Mon, Jan. 12, 10:45 AM
- Citigroup downgrades a number of food stocks on its view higher consumer spending in the sector may already by priced into share prices.
- Exposure to global markets also poses a risk due to currency swings and uneven demand, say analysts.
- The investment firm takes the rating on ConAgra (CAG -1%), Mondelez International (MDLZ -0.8%), and Kellogg (K -0.9%) to Neutral from Buy.
- McCormick & Company (MKC -0.8%), Kraft Foods Group (KRFT), and Campbell Soup (CPB) are all moved to Sell from Neutral.
Mon, Jan. 12, 3:23 AM
- After private equity firm Abraaj pulled its offer for Bisco Misr on Dec. 31, the bidding period for the Egyptian biscuitmaker ended Sunday with Kellogg (NYSE:K) as the only suitor.
- The bidding war between the two drove up the offer price by over 20%.
- As of yesterday, shareholders controlling 86% of the company have agreed to sell their shares to Kellogg for a total of $125M.
Dec. 31, 2014, 2:59 AM
- The UAE's Abraaj Investment Management is pulling out of a bidding war with Kellogg (NYSE:K) for the Egypt's Bisco Misr.
- Abraaj did not give a reason for its withdrawal from the bidding process, but said the orderly and transparent process had underlined growing investor interest in Egypt.
- Kellogg was the last to place a bid for the snack maker, offering 89.86 EGP per share - for a total purchase price of $144M.
Dec. 28, 2014, 11:01 AM
- Egypt's financial regulator has extended the bidding period for Bisco Misr until Jan. 11, intensifying a $144M takeover battle between Kellogg (NYSE:K) and the UAE's Abraaj Investment Management.
- Kellogg raised its bid for the Egyptian snack maker on Wednesday to 89.86 EGP per share following an earlier offer of 88.09 from Abraaj.
- The battle has so far driven up the bid price by more than a fifth from Abraaj's opening gambit of 73.91 EGP/share.
Dec. 18, 2014, 4:35 AM| Comment!
Dec. 17, 2014, 9:29 AM
- General Mills (NYSE:GIS) reported cereal demand fell off once again in FQ2.
- The decline is in spite of efforts to introduce more on-trend brands (protein, gluten-free, low-calorie).
- The company offset the cereal slump to a degree with gains in yogurt.
- Yogurt sales grew in both the U.S. Retail and Convenience Store channels.
- The shift by consumers from cereal to yogurt has also negatively impacted Kellogg (NYSE:K) and Post Holdings (NYSE:POST) - while benefiting Danone (OTCQX:DANOY) and Mueller-PepsiCo (NYSE:PEP).
- Previously: General Mills earnings, highlights
Dec. 12, 2014, 10:47 AM
- Kellogg (K -1.4%) says it's making an evaluation to see if it's operating the right number of ready-to-eat cereal manufacturing plants in the U.S.
- A report from the Bakery, Confectionary, Tobacco, and Grain Millers Association made the claim earlier this week that Kellogg planned to close some U.S. facilities.
Dec. 1, 2014, 10:16 AM
Nov. 30, 2014, 9:23 AM
- Intensifying a bidding war with the UAE's Abraaj Investment Management, Kellogg (NYSE:K) has raised its offer for Egyptian cake and biscuit maker Bisco Misr again.
- The world's biggest breakfast cereal maker upped its bid to 82.2 EGP ($11.50) per share today, topping Abraaj's previous offer of 80.58 EGP ($11.27).
- Earlier this month, Abraaj offered 73 EGP per share, which Kellogg countered last week with 79 EGP.
- Previously: Bisco Misr bidding war heats up
Nov. 26, 2014, 9:44 AM
- Abraaj has raised its bid for Bisco Misr to 80.58 EGP per share, announcing a $130M offer for the Egyptian cake and biscuit maker.
- The UAE investment company's initial bid of 73 EGP per share earlier this month was topped this morning by Kellogg's (K -0.5%) offer of 79 EGP/share.
- Previously: Kellogg makes offer for Egypt's Bisco Misr
Nov. 26, 2014, 6:40 AM| 1 Comment
Nov. 20, 2014, 9:12 AM
- Air fares rose 2.2% M/M in October, according to the underlying data from the Bureau of Labor Statistics. The development arrives just as jet fuel prices are moderating on forward contracts for carriers (LUV, JBLU, HA, ALK, ALGT, SAVE, AAL, DAL, UAL, RJET).
- Breakfast cereal prices rose 1.5% M/M in October. Though the gain could be due to a soft promotions-influenced comp from a year ago, sellers (GIS, K, POST) won't mind the relief.
- Another surprise might be the +4.3% average price rise in the women's dresses category. Ann (NYSE:ANN), L Brands (NYSE:LB), Cache (NASDAQ:CACH), Cato (NYSE:CATO), Chico's FAS (NYSE:CHS), and Ascena Retail (NASDAQ:ASNA) could be part of that improvement.
- BLS CPI table
Nov. 20, 2014, 6:55 AM
Oct. 30, 2014, 8:20 AM
- Kellogg (NYSE:K) reports sales in North America fell 4.2% Y/Y to $2.3B in Q3, while operating profit was 20% lower than the year-ago period.
- The company saw weakness in both the snacks and morning foods segments in the U.S.
- Cost of goods +3.6% to $2.35B.
- International revenue growth: Europe sales -0.6%, Latin America +6.2%, Asia/Pacific +4.8%.
- K -2.4% premarket.
Oct. 30, 2014, 8:05 AM
Oct. 24, 2014, 2:25 PM
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