Bloomberg News

Strauss Group Drops Second Day on Plans to Cut Dairy Prices

October 03, 2011

(Updates with closing share price in second paragraph.)

Oct. 3 (Bloomberg) -- Strauss Group Ltd. declined for a second day after the company that derives about a fifth of its revenue from dairy products said yesterday it will lower the price of some of its milk products 12 percent.

The shares retreated 1.8 percent to 44.19 shekels at the 4:30 p.m. close in Tel Aviv, bringing the two-day drop to 9.1 percent, the biggest such decline in three weeks.

The stock lost 6.5 percent in the third quarter amid consumer demonstrations over the high cost of living that started with protests about the price of cottage cheese. Israel’s cabinet today is due to discuss recommendations of a government-appointed panel to address living costs, including opening markets to more imports.

--Editors: Shanthy Nambiar, Claudia Maedler

-0- Oct/03/2011 09:52 GMT

-0- Oct/03/2011 09:54 GMT

-0- Oct/03/2011 09:55 GMT

To contact the reporter on this story: Susan Lerner in Jerusalem at slerner2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net -0- Oct/03/2011 09:47 GMT


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