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Weekly Round-Up ... 21 November 2023

By Donna Ahern
Weekly Round-Up ... 21 November 2023

SuperValu has announced that it expects to sell 115,000 Irish grown poinsettias in the run up to Christmas. The vibrant red is a firm favourite with Irish customers every Christmas. All Poinsettias sold by SuperValu are Bord Bia-approved and carry the Bord Bia Quality Mark, the retailer noted. This year marks the 28th year that the North Dublin based grower Uniplumo has worked with SuperValu to supply the popular festive plant. SuperValu noted that it recognises the environmental, social and economic benefits that come from supporting local and buying Irish produce. When customers choose to support local and Irish produce, for every €1 that is spent on Irish goods, €5 comes back to the Irish economy, it added.

Russian retailer Magnit said that foreign shareholders had tendered shares representing about 7.8% of the company in an additional, discounted buyback offer worth about RUB 17.5 billion (€180 million). Magnit launched the additional offer to buy back blocked shares in October, giving more Western investors an opportunity to withdraw funds from Russia, after attracting significant interest in a previous tender, reports Reuters. Magnit completed a RUB 48.5 billion (€500 million) buyback of around 21.5% of all issued and outstanding shares in September, the first such arrangement since Russia's February 2022 invasion of Ukraine. That deal was the first time non-resident shareholders of a Russian public company had been able to dispose of their shareholdings with settlement in different currencies since the imposition of sweeping Western sanctions. Moscow countered those with measures of its own. Strong foreign demand saw Magnit launch the extra offer. Last week, Magnit noted that institutional and retail investors from 19 countries had submitted shares for tender. Magnit added that its wholly owned subsidiary Magnit Alyans intends to accept all tendered shares – 7,899,569 in total – for purchase.

Finland's S Group is discontinuing its oldest and largest own-brand range, Rainbow, which offers over 1,500 SKUs. The retailer will replace the range with Coop products, known in other Nordic countries for its quality-price ratio, it noted. Rainbow branded products are familiar to the people in the region and are available in Sweden, Norway and Denmark under the Coop brand, reports "This is a historic change, not least because Rainbow products play such an important role in many customers' everyday lives. However, there is no need to worry about losing your favourite product, as we will be bringing the corresponding products into the range as Coop products," said Nina Paavilainen, director of own brands at S Group. S Group stores already offers Coop-branded products and the retailer hopes to expand the range gradually as Rainbow products are phased out.

Read More: Weekly Round-Up ... 14 November 2023


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