Netherlands

Unilever boss needs to channel his inner activist

17 December 2019

The consumer goods giant warned sales in 2019 will grow less than 3%. CEO Alan Jope blames weakness in countries like India, but the miss heaps pressure on him to turn around the sprawling business. Setting out clear targets for dumping sluggish food brands would be a start.

Altice scores narrow win with Portugal fibre deal

13 December 2019

Billionaire Patrick Drahi’s telecom group sold half its local broadband network for 2.3 bln euros. Some of the payment is delayed but the price still gives Drahi reason to celebrate. Besides eating into his debt mountain, the cash helps him lay more fibre to stay ahead of rivals.

Just Eat offer is taster for Christmas food fight

9 December 2019

Internet investor Prosus sweetened its cash bid for the UK food delivery company to $6.5 bln. That’s tastier than rival Takeaway.com’s all-share proposal, but still well below Just Eat’s market value. Shareholders are expecting a few more helpings before the end of the year.

DSM’s two new heads stretch sustainability halo

2 December 2019

Feike Sijbesma is leaving the $23 bln Dutch maker of food supplements and fibres. In 13 years as CEO, he championed planet-friendly businesses while delivering a 443% return to investors. Handing the job to two subordinates adds a governance challenge to sky-high expectations.

Shell’s Eneco fail flags Big Oil’s tricky pivot

25 November 2019

The oil group lost out to Mitsubishi’s 4.1 bln euro bid for the Dutch utility. Paying up for small European players is easy for Japanese bidders with a low cost of capital. Less so for old crude producers trying to shift to low-carbon energy, while saddled with wary shareholders.

Coty’s $7 bln castoffs are a bad fit for Unilever

22 November 2019

The U.S. cosmetics maker will auction its salon brands and may raise up to 12 times the unit’s EBITDA. The price looks reasonable, but revenue is shrinking. Breaking into the professional market with stale lines such as Wella would undermine the European consumer group’s shakeup.

Thermo Fisher diagnoses rare $10 bln land grab

14 November 2019

It’s circling Qiagen, a month after the diagnostics firm changed strategy and ditched its long-time leader. The would-be acquirer may spy an opportunity to snap up its rival while its defenses are weakened. The risk is that outweighs the pursuit of good returns.

Shell’s high-wire balancing act is getting harder

31 October 2019

The Anglo-Dutch oil major beat third-quarter expectations but warned it may slow a $25 bln share buyback. Shell needs the economy and oil prices to hold up to control its debt, pay investors their world-beating dividend and replenish reserves. The latter may have to give too.

Naspers spinoff wades into UK food delivery fight

22 October 2019

Newly listed Prosus slapped down a 4.9 bln pound order for Just Eat, beating rival Takeaway.com’s all-share bid. Though the UK delivery group rejected the offer, its $120 bln suitor has deep pockets. Rivals like Uber Eats and Deliveroo have a new competitor to worry about.

Big steel can reform its way to a longer life

30 September 2019

Rio Tinto will work with China's top producer to make steel greener. From Shell to BHP, resources firms are starting to tackle emissions churned out by oil, coal and the like, after they are sold. Such climate-friendly moves may also keep costs manageable, and an industry going.

ABN Amro investors dread U.S.-style mega-fine

26 September 2019

Shares in the state-controlled Dutch bank fell 9% after it confirmed prosecutors had launched a money-laundering probe. The loss of 1.5 bln euros of market value implies a larger penalty than rival ING paid. That would only be justified if American authorities get involved.

Naspers’ Tencent spinoff demands more of the same

11 September 2019

The South African media group’s e-commerce assets - newly listed in Amsterdam as Prosus - wiped out a long-term discount to the biggest holding, a $130 bln stake in the Chinese web giant. But a big value shortfall persists for Naspers itself. Offloading more of Prosus might help.

Just Eat M&A bump may have a long delivery time

3 September 2019

A top investor in the UK food-delivery group says it will vote against Dutch peer Takeaway.com’s all-share bid, now worth 5.1 bln pounds. A higher price could be needed to seal the deal. But with no rival bidder in sight, Takeaway CEO Jitse Groen can wait until the last minute.

Dutch insurer revisits ghosts of low yields past

15 August 2019

Despite hiking its dividend, Aegon’s shares dived after a sharp drop in solvency. That revives bad memories of the insurer’s volatile capital a few years back. Incoming CEO Lard Friese’s first job is to show investors he’s better at managing the group as low rates bite once more.

EU banks will struggle to exit value graveyard

7 August 2019

UniCredit, Commerzbank and ABN Amro all reported falls in first half pre-tax profit. Low interest rates threaten to crush revenue faster than CEOs can cut costs. Though euro zone bank shares have underperformed the wider benchmark by 15% this year, lowly valuations are justified.

EssilorLuxottica M&A invites sharp antitrust lens

31 July 2019

The $58 billion eyewear giant’s merger was waived through last year by regulators. But its purchase of Dutch optical retailer GrandVision risks curbing competition. It could promise to permit opticians to offer rivals’ products or sell some shops to a peer to help allay concerns.

Just Eat satisfies hunger for takeaway Dutch CEO

29 July 2019

The leaderless UK food delivery group is selling to rival Takeaway.com in a 5 billion pound all-share deal. Just Eat gains a new boss and ally in the battle against Uber and Deliveroo. The Dutch company, meanwhile, uses its highly-valued equity to join the UK food fight.

Heineken outlook only stacks up after a few pints

29 July 2019

The $62 bln brewer saw first-half operating profit rise only 0.3% year-on-year, but still assumes mid-single digit growth in 2019. Higher prices used to offset changing drinking trends. They will need to once again for CEO Jean-François van Boxmeer to avoid a new year hangover.

Del Vecchio’s grand M&A vision needs clearer focus

26 July 2019

Having merged his Luxottica frames empire with lens maker Essilor, Leonardo Del Vecchio is offering 7 bln euro for retailer GrandVision. A deal will double his share of Europe’s eyewear market. But it brings few savings and adds extra complexity to a group with messy governance.

Philips will grow into its healthier valuation

22 July 2019

The 37 bln euro medical-technology group has erased its valuation discount to Siemens Healthineers. That is justified by strong orders unveiled in second-quarter results. CEO Frans van Houten’s company offers the same growth story as its German rival, but with fewer distractions.