LOS ANGELES/CHICAGO, May 29 (Reuters) – The bidding war for
Hillshire Brands Co could herald further deals as meat
companies seek to round out their assets from farm to table in a
food frenzy that accelerated after China’s acquisition of
Smithfield Foods a year ago.
The deals also are being fueled by Americans’ increasing
appetite for protein: Profit margins in chicken production have
become fat even as tight supplies in the beef and pork markets
have driven up prices, raising costs for producers and prompting
some consumers and retailers to reach for poultry products.
By Lisa Baertlein and Devika Krishna Kumar
(Reuters) – Pilgrim’s Pride Corp PPC.O on Tuesday offered to buy Hillshire Brands Co HSH.N in an all-cash deal valued at $6.4 billion, as the world’s second-largest chicken processor seeks to expand its protein footprint with Hillshire’s sausages and lunch meats.
Shares in Hillshire soared 22 percent on word of the bid, which landed two weeks after the maker of Hillshire lunch meats and Jimmy Dean Sausages offered to buy Pinnacle Foods Inc PF.N, known for its Birds Eye frozen vegetables and Wish-Bone salad dressings, in a $4.3 billion deal.
(Reuters) – More than 100 demonstrators seeking better pay for McDonald’s workers were arrested on Wednesday as protesters swarmed the fast-food chain’s corporate campus near Chicago demanding a minimum wage of $15 an hour and the right to unionize.
The protest against McDonald’s Corp, the world’s biggest restaurant operator by revenue, came a day before a shareholder vote on executive pay, including that of Chief Executive Don Thompson, who earned total compensation of $9.5 million in 2013.
May 21 (Reuters) – Hundreds of low-wage McDonald’s workers
protested near the fast-food chain’s headquarters on Wednesday
calling for a significant pay hike as shareholders prepare to
weigh in on the company’s executive compensation.
The McDonald’s workers are calling for roughly a doubling of
pay to $15 per hour and the right to unionize. Their frequent
rallies have helped fuel a national debate on pay inequality at
a time when many middle- to low-income Americans have curtailed
spending to help make ends meet.
(Reuters) – Fast-food workers from three dozen U.S. cities on Wednesday will protest at the headquarters of McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz), calling for a significant wage hike, as company shareholders also prepare to weigh in on the pay of the fast-food giant’s top executives.
The latest, and possibly largest, protest against the global chain comes a day ahead of a shareholders vote on executive pay at McDonald’s, where Chief Executive Don Thompson took home total compensation of $9.5 million in 2013.
LOS ANGELES/BOSTON, May 20 (Reuters) – The next big showdown
in the running battle over U.S. executive pay is shaping up to
be the annual meeting of McDonald’s Corp on Thursday,
but critics may have a tough time replicating their victory last
week at Chipotle Mexican Grill.
McDonald’s is a main target of protesters and labor groups,
who criticize the world’s biggest fast-food chain for paying
millions of dollars to its chief executive while many front-line
restaurant workers are scraping by at or near minimum wage.
NEW YORK/LOS ANGELES (Reuters) – Rebecca Sumrow is one of the customers food and restaurant company executives have in mind when they consider raising prices to offset higher costs as meat and milk soar to record highs.
The 30-year-old from San Clemente, California, was out of work for a short time last year and saved money by moving in with her boyfriend and cutting back on clothes shopping and dining out. Though she now has a good job working for an investment firm, she’s maintaining her frugal ways.
(Reuters) – Hillshire Brands Co said on Monday it would buy Pinnacle Foods Inc in a $4.3 billion deal that will combine its lineup of Jimmy Dean sausages and Hillshire lunch meats with Pinnacle’s Birds Eye frozen vegetables and Vlasic pickles.
Shares of Hillshire fell 5 percent after the announcement of the cash-and-stock deal, which analysts said dashed some investor hopes that Hillshire would be bought by a larger company.
May 8 (Reuters) – McDonald’s Corp reported global
sales growth at established restaurants for April on Thursday
that met expectations, as a rebound in Asia helped offset
disappointing sales in Europe and flat results from the United
The world’s biggest restaurant chain by revenue said
worldwide sales at restaurants open at least 13 months grew 1.2
percent last month, matching analysts’ average estimate,
according to Consensus Metrix.
NEW YORK (Reuters) – By Lisa Twaronite
TOKYO, April 30 (Reuters) – Asian shares firmed on Wednesday after earnings-fuelled gains on Wall Street, while the euro remained under pressure after weaker-than-expected German inflation data raised speculation of more easing in Europe.
Investors stayed cautious before central bank decisions from the Bank of Japan and then the Federal Reserve later in the session, as well as key U.S. jobs data on Friday.