Food & Beverages

Capital Calls: Peloton, Honest Co, Office Depot

5 May 2021

Concise views on global finance: Treadmill recall leaves investors in the workout app stranded; shares in Jessica Alba’s consumer packaged goods company opened more than 30% above their IPO price; the office-supply company paper-shuffles its way to a higher valuation.

Capital Calls: Pfizer, ConocoPhillips

4 May 2021

Concise views on global finance: About $6 bln of additional earnings from Covid vaccines at the U.S. drug giant should mean more capital returned to investors; the independent oil group is offloading stock in Canada-based Cenovus it collected as part of a deal four years ago.

Nestlé’s vitamin push is $5.8 bln placebo

30 April 2021

The Swiss food giant is buying brands such as Solgar from KKR-owned supplement maker Bountiful. The wish to boost immunity during Covid-19 pepped up sales. To make a healthy return, CEO Mark Schneider needs consumers to keep swallowing pills, and the hype that they actually work.

Rapid grocery delivery splurge will end with purge

30 April 2021

The business of bringing alcohol and ice cream to punters within minutes has attracted $8 bln from investors like SoftBank this year. The stage is set for a frantic fight between startups, takeout apps and supermarkets. They will burn much cash in pursuit of uncertain returns.

Capital Calls: Endeavor’s Hollywood ending

29 April 2021

Concise views on global finance: The entertainment conglomerate’s IPO flipped the script on opening day.

Kweichow Moutai distills a governance discount

29 April 2021

The $396 bln Chinese baijiu maker’s bottom line rose just 6.6% in the first quarter, far slower than sales, while rivals boosted profitability. Unusually high tax payments are to blame, as local officials milk Moutai. The deteriorating trust could erode further value.

Capital Calls: Jerome Powell, Shopify

28 April 2021

Concise views on global finance: The clock is ticking on the Fed boss’s taper timeline; the e-commerce firm grew even as it warns of a post-pandemic lull.

Capital Calls: Betway, U.S. banks, Vaccine feud

26 April 2021

Concise views on global finance: Another online betting group goes public by merging with a special-purpose acquisition company; some financial firms are racing to capture nearly-free funding from American depositors; Europe faces a long and costly fight for AstraZeneca vaccines.

Capital Calls: The $2 trln toybox

23 April 2021

Concise views on global finance: Mattel’s 47% sales growth tees up a spree of discretionary spending, as American consumers raid pandemic savings.

Capital Calls: Chubb and Hartford, Swimming pools

22 April 2021

Concise views on global finance: The company led by Evan Greenberg twice raised its bid for its Connecticut rival, but so far to no avail; a blowout quarter for private-pool maker Pool Corp points to buoyant wealth and spending trends, but only for some.

Capital Calls: U.S. antitrust, Dyal-Owl Rock

21 April 2021

Concise views on global finance: Would-be U.S. trustbuster nominee Lina Khan suggests it’s not just tech companies to blame for Big Tech’s dominance; two U.S. investment firms’ planned merger and sale to a blank-check company has cleared a legal hurdle.

Oatly’s IPO health depends heavily on China

20 April 2021

A partnership with Starbucks in the People’s Republic boosted the Swedish oat milk maker’s sales and profile. Major investor China Resources should help with future growth. But the state-backed group’s involvement is also a risk for buyers of its mooted $10 bln U.S. listing.

Capital Calls: Bank of America, WeWork, Kering

20 April 2021

Concise views on global finance: The bank’s shareholders voted against a deeper dive into its impact on racial inequality; the office landlord is taking bitcoin as payment, for now; the Gucci owner needs to run faster to catch arch-rival LVMH.

Next Danone CEO can serve up faux-milk spinoff

20 April 2021

The $50 bln Activia maker is searching for a new boss to lead its turnaround. Listing its Alpro unit would be a tasty way to tap into investor demand for dairy substitutes. Even at half the sales multiple that rival Oatly is seeking in an IPO, the unit could be worth $11 bln.

Capital Calls: SXSW

19 April 2021

Concise views on global finance: Rolling Stone publisher Penske Media is taking a 50% stake in hipster arts festival South By Southwest.

Impossible Foods may outdo Beyond Meat’s recipe

16 April 2021

Shoppers already have two big alt-meat brands to choose from, and soon investors may too. Impossible is a latecomer, but may be less exposed to the supplier risks and sales swings that have troubled its rival. If Beyond’s IPO was a whopper, Impossible’s could be supersized.

EU’s new supply-chain stick delivers fair whack

16 April 2021

Germany and others plan to make firms liable for human rights and environmental abuses by suppliers. The financial gains derived from outsourcing justify the legal stretch. Scandal-wary giants like Nestlé already self-police their sourcing. Hefty fines are an added incentive.

Capital Calls: Delta Air Lines, L’Oreal

15 April 2021

Concise views on global finance: The U.S. air carrier says it was cash-flow positive in March, signaling the beginning of the end of the pandemic; the French cosmetics group has too much cash, which could be useful for dealmaking.

Grab’s $40 bln debut comes with twin airbags

13 April 2021

The Southeast Asian taxi-to-fintech firm is going public at a sales multiple twice Uber’s. U.S. SPAC sponsor Altimeter is contributing to a $4 bln PIPE and signing a long lockup. It’s a smart way to underwrite an amped-up valuation and sets a template to speed others to market.

Capital Calls: Bling deal

6 April 2021

Concise views on global finance in the Covid-19 era: Signet, the owner of jewelers Zales and Kay, is buying rental firm Rocksbox.