Financial Times 金融时报英国版 20180518 UK
World MarketsSTOCK MARKETS?CURRENCIES? ? ? ?COMMODITIES?INTEREST RATES?CAT RUTTER POOLEY AND JONATHAN ELEYOcado took a significant step in its transformation from a small online grocerintheUKtoaglobalproviderof logistics technology after a landmark agreement with Kroger, the second- biggestfoodretailerintheUS.Sharesinthegroup,co-foundedin2000 by three ex-Goldman Sachs traders, closed 45 per cent higher yesterday after it agreed in principle to build 20 “customer fulfilment centres” for Kro- ger. The retailer will take a 5 per cent stake in Ocado for £183m and have exclusiveaccesstothetechnologyinthe USprovideditstickstorollouttargets. Thetransaction,thedetailedtermsof which have yet to be agreed, is much larger than expected and bigger than OcadosdealswithWmMorrisonintheUK,CasinoinFrance,SobeysinCanada andICAinSweden. Newsofthedealcameasfiguresfrom Walmartconfirmedthegrowingimpor- tance of ecommerce to the US food sector.ThelargestUSgrocerreporteda 33percentriseinonlinesalesinitsfirst quarter and said it was on track for a 40percentincreaseinthefullyear. Onlinesalesaccountforabout1.5per cent of the US grocery market, com- paredwith4to5percentinFranceand 7percentintheUK. Established companies are respond- ing to the threat posed by Amazon, which has entered the US food sector throughitspurchaseofWholeFoods. Ocadossharepricerise,whichtakes itsmarketvaluetomorethan£5bn,isa retorttothosewhoclaimeditsbusiness model was unproven and its shares overvalued.Thosewhohadsoldsharesinanticipationofbeingabletobuythem backatalowerpricewerecaughtout. “Asoneofthemostshortedstocksin theUKstockmarket,thisdealwillbea poke in the eye for the hedge funds whohavebetagainstOcado,”saidLaith Khalaf,HargreavesLansdownanalyst. Tim Steiner, Ocados chief executive and one of its founders, said: “As we work . . . with Kroger in the coming months we will be preparing the busi- ness for a transformative relationship which will reshape the food retailing industryintheUS.”Thegroups,Ocado said,were“workingtoidentifythefirst threesitesin2018fordevelopment”. “The primary risks relate to Ocados ability to build, test and commission multiple facilities concurrently,” said StewartMcGuireofCreditSuisse. Analysis Republic of Ireland 3.00© THE FINANCIAL TIMES LTD 2018 No: 39,784Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Milan, Madrid, New York, Chicago, San Francisco, Orlando, Tokyo, Hong Kong, Singapore, Seoul, Dubai, DohaSubscribe In print and onlinewww.ft.com/subscribenow Tel:08002984708 For the latest news go to www.ft.comPrince William is the best liked member of Britains royalty abroad, says an Ipsos poll that asked for opinions in 28 countries. Prince Charles is the least popular, with people in Spain, Chile and Italy particularly averse to him.Royal popularity abroad % favourable minus % unfavourableSource: IpsosPrince WilliamPrince HarryCatherineThe QueenThe royal familyMeghanPrince Charles353231302419-1WORLDBUSINESSNEWSPAPERHowtospendit Americanmusclecarsmake acomeback MAGAZINENewspaperof theYearGEORGE PARKER AND LAURA HUGHES LONDON ALEX BARKER BRUSSELSThewholeoftheUKwillremaintiedtoa customs union with the EU after 2021 until an alternative to having a hard borderinIrelandcanbefound,Theresa Mayhasconceded. The prime minister agreed the plan onTuesdaywithhercabinetministers, includingBorisJohnson,oneofthelead- ersoftheBrexitcampaign,accordingto governmentofficials.ButMrsMaywas accused by some Conservative MPs of “bouncing” the cabinet into adopting the scheme, and others said they had beenkeptinthedark. Senior EU officials also expressed doubtsovertheUKapproach,warning thatitdivergedsignificantlyfromBrus- selspreferredoutcome.“Ifthisisit,we will have a crisis,” said one senior EU diplomatdirectlyinvolvedintalks. The proposal, to be presented to a EuropeanCouncilmeetingnextmonth, is Mrs Mays attempt to flesh out her “backst
