Rob Cox: Eat or be eaten is real Kraft calculus

By Rob Cox
March 31, 2015

It had a chance to buy Heinz two years ago. Instead of securing more of the combined value for itself, it’s now ceding control and renting its balance sheet. While selling to Warren Buffett gives the board cover, it raises questions about the sort of managers shareholders want.

Buffett-3G juggernaut can keep on truckin’

March 26, 2015

Kraft Heinz is the third time the Sage of Omaha and the trio behind AB InBev have joined forces, after swoops on the ketchup maker and Tim Hortons. The partners’ patience, financial firepower and industry experience give them big advantages. Bigger deals may lie down the road.

Kraft investors bet Heinz can refill secret sauce

March 25, 2015

The Velveeta cheese maker’s stock jumped a third – making the company worth nearly $50 bln – on news of its sale to the ketchup giant, which 3G Capital and Warren Buffett took private in 2013. The math works if Heinz can repeat its margin magic and leap hurdles to scaling Kraft.

Failed bid would leave Astra under pressure

May 27, 2014

Pfizer looks foolish for the way it handled a $119 bln offer for the UK drugmaker. But its shares have barely suffered. Astra remains independent and yet it is now under more scrutiny. Some of its shareholders welcomed a possible takeover - and could again.

Astra has small tactical advantage over Pfizer

May 1, 2014

Time can benefit bidders rather than targets – that’s why Kraft left Cadbury flailing for months. But uncertainties around regulatory clearance and Washington politics complicate the dynamics of Pfizer’s approach to AstraZeneca. The U.S. group will want a quick, recommended deal.

Companies can be safer than countries

February 16, 2010

It used to be that when the going got tough, investors fled into debt issued by sovereign governments whose default was unthinkable.

Bond investors still relatively sweet on Kraft

February 4, 2010

If Kraft's stock price is any indication, shareholders are ambivalent about the purchase of Britain's cherished candy maker, Cadbury.

Kraft’s wait for Cadbury helps square debt circle

January 20, 2010

Sometimes the wait can be worth it.

UK should resist calls to block RBS loan to Kraft

December 17, 2009

MPs in Cadbury's home town want the British government to stop majority state-owned Royal Bank of Scotland financing Kraft Foods' hostile bid for the confectioner. Such interference would rob the bank of credibility among its corporate customers and make a mockery of the idea that RBS is independent.

Cash not culture to decide Cadbury fate

November 30, 2009

By positively encouraging a white knight counter-offer to Kraft's cash and share bid, Cadbury's CEO and his advisers are working on the premise that this is the best way of squeezing a higher price out of Kraft.