FedEx Corp. lowered expectations for its less-than-truckload unit, FedEx Freight, Thursday after the market closed. A planned spin off of the LTL business, into a separate publicly traded company, is now scheduled for June 1. During FedEx Freight’s fiscal second quarter ended Nov. 30, revenue fell 1.7% year over year to $2.14 billion. A 2.8% decline in tonnage was partially offset by a 1.1% increase in revenue per hundredweight, or yield. Shipments were down 3.9% y/y and 2.9% lower than the quarter ende ...

全球食品巨头卡夫亨氏正推动管理层的变动，为公司的分拆计划铺路。12月16日，卡夫亨氏宣布已任命 Steve Cahillane为公司首席执行官，自2026年1月1日起生效。他还将加入公司董事会，并在卡夫亨氏分 拆为两家独立上市公司后，担任"全球风味提升公司"(Global Taste Elevation Co.)的首席执行官。 原定在分拆后继续领导"北美食品杂货公司"(North American Grocery Co.)的现任首席执行官Carlos Abrams-Rivera，将于2026年1月1日卸任，仅担任公司顾问至3月6日。同时，公司董事会宣布，将重新 启动全球遴选，为"北美食品杂货公司"寻找新任首席执行官。 选择Steve Cahillane，或许与其在资本运作方面的经验密切相关。卡夫亨氏董事会主席Miguel Patricio指 出，Steve Cahillane具备带领公司经历重大业务分拆的经历。 公开信息显示，Steve Cahillane从事快消行业30余年，此前曾担任Kellanova公司董事长、总裁兼首席执 行官，直至该公司近期被玛氏收购。期间，他带领家乐氏成功将业务拆分为两部分，包括北 ...

全球食品巨头卡夫亨氏正推动管理层的变动，为公司的分拆计划铺路。12月16日，卡夫亨氏宣布已任命Steve Cahillane为公司首席执行 官，自2026年1月1日起生效。他还将加入公司董事会，并在卡夫亨氏分拆为两家独立上市公司后，担任"全球风味提升公司"（Global Taste Elevation Co.）的首席执行官。 原定在分拆后继续领导"北美食品杂货公司"（North American Grocery Co.）的现任首席执行官Carlos Abrams-Rivera，将于2026年1月1日卸 任，仅担任公司顾问至3月6日。同时，公司董事会宣布，将启动全球遴选，为"北美食品杂货公司"寻找新任首席执行官。 选择Steve Cahillane，或许与其在资本运作方面的经验密切相关。卡夫亨氏董事会主席Miguel Patricio指出，Steve Cahillane具备带领公司经 历重大业务分拆的经历。 公开信息显示，Steve Cahillane从事快消行业30余年，此前曾担任Kellanova公司董事长、总裁兼首席执行官，直至该公司近期被玛氏收 购。期间，他带领家乐氏成功将业务拆分为两部分，包括北美谷物 ...

联合利华方面表示，分拆冰淇淋业务后，联合利华将成为一家更简单、更专注的公司，经营美容与健 康、个人护理、家庭护理、营养四个业务部门。剥离冰淇淋业务有助于联合利华管理层加快实施2023年 10月宣布的"GAP"计划(增长行动计划)，即做更少的事、做得更好、产生更大的影响，以推动更强劲的 收入增长、更好的盈利能力，把财务和管理资源集中在其最强大、全球性或可拓展的品牌上。 自2025年7月起，梦龙冰淇淋公司已经作为联合利华集团内的一家独立公司开展运营。根据该公司9月在 伦敦举行的"资本市场日"内容，分拆后，联合利华将保留梦龙冰淇淋公司约19.9%的股份，期限最长为5 年。之后，联合利华将以有序和慎重的方式出售剩余股份，以支付此次业务剥离的成本，并通过减少净 债务来保持资本的灵活性。保留的股份表明联合利华对梦龙冰淇淋公司的支持。 2024年3月份，联合利华决定将其全球冰淇淋业务分拆为独立业务，相关剥离工作预计在2025年第四季 度完成。 本报讯(记者梁傲男)12月8日，梦龙冰淇淋公司宣布其普通股于荷兰、英国、美国三地正式上市交易。 梦龙冰淇淋公司方面表示："作为联合利华家族的一员，我们成为冰淇淋领域的全球领导者。现在 ...

