. As of May 10. 2009. Limited (TSE:2503) 52.5 per share. Sendacz e Opice acted as legal advisors for Perdigão. The transaction was expected to be completed by September 2009.5 billion on May 19. As of June 29. 2009. approval by Foreign Investment Review Board.87% stake in Lion Nathan Ltd. Vergent Partners S/C Ltda acted as the financial advisor to special committee of Board of Directors of BRF .A. Caliburn Partnership acted as financial advisor to Lion Nathan. Santa Catarina.House.1392998 shares in BRF for every common and preferred minority shareholder of Sadia.A.166247 common shares of BRF for 51% of its common shares and 0. IMAP’s Food & Beverage Industry Global Report -.3 billion subject to the finalization of a satisfactory Scheme Implementation agreement. 2009.A. As of June 4. the shareholders of Lion Nathan Ltd. As of June 19.0 BRF . Kirin Holdings Company and Lion Nathan Ltd. committee shall consist of three independent executives.P. 2009.79 million shares of Lion Nathan at cash price of AUD 11. 2009. Kirin Holdings Company offered to acquire remaining 287. 2009.87% stake in Lion Nathan Ltd. Limited reached an agreement with Lion Nathan Limited to acquire the remaining 53.House.Top 20 F&B-Sector M&A transactions in 2009 No 1 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.63 12.Brasil Foods S. 2009. The execution of the association agreement was approved by the Boards of Directors of Perdigão and Sadia its terms will be submitted for the adhesion of the shareholders of Sadia and the common shareholders of Perdigão. Limited received approval of Foreign Investment Review Board. Sadia to merge into Perdigão to form a new entity Brasil Foods SA (BRF) with its headquarters in Itajai.87 3. No 2 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. 2009. Limited. (ASX: LNN) for AUD 3. 5. Sadia Shareholders were to receive 0. namely.Brasil Foods S.0 0. Luiz Antonio de Sampaio Campos and Barbara Rosenberg of Barbosa Müssnich & Aragão Advogados and David Mercado and Craig F Arcella of Cravath. (BOVESPA: PRGA3) signed an association agreement to acquire Sadia S. court approval or other consents and other customary conditions precedent concerning the scheme process. Morgan and Deutsche Bank acted as financial advisor for Kirin Holdings Company.A.Country 05/19/2009 Sadia S. The transaction was to be implemented via a scheme of arrangement and be subject to approval by shareholders of Lion Nathan. On completion of the transaction Lion Nathan was to operate as a wholly-owned subsidiary of Kirin Holdings Company. (NZSE: LNN) for AUD 3.A. New Zealand Commerce Commission.4 Brewers Australia Transaction Comments Kirin Holdings Company. Silvia Coelho of In. in stock for BRL 3. Perdigão’s shareholders were to control a stake of 68% in BRF. while Sadia’s shareholders were to hold 32%.A. John Davies. the Federal Court of Australia approved the scheme of arrangement between Lion Nathan Ltd and Kirin Holdings.Country 04/23/2009 Lion Nathan Ltd. Limited. and confirmation from an independent expert that the offer is in the best interests of Lion Nathan’s non-Kirin shareholders. The Australian Competition and Consumer Commission. Kirin Holdings Company. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Meyer.A. Blake Dawson acted as legal advisor for Kirin Holdings Company. The Board of Lion Nathan formed a special committee of independent Directors to review the proposal. Rachel Brandenburger. Limited (TSE: 2503) offered to acquire the remaining 53. acted as financial advisor for Sadia S.

Plan of reorganization was approved and confirmed in Bankruptcy Court on December 10. If Pilgrim’s terminates the deal then it is entitled to give Swift a termination fee of $45 million along with an additional $5 million as expense reimbursement. Milla Junqueiraand Laura Pei of Rothschild and Rabo Securities USA.Country Brewers Belgium 10/15/2009 Anheuser-Busch InBev. plan approval. the conditions related to the $1. shareholders will receive. The transaction was approved by the Federal Trade Commission and the antitrust division of the Department of Justice on October 14. 100. As part of the transaction. Ronald Schranz and Pam Small of Brunswick Group LLP acted as PR advisors for CVC. CVC also agreed to brew and/or distribute Stella Artois. Pilgrim. Christopher Bown.7 billion bankruptcy funding should either been satisfied or waived. one share of the new common stock. and Bankruptcy Court approval. Neville Moore. third party. Spaten and Leffe in Central European countries under license from Anheuser-Busch InBev. signed an agreement to acquire 64% stake in Pilgrim’s Pride Corporation (Pink Sheets: PGPDQ) for $800 million in cash on September 16. Barclays Capital and Lazard Ltd. Thomas Becker. 2009. with six designated by the Swift. Gideon Moore of Linklaters acted as legal advisor to several banks as financiers to CVC Capital. McGuinness of Shearman & Sterling LLP acted as legal advisor to Swift. or any other interest. LLC acted as the financial advisor and Alan G. Marie-Claire Strawbridge and Sarah Perfect of Freshfields Bruckhaus Deringer LLP acted as legal advisors for CVC. Martin Hutchings. 64 0. Russia.0 CVC Capital Partners Ltd. Eelco van der Stok. Beck’s. the completion of the transaction is subject to Hart-Scott-Rodino and other antitrust reviews. Chris Bainbridge. Lonnie A. Pilgrim employees will be retained. Harvey and W. On November 18. David Winfield. JBS USA used cash on hand to fund the $800 million purchase price. Upon the closing. Rob Crothers and Amy Mahon of Clifford Chance LLP acted as legal advisor for Anheuser-Busch InBev. 2009. Jan Hards. David Resnick. CVC will make a buyout offer for the remaining securities of Trebjesa.031. David Taylor. two designated by the equity committee. As part of the agreement. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Additionally. The enterprise value of the deal is $2. 2009. All the existing equity in Pilgrim’s will be cancelled. convertible securities or other rights. 2009.0 Transaction Comments CVC Capital Partners Ltd. Crews Lott of Baker & McKenzie LLP and Stephen A. bearing interest at 8-15% and $165 million in minority interests. CVC raised approximately $1 billion of senior debt financing from a group of international and regional banks. The initial Board of Directors will consist of nine directors. Also. Inc. which can be automatically extended by up to 2 years in the event of restructuring of the senior debt financing. the deal was approved by the European Commission. In addition to customary Chapter 11 bankruptcy proceedings.Country 09/16/2009 Pilgrim's Pride Corporation (NYSE:PPC) 2. the bankruptcy court approved a motion to further extend the period during which the debtors have the exclusive right to file a plan of reorganization. The transaction includes a 72. there will be no options. Packaged Foods and Meats United States IMAP’s Food & Beverage Industry Global Report -. Anheuser-Busch InBev will retain rights to brew and distribute Staropramen in several countries including Ukraine. The proceeds from the sale will be used to fund cash distributions to allowed claim holders under the bankruptcy plan along with the additional bankruptcy funding. and customary closing conditions. Sebastian Lawson. Lazard Frères & Co. exit financing related. Bartner and Michael J. Alastair Chapman. 2009.427 Transaction Comments JBS USA Holdings. Inc. The transaction is expected to close by January 2010. Central European Operations 3. ancillary agreements. On September 29. Matthias Koch. signed a definitive agreement to acquire Central European operations of Anheuser-Busch InBev (ENXTBR: ABI) for $2.No 3 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. As reported. No 4 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.2010: Appendix B-vi . $1. Under the agreement if Pilgrim’s receives a favorable third party offer then it must intimate Swift so that it may match the offer.0 JBS USA Holdings.8 billion including the debt figure. Marcelo Messer.62 billion will be paid in cash and $448 million will be paid as an unsecured deferred payment obligation with a six year maturity. As of November 27. assuming market value at close on October 14. warrants.d. CVC extended the offer for remaining securities of Trebjesa to December 2. for each common stock of Pilgrim’s. Inc. in the new company.869. Niksic. acted as the financial advisors and Douglas P. the US. The transaction is subject to customary conditions including regulatory approval.Hoegaarden. 2009. the deal is also subject to the execution and delivery of definitive documentation by the parties. David Aitman. Germany and the UK. Mauricio Hasson.1 billion on October 15. 2009. The existing shareholders will retain 36% stake in the new company. regulatory. The agreement also includes a contingent payment of $800 million based on CVC’s return on its initial investment. or agreements relating to the shares or obligating the reorganized company to issue or sell any shares. 2009. and the Founder Director. (NYSE: LAZ) acted as financial advisors for Anheuser-Busch InBev. Löwenbräu. Youngman of Weil Gotshal & Manges LLP acted as legal advisor to Pilgrim’s Pride.69% stake in Trebjesa a. The agreement will be terminated if Pilgrim’s accepts a superior proposal. Under the terms of the agreement. 2009. Daniel Lawrence. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Anheuser-Busch InBev will have a right of first offer to reacquire the business should CVC decide to sell it in future.

