Netherlands

Philips’ supply shock will haunt earnings season

12 Oct 2022

The medical-kit maker lost more than 7% of its value after saying chip shortages curbed sales. It’s a setback for the ailing group’s turnaround under new CEO Roy Jakobs. For automotive and manufacturing companies, it’s a sign that supply bottlenecks may last longer than hoped.

Naspers “put” tackles one of its Tencent problems

27 Jun 2022

The South African firm and its Dutch offshoot will buy back stock by slowly trimming their $133 bln stake in the Chinese tech giant. Tax liabilities and clunky governance remain valuation drags. But investors can worry less about Naspers blowing its riches on other startups.

BNP-ABN deal could put old bank M&A ghosts to rest

17 Jun 2022

The 59 bln euro French lender signalled an interest in its 10 bln euro state-owned Dutch peer. A tie-up would build on an inauspicious history: A pre-2008 carve-up of ABN prompted government bailouts. Yet a cheap stock and simpler cost-cutting logic argue for a second chance.

Samsung opens its wallet to a wary chip market

16 Jun 2022

Boss Jay Y. Lee's European trip has sparked hope that the South Korean conglomerate will finally use its $84 bln cash pile for M&A. Beat-up valuations at mooted targets like NXP make consolidation attractive. Appeasing concerned governments, though, will be a tough sell.

DSM stocks up on ingredients trend with Swiss deal

31 May 2022

The $29 bln Dutch producer of food supplements is swallowing family-owned Firmenich for shares and 3.5 bln euros in cash. That boosts its appeal with consumer groups seeking to manipulate taste, smell and texture. By making concessions on governance, DSM has got a decent price.

Just Eat investors are stuck with its founder

27 Apr 2022

Some shareholders want to oust the Dutch takeaway group’s finance chief and supervisory board. Yet they have no obvious replacement for CEO Jitse Groen, architect of its disastrous U.S. expansion. It exposes the limits of investors’ ability to challenge powerful entrepreneurs.

Just Eat Takeaway faces humiliating U.S. exit

20 Apr 2022

The food delivery group may sell Grubhub, a business it bought last year for $7.3 bln, an embarrassing U-turn for CEO Jitse Groen. Expanding into the tough U.S. market always looked tricky. Getting out when there are few buyers, just as consumers are squeezed, will be harder.

Dutch $64 bln payments star is cure for tech gloom

9 Feb 2022

Adyen’s stock surged 10% after its results showed accelerating revenue. Following the rout in shares like PayPal and Netflix, it’s a reminder that piggybacking on the digital economy is a good bet. The catch for investors is that the best firms still trade at crazy valuations.

Viewsroom: Credit Suisse chair, Unilever’s GSK bid

20 Jan 2022

As António Horta-Osório quits the Swiss lender after less than a year, Liam Proud explains what happened and offers career advice. And Unilever’s 50 bln pound offer for the pharma giant’s consumer unit puts both CEOs on the spot, say Aimee Donnellan and Dasha Afanasieva.

GSK’s consumer promise will be hard to live up to

19 Jan 2022

The drugmaker’s CEO Emma Walmsley rebuffed Unilever’s 50 bln pound bid for its personal health unit. Yet her plan to spin the division off would need rosy sales growth and a premium valuation to trump the Marmite maker’s offer. It’s a risk some investors may be prepared to take.

Unilever’s health kick is risky prescription

17 Jan 2022

CEO Alan Jope wants to expand in healthcare, beauty and hygiene while selling slower-growing food brands. But raising his 50 bln pound bid for GSK’s toothpaste unit will dent returns, while other big targets are scarce. Already grouchy investors have more reasons to grumble.

Philips crisis breathes new life into breakup case

12 Jan 2022

The health-technology group has lost 20 bln euros of value since April due to supply snags and possibly carcinogenic ventilators. Even after recent disposals, CEO Frans van Houten has a vast, toothbrushes-to-CT-scanners stable of gadgets. The variety is getting harder to justify.

KPN could be buyout barbarians’ next telco target

5 Jan 2022

The Dutch operator rebuffed takeover approaches in May. But KKR’s $37 bln Telecom Italia tilt shows the scale of private equity raiders’ appetites. Spain’s Telefonica and Britain’s BT are probably too big. Without a government shareholder, the $13 bln KPN looks vulnerable.

Viewsroom: European bank M&A, De-Dutching Shell

18 Nov 2021

Big lenders in the euro zone are doing deals, but not the kind investment bankers dream about. BNP Paribas is in U.S. retreat, BBVA bulks up in Turkey and KBC goes Bulgarian. Liam Proud explains. George Hay explains why the Anglo-Dutch oil major is dropping the Dutch bit.

Europe’s vaccine bazooka is more like sniper rifle

18 Nov 2021

Germany may join Austria in imposing curbs on the unvaccinated to tackle soaring Covid-19 infections. Restricting freedoms is harsh but worked in France and the United States, which both saw inoculation rates pick up. It also avoids the economic pain of blanket lockdowns.

Elliott seeks hidden tech treasure in dull grocer

17 Nov 2021

Paul Singer’s fund took a 3% stake in $35 bln retailer Ahold Delhaize. Rather than cost cuts, the activist’s interest lies in the Dutch group’s online unit, worth perhaps $8 bln. But competition is fierce and rich valuations may not last. Elliott’s bet also needs good timing.

Shell’s Dutch exit comes with legal side benefits

15 Nov 2021

Shifting its tax residency to the UK, along with its head office and CEO, simplifies the $170 bln oil major’s structure. It also makes it easier to reorganise for the energy transition. The implied snub to the Dutch court which ordered Shell to cut emissions is an added bonus.

FX risks dilute appeal of Heineken’s Africa tipple

15 Nov 2021

The Dutch brewer is buying South Africa’s Distell for $3 bln and taking over Namibia Breweries. With modest cost savings, CEO Dolf van den Brink can make a spirited return. But he’ll have to flog more Amarula liquor beyond the continent to ease the headache of wobbly currencies.

Unilever’s tea makes for a tasty buyout brew

2 Nov 2021

The Dove maker is selling brands like PG Tips and Pukka, worth perhaps 4 bln pounds. Bringing sales to a proper boil could give private equity giants like Carlyle or Advent an invigorating 19% return. CEO Alan Jope’s struggling personal care lines may not hit the same sweet spot.

Shell’s Loeb parry uses cash, capex and chutzpah

28 Oct 2021

The $190 bln oil major needs to deflect activist Third Point’s call to split itself up. High crude prices make it easier to promise fat cash returns and invest more in green energy. Given Shell should have done that anyway, fending off Dan Loeb also requires a certain brass neck.