Just Eat Takeaway is exploring a sale of Grubhub, ceding to months of investor pressure over a $7.3bn deal it struck at the height of the pandemic lockdown-driven food delivery boom (The Financial Times £).
Just Eat Takeaway is considering selling off its Grubhub arm after reporting a decline in orders compared with bumper levels during Covid lockdowns (The Guardian).
Bosses at the online food delivery service told investors on Wednesday they were ‘actively exploring’ whether to conduct a full or partial sale of the US-based subsidiary, which it acquired less than 12 months ago for £5.75bn (The Mail).
The food delivery firm only completed the acquisition of the US business last June but the $7.3bn deal has been cited by investors as a key factor in its poor share price performance, down two thirds since October 2020 (The Times £).
Investors tucked into Just Eat as the firm mulled a possible sale of its US arm Grubhub less than two years after buying it, sending shares up 2.1% (The Mail).
Just Eat’s Grubhub deal has been a terrible takeaway experience, The Financial Times (£) says in an opinion column. “Pandemic boom in online food delivery has not helped make $7.3bn acquisition any more appetising.”
The business editorial in The Guardian argues that Just Eat Takeaway’s US adventure now looks like a terrible mistake. “Jitse Groen was over-ambitious with two mega-transactions in quick succession.”
Procter & Gamble has reported its strongest sales growth in two decades as consumers continued to stomach the price increases the company has rolled out since last year (The Financial Times £).
Heineken said on Wednesday it would put up beer prices for consumers still further because it expected “significant” rises in its own costs (The Financial Times £).
A resurgence in beer consumption across Europe and strong pricing thanks to a shift to premium brands such as Moretti and Desperados have given a boost to first-quarter trading at Heineken (The Times £).
The market report in The Times (£) says it was a vintage year for Naked Wines. “Naked Wines provided some good cheer after reassuring investors that its annual results would be in line with expectations.”
The carbon emissions of JBS, the world’s largest meatpacking company, soared more than 50% in the past five years, according to new research that lays bare the challenge of reducing greenhouse gases in the global food industry (The Financial Times £).
The Financial Times (£) takes a look at how a post Soviet pioneer has kept the drink flowing in Ukraine. The Obolon brewery in Kyiv was forced to produce drinking water after Russia’s invasion but is now making beer again.
Helping households with the cost of living crisis risks sparking food and energy shortages and sending bills even higher, the International Monetary Fund has warned (The Telegraph).
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