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Articles by Anthony Shevlin
Temp services firm Adecco reports profit fall
Adecco Group AG (ADEN.EB) said Thursday that net profit and revenue declined in the second quarter. The Swiss human-resources company said net profit for the period was 159 million euros ($178.2 million) compared with EUR170 million the year prior. Revenue fell 4% on an organic basis to EUR5.92 billion. Adjusted for trading days, revenue fell 3%. Adecco said volumes in July indicate a continuation of the second-quarter trend.
Tencent in Talks to Buy Stake in Universal Music Group
Chinese internet giant Tencent Holdings Ltd. is negotiating to buy 10% of Universal Music Group, one of the world’s largest music labels, from Vivendi SA—a deal that would value the stake at €3 billion ($3.36 billion). Under the terms of the deal, Vivendi said Tuesday that Tencent would have a one-year option to acquire an additional 10% stake in the music business at the same terms.
Tencent in Talks to Buy Stake in Universal Music Group
Chinese internet giant Tencent is in talks to buy a stake in Universal Music Group, which has artists such as Ariana Grande under its labels. Photo: mario anzuoni/Reuters By Anthony Shevlin Aug. 6, 2019 3:57 am ET Chinese internet giant Tencent Holdings Ltd. TCEHY -5.70% is negotiating to buy 10% of Universal Music Group, one of the world’s largest music label companies, from Vivendi SA VIVHY -0.28% —a deal that would value the stake at €3 billion ($3.36 billion).
KKR’s Axel Springer bid wins shareholder backing
Axel Springer said Monday that its planned takeover by US-based private equity firm KKR is a step closer to completion after the minimum acceptance threshold for the public offer was exceeded. The German publishing company said the acceptance rate among its shareholders passed the minimum threshold of 20% at the end of the offer period, which closed on August 2.
KKR Bid for Axel Springer Wins Shareholder Backing
CEO of German publisher Axel Springer, Mathias Doepfner. Photo: hannibal hanschke/Reuters By Anthony Shevlin Aug. 5, 2019 3:41 am ET | WSJ Pro Axel Springer SE (SPR.XE) said Monday that its planned takeover by U.S.-based private equity firm KKR is a step closer to completion after the minimum acceptance threshold for the public offer was exceeded.
L'Oreal first-half profits miss expectations
L'Oreal SA (OR.FR) said Tuesday that net profit rose in the first half and backed its target to outperform the market in 2019. The French cosmetics and consumer-products company said net profit for the six months ending June 30 was 2.33 billion euros ($2.59 billion), compared with EUR2.28 billion the year prior. An analyst consensus provided by FactSet saw net income at EUR2.46 billion. Sales were EUR14.81 billion compared with EUR13.39 billion the year previous, up 7.3% on a like-for-like basis.
Reckitt Benckiser cuts 2019 revenue outlook
Reckitt Benckiser Group PLC (RB.LN) said Tuesday that it expects a stronger second half, but still revised its growth outlook for the year after profits crept up the first half. The consumer-goods company said pretax profit for the six month ended June 30 was 1.26 billion pounds ($1.55 billion), compared with GBP1.11 billion a year prior.
Sanofi lifts earnings guidance after Q2 loss
Sanofi SA (SAN.FR) said Monday that it posted a loss in the second quarter, in part due to restructuring costs, but that it is confident in its growth outlook for the year and thus raised its full-year business earnings per share guidance. Net loss in the second quarter was 87 million euros ($96.8 million) compared with a profit of EUR762 million the year prior. Sales for the period rose 5.5% to EUR8.63 billion.
Gucci Owner Sees Sales Struggle in U.S. Market
Luxury goods by Gucci on display in Moscow, Russia. Photo: Andrey Rudakov/Bloomberg News By Cristina Roca and Anthony Shevlin July 26, 2019 5:03 am ET | WSJ Pro Shares in Kering (KER.FR) slipped Friday after organic-sales growth in Gucci missed expectations, pointing to a sharper-than-expected slowdown at its main moneymaker. The French luxury-goods group on Thursday posted revenue of 7.64 billion euros ($8.51 billion), up 19% on the year.
AB InBev shares rise on profit beat
Shares in Anheuser-Busch InBev SA (ABI.BT) traded sharply higher on Thursday after the company's second-quarter net profit beat forecasts. The Belgian brewer, which houses Budweiser, Stella Artois and Corona among its brands, made a net profit of $2.48 billion for the quarter ended June 30 compared with $1.94 billion the year previous. The net profit consensus forecast was $2.29 billion, taken from FactSet and based on seven analysts' forecasts.