2024年3月，联合利华决定将其全球冰淇淋业务分拆为独立业务，相关剥离工作预计在2025年第四季度 完成。联合利华解释称，分拆冰淇淋业务后，联合利华将成为一家更简单、更专注的公司，经营美容与 健康、个人护理、家庭护理、营养四个业务部门。剥离冰淇淋业务有助于联合利华管理层加快实施2023 年10月宣布的"GAP"计划（增长行动计划），即做更少的事、做得更好、产生更大的影响，以推动更强 劲的收入增长、更好的盈利能力，把财务和管理资源集中在其最强大、全球性或可拓展的品牌上。 自2025年7月1日起，梦龙冰淇淋公司已经作为联合利华集团内的一家独立公司开展运营。根据该公司9 月在伦敦举行的"资本市场日"内容，分拆后，联合利华将保留梦龙冰淇淋公司约19.9%的股份，期限最 长为5年。之后，联合利华将以有序和慎重的方式出售剩余股份，以支付此次业务剥离的成本，并通过 减少净债务来保持资本的灵活性。保留的股份表明联合利华对梦龙冰淇淋公司的支持。 资料显示，梦龙冰淇淋公司业务规模达到83亿欧元，拥有1.9万名员工，产品遍及76个国家和地区，是 世界最大的冰淇淋公司。在全球十大畅销冰淇淋品牌中，梦龙公司占据5个，包括和路雪（Wal ...

Core Insights - AmTrust Financial Services, Inc. and Blackstone Credit & Insurance have successfully closed a strategic transaction to form a new independent multinational Managing General Agency (MGA) named ANV Group Holdings Ltd. [1][2] Company Overview - The transaction involves the spin-off of certain AmTrust Managing General Agencies and fee-based businesses in the U.S., U.K., and Continental Europe into ANV, which is jointly backed by AmTrust and funds managed by Blackstone [2] - AmTrust will maintain its role as the underwriter for existing business through a ten-year capacity agreement with ANV [2] Subsidiaries and Offerings - The agreement encompasses seven AmTrust subsidiaries: ANV Specialty, Risico, Collegiate, ANV Nordic, Arc Legal, Qualis, and Abacus [3] - These subsidiaries provide a diverse range of insurance coverages, including cyber excess and surplus, directors and officers insurance, transaction risk insurance, professional indemnity, legal expense, mortgage and structured credit, warranty, agricultural workers' compensation, income protection, accident and health, and niche property insurance [3] Leadership Team - Adam Karkowsky has been appointed as Chairman and CEO of ANV, bringing nearly 15 years of leadership experience from AmTrust [4] - The leadership team includes Joseph Brecher as Chief Financial Officer, Jacob Decter as Chief Operating Officer, and Aaron Basilius as Head of MGAs US, all of whom have significant prior experience at AmTrust [5] Strategic Vision - Barry Zyskind, Chairman and CEO of AmTrust, expressed confidence in the transaction, highlighting the potential for profitable portfolio growth and strong underwriting under Karkowsky's leadership [6] - Karkowsky emphasized ANV's positioning for meaningful growth and long-term value creation, supported by AmTrust and Blackstone [6]

The Middleby (NasdaqGS:MIDD) M&A Announcement December 04, 2025 08:30 AM ET Company ParticipantsJeff Hammond - Managing DirectorTami Zakaria - Executive DirectorTim FitzGerald - CEOConference Call ParticipantsBryan McNamara - Managing Director and Senior AnalystMircea Dobre - Managing Director and Senior AnalystOperatorGood morning, everyone, and welcome to Middleby's conference call to discuss its residential joint venture. At this time, all participants are in a listen-only mode. Later, you will have the ...

