Morrison pay talks

A pay dispute between the Transport & General Workers' Union and retailer Morrison was due to go to the arbitration service Acas on July 27. The dispute covers distribution sites, at Wakefield and Nantwich. Workers want more than the 3.2% pay rise offered.

Drinks company Pernod Ricard's takeover of the rival group Allied Domecq was due to become effective on July 26.

More than 99% of Allied Domecq's shareholders voted in favour of the £7.5bn takeover on June 30, after Constellation Brands decided not to bid.

Investors gave RHM an initial £958m valuation when the owner, the private equity company Doughty Hanson, turned the group into a public company. There was also net debt of £711m. Doughty bought RHM in 2000 for £1.18bn.

Doughty retained a 33% shareholding, which could fall to 26% if an over-allotment option of shares is exercised within 30 days. The share offer was over-subscribed by more than six times.

Arla is to take 75% of its milk from Arla Foods Milk Partnership from September; a 50% increase. The partnership said that it was recruiting more farmers to meet the demand.