Issuer Ranking: European Consumer Goods Companies, Strongest To Weakest Jul 08
Standard & Poors, July 2008
Abstract
The first half of 2008 continued to see a tight balance between mergers and acquisitions (M&A) and shareholder distributions in this cash-generative sector. After a round of consolidation in the tobacco industry in 2007 and early 2008, the brewing and branded spirits segment is now driving M&A activity. These transactions primarily center on operating efficiency and can enhance companies' brand portfolios, helping to maximize opportunities in both mature and emerging markets. Furthermore, the debt markets remain open to funding these transactions, given the relatively noncyclical nature of the branded foods, beverages, and tobacco segments and the favorable liquidity characteristics of the large M&A-related debt issues. Operationally, Europe-based consumer goods companies have performed well since the start of the year. Among...
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Research Type: Commentary
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- British American Tobacco PLC
- Nestle S.A.
- Reckitt Benckiser PLC
- Unilever PLC
- Swedish Match AB
- LVMH Moet Hennessy Louis Vuitton S.A.
- Electrolux AB
- Danone
- SEB S.A.
- Roquette Freres
- Henkel AG & Co. KGaA
- Imperial Tobacco Group PLC
- FAGE International S.A
- PPR S.A.
- Diageo PLC
- Remy Cointreau S.A.
- Head N.V.
- Tate & Lyle PLC
- Agrokor d.d.
- Barry Callebaut AG
- Coca-Cola Hellenic Bottling Co. S.A.
- Concern Kalina (JSC)
- L'Oreal S.A.
- IT Holding SpA
- Wimm-Bill-Dann Foods OJSC
- Safilo SpA
- SABMiller PLC
- Suedzucker AG
- Waterford Wedgwood PLC
- BSH Bosch und Siemens Hausgeraete GmbH
- ESCADA AG
- Foodcorp (Proprietary) Ltd.
- Pernod Ricard S.A.
- Central European Distribution Corp.
- JFC Group Holding Ltd. (BVI)
- Belvedere S.A.
- Anadolu Efes Biracilik ve Malt Sanayii AS
- Tereos Union de Cooperatives Agricoles a Capital Variable
- Brand Development Inc.
- Nutrinvestholding OJSC
- Philip Morris International Inc.
- Cadbury PLC
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