Core Insights - Unilever has agreed to sell its SariWangi tea business in Indonesia to Savoria Kreasi Rasa for Rp1.5 trillion ($89.5 million) as part of its portfolio optimization strategy [1][2] - The divestment aims to sharpen Unilever Indonesia's focus on higher growth segments and enhance sustainable shareholder value [3] - The transaction is expected to be completed in the first half of the year, subject to customary closing conditions [3] Company Strategy - Unilever's divestment of the SariWangi brand aligns with its strategy to concentrate on "fewer, bigger and more scalable categories" [2] - The sale follows Unilever's previous divestment of its global tea business Ekaterra for €4.5 billion ($5.26 billion), which excluded certain tea businesses in India, Nepal, and Indonesia [4] Market Context - Hot tea volumes in Indonesia were relatively flat in 2022, with a slight increase of 0.4% to 6.14 billion liters from January to September [4] - In the third quarter of 2022, hot tea volumes declined by 0.5% year-on-year, reaching 2.05 billion liters [5] - Savoria Kreasi Rasa, established in 2016, is part of the Djarum Group and has a portfolio that includes various food and drink brands [5]

Core Insights - Conmed is exiting its gastroenterology business to focus on higher growth margin business lines as part of a portfolio optimization strategy [1][6] - The exit is expected to allow Conmed to align operations and resources on core markets, including robotic and laparoscopic surgery, and orthopaedic soft tissue repair surgery [1] Financial Impact - Following the announcement, Conmed's shares fell nearly 10% to $40.07 per share, down from $43.69 at market open, with a market cap of $1.24 billion [2] - The gastroenterology business was projected to generate revenues of $90 million to $95 million in fiscal year 2025, but the exit is not expected to materially impact overall revenues for the year [6][7] - Conmed reiterated its FY25 revenue guidance of around $1.37 billion and earnings per share between $4.48 and $4.53, with an expected earnings per share dilution of $0.45 to $0.55 in 2026 due to the exit [7] Business Transition - Conmed's gastroenterology business included endoscopic accessories and the VIABIL biliary stent, which it has distributed exclusively in the US and Canada since 2006 [3][4] - The distribution rights for the VIABIL stent will transfer to Olympus Corporation starting January 1, 2026, following a global distribution deal signed in October 2025 [5]

Proposed Transaction Overview - BWP Trust is considering a proposed transaction involving internalizing management functions, resetting Bunnings leases, and committing to capital expenditures[16] - The non-executive directors unanimously recommend the proposed transaction, and the independent expert considers it fair and reasonable for unitholders not associated with Wesfarmers[17] - The proposed transaction is expected to be immediately accretive to distributions, with a forecast of 20% accretion for FY26F[19] Internalisation - BWP will pay $1426 million to Wesfarmers to internalize the management functions of BWPM, reflecting a multiple of 106x BWPM's forecast FY26 EBIT of $134 million[19] - Wesfarmers' holding in BWP will increase from 223% to 235% as part of the proposed transaction[19] Lease Reset and Extension - 62 Bunnings leases are to be reset and extended, increasing BWP's portfolio WALE from 44 years to 80 years and Bunnings WALE from 46 years to 95 years[25,28] - The lease reset and extension are expected to result in a portfolio valuation uplift of $499 million, reflecting an 8 basis point compression in BWP's weighted average capitalisation rate to 535%[25] Capital Expenditure Commitments - BWP has committed to $56 million in store expansion capital expenditure and $30 million in network upgrade capital expenditure[31]