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☆ 3G Capital quietly exited its Kraft Heinz investment last year
▼ + stars: | 2024-04-09 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

They had continued to be an investor and were treated as we do any investor," Kraft Heinz said in a statement to CNBC. "We did learn from their recent filing that 3G exited the Kraft Heinz stock entirely in 2023." Brazilian private equity firm 3G Capital quietly sold off its 16.1% stake in Kraft Heinz in the fourth quarter, nearly nine years after masterminding the blockbuster merger of Kraft Foods and Heinz with Warren Buffett. Kraft Heinz sought to drive inorganic growth through a takeover bid for Unilever, but the Popsicle owner rejected its offer. In 2022, it distributed about 7% of Kraft Heinz to investors in its fund, which reportedly included tennis star Roger Federer.

Persons: Kraft Heinz, Warren Buffett, 3G's, Heinz, Buffett, Jorge Paulo Lemann, Alexandre Behring, Joao Castro, Neves, Roger Federer, Carlos Abrams, Rivera, he's Organizations: 3G, CNBC, Kraft, 3G Capital, Kraft Foods, Heinz, Busch InBev, Burger King, Big, Unilever, Securities and Exchange, Berkshire, InBev, Planters Locations: Berkshire, Lactalis

☆ US jury awards $17.7 mln to Kraft, other producers in egg price-fixing case
▼ + stars: | 2023-12-01 | by ( Mike Scarcella | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +3 min

The damages award could be tripled under U.S. antitrust law to more than $53 million. The same jury on Nov. 21 found the egg producers liable for the alleged antitrust conspiracy after a more than five-week trial. The damages award was limited to alleged overpayments during a four-year window in the mid-2000s. The jury's liability decision held Cal-Maine accountable with other defendants, including trade associations United Egg Producers and United States Egg Marketers. The case is Kraft Foods Global Inc v. United Egg Producers Inc, U.S. District Court for the Northern District of Illinois, No.

Persons: Oscar Mayer, Heinz, General Mills, Kellogg, Brandon Fox, Jenner, Steven Seeger, Robin Sumner, Troutman Pepper Hamilton Sanders, