A news summary focused on 10 big employers; updated 4:03 p.m.
YUM: Two of what may be the only serious bidders for Yum’s mammoth China Division have submitted offers — including one for just $2 billion — but have failed to reach a final agreement for a business once expected to command $10 billion, according to The Financial Times. The bidders are China-based private equity fund Primavera and Singapore sovereign wealth fund Temasek.
Primavera made the $2 billion offer for part of the franchise, people briefed on the talks said. “The bid conformed to Yum’s original conditions for the sale, but the buyout group and Yum could not agree on pricing,” the FT says.
Temasek also made an offer — the newspaper didn’t say how much — but also couldn’t reach an agreement on the 7,200 KFC and Pizza Hut units. They accounted for more than half Yum’s revenue last year.
The Louisville-based fast food giant put the China operations on the auction block last year after being pressured to do so by investors including Corvex Management founder Keith Meister. CEO Greg Creed is preparing to lead a road show that Yum expects will end with a spinoff by Oct. 31.
But the FT’s report raises doubts about the timetable, particularly after Bloomberg News reported that a consortium of the only other known bidders dropped out in May: private equity firm KKR and Chinese state investor CIC.
A company spokesperson whom the FT didn’t identify said Yum is “making great progress toward the separation of our China business,” which last year accounted for 61% of Yum’s $11.1 billion in revenue and 39% of $1.9 billion in profits.
The FT’s report was published yesterday. This afternoon, Wall Street wasn’t worried; Yum’s stock closed less than 1% higher, or 47 cents, to $89.72 — just below its record trading high of $90.38 on Monday (FT).
BROWN-FORMAN: Racing to meet consumer demand for whiskey, U.S. farmers planted 1.76 million acres of rye for the 2016-17 season, the most since 1989 and a 12% increase from a year ago. Planted in autumn and harvested in mid-summer, rye fell out of favor over the past decade as other crops produced bigger profits (Reuters).
In Nashville yesterday, Jack Daniel’s officially opened its second retail store — the first in its 150-year history outside the distiller’s corporate hometown of Lynchburg. “We get about 275,000 visitors that come see us every year, and there’s certainly a lot more people in this world, and we’d like to take Lynchburg to them,” said Dave Stang, director of events and sponsorships. The store doesn’t sell its namesake liquor :(, but does sell Jack Daniel’s-branded merchandise (News Channel 5).
Meanwhile, the Jack Daniel’s Barrel Hunt promotion is coming to South Africa as part of the distiller’s 150th anniversary — a global scavenger hunt to find 150 handcrafted barrels at historic and cultural sites (Biz Community). Clues for the next barrel, in Lithuania’s Kaunas, will be revealed tomorrow. The most recent found was in the U.K.’s Manchester; still to be found: barrels in Prague and Riccione, Italy. How the hunt works.
And Brown-Forman stockholders hold their annual meeting tomorrow at 9:30 a.m. in the company’s Louisville headquarters conference center at 850 Dixie Highway. Board Chairman Garvin Brown IV will oversee the meeting. On the agenda, according to the proxy statement:
- Electing 12 directors to the board. They include three new members initially elected this spring, all fifth-generation members of the Brown family controlling the company. They are Campbell P. Brown, Marshall B. Farrer, and Laura L. Frazier.
- Voting on a proposal to amend the Restated Certificate of Incorporation to increase the number of authorized shares of Class A common stock in connection with the company’s previously announced two-for-one stock split.
GE/HAIER: In Everett, Wash., a Daily Herald reader takes issue Continue reading “Yum China buyout said stalled as two bidders balk at terms; U.S. farmers binge on rye as Brown-Forman whiskey demand soars; CJ owner Gannett’s stock tanks 9% on weak Q2 results”
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