(NYSE: JPM) and Lazard Ltd. Nadine Rockman. In the event of termination of the transaction termination fee of AUD 16 million is payable. Robert Tang and Shona Seaton of Freehills acted legal advisors for Viterra. The transaction is subject to customary approvals under Korean law and to other customary closing conditions and is expected to close by the third quarter of 2009. 1. or maximum scrip alternative. The deal is a positive for Oriental Brewery. The maximum cash election will be 75% of the consideration paid or AUD 1. Natixis and Nomura in the transaction. Australian Foreign Investment Review Board approved the transaction. Inc. Ltd. listing approval of new Viterra shares and shareholder approval. ING Bank.9062 Viterra shares per ABB share plus the AUD 0. Anthony O’Brien. Sean Vanderpol.41 special dividend. who are expected to join Viterra’s expanded Board of Directors. will raise AUD 508. Calyon. Inc. JPMorgan Chase & Co. Viterra will invite 4 of ABB Grain current Directors. As of July 7. HSBC.13 billion or maximum scrip elections will be scaled down to minimum scrip of 0. 1. which will be the worldwide headquarters of its malt business. The Australian. Ltd. The proceeds will be used to pay off the loans that funded InBev’s takeover of Anheuser-Busch in November 2008. (NYSE: GS). Standard Chartered. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters .47 Food Distributors Australia Viterra. Graham Erion. Inc. 2009 Affinity Equity Partners joined as a buyer in the acquisition of Oriental Brewery bringing in $400 million as investment.685. regulatory and shareholders consents on September 10.9062 Viterra share for one ABB Grain share or AUD 4.26 per ABB share. ING Groep NV (ENXTAM: INGA) and Nomura Holdings Inc.0 0.41 special dividend. Nicola Yeomans Anna Southworth. Alison Harnick. Citigroup Global Markets Asia Limited acted as financial advisor to Affinity Equity Partners.70 in cash plus the AUD 0. from Anheuser-Busch InBev (ENXTBR: ABI) for $1. Patricia Openshaw. The conversion was made through www.2266 Viterra shares. oanda. Tim Bowleyand Jim Hunwick of Johnson Winter & Slattery acted as legal advisor for ABB Grain Ltd. Standard Chartered.4531 Viterra share. if ABB shareholders in aggregate request more scrip than the available scrip pool of 78 million Viterra shares. Patrice Walch-Watson. TSX and ASX in respect of the issue of new shares under the scheme by Viterra.8 billion on May 7. ING Bank. Adam Armstrong. (TSX:VT) 100 0. Jamie Scarlett. Jamie Nagy of Genuity Capital Markets acted as financial advisor for Viterra.7 per share or 0. along with Affinity Equity Partners signed an agreement to acquire Oriental Brewery Co. Calyon.35. ABB shareholders may either choose a default alternative of AUD 9.0 Affinity Equity Partners.5 Viterra.5 billion in cash or stock on May 19. On September 9. Tom Zverina. 2009. the New Zealand Overseas Investment Office. 2009.Country . Bae Kim & Lee and Simpson Thacher & Bartlett LLP acted as legal advisors to Kohlberg Kravis Roberts & Co.11 per ABB share. Steven DeGracia and Juliet Taylor acted as the legal advisors for JPMorgan Chase. Dongho Lee. On June 24. Alethea Au. Natixis and Nomura. (ASX: ABB) for AUD 1. if ABB shareholders in aggregate request more cash than the available cash pool of AUD 1. Simon Romano.P. The impact of recurring results on AB InBev will be immaterial and is expected to have a non-recurring capital gain of approximately $500 million. HSBC. (NYSE: LAZ) acted as financial advisors to Anheuser-Busch InBev.35 in cash and 0. but not the obligation.. Susan Thomson and Brian Hansen of Stikeman Elliott LLP acted as legal advisors for ABB Grain Ltd. Deutsche Bank AG (DB: DBK). consisting of 0. consisting of AUD 4. Andrew Prodanyk. Andrew Bozzato. (TSE: 8604) acted as financial advisors to Kohlberg Kravis Roberts & Co. After the second court date. 2009.13 billion and the maximum share election will be 50% of the consideration or 78. (TSX: VT) signed an implementation agreement to acquire ABB Grain Ltd. Nina Mansoori. provided debt financing split into $700m of senior debt and around $100m of mezzanine debt.3 million shares of Viterra. The transaction was unanimously approved by the Board of Viterra and ABB Grain and is subject to a number of customary closing conditions including receipt of regulatory approval.800. 2009. AnheuserBusch InBev will have the right. Inc. the transaction received approval of the shareholders of ABB Grain. 2009.41 special dividend. or the maximum cash alternative of AUD 9. including a member as the Deputy Chairman. court approval. Viterra Inc. The transaction got the approval from the federal court and all other necessary legal. Inc. Kohlberg Kravis Roberts & Co. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Morgan acted as financial advisor for ABB Grain Ltd. consisting of AUD 8. Kim & Chang and Sullivan & Cromwell LLP acted as legal advisors to Anheuser-Busch InBev. Transaction Comments 05/19/2009 ABB Grain Ltd.Country 05/07/2009 Oriental Brewery Co. The Australian Competition and Consumer Commission approved the deal. 2009.002 Transaction Comments Kohlberg Kravis Roberts & Co. Corrado Cardarelli and Andrew Beck of Torys LLP and Philippa Stone. John Keeves.4531Viterra shares and maximum cash of AUD 4. The scrip component will be in the form of CHESS Depository Interests to be listed on the Australian Securities Exchange and will represent an equal interest in Viterra shares and will be exchangeable into TSX-listed Viterra shares on a one for one basis. The maximum cash elections will be scaled down to minimum cash of AUD 6.2010: Appendix B-vii Brewers South Korea No 6 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.35 per share in cash and 0.53 and maximum scrip of 0. to reacquire Oriental Brewery within five years after closing the transaction at pre-determined financial terms. KKR has obtained the committed financing for the purchase. Trish Finkelstein.832 15.4531 Viterra shares plus the AUD 0. Goldman Sachs Group Inc. IMAP’s Food & Beverage Industry Global Report -. Brett King. InBev also negotiated for a small earn-out dependent on the business achieving certain performance objectives in the future. including Australian Foreign Investment Review Board. Aaron Kenavan of J. HSBC Holdings plc (LSE: HSBA). New Zealand and South East Asian operations of the new company will be based in Adelaide.77 million (CAD 450 million) in equity through a bought deal subscription receipt offering and a portion of the proceeds may be used for the acquisition of ABB Grain.com as on May 19.. The shareholders have an election to elect to take cash at AUD 8. Rob Rorrison of Macquarie Capital Advisers acted as financial advisor for Viterra. 100. Anheuser-Busch provided $300 million in vendor financing and a consortium of lenders comprising JPMorgan Chase.No 5 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.35 20.

