Hershey Merger Talks Melt: Did High Cocoa Prices, Mondelez Buyback Program Hurt Deal?
Hershey Merger Talks Melt: Did High Cocoa Prices, Mondelez Buyback Program Hurt Deal?
Its acquisition strategy will focus on bolt-on assets similar to recent purchases of Chipita, Clif and Ricolino.Bank of America Securities and other experts are weighing in on the breakdown in merger talks between The Hershey Co. (NYSE:HSY) and Mondelez International, Inc. (NASDAQ:MDLZ).
美國銀行證券和其他專家正在評估好時公司（紐交所：HSY）與億滋國際公司（納斯達克：MDLZ）合併談判破裂的情況。
What Happened: Early Wednesday morning, Mondelez announced a new $9 billion share repurchase program. The Chicago-based company also addressed its M&A strategy while reports of deal discussions with Hershey swirled.
發生了什麼：週三早上，億滋宣佈了一項新的90億美元股票回購計劃。這家總部位於芝加哥的公司還在與好時的交易討論傳聞中談到了其併購策略。
In a press release, Mondelez confirmed that it remains "committed to its key capital allocation priorities." Those priorities include "reinvesting in brands and capabilities, returning capital to shareholders through share repurchases and dividends, and M&A."
在一份新聞稿中，億滋確認它仍然 "致力於其關鍵資本配置優先事項。" 這些優先事項包括 "對品牌和能力進行再投資，通過股票回購和分紅派息將資本返還給股東，以及併購。"
Its acquisition strategy will focus on bolt-on assets similar to recent purchases of Chipita, Clif and Ricolino.
其收購策略將集中在類似於最近收購Chipita、Clif和Ricolino的附加資產上。
Later on Wednesday, it was reported that Hershey Trust Co., which holds 80% of the voting power in Hershey Co., turned down a preliminary bid from Mondelez. Hershey said the offer was too low, according to Bloomberg.
週三稍晚有報道稱，持有好時公司80%投票權的好時信託公司拒絕了億滋提出的初步報價。好時表示，根據彭博社的報道，該報價太低。
Expert Insights: Steve Powers, Deutsche Bank managing director, told CNBC on Thursday that Mondelez is facing several challenges including high cocoa and coffee prices which may be one of the drivers behind the company's merger strategy.
專家見解：德意志銀行董事Steve Powers在週四對CNBC表示，億滋面臨幾個挑戰，包括高可可和咖啡價格，這可能是促使該公司合併策略的原因之一。
Cocoa prices have more than tripled over the past year, climbing 20% from October to November alone. Cocoa prices have been driven higher by adverse weather conditions in regions where its grown, decreased global inventories and supply uncertainty.
過去一年中，可可價格上漲了三倍多，僅在十月到十一月之間就上漲了20%。可可價格的上漲受到生長地區不利天氣條件、全球庫存減少和供應不確定性的影響。
BofA Securities analyst Peter T. Galbo made similar observations on the price of cocoa and highlighted Hershey as an attractive merger candidate for global confectionary companies due to its strong North American market share and modernized manufacturing network.
美國銀行證券分析師Peter t. Galbo對可可價格做出了類似觀察，並強調好時作爲全球糖果公司吸引人的合併候選者，因爲其在北美市場的強大市場份額和現代化的製造網絡。
Galbo also noted that self-help has been a recurring theme in consumer staples and portfolio reshaping through mergers, acquisitions and divestitures is prominent in the industry when companies seek new growth opportunities.
Galbo還指出，自我救助在消費品行業一直是一個反覆出現的主題，通過併購和剝離來重塑投資組合在行業內尤爲突出，因爲公司在尋找新的增長機會。
MDLZ Buyback: The BofA analyst said Mondelez's newly announced $9 billion share repurchase authorization was likely coincidental and unrelated to merger talks with Hershey.
MDLZ回購：美國銀行的分析師表示，億滋新宣佈的90億美元股票回購授權與與好時的合併談判可能沒有關係。
He pointed to funds received from its sale of JDE Peet's, recent stock performance and only $2.8 billion remaining on its prior authorization as the most likely factors contributing to the expanded buyback program.
他指出，從出售JDE Peet's獲得的資金、近期的股票表現以及之前授權中剩餘的28億美元是促成擴展回購計劃的最可能因素。
BofA Securities analyst Peter T. Galbo maintained a Buy rating and $82 price objective on Mondelez stock.
美國銀行證券分析師Peter t. Galbo維持對億滋股票的買入評級，目標價格爲82美元。
Price Action: According to Benzinga Pro, Hershey shares are down .11% at $183.75 in pre-market trading Friday.
價格走勢：根據Benzinga Pro的報道，週五好時的股票在美股盤前交易中下跌0.11%，報183.75美元。
Mondelez shares are down 0.69% at $62.20 at the time of publication Friday.
截止週五發佈時，億滋的股票下跌0.69%，報62.20美元。
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Image: Shutterstock
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譯文內容由第三人軟體翻譯。
