25 Jan, 2021
Tiger Global takes stake in Just Eat Takeaway; RLX stock up 146% in market debut
By Kiran Murali
TOP NEWS IN FOOD, BEVERAGE AND TOBACCO
* Tiger Global Management LLC has acquired a 4.4% stake in Netherlands-based Just Eat Takeaway.com NV valued at roughly €613.2 million, making the hedge fund one of the largest shareholders in the food delivery company, Bloomberg News reported, citing a filing.
* Shares of Chinese vaping company RLX Technology Inc. jumped 145.9% in its NYSE debut, closing at $29.51 on Jan. 22, giving the company a market capitalization of $45.84 billion. Shares of RLX, which priced its IPO at $12 per share, opened at $22.34 on Friday.
➤ S&P 500 earnings, week of Jan. 25: Microsoft, Facebook to report
Ninety-two members of the S&P 500 are expected to report quarterly earnings this week.
➤ Procter & Gamble bubbles up even as US soap imports wash out
Procter & Gamble delivered better-than-expected revenues after a surge in household cleaning product demand. Soap supplies into the U.S. by P&G as well as Colgate Palmolive and Unilever are down from their August peak, however.
Auto sales continued to grow at a steady pace in Japan and China, while strong retail activity during the holiday period lifted U.S. sales during the month.
* Tesco PLC said it will pay a special dividend of 50.93 pence per share as the British retailer plans to return £4.99 billion to shareholders from the net proceeds of £7.8 billion it received after selling its Thailand and Malaysia businesses.
* Russian supermarket operator Lenta PLC's total sales during the fourth quarter of 2020 rose 5.3% year over year to 124.17 billion Russian rubles. Total online sales during the period soared 933% to 3.09 billion rubles. For full year 2020, total sales increased 6.7% year over year to 445.54 billion rubles.
* Uber Eats will temporarily cut its commission for restaurants in Mexico to 17%, while delivery app Rappi SAS will reduce it to 16.5% amid pressure from industry groups to reduce the burden for eateries following COVID-19 restrictions, Reuters reported.
BEVERAGES
* Wine merchants in the U.K. warned that the price of a wine bottle may increase about £1.50 and consumers would choose from a reduced range because of Brexit-related extra paperwork and higher haulage prices, the Financial Times reported.
* Anheuser-Busch Inbev SA's South African Breweries unit suspended 550 temporary contract workers following South Africa's third alcohol ban, Reuters reported, citing newspaper Business Times.
* Australia's Bega Cheese Ltd. completed the acquisition of local dairy business Lion-Dairy & Drinks Pty Ltd. from Tokyo-based Kirin Holdings Company Ltd. for A$560 million.
* Australian online wine retailer Vinomofo Pty. Ltd. is working with KPMG to explore options for an IPO with a reported valuation of up to A$300 million, The Sydney Morning Herald reported. Chairman Paul Edginton will become the CEO, replacing founder Justin Dry in the role, as the company prepares for a potential IPO.
AGRICULTURAL PRODUCTS
* A weeklong employee strike at New York City's Hunts Point Produce Market came to an end on Jan. 23 after workers approved a deal, which states employees will receive wage increases totaling $1.85 per hour over three years, The Associated Press reported.
PACKAGED FOODS
* Food and beverage producer Almarai Co.'s comprehensive net income for the fourth quarter of 2020 grew 13.6% year over year to 315.1 million Saudi Arabian riyals, while revenue during the period rose 3.1% to 3.82 billion riyals. Full-year 2020 diluted EPS was 1.98 riyals, up from 1.81 riyals in 2019.
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