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Business news: Argos, factories, Fyffes, oil prices

Business news: Argos, factories, Fyffes, oil prices

ARGOS chain owner Home Retail Group has backed a £ 1.4billion takeover by Sainsbury's.

The supermarket, which had been pursuing a deal for nearly five months, got a clear run after the withdrawal of South African rival Steinhoff. Its cash and shares offer values ​​Home Retail at 171 & frac12; p per share.

This includes 25p per share reflecting the & pound; 200million return to shareholders from the sale of Home Retail's Homebase DIY chain to Australian group Wesfarmers.

Sainsbury's chairman David Tyler said it would create value for both sets of shareholders.

Factories' jobs blow

UK factories cut jobs for the third straight month in March as manufacturing registered one of its poorest performances over the past three years due to tough export markets.

Weak oil prices dampened demand from the Middle East, while global growth fears hit new orders from key US and European traders. The Markit /CIPS manufacturing purchasing managers' index edged up to 51 from a 34-month low of 50.8.

A reading above 50 means expansion. Economist Rob Dobson, of Markit, said: "Industry is hovering close to the stagnation mark."


Business news: Argos, factories, Fyffes, oil prices

Business news: Argos, factories, Fyffes, oil prices

Mushrooms for Fyffes

BANANA giant Fyffes has acquired Canada's biggest mushroom producer.

Dublin-based Fyffes, which has operations in Europe, the US and Central and South America and also produces pineapples and melons, is paying & pound; 78million for Highline Produce.

Fyffes chairman David McCann said: "This fits perfectly with our strategic objective of adding an additional product to the existing three through the acquisition of an established and successful operator with significant scale."


Business news: Argos, factories, Fyffes, oil prices

Hopes fade for oil deal

OIL prices were on the slide yesterday as hopes faded that major suppliers would tackle a global glut.

Brent crude fell about 4 per cent to below $ 39 a barrel after Saudi Arabia said it would only freeze production if other leading producers did so.

The comments by Saudi deputy crown prince Mohammed bin Salman were seen as a challenge to Iran, which wants to step up production after the lifting of sanctions.

Opec and non-Opec members plan to meet in Qatar next month to agree a deal.

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02 April 2016, 4:00