Budweiser Brewer to Sell Australian Unit to Japan's Asahi
Anheuser-Busch InBev SA said it agreed to sell its Australian subsidiary to Asahi Group Holdings Ltd. and added that it is continuing to evaluate a possible public listing of Budweiser Asia-Pacific. On Friday, the Belgian brewer said the sale of Carlton & United Breweries, its Australian subsidiary, has an enterprise value of about $11.3 billion, including debt.
Anheuser-Busch InBev to Sell Australian Unit to Japan’s Asahi Group
Budweiser beer products in Hong Kong. Photo: Kyle Lam/Bloomberg News By Anthony Shevlin July 19, 2019 2:24 am ET Anheuser-Busch InBev SA BUD 1.04% said it agreed to sell its Australian subsidiary to Asahi Group Holdings Ltd. 2502 1.45% , and added that it is continuing to evaluate a possible public listing of Budweiser Asia-Pacific. On Friday, the Belgian brewer said the sale of Carlton & United Breweries, its Australian subsidiary, has an enterprise value of about $11.3 billion.
Daimler cuts 2019 earnings outlook again
Published: July 12, 2019 at 2:49 a.m. ET Daimler AG (DAI.XE) on Friday cut its earnings outlook for the year once again after its second quarter earnings came in well below market expectations. The German car maker said its second-quarter earnings before interest and taxes was minus 1.6 billion euros (minus $1.8 billion) compared with a profit of EUR2.6 billion the year prior.
Gerresheimer's net income more than doubles
Gerresheimer AG (GXI.XE) said Thursday that net income in the second quarter more than doubled and backed its revenue guidance for the year. The German company, which has a portfolio including pharmaceutical packaging products, said net profit for the period ending May 31 was 47.1 million euros ($52.9 million), compared with EUR19.3 million the year previous. Adjusted net income after noncontrolling interests rose to EUR58.7 million from EUR26 million.
Remy Cointreau CEO to step down
Remy Cointreau SA (RCO.FR) said Tuesday that its Chief Executive Valerie Chapoulaud-Floquet will step down at the end of the year. The French spirit maker said Ms. Chapoulaud-Floquet is leaving her role due to personal reasons and will continue until the arrival of her successor. "It is with great emotion that I will leave the Remy Cointreau group at the end of the year, once the torch [has been] passed to my successor," Ms. Chapoulaud-Floquet said.
EU opens antitrust investigation of Broadcom
The European Commission said Wednesday that it has opened a formal antitrust investigation into Broadcom Inc. to determine whether the U.S.-based chip maker is restricting competition through exclusionary practices, breaching European Union rules. The commission said it suspects Broadcom AVGO, -0.96% of using exclusionary practices including setting exclusive purchasing obligations, granting rebates on the condition of minimum purchase requirements or product bundling.
EU opens antitrust investigation of Broadcom
The European Commission said Wednesday that it has opened a formal antitrust investigation into Broadcom Inc. to determine whether the U.S.-based chip maker is restricting competition through exclusionary practices, breaching European Union rules. The commission said it suspects Broadcom AVGO, -0.96% of using exclusionary practices including setting exclusive purchasing obligations, granting rebates on the condition of minimum purchase requirements or product bundling.
Sanofi CEO retires, replaced by Paul Hudson
(Updates with analyst comment, background on Mr. Hudson, comments from Novartis and Sanofi) French drug maker Sanofi SA (SAN.FR) said Friday that Chief Executive Olivier Brandicourt will retire and that he will be replaced Swiss pharmaceutical giant Novartis AG's (NOVN.EB) Paul Hudson. Sanofi said Mr. Hudson, who most recently served as chief executive of Novartis's pharmaceuticals unit, will succeed Mr. Brandicourt effective Sept. 1.
Volkswagen to invest $4.5B, but 4,000 jobs may go
Volkswagen AG VOW said Wednesday that it will invest up to 4 billion euros ($4.5 billion) in digitalization projects through 2023, although it could shed up to 4,000 jobs in nonproduction units. The German car maker said the investments will mainly be in administration, but also in production. It intends to create at least 2,000 new jobs related to digitalization.
Volkswagen to list Traton in Frankfurt, Stockholm
Volkswagen AG VOW said late Monday that it plans a dual listing for its truck and bus business Traton SE on both the Frankfurt stock exchange and the Nasdaq Stockholm. The German car maker said the initial public offering is expected to be completed "before the summer break 2019," subject to market conditions. Given Traton's strong balance sheet, the IPO is expected to consist of existing shares held by Volkswagen only, the car maker said.
