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.
Europe’s chip champion can weather tech cold war 30 Sep 2021 ASML, which supplies machines to semiconductor makers, expects sales to grow 11% a year for a decade. That’s key to the Dutch company’s $310 bln market value. Despite restrictions on exports to China, countries seeking to secure chip supplies will provide an extra boost.
Dutch lingerie sale looks surprisingly chaste 24 Sep 2021 Sexy-underwear seller Hunkemoller is on the block after a post-pandemic rebound. Owner Carlyle’s digital push is helping it win market share. Yet investors seem more excited by trendy sportswear than saucy lingerie. Capping the price at 1 bln euros looks suitably modest.
Fiat offspring are racy hedge against anti-rich Xi 23 Sep 2021 BMW, Mercedes and others would be hit hard if China’s “common prosperity” drive extends to premium vehicles. Ferrari can power through, while Stellantis’ low sales in the world’s top car market would offer investors cover, if rivals don’t offload vehicles on the cheap elsewhere.
Universal spin makes case for even slimmer Vivendi 21 Sep 2021 Tycoon Vincent Bolloré has enriched himself and other shareholders by listing the $53 bln label behind artists like Taylor Swift. But his remaining media business still trades with a hefty discount. Offloading his Italian holdings, and putting a stop to M&A, would help fix that.
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.