M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

Antitrust investigators at the Department of Justice are said to be taking a deep dive into the vertical issues of the giant SABMiller/Anheuser-Busch InBev merger and considering how to ensure that the post-merger AB InBev is prevented from tacit price collusion with Molson Coors, its sole remaining large competitor in the US.

Antitrust investigators at the Department of Justice are said to be taking a deep dive into the vertical issues of the giant SABMiller/Anheuser-Busch InBev merger and considering how to ensure that the post-merger AB InBev is prevented from tacit price collusion with Molson Coors, its sole remaining large competitor in the US.

DOJ Said to Eye Vertical Issues in Beer Merger

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit (excluding the impairment loss of HKD 178 million), to HKD 1 billion, or HKD 0.42 per share.It is worth highlighting CR Snow further expanded its market share by 1% to 25%, and increased its average selling prices by about 6% in 2015, despite the weak demand and intensified competition in China's brewing industry.Analysts: Jennifer Song &amp; Philip Zhong

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit (excluding the impairment loss of HKD 178 million), to HKD 1 billion, or HKD 0.42 per share.It is worth highlighting CR Snow further expanded its market share by 1% to 25%, and increased its average selling prices by about 6% in 2015, despite the weak demand and intensified competition in China's brewing industry.Analysts: Jennifer Song &amp; Philip Zhong

CRB's Strong 2015 Result In Line; The Acquisition of 49% CR Snow Drives FVE to HKD 15.

Anheuser-Busch InBev will need to terminate its licensing agreements with Lion if it wants to get the Australian Competition and Consumer Commission’s go-ahead on its merger with SABMiller, a former Lion executive told <a href="http://ctfn.news" target="_blank">CTFN</a>.

Anheuser-Busch InBev will need to terminate its licensing agreements with Lion if it wants to get the Australian Competition and Consumer Commission’s go-ahead on its merger with SABMiller, a former Lion executive told CTFN.

ACCC Review of SABMiller/AB InBev Hinges on Licensing

AB InBev’s merger with SABMiller will likely be cleared in South Africa with conditions, two Johannesburg-based competition lawyers told <a href="http://ctfn.news" target="_blank">CTFN</a>:  the merging parties will have to submit significant commitments with regulators to guarantee that the combination will not have a negative impact on the local job market and procurement.

AB InBev’s merger with SABMiller will likely be cleared in South Africa with conditions, two Johannesburg-based competition lawyers told CTFN:  the merging parties will have to submit significant commitments with regulators to guarantee that the combination will not have a negative impact on the local job market and procurement.

SABMiller/AB InBev Merger Could See Behavioral Remedies in South Africa

Thematic (Sector/Industry)

<ul><li class="p1">Based on the early read we've had of the buying and selling activity of our top managers during the fourth quarter, it appears that the ongoing trend of high-conviction purchases of firms with wide economic moats continued during the most recent period.</li><li class="p1">Even so, four of the top 10 high-conviction purchases—non-rated Ally Financial (ALLY) and wide-moat Microsoft (MSFT), VF Corp. (VFC), and Stryker (SYK)—made during the fourth quarter were also new-money buys for our top managers.</li><li class="p1">And much as we've seen during past periods, there were a fair number of outright sales in the quarter—most of which was driven by valuation as opposed to changes in opinion.</li></ul>Analysts: Greggory Warren &amp; Eric Compton

Based on the early read we've had of the buying and selling activity of our top managers during the fourth quarter, it appears that the ongoing trend of high-conviction purchases of firms with wide economic moats continued during the most recent period.Even so, four of the top 10 high-conviction purchases—non-rated Ally Financial (ALLY) and wide-moat Microsoft (MSFT), VF Corp. (VFC), and Stryker (SYK)—made during the fourth quarter were also new-money buys for our top managers.And much as we've seen during past periods, there were a fair number of outright sales in the quarter—most of which was driven by valuation as opposed to changes in opinion.Analysts: Greggory Warren &amp; Eric Compton

Our Ultimate Stock-Pickers Top 10 High-Conviction Purchases

United States

Anheuser-Busch InBev NV brews beer.  The Company manufactures ale, lager, stout, and bitter beer.  Anheuser-Busch InBev owns brands that are both nationally and internationally prominent.  The Company has production plants in Europe, the Americas, and Asia.

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Anheuser-Busch InBev (BUD US)

DOJ Said to Eye Vertical Issues in Beer Merger

Antitrust investigators at the Department of Justice are said to be taking a deep dive into the vertical issues of the giant...

CTFN

CRB's Strong 2015 Result In Line; The Acquisition of 49% CR Snow Drives FVE to HKD 15.

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit...

Morningstar, Inc.

ACCC Review of SABMiller/AB InBev Hinges on Licensing

Anheuser-Busch InBev will need to terminate its licensing agreements with Lion if it wants to get the Australian Competition and Consumer...

CTFN

SABMiller/AB InBev Merger Could See Behavioral Remedies in South Africa

AB InBev’s merger with SABMiller will likely be cleared in South Africa with conditions, two Johannesburg-based competition lawyers told CTFN: the...

CTFN

Our Ultimate Stock-Pickers Top 10 High-Conviction Purchases

Based on the early read we've had of the buying and selling activity of our top managers during the fourth quarter, it appears that the ongoing...

Morningstar, Inc.

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