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CONSUMER STAPLES: JDE Peets (Baa3/BBB-/BBB) Mondelez sells down stake

CONSUMER STAPLES
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3 issuers involved; Mondelez (Baa1 Pos to A3/BBB) selling its 18% stake in JDE Peets to JAB (Baa1/BBB+) - the investment holdco.

  • JAB will move its holding from 59% to 68% (selling 9% to market)
  • It's sizeable €2.16b in proceeds for Mondelez and helped by the fact it was done at a 30% premium to close.

Unclear what the Mondelez plans are with the cash - BS is lower levered and guidance is for over $3.5b in FCF this year on firm earnings (HSD EPS growth). Adding to the positivity cocoa prices are coming down from peaks; {QCA Comdty}

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3 issuers involved; Mondelez (Baa1 Pos to A3/BBB) selling its 18% stake in JDE Peets to JAB (Baa1/BBB+) - the investment holdco.

  • JAB will move its holding from 59% to 68% (selling 9% to market)
  • It's sizeable €2.16b in proceeds for Mondelez and helped by the fact it was done at a 30% premium to close.

Unclear what the Mondelez plans are with the cash - BS is lower levered and guidance is for over $3.5b in FCF this year on firm earnings (HSD EPS growth). Adding to the positivity cocoa prices are coming down from peaks; {QCA Comdty}