Hello, dear reader!
More billion-dollar deals are in process with a takeover in the Canadian pharma industry and Samsonite's acquisition of luxury luggage maker Tumi. British department store operator BHS threatens to shut nearly half of its stores, while European lifestyle icons Ikea and Zara are about to set benchmarks in the United States. Enjoy the read and have a great weekend.
asia & south pacific
Samsonite aims high Hong Kong-listed international lugguage manufacturer Samsonite has agreed to buy New Jersey-based high-end luggage maker Tumi for about US$ 1.8 billion, seeking to expand its presence in the luxury bags market.
Food service decisions New Zealand fast food operator Restaurant Brands is buying the largest KFC franchisee in the Australian region of New South Wales for US$ 90 million and McThai, national franchise-holder of McDonald's in Thailand, plans to spend US$ 140.8 million to double the number of outlets over the next five years.
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Sainsbury's set to get hostile The British supermarket group has clarified that it is able to go hostile in its bid for Argos-owner Home Retail Group. Sainsbury's had offered GBP 1.4 billion in February, but was outbid by South Africa’s Steinhoff International.
Maersk to reduce carbon footprint Danish-based global container shipping company Maersk has reportedly found a way to maintain fruit quality in its reefer units while reducing energy usage and cost. The new software was trialled with US multinational food company Dole.
usa & canada
Costco pays more Beginning in March, America's second-largest retailer by sales, will raise its minimum wage for store workers for the first time in nine years. This is regarded as a response to the tightening labour market. On Wednesday, Costco reported an 8.7% drop in quarterly earnings.
Drugstore mega deal Drug distributor McKesson has announced to buy Rexall Health for US$ 2.2 billion to strengthen its position in Canada's pharmaceutical supply chain. The latter is the second-largest drugstore chain in in the country, operating 470 outlets.
Clover exits Nigeria Dairy products and beverages group Clover is another South African company that will no longer invest in Nigeria due to stringent import regulation and foreign exchange controls. Plans to invest in Angola are also put on hold.
Concern about SABMiller merger South African trade unions have written to the Competition Tribunal expressing their concerns about the merger between SABMiller, Gutsche Family Investments and Coca Cola, arguing that the parties cannot guarantee that jobs and the economy will be protected.