Glenboden M & A Originations
ALL "CONFECTIONARY" LEADS
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Cloetta's M&A future may be as consolidation target - A recent handover of the CEO position at Cloetta has prompted M&A Watch to assess that company's future M&A trajectory. Although there's potential for one or two more add-on acquisitions in Europe, there's a bigger case for a consolidation -led takeover before the end of this cycle. Read More
M&A options for Lindt & Sprungli - Where does Lindt sit in the global M&A landscape, and where might it look for its next milestone acquisition ? Read More
Could Kraft buy Leaf as a bolt-on to Cadbury ? - before being acquired by Kraft, Cadbury made a bid for Leaf. With the greater fire-power of Kraft behind it, maybe that deal will re-appear Read More
How committed are Hershey and Nestle to Wedel ? - Hershey and Nestle not fully committed; at best opportunistic. Jutrzenka best positioned strategically and in synergy terms; has financing options Read More
Predicted outcome of confectionery consolidation in Poland - ramifications of the Kraft - Cadbury merger, as well as the sale of Mieszko by its new Read More
Kraft should acquire Sara Lee rather than Cadbury - Confectionery only 10% of Kraft's sales. Cadbury targeted for margin gains. More strategic for Kraft to buy Sara Lee; consolidation not diversification; parallels with Premier - RHM; much cheaper. Read more ... Read More
Candidates for piecemeal acquisition of Leaf's confectionery portfolio - A piecemeal sale approach may now be optimal for Leaf; the sum of the brands being worth more than the whole portfolio. There are buyer candidates in most geographies and categories. Read More
Spain’s Natra emerges as European chocolate champion after transformational Callebaut deal - Once the transfer has been finalized, Natra will emerge with the balance sheet strength, and strategic momentum, to make branded chocolate products acquisitions. Read More
Mars likely to divest Uncle Ben's owing to Wrigley acquisition - The participation of Berkshire Hathaway in the financing may later cause Mars to sell its global grocery business, led by its iconic Uncle Ben’s brand. Read More
How will Lindt spend its $ 760 mln warchest ? - We’ll make a bet that the real deal is going to be an acquisition or two; there are a number of high-end chocolate brands in the world that could be better commercialised under Lindt’s ownership. Read More
Cadbury released to focus on new acquisitions after Monkhill sale - Cadbury’s executives now have more momentum behind making further acquisitions in large, emerging geographies; Ukraine and Russia are sure to be on the radar screen. As for categories, gum and functional candy are pref Read More
Ulker makes international breakthrough with Godiva chocolate acquisition - No luxury or confectionery multinational emerged as the buyer of Godiva, but rather a national champion from Turkey. Ulker now has a major opportunity for further expansion in developed markets. Read More
Ruza acquisition shows that Nestle continues to invest in unhealthy food in emerging markets - Nestle doesn’t need to acquire a platform in Russia. So, their other rationale would be to acquire a scalable bolt -on brand; in this respect Ruza’s credibility is possibly weak. Read More
Who will acquire Moscow confectionery leader Ruza ? - In the wake of its US ‘twin’ Wrigley’s acquisition of a.Korkunov in Russia in January 2007. Ruza may be the right candidate for Hershey, but Nestle is also in the frame. Read More
Hershey's options for an international breakthrough in confectionery - If the Hershey leopard does change its spots, then we think it’ll focus acquisitions on ‘new frontiers’ – in terms of both categories and geographies. Read More
Latvian private equity group grows its central European confectionery platform after Estonian buy - Alta Capital’s portfolio also includes a Polish confectionery maker (and a Lithuanian dairy). Anticipate Alta to roll-up more confectionery assets in the region. Read More
Who will buy Godiva Chocolatier from Campbell Soup ? - The luxury business model followed by Godiva makes it incompatible with even the most premium of mainstream chocolate producers, and so Campbell will end up either selling it to a luxury goods group, or to a lesser known Read More
Cadbury’s new strategy precludes a mega-merger and defines future M&A moves - strategy outlines a very pragmatic M&A strategy, focused on non-core divestments and acquisitions that enhance market share, or provide a major position in attractive new geographies. Read More
Cadbury’s three bolt-on acquisitions sets pattern for future M&A criteria - There will be other emerging geographies, with large populations, where Cadbury is likely to take similar positions through acquiring major incumbents. Our tip is eastern Europe and southern Asia. Read More
Cadbury’s three non –core divestments confirms its M&A strategy - Cadbury still has at least 50 mln GBP of divestments in its pipeline; these deals give strong clues at to which business will be the next to go. Read More
Callebaut emerging as global b2b chocolate supplier after Hershey deal - BC earlier announced a structured deal of this nature with Nestle. It will be interesting to track other outsourcing opportunities and assets for the group in various geographies. Read More
New JV in India signals greater internationalization for Hershey - This deal in India brings Hershey into the limelight as potentially making a breakthrough into being a truly international business. If so, then we can expect further JVs of this kind by Hershey, or even bolder moves to Read More
Nestle’s latest chocolate outsourcing deal suggests a phased exit from that category - Although there are no brands or portfolios actually being sold here, we believe this deal adds to the evidence that Nestle is gradually exiting confectionery as a consequence of its health & wellness drive. Read More
Wrigley makes double breakthrough by acquiring Russian chocolate company - Wrigley began to diversify beyond chewing gum in the early 2000s, especially with its acquisition of Kraft’s sugar confectionery business in 2004. It’s no surprise that Wrigley should go as far as chocolate confectio Read More
Kandia tees itself up for sale after buying Kraft’s Romania’s confectionery brands - Our tip is that Kandia will itself be acquired in the next year or so, by a major like Cadbury who’s interested in having a full-range platform in Romania and the Balkans. Read More
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