BREAKING NEWS

Tnuva 'taking steps' to counter price controls

By GLOBES

DECEMBER 31, 2013 11:43

Mivtach Shamir, which control food company Tnuva, notified the Tel Aviv Stock exchange today that it intended to "take steps" to reduce the impact of white soft cheese and whipping cream being placed under government price controls.

Tnuva reports that the measure announced yesterday by Minister of Finance Yair Lapid and Minister of Agriculture Yair Shamir could have a material adverse effect on its business. The company says that, at this stage, it cannot quantify the precise effect of the changes, nor estimate how far the steps it is taking to reduce the effect will succeed. Among these steps is reported to be a reduction in the discounts Tnuva allows to supermarket chains on other products.

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