In a related transaction.84 per share. Kaushik of Kirkland & Ellis LLP acted as legal counsel and UBS AG acted as financial advisor to Birds Eye Foods.3 billion in cash on November 27.1 million shares acquired. Inc. Pinnacle Foods announced a private offering of $300 million senior unsecured notes.95 8. Citicorp Capital Philippines. Richard Order.41 Packaged Food United States Transaction Comments Pinnacle Foods Finance LLC signed a definitive agreement to acquire Birds Eye Foods. Limited (TSE: 2503) agreed to acquire a 43.No 7 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Vestar Capital Partners and Birds Eye management for $670 million in cash on November 18. The deal is subject to customary conditions. BofA Merrill Lynch.1 Top Frontier Investment Holdings Inc.’s interest in Iconic Beverages. The transaction will reduce leverage multiples at Pinnacle Foods. Debt financing in support of the acquisition will be comprised of senior secured credit facilities and senior unsecured bonds. Pinnacle Foods expects to fund the transaction using a combination of new debt financing and a significant new equity contribution from The Blackstone Group. The consideration for the transaction will be financed partially from the proceeds raised from the sale of shares in San Miguel Corp. As a result of this transaction. Inc. Blackstone Advisory Partners LP. The offer per share is PHP 75 for 857.222.4 Kirin Holdings Company. As of December 17. The closing of the transaction is expected to occur no later than the first quarter of 2010. acquired 28% stake in San Miguel Corp. HSBC.5 Pinnacle Foods Finance LLC 100 1.Country 11/27/2009 San Miguel Corp. 28 1. The proceeds from the sale will be used to pay down debts and fund new acquisitions. resolutions by Birds Eye Foods and Pinnacle Foods Board of Directors.2010: Appendix B-viii .67 7.Country 2/20/2009 San Miguel Brewery. The deal is subject to completion of tender offer and the transfer of San Miguel Corp. On December 8.98 11. and Credit Suisse acted as financial advisors for Pinnacle Foods. Limited (TSE:2503) 43. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters .25 2. The acquisition was funded through a combination of equity and foreign borrowings. Inc. 2009. the proceeds of which will be used to purchase Birds Eye Foods. a planned public offering of Birds Eye Foods stock will be withdrawn. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . 2009. Janet Wong. Billy Goquingco and Michelle Cubos of ABN AMRO Bank (Philippines) Inc. (PSE: SMCB) for PHP 58. including regulatory approvals. Credit Suisse. The financing of $895 million of senior secured credit facilities to pay the consideration will be provided by Barclays Capital. Barclays Capital. from Pro Fac Cooperative Inc. No 8 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. (PSE:SMCB) 1.363. acted as the financial advisor to San Miguel Corp. 1.17 7. to repay existing indebtedness of Birds Eye and to pay related fees and expenses.84 per share.95 8. the deal has been approved by Hart-Scott-Rodino Act.33 Brewers Philippines Transaction Comments Kirin Holdings Company. IMAP’s Food & Beverage Industry Global Report -.9 billion in cash on February 20. Inc. Michael Movsovich and Srinivas S. No 9 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. (PSE:SMB) 1. Kirin Holdings will acquire 6. The transaction is expected to close before May 2009. Judith Lee. 2009.75% stake in San Miguel Brewery at PHP 8. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Centerview Partners and JP Morgan acted as financial advisor for Birds Eye Foods. Inc. and Royal bank of Scotland and Standard Chartered PLC acted as financial advisors to San Miguel Corp. and Macquarie Capital. (PSE: SMCB) from San Miguel Retirement Fund for PHP 64. Daniel Clivner of Simpson Thacher & Bartlett LLP acted as legal counsel to Pinnacle Foods. Anna Lui. to San Miguel Brewery.7 billion shares in San Miguel Brewery for PHP 8.Country 11/18/2009 Birds Eye Foods. 2009. anti trust approval.56 9. Blackstone committed to provide to Pinnacle up to $350 million in equity financing. BofA Merrill Lynch.. Inc.478. 2009.33 Brewers Philippines Transaction Comments Top Frontier Investment Holdings Inc. Vijay karwal. (PSE: SMB) from San Miguel Corp.25% stake in San Miguel Brewery. Kirin Holdings Company will launch a tender offer to acquire additional 5. The number of directors which San Miguel Corp and Kirin Holdings can elect to the San Miguel Brewery Board of Directors will be proportionate to their shareholdings in San Miguel Brewery.

Studnicki Pleszka Cwiakalski Górski LLP. Piotr Sitarski and Roman Tarlavski of CMS Cameron McKenna acted as legal advisor for Kulczyk Holding S. 2009.A. Heleen Kersten. of KPMG Corporate Finance LLC acted as financial advisor and provided financial due diligence and NIBC Bank acted as financial advisor to Super de Boer NV. Guillaume Jeantet and Gilles Latouche of The Royal Bank of Scotland Plc acted as the financial advisors and Bertrand Cardi and Pieter Riemer of Linklaters. Egbert Vroom and Maarten de Bruin of Stibbe acted as legal advisors for Super de Boer NV.7 41. 2009.1% stake in Kompania Piwowarska S. SABMiller will own 100% of Kompania Piwowarska and Kulczyk Holding will hold approximately 3. Daniusz Rodak.oanda.1 Transaction Comments SABMiller plc (LSE: SAB) agreed to acquire the remaining 28.8% of the issued share capital of SABMiller. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Nicolas de Canecaude. Seara Alimentos generates annual revenues of $1.com as of September 12. Jan Louis Burggraaf. NautaDutilh N. Quore Capital acted as financial advisor.A of BRL 1. made an offer to acquire Super de Boer NV (ENXTAM: SDB) from Casino Guichard Perrachon & Cie SA (ENXTPA: CO) and other shareholders for approximately €500 million on September 18. Steve Mack. deal was approved by majority of Super de Boer shareholders.21 Food Retail Netherlands Transaction Comments Jumbo Supermarkten B. Alexander Sprengers. A.82.001. No 11 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.Country Brewers Poland 5/13/2009 Kompania Piwowarska S. Casino Guichard-Perrachon S. The transaction is subject to approval of Super de Boer shareholders. The transaction was approved by the Dutch Competition Authority. Marfrig secured a long term credit reserve with Bank Bradesco S. The offer per share is €4. Following completion of the transaction. The conversions were made through www. Friel of Latham & Watkins LLP acted as legal advisors and Tom Willet. Hristo Hadjinikolov. The purchase price consists of $706. The transaction is subject to admission to listing of the SABMiller shares. agreed to vote in favor of the proposals to approve the transaction and its completion.8 million in debt and is subject to adjustment in the due diligence process. 2009. The financing of the acquisition may involve a common stock offering by Marfrig through primary issuance of shares.V. The offer per share is €4.A. The transaction is expected to close by December 18. Andre Veiga. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters .8 SABMiller plc (LSE:SAB) 28. Pauline Timmers. On December 18.7 billion. from Cargill. Victor de Seriere. Robert Kelder.V. SABMiller will acquire Kompania Piwowarska in exchange for 60 million new SABMiller shares.Country Packaged Foods and Meats Brazil IMAP’s Food & Beverage Industry Global Report -. 2009. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . 2009. Karolina Siedlik. Anthony Williams. Olaf van der Donk. Nicola Lloyd.V. for £735 million in stock on May 13.9 Jumbo Supermarkten B. Lovells LLP and Daniel J.Country 09/18/2009 Super de Boer NV (ENXTAM:SDB) 1. 1. Fabrice Martineau and Brice Lemonnier of Rothschild & Cie Banque and Sander Griffejoen. Transaction Comments 09/14/2009 Seara Alimentos S. As of December 8.59 million). 2009 the European Commission approved the transaction. Karolina Minczuk. for $900 million on September 14. 100 0. 2009. The deal is subject to approval by applicable regulatory agencies in Brazil and abroad and any other legally required acts. Gerbrand Visser of Allen & Overy acted as the legal advisor to Cargill. Japan and Singapore. Dennis van Zijl. Lazard acted as financial advisor and David Day. No 12 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. made a revised offer to acquire Super de Boer NV from Casino Guichard Perrachon & Cie SA and other shareholders for approximately €580 million on October 19. Ian Bonnor-Moris. Gregoire Chertok. 2009 and November 10. Arjan Minnigh. Karine Kodde. acted as legal advisors for Casino Guichard Perrachon & Cie SA. Inc.0 Marfrig Alimentos SA (BOVESPA:MRFG3) 100 0. Jumbo Supermarkten B.2 million in cash with the assumption of $193. To assure settlement of these operations. Antony Slotboom. 2009. Banco Bradesco De Investimento Sa and Credit Suisse Group acted as financial advisor to Marfrig Alimentos. Eric Altmann. The transaction is expected to be completed in the fourth quarter of 2009. Philippe More.A.388 15.No 10 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Terry Huffine and Natalia Plamadeala of RBS acted as the financial advisors to SABMiller. Patrick De Graaf and Ewald Van Hamersveld. A. The transaction also includes Seara’s brand and its domestic trading and distribution operations in the United Kingdom. Raymond de Esch. Under the terms of the agreement.529 Marfrig Alimentos SA (BOVESPA: MRFG3) signed a binding agreement to acquire Seara Alimentos S. The transaction is supported by the Board of Management and the members of the Supervisory Board of Super de Boer.A. Angela Clump.2. Casino Guichard will support the offer if Super de Boer’s management and supervisory board approve it. approval of the Netherlands Competition Authority and customary conditions and procedures.3 billion ($718. Kees Schillemans. Marianne Drijgers and Gijs Linse of Allen & Overy Amsterdam acted as legal advisors to Jumbo Supermarkten. from Kulczyk Holding S.V.A.2010: Appendix B-ix .115. 900. The transaction is expected to have no material impact on earnings per share of SABMiller on a pro forma basis in the current financial year. Farid Bakri.

