Tesco and Heinz reach peace deal over prices

Tesco and Heinz have reached a revised supply agreement after a high-profile pricing dispute resulted in some of the ketchup maker's products temporarily disappearing from the supermarket's shelves. In a joint statement, the two companies said they were "Pleased to have reached an agreement that will see the full range of Heinz products return to Tesco shelves". Retail experts said Tesco was likely to have agreed to pay a higher price than in the previous supply agreement but less than Heinz has agreed with its main rivals. The supermarket refused to say whether retail prices would increase as a result. A tweet from J Sainsbury on Friday highlighted promotional pricing on Heinz tomato ketchup with the words "Out of ketchup? Not at Sainsbury's. We've gone straight to the sauce to help you ready your BBQs". But it is also an indication of how the big supermarkets are determined not to repeat the strategic mistakes of the global financial crisis.

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