Infineon to Buy Cypress Semiconductor in Multibillion-Dollar Deal
Infineon Technologies AG said Monday it would acquire Cypress Semiconductor Corp. for an enterprise value of €9 billion ($10.1 billion). The German company said the price, which is equal to $23.85 a Cypress share, represents a 46% premium to Cypress’s unaffected 30-day volume-weighted average price during the period from April 15 to May 28. Infineon expects cost synergies from the deal of €180 million a year by 2022 and more than €1.5 billion annual revenue synergies in the long term.
Infineon to Buy Cypress Semiconductor in Multibillion-Dollar Deal
Infineon Technologies AG said Monday it would acquire Cypress Semiconductor Corp. for an enterprise value of €9 billion ($10.1 billion). The German company said the price, which is equal to $23.85 a Cypress share, represents a 46% premium to Cypress’s unaffected 30-day volume-weighted average price during the period from April 15 to May 28.
Infineon shares hit by Cypress Semiconductor offer
Shares in Infineon Technologies AG (IFX.XE) fell on Monday after the German chip maker reached a deal to acquire Cypress Semiconductor Corp. CY, -0.39% for an enterprise value of $10.1 billion. Infineon said the funding of the acquisition is fully underwritten by a consortium of banks but that it may finance the deal in part through a capital increase.
Infineon to buy Cypress Semi in $10.1B deal
--Infineon to Acquire Cypress for enterprise value of $10.1 billion --Deal expected to close by the end of this year or early 2020 --Infineon expects cost synergies from the deal of EUR180 million per year by 2022 German chip maker Infineon Technologies AG (IFX.XE) said Monday that it will acquire California based-Cypress Semiconductor Corp. CY, -0.39% for an enterprise value of 9 billion euros ($10.1 billion), in a deal that it expects will boost its financial strength.
Arkema to acquire U.S. chemical group Arrmaz
Arkema (AKE.FR) said Thursday that it will acquire U.S. chemical group ArrMaz, with the purchase price based on an enterprise value of $570 million. The French chemicals company said the deal is set to close in the summer and is subject to the approval of the relevant antitrust authorities. "The acquisition is expected to have an accretive impact on cash and earnings per share from the first year of integration, and will contribute to the group's 2020 and 2023 objectives," Arkema said.
Nestle in talks to sell skin-care unit for $10.1B
Nestle SA (NESN.EB) said Thursday that it entered exclusive negotiations with a consortium led by EQT and a wholly-owned subsidiary of the Abu Dhabi Investment Authority over the sale of its skin-health business. The Swiss food-and-beverages giant said the sale would value its skin-health business at 10.2 billion Swiss francs ($10.1 billion) and the deal is expected to close in the second half.
Telefonica profit up, backs 2019 guidance
Telefonica SA (TEF.MC) said Friday that net profit in the first quarter rose and backed its guidance for the year. The Spanish telecom said net profit was 926 million euros ($1.04 billion) compared with EUR837 million in the same period the previous year. Revenue rose 3.8% on an organic basis to EUR11.98 billion, while operating income before depreciation and amortization increased 1% to EUR4.26 billion. The company backed its guidance and dividend for 2019.
Reckitt Benckiser confirms view after revenue rise
Consumer-goods company Reckitt Benckiser Group PLC (RB.LN) said Thursday that revenue in the first quarter rose and backed its targets for 2019. The company behind brands such as Cillit Bang cleaning products and Nurofen painkillers said it generated revenue of 3.16 billion pounds ($4.13 billion), compared with GBP3.11 billion the prior year. FTSE 100-listed Reckitt said like-for-like revenue growth was 1%.
Hugo Boss profit falls despite sales increase
Hugo Boss AG (BOSS.XE) said Thursday that first-quarter net profit declined despite a slight rise in sales. The German premium apparel maker's net profit for the period was 34 million euros ($38.2 million) compared with EUR50 million in the same period the prior year. Sales were EUR664 million compared with EUR650 million.
Wacker Chemie swings to loss as sales rise
Wacker Chemie AG (WCH.XE) said Thursday that it swung to an after-tax loss in the first quarter of 2019, but that sales rose in the period. The German chemical company reported an after-tax loss of 5.5 million euros ($6.2 million), compared with a profit of EUR79.1 million the year prior. Sales for the quarter rose 1.5% to EUR1.24 billion, the company said. Last month the company said it expected earnings to drop sharply in 2019, due largely to lower forecasts for polysilicon prices.