91 1. No 15 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.. Patricia P. Anheuser-Busch will maintain a 7% stake in Tsingtao. The proceeds of this transaction would be used by Kirin Holdings as a part of consideration for acquisition of San Miguel Brewery. Inc. Asahi Breweries will acquire 261. The price payable would be PHP 63 per share.61 Brewers China Transaction Comments Asahi Breweries Ltd. 2009.41 12. Limited (TSE: 2503) for PHP 39. The consideration amount would be raised through borrowings and equity. Under the agreement. BNP Paribas and ING acted as financial advisor and Robert Ashworth and Teresa Ko of Freshfields Bruckhaus Deringer LLP acted as legal advisors to Anheuser-Busch Companies Inc. signed a share sale agreement to acquire 19.0 Asahi Breweries Ltd. acted as financial advisor to Asahi Breweries.6 million H shares of Tsingtao Brewery. The transaction is expected to be completed by April. (PSE: SMCB) for PHP 32 billion on January 27. San Miguel Brewery.. (PSE: SMB) agreed to acquire Iconic Beverages. agreed to acquire Brewery Properties.6 billion on February 20. No 14 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. IMAP’s Food & Beverage Industry Global Report -.3 San Miguel Brewery. (PSE:SMB) 100 Transaction Comments San Miguel Brewery. Lazard Ltd. (PSE: SMCB) from Kirin Holdings Company.No 13 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. In related transactions. Inc. The proceeds will be used to pay down debts and fund acquisitions. The proceeds from the deal will be used to repay debt taken for Anheuser acquisition.52 Brewers Philippines Transaction Comments Q-Tech Alliance Holdings. The transaction was approved by the Board of San Miguel Corp. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Ltd. 2009. (TSE:2502) 19. 679.Country 01/23/2009 Tsingtao Brewery Co. from San Miguel Corp.99 1. for PHP 6. Mori Hamada & Matsumoto Law acted as legal advisor to Asahi Breweries Ltd. The deal will be partly financed from the proceeds of private placement. Erica Chiu. such as the Ministry of Commerce. Inc. Inc.79 18. The transaction is expected to be completed by March 2009.. and is subject to approvals from the appropriate regulatory authorities. (NYSE: LAZ). Ltd. Inc.7 Q-Tech Alliance Holdings. Ltd. 2009. from San Miguel Corp. 2009. San Miguel Brewery will issue bonds of up to PHP 38. Inc. 19.. Inc. FortmanCline acted as the financial advisor for San Miguel Corp and UBS acted as the financial advisor for San Miguel Brewery. Inc.99% stake in Tsingtao Brewery Co.Country 02/20/2009 San Miguel Corp.2010: Appendix B-x . Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Nomura Securities Co.Country Brewers Philippines 01/27/2009 Iconic Beverages. (SEHK: 168) from Anheuser-Busch Companies Inc. Ltd. Inc. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . (SEHK:168) 667. (TSE: 2502) signed an agreement to acquire a 19. The transaction is expected to be completed by the end of May 2009.8 billion to fund the acquisition.5 14.8 billion and SMB Retirement Plan agreed to acquire lands used in the beer operations from San Miguel Corp for PHP 239 million. Patrick Wong of Mayer Brown LLP acted as legal advisors to Tsingtao Brewery Co.91% stake in San Miguel Corp. The transaction will be funded through cash on hand and new bank borrowings and is subject to obtaining the relevant approvals from the Chinese government. (PSE:SMCB) 821. Jeckle Chiu. for approximately $670 million on January 23.18 8.

