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Mondelez (MDLZ; A3 & Baa1 Pos./BBB) Bolt-on in China

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It's done a undisclosed amount bolt-onto increase its stake (to a now majority) in Evirth - a manufacturer of cakes & pastries in China. It says that segment in the country is CAGR'ing at 15%. AMEA (APAC, ME & Africa) is 20% of group revenues currently but is heavier utilised for manufacturing (45 of 168 facilities there).

No issues with us on the credit but we always prefer to see investments in nutritional products to ride the organic growth/shift in consumer trends into them. Past examples of that include its stake in Grenade/protein bars in 2021.

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It's done a undisclosed amount bolt-onto increase its stake (to a now majority) in Evirth - a manufacturer of cakes & pastries in China. It says that segment in the country is CAGR'ing at 15%. AMEA (APAC, ME & Africa) is 20% of group revenues currently but is heavier utilised for manufacturing (45 of 168 facilities there).

No issues with us on the credit but we always prefer to see investments in nutritional products to ride the organic growth/shift in consumer trends into them. Past examples of that include its stake in Grenade/protein bars in 2021.