Remy Cointreau boosts U.S. market-share gains
(Adds details on fiscal year sales, market share gains in U.S., sales by brand) Remy Cointreau SA (RCO.FR) said Wednesday that its fiscal 2019 revenues were boosted by strong growth in the Asia-Pacific region as well as market share gains in the United States. Revenue for the fiscal year ended Mar. 31 rose 7.8% on an organic basis to 1.22 billion euros ($1.37 billion).
Remy Cointreau revenue up, backs guidance
Remy Cointreau SA (RCO.FR) said Wednesday that fourth-quarter revenue rose despite the negative effect of the earlier timing of the Chinese New Year. The French premium-spirits company said revenue in the quarter rose just over 12% to 297.1 million euros ($333.7 million), compared with EUR265 million the year previous. Organic growth, which strips out currency effects, rose 7% over the same period. Remy's sales for the 12-month period ended March 31 stood at EUR1.22 billion.
Heineken profit up, but U.S. beer volumes fall
Heineken NV (HEIA.AE) said Wednesday that net profit in the first quarter rose as beer volume grew across all regions. The world's second-largest brewer by sales said net income was 299 million euros ($335.9 million), compared with EUR260 million the prior year. The company said its consolidated beer volume rose 4.3% on an organic basis compared with the year previous. An analyst consensus provided by the company saw organic growth of 3.3%.
Casino: Remain set on goals after S&P downgrade
Casino Guichard-Perrachon SA (CO.FR) has taken note of Standard & Poor's decision to downgrade the company's rating by one notch. The troubled French retailer said Friday's downgrade--which dropped its rating to BB- with a negative outlook from BB with a negative outlook--has no impact on the availability or cost of the company's financial resources and that it remains focused on its 2019-21 strategic and financial objectives.
Casino, Amazon expand partnership
Casino Guichard-Perrachon SA (CO.FR) said Tuesday that it has it expanded and strengthened its partnership with Amazon.com Inc. AMZN, -0.78%. The French retailer said the expansion of the partnership includes the location of Amazon Lockers in 1,000 Casino group stores, the availability of Casino-branded products on Amazon's website and app, as well as the extension of the partnership between its Monoprix banner and Prime Now.
Nestlé’s U.S. Strategy Sweetens First-Quarter Sales
ZURICH—Nestlé SA saw a pickup in North American sales led by price increases and pet care, as the Swiss consumer goods giant posted first-quarter growth that exceeded analysts’ expectations. Nestlé said sales for the period were 22.18 billion Swiss francs ($21.98 billion) compared with 21.26 billion francs in the first quarter of 2018. On an organic basis, sales rose 3.4%, above the 2.8% gain analysts had expected, according to estimates compiled by the company. ...
Banco Santander to Take Over Mexican Subsidiary with EUR2.6 Billion Offer
Photo: Susana Gonzalez/Bloomberg News By Pietro Lombardi and Anthony Shevlin Updated April 12, 2019 5:46 a.m. ET | WSJ Pro Banco Santander is looking to acquire roughly 25% of Santander Mexico’s share capital The EUR2.56 billion all-share offer is expected to be settled in the second half of the year Santander Mexico shareholders who accept the offer would receive Santander Group dividends from October Spain’s Banco Santander SA (SAN.MC) intends to make a 2.56 billion-euro ($2.88 billion)...
Banco Santander looks to take over Mexican unit
Spain's Banco Santander SA (SAN.MC) said Friday that it intends to make an offer to acquire all the shares it doesn't already hold in its Mexico subsidiary, Banco Santander SA Institucion de Banca Multiple Grupo Financiero Santander Mexico (BSMX.MX).
Sodexo profit falls, but backs guidance
Sodexo SA (SW.FR) said Thursday that net profit in its fiscal first half fell although revenue rose strongly. The French food services and facilities company said net profit for the period was 364 million euros ($410.08 million) compared with EUR372 million the previous year. Revenue for the period rose 6.8% at constant exchange rates to EUR11.05 billion, the company said. On an organic basis, revenue rose 3.1%.
Novartis spins off Alcon unit
Novartis AG (NOVN.EB) said Tuesday it has completed its spinoff of the Alcon eye-care devices business and said it plans to improve core margins in innovative medicines by 2022. The Swiss pharmaceutical company said the Alcon spinoff was carried out via a dividend-in-kind distribution to Novartis shareholders and American Depository Receipts holders. Each holder received one Alcon share for every five Novartis shares or ADRs held at the close of business on April 8, the company said.