Rufus Pichler.2 million shares were acquired at ZAR 82 per share. On October 29. Transaction Comments 04/08/2009 Austin. L. Bird. Gary M. Inc. All four asset Presidents and the Chief Financial Officer will continue in their current roles. 2009. Kubek.42 million) and a fully underwritten equity raise involving an institutional placement of AUD 100 million and a nine-for-ten entitlement offer of AUD 489 million underwritten by Credit Suisse (Australia) Limited.Country Distillers and Vintners United States No 18 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Nichols Distilling Co. and no events resulting in termination of the equity underwriting agreement. The transaction will be financed through a credit line for a total value of €550 million.. Rand Merchant Bank. UMH listed revenue of AUD 108 million and EBITDA of AUD 64 million and in 2007 it reported AUD 817 million under revenue and AUD 64 million as EBITDA. Matteo Schintu. Nathan Sabri. CHAMP II Fund.P.com as of October 4. Gary W. Nichols Distilling Co. 2009. along with American Honey liqueur. Managing Director of GrainCorp. PricewaterhouseCoopers (Sydney) acted as auditor for GrainCorp. UMH head Jim Anderson will continue in his current role. LLP acted as legal advisor to Gruppo Campari SpA. Morgan acted as financial advisors for Pernod-Ricard SA. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . 2009. Tongaat Hulett’s 51. UBS Investment Bank acted as financial advisor to Anglo American plc. The transaction includes the Wild Turkey brands. initially signed by the Bank of America. (ASX:GNC) 100 0. The conversions were made through www.6 Packaged Foods and Meats South Africa 08/13/2009 Tongaat Hulett Limited (JSE:TON) 522. Elizabeth Pagel Serebransky.4 Transaction Comments Qualifying institutional investors acquired 49. 2009. distillery facilities in Kentucky and related assets. Paul S. CHAMP Ventures Pty Ltd. Eva Meeuwis.. IMAP’s Food & Beverage Industry Global Report -. The acquisition is being funded through a combination of a debt facility of $200 million (AUD 231. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters .131 million and EBITDA of AUD 133 million on June 30.98 8. Thierry Dormeuil and Bjorn de Carro of BNP Paribas and Séverin Brizay and Camillo Greco of J. Herman Wamelink. Credit Suisse Holdings (Australia) Limited acted as the financial advisor and Gilbert + Tobin acted as the legal advisor to GrainCorp. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . reporting to Mark Irwin. Merrill Lynch & Co. Caroline Iyer and Jonathan Bradfield of RBS Asia Corporate Finance Limited acted as joint financial advisor for Castle Harlan. Joost Rompen.6 GrainCorp. Inc.P.2010: Appendix B-xi . Stauder.No 16 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Rosemary Tariton. Sean Kass. BNP Paribas. The transaction is subject to antitrust and regulatory approvals and is expected to close by June 30. Inc. all material elements of the UMH business will continue to operate substantially in the same manner and will be led by a management team comprising executives from each of GrainCorp and UMH. Francesco Guelfi. Under the deal.2 billion on August 13. CHAMP Private Equity and CHAMP Ventures Pty Ltd.669 5. Oliver A.oanda. Elizabeth Leckie.59 1.Country 10/05/2009 United Malt Holdings. CHAMP Private Equity. Derek Boswell. LP 662. LLP acted as the legal advisor for Pernod-Ricard SA.. LP (UMH) from Castle Harlan. for AUD 757 million ($655 million) on October 5.59% stake in Tongaat Hulett Limited (JSE: TON) from Anglo American plc (LSE: AAL) for ZAR 4. 575. In 2008. William Taratino and Gavin Grover of Morrison & Foerster. acted as financial advisor and Peter Romo. Morgan Hill. Stuart Hammer. Inc. 2009.0 Gruppo Campari SpA 100 Gruppo Campari SpA signed a definitive agreement to acquire Austin. Richard Fleck and Alex Kay of Herbert Smith along with Gleiss Lutz and Stibbe acted as legal advisor to GrainCorp. Friedman. 2009.69 Transaction Comments GrainCorp (ASX: GNC) agreed to acquire United Malt Holdings. Nick Rowe. Livia Talenti and Zorka Milin of Allen & Overy LLP acted as legal advisor for Gruppo Campari SpA on the financing of the acquisition. no material adverse effect on UMH’s business. together with aged bulk bourbon inventory. Calyon and Intesa Sanpaolo.. Olah and Dagmar Tricot of Debevoise & Plimpton. Stefan P. The deal is subject to relevant regulatory approvals. Ltd. from Pernod-Ricard SA (ENXTPA: RI) for $575 million in cash on April 8. 2009. The deal is expected to close by end of November 2009. Inc. Melody Torbati. Irwin. Peter J. Craig Etlin. UMH reported revenue of AUD 1. and Castle Harlan Partners IV. International plc and UBS Limited acted as bookrunners for Anglo American plc. Stefano Sennhauser. Mike Frank. Stefano Dettoni. Agricultural Products United States No 17 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.Country 49. Morgan Stanley & Co. the transaction was granted early clearance of antitrust concerns under the HSR act. Caylon acted as financial advisor to Campari and provided fairness opinion to its Board.7 6.

A. IMAP’s Food & Beverage Industry Global Report -. 464. Ltd. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Cosan will also acquire an 8% stake in Terminal Exportador de Álcool de Santos S.A. Credit Suisse acted as the financial advisor to Cosan. Kenneth Lebrun of Shearman & Sterling LLP acted as legal advisor to Sumie Ishiharazaka. Packaged Foods and Meats Brazil No 20 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. A. Tender period is from August 18.2010: Appendix B-xii . Banco Itau Holding Financeira S. Tender is subject to minimum tender of 8. A. HIMAWARI Co Ltd offered ¥3750 per share for 11.Country 08/14/2009 Ozeki Co.89% of COSAN’s capital stock.7 HIMAWARI Co Ltd 94.45 5. City-Yuwa Partners acted as legal advisor for Ozeki Co.7 million shares of Ozeki Co. and the assumption of Nova América’s debt.Country 03/12/2009 Cosan Alimentos S. made an offer to acquire Ozeki Co. Agroenergia from Rezende Barbosa S/a Administracao E Participacoes for approximately BRL 430 million on March 12. acted as the financial advisor to Rezende Barbosa. The consideration includes an issuance of approximately 40 million Cosan shares.85 0. 2009. In a related transaction.A .5 Cosan S. On the completion of the deal. Rezende Barbosa will hold approximately 11% stake in Cosan S.A. 2009. are effectively received. Historial rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters . Ltd. A. 518.33 million shares. Indústria e Comércio (BOVESPA:CSAN3) 100. Banco Morgan Stanley S.0 1.9 billion on August 14.No 19 Announced Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Rezende Barbosa will then have a right to a representative on the Board of Directors of Cosan. In the event that certain receivables of Nova America. acted as the financial advisor for Cosan S. in the amount of BRL 125 million. Ltd. Indústria e Comércio (BOVESPA: CSAN3) signed a memorandum of understanding to acquire Nova América S. from Rezende Barbosa S/a. Indústria e Comércio. (TSE: 7617) for ¥43. Rezende Barbosa will be entitled to additional shares representing 0. 2009 to October 1.12 Transaction Comments Cosan S.A. Ltd. Indústria e Comércio. A.25 Food Retail Japan Transaction Comments HIMAWARI Co Ltd. Kenneth Lebrun of Shearman & Sterling LLP acted as the legal advisor for HIMAWARI Co Ltd. 2009.74 6.13 9.

Slate. HIMAWARI Co Ltd offered ¥3750 per share for 11. Alpro will continue to operate as a separate company. (NYSE: DF) signed an agreement to acquire Alpro NV from Vandemoortele N. Ltd. The deal is subject to customary works council procedures and customary closing conditions.3 million shares accounting for 3. Ltd. The deal is expected to be completed in the third quarter of 2009 and expected to be modestly accretive to 2009 earnings. Rudy Nauwelaerts of Stibbe acted as legal advisor to Vandemoortele NV. Kenneth Lebrun of Shearman & Sterling LLP acted as legal advisor to Sumie Ishiharazaka. Tender is subject to minimum tender of 8. Krist Lust and An Vanden Eynde of The Royal Bank of Scotland Plc acted as financial advisors to Vandemoortele N. Arcano. Ltd. David Pavlosek. 464.V.45 5. Grumberg and John Adebiyi of Skadden. 2009 to October 1. Pierre-Arnaud Conchon and Seela Apaya-Gadabaya in Paris and Laurent Dubois and Benoît Marpeau in Tokyo of Cotty Vivant Marchisio & Lauzeral acted as the legal advisors for Kirin.8 Distillers and Vintners France Transaction Comments Société Paul Ricard agreed to acquire an additional 3. excluding transaction-related costs. Packaged Foods and Meats Belgium No 3 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. L. Jean-Baptiste Marcais. Société Paul Ricard will increase its stake from 12. Stephen F.74% of the capital and 3. Tender period is from August 18. 2009. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country 6/15/2009 Alpro NV 448.8 Société Paul Ricard 3.P.V.1 Dean Foods Co. For 2008.Top 10 F&B-Sector M&A transactions in 2009 with value of $500 million USD or more No 1 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Michael Gottschalk.5 billion five year senior secured revolving credit facility.43% to 16. Eric Toulemonde and Zineb Abbad El Andaloussi of Rothschild Inc.37% of the voting rights of Pernod Ricard.33 million shares. for approximately €330 million on June 15. Wim Goossens. The completion of this sale will take place at the close of the subscription period of the share capital increase and preferential subscription rights’ offering and is expected to close by June 2009.7 million shares of Ozeki Co.06 11. Meagher & Flom.L. Bernard Deryckere.9 billion on August 14. Aamir Shibli. Ltd. Frank Demoen. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country 8/14/2009 Ozeki Co.74 3. This stake consists of 8. acted as the financial advisor for Dean Foods Co. partner. Kenneth Lebrun of Shearman & Sterling LLP acted as the legal advisor for HIMAWARI Co Ltd. Ellie Williams. 2009. IMAP’s Food & Beverage Industry Global Report -. Jean-Francois Limpers.85 0. acted as legal advisors and Nicholas Barnes.V. Alpro had net sales of €260 million. No 2 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Dean Foods intends to finance the purchase price with funds from its existing $1. Thierry Latran. Banque Degroof. Armand W. Nicolas Ecot.83 12. As a result of the deal. (TSE: 7617) for ¥43.25 Food Retail Japan Transaction Comments HIMAWARI Co Ltd. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country 4/10/2009 Pernod-Ricard SA (ENXTPA:RI) 442.7 HIMAWARI Co Ltd 94. 2009. on April 10. City-Yuwa Partners acted as legal advisor for Ozeki Co. Michael Collinson. Paula Gierczynski.2010: Appendix B-xiii .17% in PernodRicard SA.74% stake in Pernod-Ricard SA (ENXTPA: RI) from Kirin International Finance Netherlands B. Guillaume Touttée.74 6. 2009. (NYSE:DF) 100 1. Gabriel Englebert. Chief Executive Officer of Alpro will report to Joe Scalzo. Arps. KBC Securities NV and ING Groep NV (ENXTAM: INGA) acted as financial advisors for Alpro NV. Partner. made an offer to acquire Ozeki Co. Chief Executive Officer and President of Dean Foods’ WhiteWaveMorningstar division.25 Transaction Comments Dean Foods Co. assisted by Julien Carrascosa and Corentin Coatalem of De Pardieu Brocas Maffei acted as the legal advisors for Ricard family. Tristan de Silguy.

