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| 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| 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| 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
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