(Reuters) – Beam Inc (BEAM.N: Quote, Profile, Research, Stock Buzz) reported a smaller-than-expected decline in fourth-quarter earnings and gave an optimistic 2013 forecast as it benefits from strong demand for bourbon and growth in emerging markets.
On a net basis, the maker of Jim Beam, Maker’s Mark and Knob Creek bourbons said on Friday that earnings were $126.3 million, or 79 cents per share, in the fourth quarter. It earned $88.5 million, or 56 cents, a year earlier.
WASHINGTON/NEW YORK (Reuters) – The U.S. government has filed a lawsuit seeking to stop Anheuser-Busch InBev SA (ABI.BR: Quote, Profile, Research, Stock Buzz) from buying the half of Mexican brewer Grupo Modelo (GMODELOC.MX: Quote, Profile, Research, Stock Buzz) that it does not already own, saying the $20.1 billion deal could mean higher U.S. beer prices.
The government’s move calls into question the future of one of the biggest deals of 2012 and a related deal that was set to change the fortunes of the world’s largest wine company, Constellation Brands Inc (STZ.N: Quote, Profile, Research, Stock Buzz). Shares of all three companies fell sharply on the news.
WASHINGTON/NEW YORK, Jan 31 (Reuters) – The U.S. government
has filed a lawsuit seeking to stop Anheuser-Busch InBev SA
from buying the half of Mexican brewer Grupo Modelo
that it does not already own, saying the $20.1
billion deal could mean higher U.S. beer prices.
AB InBev said it will fight back in federal court, calling
the Justice Department’s decision to sue to stop the deal
“inconsistent with the law, the facts and the reality of the
(Reuters) – Mead Johnson Nutrition Co (MJN.N: Quote, Profile, Research, Stock Buzz) reported higher-than-expected quarterly profit and gave an outlook that was better than many analysts had feared, sending the company’s shares up 7 percent in premarket trade.
The maker of Enfamil baby formula, which gets a large portion of its revenue overseas, lost market share in China earlier in 2012 after it raised prices and a competitor offered aggressive promotions. Its North American business also struggled due to lower birth rates and a lingering impact from a contamination scare in late 2011.
(Reuters) – Johnson and Johnson (JNJ.N: Quote, Profile, Research, Stock Buzz) is looking to sell most of its U.S. feminine hygiene business, as it seeks to exit low-growth areas, but wants to keep its K-Y brand, said three people familiar with the process.
The diversified healthcare giant, whose products range from prescription drugs and medical devices to baby shampoo and mouthwash, wants to unload its Stayfree and Carefree pads and o.b. tampons, said the people, who declined to be identified as the matter is not public.
NEW YORK (Reuters) – Organix Hair Care, a maker of haircare products, is up for sale in a deal that could be worth $800 million or more, according to three sources familiar with the matter.
Organix’s owner, Florida-based haircare company Vogue International, is being advised by Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) on the potential sale, according to the sources, who declined to be identified since the talks are private.
NEW YORK (Reuters) – Private equity firms Apollo Global Management LLC (APO.N: Quote, Profile, Research, Stock Buzz) and C. Dean Metropoulos & Co are near a deal to buy snack cake brands including Hostess Twinkies and Donettes, two sources familiar with the matter said on Tuesday.
A deal for roughly $400 million, part of Hostess Brands Inc’s HTBRS.UL bankruptcy process, could be announced as soon as Tuesday, said one of the sources, who declined to be identified as the discussions are not public.
Jan 28 (Reuters) – Hostess Brands Inc said on
Monday it has selected stalking horse bidders for its Drake’s
cake business and additional bread brands that will net the
bankrupt bakery company more than $56 million.
The announcement of the bidders comes as part of the
company’s bankruptcy reorganization.
(Reuters) – Hostess Brands Inc HTBRS.UL is close to securing initial bids for its Drake’s cake business and four bread operations that could net the bankrupt bakery company more than $50 million, according to a source familiar with the matter.
An announcement of the deals, part of the company’s bankruptcy reorganization, could come on Monday, according to the source, who requested anonymity because the talks are not public.
(Reuters) – Hostess Brands Inc HTBRS.UL plans to submit an agreement next week to sell its Drake’s cake business as part of its bankruptcy reorganization, a lawyer for the company said on Friday.
Heather Lennox, an attorney for Hostess, told a court in White Plains, New York, that Hostess was also in advanced discussions with a number of parties for the remainder of its snack business, which includes Twinkies, according to a spokesman for Hostess.