Food & Beverages

Capital Calls: Microsoft’s buyback, Railway M&A

15 Sep 2021

Concise views on global finance: the software giant’s $60 bln stock repurchase plan is smaller than it sounds; meanwhile, a tangled takeover battle for train operator Kansas City Southern takes a messy new track.

DSM rejig needs stronger growth flavour

14 Sep 2021

The 31 bln euro food ingredients maker is looking to sell its industrial materials unit. It’s an overdue step that will give the shares only a modest bump. If the Dutch group can grow its sales more quickly, a Givaudan-style valuation and sweeter gains could follow.

Capital Calls: Amazon’s wage rise

14 Sep 2021

Concise views on global finance: The e-commerce giant’s salary strategy could catch on.

Morrisons has a nuclear way to keep suitors honest

9 Sep 2021

The battle for the UK grocery chain looks set to end in an auction. The big danger is that Fortress or CD&R bid too much and then break pledges in areas like employee rights. The board has a way to make these promises legally binding, but the risk is both bidders walk away.

Capital Calls: U.S. jobs, $7 bln tax settlement

3 Sep 2021

Concise views on global finance: Slow U.S. job growth signals caution for the Fed; meanwhile, a giant deal between hedge fund executives and the IRS gives legs to President Biden's tax plans.

Capital Calls: New York City is on climate notice

2 Sep 2021

Concise views on global finance: Cities with a higher number of wealthier residents will be able to combat climate related events.

Australia’s Chinese trade glass is only half full

31 Aug 2021

Punitive tariffs cost vintners Down Under access to one of their most lucrative markets. Treasury Wine’s results at least suggest there’s demand elsewhere for premium brands. Producers of cotton and other commodities will struggle to replace sales at similar margins.

Capital Calls: Pennies matter to dollar stores

26 Aug 2021

Concise views on global finance: Low-margin U.S. retailers are suffering from supply-chain cost inflation, a direct hit to their business model.

Capital Calls: Delta Air Lines’ vaccine stick

25 Aug 2021

Concise views on global finance: The U.S. carrier will charge unvaccinated stateside employees $200 per month towards healthcare. Adding some push to the pull of incentives makes sense.

Capital Calls: Salmon, M&S, Sydney airport, BHP

20 Aug 2021

Concise views on global finance: SalMar places $1.3 bln order for Norway Royal Salmon; the UK retailer’s improving fortunes may ward off predators; the Australian firm provides scant evidence for rejection of a $16 bln takeover bid; Santiago dings the Aussie miner over water use.

Capital Calls: Walmart plays both ends of the trade

17 Aug 2021

Concise views on the global economy: The U.S. retailer expects strong sales throughout the year despite a surge in Covid-19.

Capital Calls: Oatly, Sonos/Google

16 Aug 2021

Concise views on global finance: The Swedish oat milk producer’s decent results are only good in parts; Sonos gets a boost with a preliminary trade ruling that Google infringed its patents.

Delivery Hero’s side gig does it few favours

12 Aug 2021

The German group spent $300 mln on a stake in Deliveroo, taking its investments in rivals to $2.7 bln. The bets look a distraction for a $28 bln food delivery company whose operations are devouring cash. Besides, investors are hardly rewarding CEO Niklas Oestberg’s efforts.

Capital Calls: Olympics on TV, Abrdn

10 Aug 2021

Concise views on global finance: NBC Universal's prime-time viewers for the Tokyo games were only half as many as for London 2012, boding ill for traditional U.S. TV; the British asset manager formerly known as Standard Life Aberdeen may be turning the corner.

Capital Calls: U.S. jobs, BBQ IPOs, Wm Morrison

6 Aug 2021

Concise views on global finance: The Delta variant puts a leisure job boom at risk; two grill makers’ floats show the IPO market isn’t frozen; Fortress strikes in the bidding war for a UK supermarket.

Capital Calls: GM, Hugo Boss, NYT, Frontier tech

4 Aug 2021

Concise views on global finance: The U.S. automaker finds inflation cuts both ways; the German-listed fashion brand hopes to double sales by 2025; advertising is a bright spot for the New York Times; Zymergen vaporized 75% of its value under four months after a $3 bln IPO.

Fear of fatness fuels Pepsi’s $3.3 bln juice deal

3 Aug 2021

The maker of Mtn Dew Cake-Smash is selling seemingly healthier juices lines like Tropicana. Though he’s keeping a finger in the bottle, CEO Ramon Laguarta seems focused on flogging zero-calorie tipple to increasingly obese consumers. That’s why French LBO firm PAI got it cheap.

Danone board gets much-needed upgrade in a Schnepp

29 Jul 2021

The $46 bln dairy group’s chairman will replace nearly all its directors in two years, drawing a line under years of misses, crummy governance and underperformance. Adding more consumer-goods expertise and international heft should help narrow Danone’s chunky discount to peers.

Capital Calls: Grill makers cook their IPOs rare

27 Jul 2021

Concise views on global finance: Weber and Traeger set conservative prices for their market debuts, leaving something on the table for new investors.

Capital Calls: Covid fibs, M&A flop, Hard seltzer

23 Jul 2021

Concise views on global finance: Forcing social media to take down vaccine misinformation is a good step on U.S. content rules. Meanwhile, a German real estate deal fails to get enough shareholder votes, and Boston Beer’s hard seltzer sales fizzle.