## Tesco is set to spark an Irish supermarket price war when it announces plans today to go head-to-head with discount retailers Aldi and Lidl by cutting prices on thousands of items. The chain is expected to announce price cuts it claims are worth 100m euro together with a new range of lower-cost own-brand products. Customers should see the cuts in stores from Sunday. The low-cost moves will cover Tesco Value products in addition to price cuts on 3,000 items. The moves will be seen as a direct attack on retailers such as Aldi which rely on own-brand product lines. - Irish Examiner ## The High Court will rule next Tuesday on the Director of Corporate Enforcement's application to appoint an inspector to DCC following a Supreme Court finding of unlawful insider dealing. The application, the first ever by the Director, Paul Appleby, was heard last month by Mr Justice Peter Kelly who will give his decision on July 29. Mr Appleby, has said he believes there are "clear and compelling grounds'' for appointing an inspector to DCC over its sale of a 106m euro stake in Fyffes. An inspector's report could provide the basis for disqualification proceedings against any persons involved in the share sale or in a transfer which was effected to avoid payment of capital gains tax on any subsequent sale of the shares. - Irish Independent

## Shareholders of Irish food group Iaws yesterday voted in favour of a merger with Swiss bakery group Hiestand. The merger will create a new Swiss-headquartered company, Aryzta, which will have revenues of some 2.3 bn euro and 8,000 employees. At the group's court meeting yesterday, 99.97 per cent of shareholders voted to accept the merger. Approval of 75 per cent was needed to secure the deal. Iaws must await the outcome of the vote of Hiestand shareholders on August 19th to see if the merger goes ahead. - Irish Times ## Swiss food giant Nestle saw operating profit at its Irish arm slump 70pc last year to 945,000 euro from over 3.1m euro in 2006. Overall sales declined on the back of disposals and closures in the previous year. Turnover from continuing operations at the Irish business rose to 146.6m euro from 137.9m euro. The subsidiary's overall revenue figure, including discontinued operations, dropped from 173m euro in 2006 as a result of the closure that year of its chocolate crumb manufacturing facility in Mallow, Cork, which employed almost 60 people. Revenue was also lower as Nestle disposed of its chilled dairy business to Lactalis Nestle Dairy Company, a joint venture with French group Lactalis. - Irish Independent ## Hibernian says that David Simpson has become its new chairman, taking over after the expiration of Donal Byrne's ten-year term. A founding partner of advisers Simpson Xavier, Mr Simpson has been an independent director of Hibernian since October. - Irish Examiner