Michael K.V.P. 2009.42 Hypermarkets and Super Centers Chile Transaction Comments Inversiones Australes Tres Limitada made an offer to acquire an additional 41. The transaction is subject to regulatory approval and is expected to close by the end of February 2009. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country 1/12/2009 Constellation Brands Inc.2 Sazerac Company. S. Dairy Farmers of America.P.48 for each ADS of Distribucion y Servicio.65 Transaction Comments Sazerac Company. approximately 40. The terms for this offer are at the same price as offered in the initial tender offer.0 Grupo Lala.2010: Appendix B-xiv . De C. S.26 1. De C.03 13. National Dairy Holdings had revenues of $1.V. Inversiones Australes offered $0.P. De C. 2009. Distillers and Vintners United States IMAP’s Food & Beverage Industry Global Report -.V.6 billion and EBITDA of $38 million. No jobs were lost in the transaction. Inc.1% of the outstanding shares of common stock of D Distribucion y Servicio are beneficially owned by Felipe and Nicolás Ibáñez Scott.5 million in cash and $60 million will be financed by Constellation in medium term financing at market interest rates. will operate as a wholly-owned subsidiary of Grupo Lala. National Dairy Holdings.P. The existing management team will continue to lead day-to-day operations. Value Spirits Brands of Constellation which are being sold reported revenues of $200 million in 2008.1 billion on February 23.A. (NYSE: STZ) for approximately $330 million in cash on January 12. from Dairy Farmers of America. No 6 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm.No 4 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. (SNSE: D&S) from Felipe and Nicolás Ibáñez Scott and other shareholders for $1. Morgan Securities Inc. 2009. Inc. S.5% stake in National Dairy Holdings. Michael Gottschalk.A. plans to use proceeds from the sale to pay down debt and invest in new projects. Inc. L. (SNSE:D&S) 432.A. L. 100 Transaction Comments Grupo Lala. entered into an agreement to acquire Value Spirits Brands from Constellation Brands Inc. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country Packaged Foods and Meats United States 5/8/2009 National Dairy Holdings. Sazerac Company will pay $274. sold its 87. The purchase price is subject to closing adjustments. De C. Grupo Lala. and other investors for approximately $440 million on May 8. Eugenio Torres. Dairy Farmers of America. plans no changes to National Dairy’s operations. Inc. Inc. No 5 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. J. LP 435.V. acted as the financial advisor for Constellation Brands.72 19. Rachel Horovitz and Patricia Piotrowicz of N M Rothschild & Sons Limited acted as the financial advisors to Grupo Lala.A.A. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country 2/23/2009 Distribucion y Servicio S.. Constellation Brands expects the transaction to be neutral to ongoing reported basis and comparable basis diluted earnings per share for fiscal 2009 and fiscal 2010.A.71% stake in Distribucion y Servicio S. David Cohen-Mintz. Inc. acquired National Dairy Holdings. Sheff and Dale Sands of SunTrust Robinson Humphrey acted as financial advisors to Dairy Farmers of America.6 Inversiones Australes Tres Limitada 16. Cooley Godward Kronish LLP acted as the legal advisor to Sazerac.408 for every share of common stock and $24. Value Spirits Brands 330. S. 100 1. L. In addition.

No changes to the Board are anticipated. This team will include Kenny Neison. Robert Hill. No 8 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Ireland. Katie Smith. Consolidated Pastoral Company reported net loss of AUD 20 million and total debts of AUD 684 million. The consideration includes £153 million payable on completion and a further £27 million payable on first anniversary of completion. C&C Group will pay a termination fee of £4. Chief Executive Officer of Terra Firma will become the Limited Chairman. Lazard & Co.5 million to InBev UK Limited. The remaining 10% will continue to be owned Consolidated Pastoral by Consolidated Pastoral Company’s Chief Executive Officer. A dedicated integration team comprising members of the C&C Group’s operational management is currently being established and will be in place upon completion of the deal. Robert Plowman. The deal may be terminated if the resolution approving the deal is not passed within six weeks of the date of the agreement. 2008. Annabelle Judd. Mark Kenny and Jonathan Neilan of K Capital Source. John Davies. Larissa Howard. Gareth Camp. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country 8/27/2009 InBev UK Limited. David Pollard. Sundeep Kapila. revenues of £291. Mark Boulos. 2009. The deal will be financed from a combination of C&C Group’s own cash resources and existing bank facilities. Robert Ballantyne and Shan Shan Willenbrock of Cardew Group. Jonathan Dale. June 30. Abhishek Wahi of N M Rothschild & Sons Limited and Hugh McCutcheon and John Frain of Davy acted as financial advisors. shareholders also approved the transaction. Nick Squire. parent of InBev UK Limited. from Consolidated Press Holdings Limited for AUD 425 million on March 12. the acquired businesses will be managed by the current executive Directors of C&C Group. Avril Martindale. Ken Warriner. along with other individuals. the Wellpark Brewery in Glasgow and trade loans made to customers of the business. Mark Rawlinson. For the year ended Company Pty Ltd. 274.5 C&C Group (ISE:GCC) 100 0. The deal will be earnings accretive on a pro forma basis.618 8. Richard Evans.9 million in 2008. The consideration is subject to an adjustment for working capital. Suvinder Seikham and Patrick Voisey of Freshfields Bruckhaus Deringer LLP acted as legal advisors to Anheuser-Busch InBev. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country Packaged Foods and Meats Australia 3/12/2009 Transaction Comments Terra Firma Capital Partners Limited acquired 90% stake in Consolidated Pastoral Company Pty Ltd. employee consultation and clearance by the Irish Competition Authority and has been unanimously approved by C&C Board. Jill Delaney. Thomas Janssens. Annette Byron. and Rosie Choueka of Lawrence Graham LLP acted as legal advisor for C&C Group..61 23. Paul Walker.4 million and EBITDA of £20. 2009. The principal assets of the Business include the rights to Tennent’s brands worldwide. The financial terms of the deal were not disclosed.7 Northern Territory and Western Australia governments and Foreign Investment Review Board. 2009. The integration of the businesses into the C&C Group’s existing business will be overseen by Stephen Glancey the Chief Operating Officer at C&C. As of September 19. approval by regulatory authorities. Limited acted as financial advisor.08 Brewers Ireland Transaction Comments C&C Group (ISE: GCC) entered into a conditional agreement to acquire Ireland. Irish Competition Authority approved the transaction.No 7 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Susan Doris. The completion of the transaction is expected to occur within a month. Upon completion. The deal is subject to approval of shareholders.2010: Appendix B-xv . The Business has approximately 300 employees whose employment will transfer to the C&C Group. Paul Joseph. Guy Hands. Dan Burton.8 million. David Ponsford. 90 IMAP’s Food & Beverage Industry Global Report -. As of September 25. the Strategy Director at C&C. Akeel Sachak. Northern Ireland and Scotland businesses of InBev UK Limited for £180 million on August 27. Paddy Hughes and Anne-Marie Curran of Drury acted as PR advisors for C&C Group. Terra Firma Capital Partners Johan Duivenvoorde of Deloitte & Touche LLP (United Kingdom) did the due diligence for Terra Firma Capital Partners Limited. Northern Ireland and Scotland Businesses 291. The businesses had operating profit of £7. 2009. All regulatory approvals are granted including that of commonwealth. Richard Ballard. Sheena Singla. Rick Ballard of Deloitte & Touche LLP (United Kingdom) acted as the accountant to C&C Group.

