Its biggest business is dairy products, which accounted for 2.55 billion guilders of sales in 1997, almost half of the total.

ECONOMIST: BolsWessanen

Mr Boonstra has sold off 40 businesses in the past two years, shrinking the workforce by 26, 800 and bringing in 16.7 billion guilders.

ECONOMIST: Philips

The first quarter of 1999 showed more of an improvement, with the net income on continuing operations, at 469m guilders, up 46% on the previous year.

ECONOMIST: Philips

Mr Duthie has calculated that the break-up value of BolsWessanen is the equivalent of at least 40 guilders a share 20% higher than its price in recent weeks.

ECONOMIST: BolsWessanen

The results have been encouraging: efficiency crept up in 1998 and margins grew in several divisions, although income from continuing sales was down to 1.19 billion guilders from 2.71 guilders in 1997.

ECONOMIST: Philips