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Kraft Remains in Pole Position for Cadbury Despite Hershey/Ferrero Rumors

Analysts are mostly skeptical about the likelihood of Hershey (HSY) and Ferrero mounting a successful joint bid for Cadbury (CBY) to thwart Kraft’s (KFT) pending bid for the company. However, the threat of a rival bid may be enough to coax a slightly ...

From RESEARCH RECAP, Seeking Alpha,  18 Nov 2009

Fitch: European Oil Refiners Under Considerable Cash Flow Pressure

Fitch Ratings says Europe’s oil refining sector is experiencing considerable cash flow pressure due to a cyclical trough, particularly with regards to depressed refining margins and low refinery utilisation rates. Fitch expects 2009 to be one of the ...

From RESEARCH RECAP, Seeking Alpha,  17 Nov 2009

Related Topics: Fitch Ratings,  Royal Dutch Shell

Consumer-Dependent Businesses Will Face Tough Times Until Unemployment Subsides

With the U.S. unemployment rate at its highest in more than a quarter century–and likely to rise further–industries that depend on discretionary consumer spending may not rebound anytime soon, Standard & Poor’s says in a new report. S&P’s Chief ...

From RESEARCH RECAP, Seeking Alpha,  17 Nov 2009

Related Topics: U.S. Congress,  Neiman Marcus,  Jones Apparel Group, Inc.,  Anne Klein,  Gloria Vanderbilt

Recent LBO Mega-Deals Have Much Higher Default Rates

LBOs by Cerberus and Apollo are performing much worse than other private equity deals, while deals by KKR, JP Morgan and Welsh Carson have seen better performance. The 10 largest leveraged buy-out deals financed in the 2005-2007 credit market peak have ...

From RESEARCH RECAP, Seeking Alpha,  6 Nov 2009

Related Topics: HCA Inc.

Moody's Expects U.S. Apparel Sales to Continue to Weaken

Moody’s today reiterated its negative outlook on the US apparel industry “because we expect apparel sales will continue to weaken through the year-end holidays and into 2010, as consumers hold off on discretionary purchases in a still-difficult economy. ...

From RESEARCH RECAP, Seeking Alpha,  5 Nov 2009

Related Topics: Calvin Klein

Lloyds Banking Group Better Positioned to Recover than RBS

It looks like Royal Bank of Scotland Group (RBS) drew the short straw in the UK government’s latest shakeup of the UK banking sector. As DealBook reported, RBS agreed to sell its insurance business and some bank branches in England, Wales and Scotland ...

From RESEARCH RECAP, Seeking Alpha,  5 Nov 2009

Related Topics: Royal Bank of Scotland,  European Commission,  BNP Paribas

China, Korea Driving East Asia / Pacific Economic Resurgence

Vehicle sales in China have surpassed those in the U.S.China has overtaken Germany as the world’s largest exporter (in percent of world exports)Due to the crisis, 14 million more people will be in poverty by 2010 East Asia’s rebound from the economic ...

From RESEARCH RECAP, Seeking Alpha,  5 Nov 2009

Related Topics: Barack Obama

Kraft-Cadbury Deal Melting as Kraft Results Disappoint

As suggested by Research Recap two months ago, there’s a good chance there will be no merger of Kraft (KFT) and Cadbury (CBY) – at least for now. In Kraft-Cadbury: Deal or No Deal?, we outlined the reasons why such a combination might not make sense, ...

From RESEARCH RECAP, Seeking Alpha,  4 Nov 2009

Related Topics: Andrew Wood,  Investec

Accounting Changes Cloud Assessment of Crisis Impact on European Companies

Accounting limitations make it difficult to assess how the worst economic crisis since the Great Depression has affected the financial health of Europe’s largest non-financial companies, according to Moody’s Investors Service Financial reports covering ...

From RESEARCH RECAP, Seeking Alpha,  4 Nov 2009

S&P: Distressed Debt Exchanges May Not Boost Credit Profile

Convincing debt holders to swap holdings that are in danger of default for bonds of lesser value has become an increasingly attractive option for some hard-pressed companies. “As long as capital markets remain open, we believe that some issuers will ...

From RESEARCH RECAP, Seeking Alpha,  4 Nov 2009

Related Topics: YRC Worldwide, Inc.

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