Benettons swap motorway power for airport clout 11 Jul 2022 The Italian tycoons will exchange their stake in road and airport caterer Autogrill for at least 20% of duty-free player Dufry, without getting a premium. The combined $5.6 bln group is a bet on long-distance travel recovering. Other investors must decide whether to hop on board.
Capital Calls: Amazon/Just Eat Takeaway 6 Jul 2022 Concise views on global finance: The $1.2 trillion e-commerce giant is reprising its deal offering Prime subscribers membership of UK food delivery outfit Deliveroo with the U.S. arm of its $3 billion Dutch rival.
AB InBev’s low-alcohol miss has sobering effect 27 May 2022 The world’s biggest brewer wants 20% of its beer volume in 2025 to contain little or no alcohol. Hitting the booze-free target requires unlikely growth of 30% a year. That puts a dampener on CEO Michel Doukeris’s do-gooder vibes, as well as his sales and margin potential.
Capital Calls: AB InBev 5 May 2022 Concise views on global finance: Anheuser-Busch InBev’s revenue grew 11% in the first quarter compared to last year, but rising prices are a particular headache for the debt-laden brewer.
Italian motorway menu serves the Benettons well 21 Apr 2022 The dynasty may merge its Autogrill chain with $4 bln Swiss duty-free specialist Dufry. Though slightly bigger, the latter is suffering the worse Covid-19 hangover. Even though they’re surrendering control, the Benettons would still have a strong hand to get a good deal.
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.
Capital Calls: U.S. truck drivers go missing 4 Apr 2022 Concise views on global finance: Bonuses and concessions from Washington aren't enough to fill the industry's empty cabs.
McDonald’s closure marks ending of Russian era 10 Mar 2022 In 1990, Pierre Briancon witnessed the opening of the fast-food chain’s first restaurant in Moscow. It was the surest sign the Soviet Union was dead and its economy reforming. Similarly, McDonald’s closing its 850 Russian outlets this week symbolises the country’s isolation.
Capital Calls: ABB’s car chargers, Airport M&A 10 Feb 2022 Concise views on global finance: The Swiss engineering group’s listing plans come at an unfortunate moment; Britain’s John Menzies takes a risk with rejection of “opportunistic” approach from Kuwaiti air services group NAS.
Capital Calls: Blackstone, German chips, Guy Hands 27 Jan 2022 Concise views on global finance: The $140 bln group braces for falling asset values and rising interest rates; Berlin sends the wrong signal by ignoring a 4.4 bln euro offer for wafer maker Siltronic; Britain seeks to reverse the financier’s lucrative 1996 housing deal.
Delivery Hero U-turn shows bleaker times for tech 22 Dec 2021 The $28 bln food delivery group is leaving the German market after less than a year. However embarrassing, the move looks rational given the country’s cutthroat competition. Rising interest rates and more volatile markets mean loss-making companies need to keep investors sweet.
The Exchange: Top chef who turned his back on meat 14 Dec 2021 Daniel Humm’s Eleven Madison Park in New York garnered three Michelin stars and was voted the world’s best restaurant in 2017. But after the pandemic, the marathoning Swiss transplant pivoted his kitchen entirely towards plant-based cuisine. He tells Rob Cox why.
EU gig economy faces lengthy fight with Brussels 9 Dec 2021 Draft rules would reclassify up to 4 mln of the bloc’s freelancers as employees. That will raise costs and dent demand for firms relying on the self-employed. Ride-hailing and food-delivery groups can tweak business models or argue in court. The winner won’t be clear for years.
Transatlantic food delivery value gap will narrow 3 Dec 2021 DoorDash and Just Eat Takeaway have similar revenue and growth prospects, but the $57 bln U.S. firm is worth four times as much as its Dutch rival. Better profitability and an earlier move into groceries helps explain the gap. DoorDash’s push into Europe suggests it won’t last.
Capital Calls: Moderna’s $40 bln shot gain 29 Nov 2021 Concise views on global finance: News of a spreading Covid-19 variant added $40 bln to the biotech’s market value. Investors are pricing in about 3 billion extra jabs. That’s rosy given competition and uncertainty.
Capital Calls: Remy Cointreau, African petrol 25 Nov 2021 Concise views on global finance: With profits soaring, the cognac maker will face mounting pressure for M&A; commodity trader Vitol buys out minority shareholders in London-listed fuel distributor Vivo.
Capital Calls: Stadium naming, Diageo, Evolution 17 Nov 2021 Concise views on global finance: Crypto.com is paying heavily to rename Staples Center; The drinks maker plans to grow its market share by 50% in the next decade; the $36 bln Swedish gambling firm lost $2 billion of its market capitalisation after accusations of illegal gambling.
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.
Capital Calls: Aussie climate plan stumbles 28 Oct 2021 Concise views on global finance: The federal government won’t sign a pledge to reduce methane emissions.
Capital Calls: McDonald’s, GM, Worldline 27 Oct 2021 Concise views on global finance: The $177 bln fast-food chain boosted sales by making it easier to get burgers and nuggets; supply shortages are exacerbating the carmaker’s heavy investment bill; shares in the French payments group tumbled despite ambitious growth targets.