Metro Profit Falls
Photo: thilo schmuelgen/Reuters By Pietro Lombardi and Anthony Shevlin Feb. 12, 2019 1:52 a.m. ET | WSJ Pro Metro AG (B4B.XE) said Tuesday that net profit for its fiscal first quarter fell 13%. The German retailer’s net profit for the period was 202 million euros ($228.3 million) compared with EUR232 million the year previous. Earnings before interest and taxes were EUR335 million, down 7.9%. Earnings before interest, taxes, depreciation and amortization were EUR472 million, down 6.4%.
Societe Generale warns of 20% revenue drop in fourth quarter
Investment Banking French bank will report fourth-quarter earnings on February 7 Societe Generale said on Thursday that its fourth quarter was affected by a challenging environment in global capital markets, and this will cause a decline in revenue in its global markets and investor services business. The French bank expects revenue in this business to fall by around 20% in the fourth quarter and by 10% for 2018. Market-weighted risks should increase significantly, too, said the company.
Vinci Airports buys majority stake in Gatwick
(Rewrites throughout and adds comments from Gatwick Chairman, CEO and Global Infrastructure Partners.) Vinci SA (DG.FR) said Thursday that it will buy a majority shareholding in London's Gatwick airport in a deal that values the U.K.'s second-largest airport at over $7 billion. Vinci Airports, a Vinci Concessions subsidiary, will acquire a 50.01% shareholding in the airport for GBP2.9 billion ($3.68 billion) and the deal is expected to be completed in the first half of 2019, Vinci said.
Merck KGaA profit falls, but lifts sales view
(Adds CEO quote, details on currency effects and outlook, context for net profit decline.) Merck KGaA (MRK.XE) said Wednesday that third-quarter net profit fell, but it raised its full-year organic sales growth expectations on the performance of its Healthcare and Life Science businesses in the quarter. The German chemical and pharmaceuticals company reported net profit for the quarter of 340 million euros ($382.7 million) compared with EUR644 million a year earlier.
Apple snares engineers from key European supplier Dialog to bolster in-house chip design
Apple Inc. has agreed to bring in house more than 300 engineers from one of its key suppliers, Europe-based Dialog Semiconductor PLC—part of a $600 million deal that boosts the smartphone giant’s chip-design operations. Under the deal, Apple AAPL, -4.63% will transfer to its workforce a group of Dialog engineers who have already been supporting Apple’s chip development, Dialog said Thursday. The engineers represent about 16% of Dialog’s total workforce.
Apple Swoops Up Engineers From Key Supplier as It Bolsters In-House Chip Design
Apple Inc. has agreed to bring in house more than 300 engineers from one of its key suppliers, Europe-based Dialog Semiconductor PLC—part of a $600 million deal that boosts the smartphone giant’s chip-design operations. Under the deal, Apple will transfer to its workforce a group of Dialog engineers who have already been supporting Apple’s chip development, Dialog said early Thursday. The engineers represent about 16% of Dialog’s total workforce....
Luxury Stocks Slip on China Fears
European luxury stocks fell Wednesday after results from LVMH Moët Hennessy Louis Vuitton SE failed to allay concerns about a potential slowdown in spending by Chinese consumers. The French luxury-goods company reported third-quarter revenue of €11.38 billion ($13.08 billion), below analysts’ expectations of €11.56 billion. It said organic revenue growth was 10%, marking a slowdown from 11% in the second quarter and 13% in the first quarter....
Carrefour Denies Making Merger Proposal to Casino
Carrefour SA (CA.FR) on Monday strongly denied having made a takeover approach to Casino Guichard-Perrachon SA (CO.FR) after the latter said late Sunday that its board had rejected entreaties from Carrefour “with a view to a possible combination.” “Carrefour denies having solicited Casino and is surprised that Casino’s board of directors would have been submitted a merger proposal that does not exist,” Carrefour said in a statement. ...
Hudson’s Bay Strikes European Merger Agreement
Hudson’s Bay Co. said Tuesday it has agreed to sell and combine parts of its European business with Austria’s Signa Retail Holdings, the latest in a series of sales by the Canadian retailer. Under the deal, Hudson’s Bay will merge its European retail operations with Signa’s German department-store chain Karstadt Warenhaus GmbH. Signa will also acquire 50% of Hudson’s Bay’s German real-estate assets, valued at €3.25 billion ($3.77 billion), and form a 50-50 joint venture to manage them.
EU Clears Apple to Acquire Song-Recognition App Shazam
Apple Inc. received the European Union’s approval Thursday to acquire Shazam Entertainment Ltd., allowing the technology giant to close one of its most prominent deals in years—and helping its music business to battle Spotify Technology SA for streaming-music subscribers.
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