25 Transaction Comments Almacenes Exito S.V. (LSE: FIVE) signed a letter of intent to acquire assets and business of The Paterson Co. In accordance with the agreement. (BVC:EXITO) 22. The Russian Federal Antimonopoly Service approved the deal on October 28. 2009. The transaction was approval of its Supervisory Board. L.5% stake in Carulla Vivero S. acted as legal advisors for The Paterson Co.V.3 million ordinary shares at COP 19.No 9 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. On November 25.84 Transaction Comments X5 Retail Group N. Kovalenko and Linda Davies of Skadden.A. 2009.5 million. equity value totals $189. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country 10/27/2009 The Paterson Co. X5 Retail Group N. (BVC:EXITO) acquired the remaining 22. Meagher & Flom.A. The deal is yet to be approved by the Board of Directors of X5 Retail Group N. 2009. (LSE: FIVE) signed an agreement to acquire The Paterson Co.V. for approximately $270 million on October 27. 247.2010: Appendix B-xvi .P. Slate. Historical rate) Buyers/Investors Percent Sought (%) Implied Enterprise Value/ Revenues Implied Enterprise Value/ EBITDA Implied Enterprise Value/ EBIT Primary Industry Headquarters-Country Food Retail Columbia 2/17/2009 Carulla Vivero S.A. Almacenes Exito S. The transaction will be structured as a 100% payment in cash for equity and full assumption of Paterson’s debt. for COP 500 billion in cash and stock on December 17. Food Retail Russia No 10 Announced/Initial Filing Date Target/Issuer Total Transaction Value ($USDmm. Paterson’s net debt stands at approximately $85 million.A. X5 plans to finance this purchase from its operating cash flows.A.5 X5 Retail Group N.500. (LSE:FIVE) 100 0.L. 2009. 274.731 9. Arps.V. (BVC:EXITO) paid COP 220 billion and issued 14.3 Almacenes Exito S. Dmitri V. X5 expects to complete the transaction by mid-December 2009. IMAP’s Food & Beverage Industry Global Report -.

by 108 percent to 910mn.6 3 Just Foods: May 09 Briefing 4 Economist Print edition (November 19. Sub Saharan Africa’s population is expected to grow the fastest. rising health consciousness and increasing need for convenience foods are expected to drive growth in developed countries. • • • Government Role in the Industry • Driven by the recent rise in food prices and food scarcity faced by various countries. In line with this. 2009) Trends in Food Retail • While demand for food was rising in 2009. Affected by the global slowdown. the global population is expected to grow from the current 6. while Metro entered China through a joint venture with Shanghai-based Jinjiang International Group. thereby providing a strong potential for F&B companies. For example. consumers have become price conscious and prefer convenience foods. Sales of frozen foods thus jumped after the financial crisis as these foods are cheaper and can be made at home easily. large companies with abundant cash reserves in the current fiscal year were able to continue expanding as well as acquire middle market companies that were struggling to raise funds for expansion. This trend will give an impetus to food players involved in the production of corn or similar agricultural raw materials that are used for the production of biofuels. However.com/ the economic crisis in homes_property/article02/indexn2_html?pdate 2008. retailers are now offering differentiated products to compete with one another for market share. Wal-Mart has tied up with an Indian player Bharti to enter the retail business in India. favorable demographics and rising income levels are expected to be key drivers in developing countries. That said. At the same time.finfacts. Uganda and Lesotho have started “seed fairs” to provide their farmers with better varieties of seeds. • The food retail business is largely driven by consumer preferences. and South East Asia’s the slowest at 11 percent to 228mn. the food distribution industry is also facing obstacles due to the slowdown in the overall global economy.Appendix C: Growth Drivers of Food & Beverage Industry Growth Drivers of F&B companies • Growth drivers of the F&B industry in developed countries are different from those in the developing countries.2010: Appendix C-i . In addition.9 billion). • Furthermore. income levels in =250509&ptitle=World+populaion+to+top+nine +billion+by+2050 developing countries are estimated to grow 7 percent against 2 percent in developed countries1. nutritional products and pre-packed and home-cooked food. food security has begun to gain importance. F&B players will focus more on product differentiation to increase market share. While the Philippines has set up a seed bank to improve seed quality and provide a reserve against natural calamities.9 percent and 11. To fight food scarcity.guardian.shtml IMAP’s Food & Beverage Industry Global Report -. most countries are trying to improve the quality of agricultural output by developing infrastructure and subsidizing seeds and fertilizers.0 percent in the UK. After Source: http://www. the G8 countries pledged to spend $20 billion USD for agricultural development over the next two years4.co. Global Population • Emerging economies (Figures in billions) are expected to offer maximum opportunity 2009 2050 for growth in the F&B industry. global food production will have to increase 70 percent to feed the additional 2.6 7.ie/irishfinancenews/ article_1017966. with various governments taking an active role in agricultural development. In line with the F&B industry.9 income levels. most F&B companies had to scale back on capex in 2009 due to the tight credit situation in the year. the scarcity of fossil fuels worldwide is spurring the use of biofuels such as ethanol. • In addition. the business has huge scope for expansion. rising food and oil prices (leading to increased cost of transportation) are also eating into margins of distributors. Furthermore. most companies are trimming their capex in the coming fiscal year but are expected to increase it in the year that follows. Customers are now purchasing less expensive. with population growth expected to remain flat in most developed countries.8 percent in the US and 2. • In developed countries. While growing population. 2009) 5 http://www.8 billion to 9 billion by 2050 with developing economies contributing over 85 percent (7. Brazil has started subsidizing inputs such as tractors while India introduced a one-off agricultural debt waiver program for about 40 million farmers.8 percent respectively from 2003 to 2008 compared to a meager 2. For example. mainly led by World 6. With the influx of large international players in the retail industry of developing countries. retail sales of ready meals in India and China grew 26. Moreover.1 rising population and Developing 5. smaller and fragmented domestic players are likely to expand as well as consolidate to stave off international competition and capture the rapidly growing domestic market.3 billion people by 2050.2 As a result. population growth in developed countries is expected to remain almost stagnant. retailers in developed economies such as Western Europe have started diversifying in their existing market by creating new retail formats such as discount or small store formats and developing private labels3. Moreover. Metro in Germany and Carrefour in France. Hence. This trend along with low domestic organic growth in matured markets is causing food retail players to focus on a globalized sales model. unlike developing nations. China decided to increase its expenditure on agricultural production by 20 percent in 20095. Source: http://www. in emerging economies where food retailing is still in its nascent stages.uk/environment/2009/mar/05/china-food-farming 6 Economist Print edition (November 19. As per capex consensus estimates provided by Bloomberg. The retail business is a mature industry in developed countries with the presence of many large retail chains such as Wal-Mart in the US. However. often lower margin products.8 9. leading to a dilution in distributor’s earnings. consumer preferences are expected to shift toward high quality.ngrguardiannews. sales of fast food restaurants such as 1 Deutsche Bank Research 2 Most of this population growth is expected in developing countries. • McDonald’s have gone up due to the availability of lower priced food options. as per UN projections.

