LONDON -- So what happened to consolidation? Two years ago food industry executives were predicting a global industry shakeout with companies like Wal-Mart Stores, Carrefour, Ahold and Delhaize gobbling up one retailer after another. Analysts predicted the industry would rapidly shrink down into a handful of major players, which would be able to leverage their strengths in buying and logistics to cut consumer prices. Medium-sized and small companies would find it almost impossible to ...

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