Supermarkets

Couche-Tard may be impulse buyer after French fail

21 Jan 2021

Founders of the minimart empire, blocked from buying Carrefour, have a super voting share that expires in 11 months. After that they’d need investor support for a big purchase like German grocer Metro. The 13% drop in the Canadian group’s stock shows fears of a short-term spree.

Carrefour’s merger blues need retail therapy

19 Jan 2021

The $15 bln grocer’s shares are in the bargain bin after the French executive blocked a deal with Canada’s Couche-Tard. A sale of its Brazil unit could give investors a boost, but leave a rump in a challenged market. Buying Gallic rival Casino is CEO Alexandre Bompard’s best bet.

France’s Carrefour defence targets wrong enemy

14 Jan 2021

Finance Minister Bruno Le Maire opposes a possible $20 bln takeover of the grocer by Canada’s Alimentation Couche-Tard. He’s right to worry about jobs and supply chains after Covid-19. But a new owner would still need French cashiers, while suppliers are better protected by law.

Canada’s pump giant tries cheeky French till dash

13 Jan 2021

Quebec-based Couche-Tard is eyeing supermarket chain Carrefour. There’s little overlap, but supermarkets may offer the $37 bln petrol station operator a hedge against an electric vehicle boom. The target’s depressed share price means its shareholders are unlikely to play ball.

Stock rewards for all would be valued virus legacy

29 Dec 2020

Woolworths pared manager bonuses so that over 100,000 employees could get a little slice of equity in the Aussie supermarket chain. More companies should follow suit. What’s good for Silicon Valley and Wall Street is good for everyone, starting with frontline pandemic workers.

Corona Capital: Friendly’s and Dunkin’ Donuts

2 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: Two Massachusetts casual-dining chains change hands, one in bankruptcy. Friendly's found Covid-19 even more unfriendly than did Dunkin' Brands.

Corona Capital: Utah Jazz, Comcast, Kraft

29 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Utah Jazz’s owners sign off with a respectable return; Comcast shoots the light out on broadband; and Kraft rides the stay-at-home wave.

Corona Capital: Mixed market messages, Chile votes

26 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Global stocks slumped on Monday as Covid-19 cases rose – yet some prognosticators are readying for major stimulus; and Chile has shown that pandemics don’t have to squash voter turnout.

Daniel Kretinsky’s grocer grab has sliver of sense

1 Oct 2020

The Czech billionaire has bought $1.5 bln worth of shares in European supermarkets like J Sainsbury and Casino. Anaemic growth and low margins suggest that’s unwise. But if his targets can slash costs and take advantage of an online boom, his bet may begin to look shrewd.

Corona Capital: Covid-19 tests, Bed Bath & Beyond

1 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Diagnostic company Quidel predicts a quarterly earnings bonanza; meanwhile the pandemic turns a struggling retailer into a winner, at least temporarily.

Walmart pays price for late UK checkout

30 Sep 2020

The retail giant may sell grocer Asda to buyout firm TDR and two petrol station tycoons for $8.3 bln. It’s a cheaper and riskier exit than a planned union with peer J Sainsbury, thwarted by watchdogs last year. Online competition, a pandemic, and Brexit have weakened its hand.

Corona Capital: Amazon, NYC and Trump

14 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: Amazon’s hiring boom highlights its weakness, and U.S. President Donald Trump could throw New York City a bone.

Corona Capital: Testing, Flights, Football

10 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. lab-testing group Quest announces speedy growth; IAG’s gloomy horizons have a silver lining; and NFL football comes charging back.

Corona Capital: Europe’s recovery, Indian selloffs

21 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: The latest economic reports from Britain, France and Germany paint a patchy picture; and why the virus will hinder New Delhi’s asset-sale programme.

Japan’s FamilyMart plays way too easy to get

17 Aug 2020

Itochu wants to buy the rest of the convenience store operator for $5.4 bln. FamilyMart pushed for better terms based on new M&A guidelines to protect minorities. Yet it ultimately endorsed a lowball offer that ignored them. Clearly the new rules aren’t strong enough.

Walmart’s UK exit will be priced to sell

24 Jul 2020

The $375 bln retailer is once again trying to flog a stake in its British chain Asda. Convincing an investor to match the $9 bln J Sainsbury offered in 2018 looks fanciful given weak growth, Brexit risks, and the legacy of the pandemic. The main appeal may be a willing seller.

Corona Capital: LatAm pensions, Activism

23 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Pension reform in Mexico and Chile gets a coronavirus makeover; UK chief executives catch a break during lockdown as the number of activist campaigns collapses.

Ocado cash call delays profit delivery slot

11 Jun 2020

The 15 bln pound online retailer raised over 1 bln pounds to fulfil global demand for its warehouses. CEO Tim Steiner’s plan takes advantage of a near-doubling in its share price since the pandemic. But capital-intensive investments mean investors face a longer wait for earnings.

Corona Capital: Crisis loans, Jet fighting

3 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: Bank customers are no longer making a dash for cash, loan drawdowns suggest. Meanwhile, a U.S. block on Chinese passenger flights suggests domestic battles haven’t dimmed President Trump’s desire to make China pay.

Corona Capital: Payments M&A brawl, Endeavor

7 May 2020

Concise views on the pandemic’s corporate and financial fallout: Payments firm Wex’s attempt to ditch a double deal for two UK rivals will face legal pushback and perhaps Elliott Management’s ire. Talent agency Endeavor’s 2018 Epic Games investment is starting to come in handy.