PepsiCo’s price hikes help keep revenues rising October 16, 2013 PEPSICO reported higher quarterly earnings yesterday and said it was on track to meet its financial goals for the year, despite a sluggish economy. The maker of Pepsi-Cola, Frito-Lay snacks and Tropicana juice said net income was $1.91bn (£1.2bn), or $1.23 per share, in the third quarter, up less than one per cent from $1.90bn, [...]
Pepsi urged to become snack food behemoth July 17, 2013 ACTIVIST shareholder Nelson Peltz said yesterday he wants PepsiCo to buy Mondelez International for around $35 a share in a deal that would be worth $62.46bn and create a snack food powerhouse selling everything from chocolate to chips. Peltz said in a 59-page presentation that PepsiCo was at a “strategic crossroads” and the status quo [...]
Danone seeks more savings as austerity in Europe dents sales December 13, 2012 FRENCH food group Danone said yesterday that it plans to cut jobs in Europe in an attempt to save €200m (£162.2m) over the next two years. The company, the biggest yoghurt maker in the world, said job losses will be restricted to managerial roles, and will be based on voluntary departures, but did not comment [...]
The pace quickens for London’s investment bankers September 13, 2012 Maybe it was the news that Tony Blair had intervened to reignite the City’s biggest takeover of the year. Maybe it’s just the natural gathering pace of autumn, when business tends to hot up. Or maybe it’s the raw fear of job losses or even the hope of a more stable Eurozone backdrop. Whatever the [...]
Peltz joins Ingersoll-Rand board August 13, 2012 Ingersoll-Rand named Nelson Peltz to its board yesterday, months after the activist investor pushed for changes at the manufacturer of air conditioners and security systems. The move averts a potential proxy fight between Ingersoll and Peltz, whose Trian Fund Management holds a seven per cent stake in the company. Ingersoll has said it is evaluating [...]
BUSINESS OF THE YEAR August 7, 2012 OUR final shortlist for the third annual City A.M. awards is a big one – the Business of the Year. For this category we have looked for strong share price performance aligned to important strategic developments. We have chosen four established companies, along with one rising star in Ophir Energy. Ophir has been one of [...]
Shareholders can find a potent ally in activist funds July 15, 2012 THE so-called shareholder spring – in which shareholders have been revolting against the pay of chief executives of major corporations like Barclays, Aviva, and William Hill – is gaining momentum. And activist hedge funds, which pressure public companies to make changes to improve a company’s share price, will increasingly drive this phenomenon. Many regard hedge [...]
It’s far from all over for the bulge bracket banks June 25, 2012 ONE of the many surprises of the Walgreens pharmacy chain bid for 45 per cent of Boots was the choice of advisers. For sure, Walgreens had bulge bracket firm Goldman Sachs on the case but it also took advice from the independent firm Lazard. And on the other side of the deal, Alliance Boots and [...]
Intercontinental soars as activist declares stake May 31, 2012 INVESTORS bought into the idea of Intercontinental Hotels Group (IHG) as a takeover target yesterday, following news that prominent activist investor Nelson Peltz has a 4.27 per cent stake in the firm. Shares in IHG jumped 6.1 per cent after US hedge fund impresario Peltz declared his stake through Trian Fund Management. In recent months, [...]
PROFILE: NELSON PELTZ May 31, 2012 THE mere mention of Nelson Peltz’s name is enough to send a shiver down a boardroom’s collective spine. The hard-hitting hedgie can claim responsibility for the break-up of Cadbury Schweppes, a big restructuring at Legg Mason and for shaking out the waste within State Street. Once he builds a stake in a firm big enough [...]