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
Oct. 3, 2014, 11:16 AM| 2 Comments
Oct. 2, 2014, 6:55 PM
- Kellogg (NYSE:K) CEO John A. Bryant is planning to meet in London with British snack/cookie maker United Biscuits about a ~£2B ($3.2B) acquisition, the WSJ reports.
- At the same time, United is said to be prepping IPO documents, thus giving P-E owners Blackstone and PAI Partners a second exit strategy. Blackstone and PAI bought United for £1.6B in 2006.
- United had 2013 sales of £1.1B, and claims a quarter of the British cookie market. However, growth has been weak in recent years.
- K -0.4% AH.
Sep. 30, 2014, 10:29 AM
Sep. 26, 2014, 8:59 AM
Sep. 22, 2014, 3:00 PM
- Kellogg (K -0.6%) is one of the first round bidders for United Biscuits, sources tell The Wall Street Journal.
- The Ontario Teachers' Pension Plan and Turkish firm Ulker Biskuvi Sanayi AS were also involved in the bidding for the private equity-owned food company.
- The offer prices for United Biscuits is reported to be in the neighborhood of $3.27B.
Sep. 17, 2014, 11:31 AM
- Post (POST -2%) and Kellogg (K -1.9%) slide after General Mills delivers an underwhelming FQ1 report.
- Pricing pressure and low cereal volumes are concerns within the group.
- It's a tough day throughout the food sector with investors also a bit skittish on Flower Foods (FLO -0.9%), TreeHouse Foods (THS -0.5%), and Hain Celestial (HAIN -1%).
Sep. 11, 2014, 2:17 PM
- The cereal industry is undergoing a "death by a thousand cuts" with no single competing category or product delivering a knockout blow - but volume in the U.S. remaining stuck in a downward trend.
- Though Greek yogurt, the smoothie craze, fad diets, and the explosion of organic brands are all major headaches for cereal sellers, it might be the ambivalent attitude of millennials that proves to be the biggest challenge.
- A recent swing by Kellogg (NYSE:K), Post Holdings (NYSE:POST), and General Mills (NYSE:GIS) to wax nostalgic with marketing campaigns hasn't delivered as strong as results as anticipated and new product innovation (protein, gluten-free, no-fat) has been somewhat hit and miss.
- The battle for breakfast: An aggressive push by fast-food and fast-casual restaurants as well as the appeal of hit-and-run breakfasts from convenience-store chains has also impacted cereal sales, according to analysts.
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