Food giants such as Cargill. drinks driven by its natural hydrating qualities. Pepsi and Coke have already entered this market. While Europe is estimated to increase at a CAGR of 3.com/?do=thinking.  Most global chocolate makers such as Hershey’s. This was supplemented by the growing awareness of health foods. the US and Europe. the US is expected to expand at a CAGR of 4.  Mintel International. Nestlé1 is focusing on nutrition and wellness product offerings. For example. the highest growth in this segment is expected in Latin America—CAGR of 10 percent in 2008–2013 to $5 billion USD9. On the other hand. Cadbury.landor. Pepsi together with Whole Earth Sweetener Company launched a zerocalorie sweetener PureVia in 2008. Frozen foods are also easy to make. Other companies such as Heinz2 are also offering products such as the Weight Watchers line of frozen foods. • Coconut Water5:  Coconut water is expected to become an integral part of the $19 billion USD6 global market for sports recovery Trends in Low Cost Food • Frozen Food:  Frozen food sales increased during the current recession as most consumers preferred eating at home over dining outside due to pressure on spending capacity.  The use of stevia increased after the US FDA approved its use in 2008.forbes.7  Future growth potential in this sector is evident from the recent acquisitions by major beverage makers such as Pepsi and Coca Cola. Going forward.org/article/en/diet-related-diseases/obesity/artid/stevia-natural-sweetenerwith-potential/ 4 http://www. China is the largest producer of stevia globally.4 percent from 2008 to 2014. • Stevia:  Stevia. these countries are emerging as the new market for premium chocolates.9 billion USD by 2013 from $82.researchandmarkets.eufic. registering a CAGR of 3.7 percent to $12.com/2009/06/04/vita-coco-zico-one-leadership-cmo-network-coconutwater. the coconut water market doubled to $20 million USD this year.  In 2007. In 2008.000 of its products for nutrition and health considerations. and increased demand for organic and fair trade chocolates have been major drivers of this segment.Niche Focus Areas • The economic slowdown has led to consumers spending less on nonessential food items. the global premium chocolate market was worth $6. is expected to find increasing acceptance as it is a natural (herbal) sweetener and has a low-calorie count.1 percent. health benefits of dark chocolates. while Japan and Korea are the largest consumers of stevia3. estimates sales of stevia to skyrocket from $21 million USD in 2008 to $2 billion USD by 2010. few sectors in the premium segment also received a boost due to some consumers demanding healthy products regardless of price.5 billion USD by 2014.4 billion USD by 2013).html 6 http://www.1 percent in the same time frame.blog&post_id=20654 8 http://www. great taste and nutritional benefits. In 2007. Trends in Heath Food • Diet Food:  Growing concerns of obesity have opened up many opportunities in the health and wellness sector in developed countries.  According to Beverage Marketing Corp.4  Companies prominent in this sector include US-based Pure Circle and Canadian company GLG Life Tech. While Pepsi acquired Brazilin coconut water manufacturer Amacoco Nordeste Ltda. accounted for about 98 percent of the global premium chocolate market.eatmagazine. the market is expected to increase at a CAGR of 16. Trends in Premium Food • Premium Chocolate:  The premium chocolate segment recorded an 18 percent rise in sales last year despite the economic recession.  The frozen food market is expected to reach $95.9 billion USD by 2011 as consumers reduce their overall intake of chocolate in favor of premium varieties. Key players in this sector include Japan-based Nichirei Corporation and Belgium-based PinguinLutosa.bevnet.com/reportinfo. most major food companies such as Nestlé and Unilever are revamping their product offerings to also concentrate on nutritional items. Coca Cola bought a minority stake in California based Zico LLC8. While low cost foods have been the major beneficiary of the slowdown. led by the rising urban population in Russia and China. However.com/news/2009/9-1-2009-zico_coke_investment_milestone 9 Just Food: August 2009 Briefing IMAP’s Food & Beverage Industry Global Report -. These trends gave an impetus to frozen foods as well as niche areas such as organic foods and diet foods. a diet brand to leverage on this growing market.  Going forward.  The premium chocolate segment is a niche market and currently accounts for only 10 percent of the $75 billion USD global chocolate market. a market research company. While North America has historically been the most established frozen-food market (forecasted to hit $39.5 billion USD in 2008.  The total US and European diet related F&B market is predicted to reach $128. French retailer Champion and Booja Booja have presence in this sector. consumer demand for convenience food and increasing health consciousness are expected to continue driving growth in this sector. More people are opting for low cost dining options and home-cooked meals in favor of restaurants. 1 Factiva 2 Just Food: July and August Briefing 3 http://www. Merrill Lynch estimates this market to be worth $35 million USD in 2009 and expects it to grow further.  In line with rising health awareness.2010: Appendix C-ii . Mars.  Most consumers feel frozen foods lead to cost savings as they minimize wastage and reduce trips to the supermarket.  Currently. a natural ingredient. the company renovated more than 6.ca/news/2009-12-16/trends 5 http://www. due to the presence of a large affluent population. Meal replacement shakes and protein bars are expected to contribute the maximum to this sector.95 billion USD.asp?report_id=605532 7 http://www.  A wider range of premium chocolates.

com IMAP’s Food & Beverage Industry Global Report .somewhere in the world an IMAP Advisor is closing an M&A transaction Every business day www..imap.2010: Page 49 .

. IMAP’s Food & Beverage Industry Global Report .com. 2010 For copies. go to www.imap.vianna@imap.com United States Catherine Jaros cathy.com For a comprehensive list of IMAP advisors and to discover how IMAP can help you with your M&A transaction.jaros@imap.IMAP’s Consumer Staples Team Belgium Philippe Craninx philippe.com.imap.craninx@imap.surland@imap.com Brazil Felipe Lobo Vianna felipe.com Denmark Per Surland per. visit the “Industries” page of www.2010: Page 50 . 2010  Computing & Internet Software Global Report. 2010  Automotive & Components Global Report. Other industry reports available from IMAP:  Alternative Energy Industry Global Report.

worldfoodprize. Nominate someone for The World Food Prize Nominations for the World Food Prize are being accepted through April 1. manufacturing. Since then. China. Laureates have been recognized from countries around the world.. The World Food Prize is the foremost international award recognizing — without regard to race. The Prize calls attention to what has been done to improve global food security and to what can be accomplished in the future. Ethiopia. the United Nations and the United States. quantity or availability of food in the world. quantity. winner of the Nobel Peace Prize in 1970 for his work in world agriculture. Borlaug saw The Prize as a means of establishing role models who would inspire others. The World Food Prize has honored outstanding individuals who have made vital contributions to improving the quality. Denmark. political leadership and the social sciences. Norman E. or availability of food throughout the world. Sierra Leone. Beyond recognizing these people for their personal accomplishments. Borlaug. By honoring those who have worked successfully toward this goal. Mexico.000 World Food Prize is awarded annually to recognize contributions in any field involved in the world food supply — food and agriculture science and technology. which is dedicated to helping address hunger throughout the world. Often referred to as the “Nobel Prize for Food and Agriculture. poverty alleviation. the United Kingdom. nationality. The $250. 2010. Switzerland. religion. Brazil. including Bangladesh. or political beliefs — the achievements of individuals who have advanced human development by improving the quality. To submit a nomination online. IMAP’s Food & Beverage Industry Global Report .” The World Food Prize is presented annually to individuals who have made a significant. marketing. nutrition. positive impact on the lives of hundreds of millions of people on our planet.2010: Page 51 . The World Food Prize emphasizes the importance of a nutritious and sustainable food supply for all people. or to learn more about nomination criteria. go to www. His vision was realized when The World Food Prize was created in 1986. Cuba. economics.org. India. Dr.IMAP proudly recognizes The World Food Prize Foundation. envisioned a prize that would honor those who have made significant and measurable contributions to improving the world’s food supply.

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