Related posts:No related photos. Diageo, the British food and drink group which sells Johnnie Walker whiskyand Guinness, announced a restructuring of Pillsbury, its US food business,fuelling speculation it may seek an exit from some or all of its foodactivities. The restructuring, which will result in 750 job cuts, will include”a strategic focus on the company’s dough-based business”, Pillsburysaid on Wednesday. Some analysts were disappointed with the flat performance ofPillsbury at Diageo’s last results announcement, prompting speculation that asale or spin-off may be on the cards. A sale could generate heavy tax charges,however, and Diageo could have to sell its Burger King fast food chain to makesuch a deal possible. FT.comRailtrack draws up £52bn “wish list”Britain’s rail network needs a record £52bn spent on it over the next 12years, Railtrack chiefs admitted last week. Railtrack launched its “wishlist” of what needs to be done to make the railways fit for the 21stcentury – but said it did not have the cash to do it. It put the onus ontransport secretary John Prescott, the rail authorities and the passenger traincompanies to decide what improvements were needed most – and who would sharethe cost. The spending programme is nearly double that forecast by Railtracklast year. This Is LondonSurprise bid for insurer tops predicted priceNationwide Mutual, the sixth largest US life insurer, has agreed to buyGartmore Investment Management, which manages money for many UK company pensionfunds, for £1.03bn. The surprise bid was accepted by the Royal Bank ofScotland, which acquired Gartmore as part of its successful hostile bid for theNatWest. The price comprises net assets of £110m, and goodwill of £920m.Nationwide’s offer, which was considerably higher than the initial £600m pricetag predicted, beat offers from CGU, ABN Amro, Credit Suisse Asset Managementand Unicredito Italiano. FT.com Previous Article Next Article Business news: food group planning a dough-based reshuffleOn 4 Apr 2000 in Personnel Today Comments are closed.