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2021-11-18
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CVC Leads Bidding for $5 Billion Unilever Tea Unit
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The transaction is set to value the business at around 4.5 billion euros ($5.1 billion), the people said.</p>\n<p>The deal could be announced in the coming days, the people said. Unilever shares rose in London trading Thursday, reversing early morning losses, and were up 0.1% at 1:06 p.m. in the British capital.</p>\n<p>Representatives for Unilever and Advent declined to comment, while a spokesman for CVC didn’t immediately respond to requests for comment.</p>\n<p>A sale of the tea business would mark a much-needed win for Unilever Chief Executive Officer Alan Jope, who’s been seeking to rejig the company’s portfolio to keep up with changing consumer tastes. The firm abandoned a planned $1 billion sale of a beauty product portfolio earlier this year after failing to attract sufficient demand from potential buyers, people familiar with the matter said.</p>\n<p>Shares of Unilever, which sells Dove soap and Ben & Jerry’s ice cream, have fallen 12% in London this year through Wednesday. Rivals including L’Oreal SA and Nestle SA have gained as consumer spending came back in the wake of the pandemic. Unilever’s stock performance and pace of change have led to speculation the company would attract activist investors’ attention, especially after Elliott Investment Management’s campaign at GlaxoSmithKline Plc this year.</p>\n<p>Demand for tea has suffered in recent years amid a shift to flavorful herbal alternatives and artisan coffee. The company said in January 2020 that it was starting a strategic review of its tea business that could result in a partial or full sale.</p>\n<p>It later moved to scale back the scope of the tea sale and retain operations in emerging markets. The proposed disposal would not include Unilever’s tea units in India and Indonesia or its partnerships in the ready-to-drink tea market, such as its stake in a joint venture with PepsiCo Inc., people with knowledge of the matter said in July.</p>\n<p>Under former CEO Paul Polman, Unilever sold its margarine and spreads business to KKR & Co. for about $8 billion. The company tried to profit from growth in herbal tea by acquiring the Pukka brand in 2017.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CVC Leads Bidding for $5 Billion Unilever Tea Unit</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCVC Leads Bidding for $5 Billion Unilever Tea Unit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-18 21:59 GMT+8 <a href=https://finance.yahoo.com/news/cvc-leads-bidding-5-billion-132432312.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Unilever Plc, the owner of Lipton and PG Tips, is nearing a sale of some tea assets to buyout firm CVC Capital Partners in one of the year’s biggest carveouts by a European company, people with ...</p>\n\n<a href=\"https://finance.yahoo.com/news/cvc-leads-bidding-5-billion-132432312.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UL":"联合利华(英国)"},"source_url":"https://finance.yahoo.com/news/cvc-leads-bidding-5-billion-132432312.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115592252","content_text":"Unilever Plc, the owner of Lipton and PG Tips, is nearing a sale of some tea assets to buyout firm CVC Capital Partners in one of the year’s biggest carveouts by a European company, people with knowledge of the matter said.\nCVC has reached an agreement with Unilever after beating out rival private equity bidders including Advent International, according to the people. The transaction is set to value the business at around 4.5 billion euros ($5.1 billion), the people said.\nThe deal could be announced in the coming days, the people said. Unilever shares rose in London trading Thursday, reversing early morning losses, and were up 0.1% at 1:06 p.m. in the British capital.\nRepresentatives for Unilever and Advent declined to comment, while a spokesman for CVC didn’t immediately respond to requests for comment.\nA sale of the tea business would mark a much-needed win for Unilever Chief Executive Officer Alan Jope, who’s been seeking to rejig the company’s portfolio to keep up with changing consumer tastes. The firm abandoned a planned $1 billion sale of a beauty product portfolio earlier this year after failing to attract sufficient demand from potential buyers, people familiar with the matter said.\nShares of Unilever, which sells Dove soap and Ben & Jerry’s ice cream, have fallen 12% in London this year through Wednesday. Rivals including L’Oreal SA and Nestle SA have gained as consumer spending came back in the wake of the pandemic. Unilever’s stock performance and pace of change have led to speculation the company would attract activist investors’ attention, especially after Elliott Investment Management’s campaign at GlaxoSmithKline Plc this year.\nDemand for tea has suffered in recent years amid a shift to flavorful herbal alternatives and artisan coffee. The company said in January 2020 that it was starting a strategic review of its tea business that could result in a partial or full sale.\nIt later moved to scale back the scope of the tea sale and retain operations in emerging markets. The proposed disposal would not include Unilever’s tea units in India and Indonesia or its partnerships in the ready-to-drink tea market, such as its stake in a joint venture with PepsiCo Inc., people with knowledge of the matter said in July.\nUnder former CEO Paul Polman, Unilever sold its margarine and spreads business to KKR & Co. for about $8 billion. The company tried to profit from growth in herbal tea by acquiring the Pukka brand in 2017.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1272,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/876065128"}
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