Group 1 - Starbucks announced a strategic partnership with Boyu Capital to establish a joint venture for retail operations in China, aiming to expand its store count to 20,000 [1][2] - RBI Group is forming a joint venture with CPE Yuanfeng to enhance Burger King's performance in China, with an initial investment of $350 million to support expansion and marketing [1][2] - Both companies are adapting to the competitive landscape in China, which is seen as a high-growth market with significant opportunities [1][3] Group 2 - Starbucks CEO, Howard Schultz, emphasized that the partnership is not merely about capital but about improving operational efficiency and expanding in smaller cities and emerging regions [2] - As of September 28, 2025, Starbucks had 40,990 global stores, with 8,011 in China, and opened 415 new stores in China during the fiscal year [2] - The competitive environment in China is pushing foreign companies to innovate and adapt their strategies to meet local consumer demands [6][7] Group 3 - McDonald's has successfully localized its operations in China, achieving a threefold increase in store count since 2017, with over 90% of its ingredients sourced locally [4][5] - The Chinese market is characterized by diverse consumer needs, prompting foreign companies to focus on niche markets and specialized offerings [7] - The recent financial performance of Starbucks in China showed a 2% increase in same-store sales and a 6% revenue growth, driven by innovation in non-coffee products and delivery services [7]

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for retail operations in China, aiming to enhance local market efficiency and expand its store count to 20,000 [1][2] - RBI Group is forming a joint venture with CPE Yuanfeng to boost Burger King's performance in China, with an initial investment of $350 million aimed at expanding its store count from approximately 1,250 to over 4,000 by 2035 [1][2] - The trend of foreign brands partnering with local capital to restructure their operations in China reflects the growing competition and the need for sustainable development in the Chinese market [1][3] Starbucks Specifics - The partnership with Boyu Capital is not primarily about capital but about shared mission and values to improve operational efficiency in China [2] - As of September 28, 2025, Starbucks had 8,011 stores in China, with 415 new stores opened in the fiscal year [2] - The goal is to leverage Boyu's local expertise to accelerate expansion, particularly in smaller cities and emerging regions [2] Burger King Specifics - CPE Yuanfeng's $350 million investment will support restaurant expansion, marketing, menu innovation, and operational improvements for Burger King in China [2] - The target is to increase Burger King's store count in China to over 4,000 by 2035 [2] Market Dynamics - The adjustments by foreign brands like Starbucks and Burger King are responses to the competitive landscape in China, where local companies are rapidly growing [4][6] - The experience of McDonald's in localizing operations has set a precedent, with its store count in China tripling since 2017 [4] - The Chinese market is seen as a critical opportunity for multinational companies, especially in the context of rising local competition and consumer demand [5][6] Financial Performance - Starbucks reported a 2% increase in same-store sales in China, outperforming the global average, with Q4 revenue of $832 million, a 6% year-on-year growth [7] - The growth is attributed to innovations in non-coffee beverages and price adjustments, alongside a surge in demand for its delivery service [7] Investment Climate - The current foreign investment landscape in China is characterized by reinvestment of profits rather than new capital inflows, reflecting a long-term commitment to the market [8] - Recent policies have been introduced to support foreign companies in reinvesting their profits, enhancing confidence in long-term operations in China [8]

Core Viewpoint - Topgolf Callaway is reportedly in talks to sell its Topgolf unit, which has led to a rally in its stock price, indicating potential value unlocking for the company [1][4]. Company Overview - Callaway Brands, known for golf equipment and lifestyle apparel, expanded its business by acquiring Topgolf in 2021, which operates over 100 locations in the U.S. [2][3]. - The stock has underperformed, down approximately 48% since the acquisition, compared to competitors like Titleist, which has seen stock price increases [4]. Financial Performance - In Q4 of the previous year, the company recorded a $1.4 billion accounting charge due to an asset valuation writedown of the Topgolf business, indicating prior expectations of declining value [5][12]. - The current market capitalization is around $2 billion, with an estimated debt of $4.5 billion, suggesting that the potential sale of Topgolf may occur at a significant discount [6][14]. Market Conditions - The leisure and restaurant sectors are currently weak, with decreased discretionary spending impacting Topgolf's business, particularly in corporate outings [8][9]. - The initial strategy to attract younger consumers to golf through Topgolf has not met expectations, contributing to the challenges faced by the business [11]. Strategic Implications - A potential spin-off or sale of the unprofitable Topgolf unit could be beneficial for Callaway, allowing it to focus on its core business and possibly use the proceeds for debt reduction or share buybacks [13][14]. - The company currently holds $865 million in cash, which could be bolstered by the anticipated $1 billion from the sale of Topgolf [13][14].