Word: mergerism
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...accelerate." Says David Morris, food and beverage research director at Mintel International Group, a market-research company: "The spin-off is a smart move. Investors had felt these businesses weren't getting their appropriate valuations when they were combined." As stand-alones, they can also grow by attracting merger partners, he says...
...years (the company dates to 1824, when John Cadbury, a Quaker in Birmingham, England, opened a shop selling tea, coffee and chocolate), Cadbury has snapped up some impressive brands, including such names as Dr Pepper, 7Up, A&W, Canada Dry, Sunkist and Snapple, which came as part of its merger with Schweppes in 1969. On the candy side, it was Stitzer's 2003 acquisition of Adams, which included the Halls, Dentyne and Trident brands, that transformed Cadbury into the world's largest confectionery company...
Logically, it made Cadbury and Hershey potential merger partners. Indeed, Cadbury has had on-and-off merger talks with Hershey for more than a decade and even teamed with Nestlé in a failed $10.5 billion bid for Hershey in 2002. The latest talks occurred in 2007 between Stitzer and then Hershey CEO Richard Lenny. But Lenny was ousted from Hershey in an ugly shake-up later in the year. Hershey continues to stumble--most recently when it raised prices 10% in response to rising costs, a move that hit its stock hard...
...general elections round the corner, the talks are more likely to be an exercise to buy time than to find a meaningful solution. Chadha Behera says the separatists themselves are to blame for the deadlock with New Delhi: "They themselves are not agreed on whether they want freedom or merger with Pakistan." Furthermore, she says, they are inflexible. "They won't give up their personal security but will demand troops be removed from the valley...
...rivals in the race to build the information highway. ''We discovered that there was no debate,'' Smith says. ''We really saw the future in the same way. And we both came to the conclusion about a year ago that we needed strategic partners.'' Malone and Smith opened serious merger talks last summer after Smith decided that TCI would make an ideal match for his company. ''We kept it to a small number of people,'' Smith says, ''although we kept Salomon Brothers as a backup. We did all the negotiations ourselves. No outsiders.'' Maintaining the secret became easier once the Paramount...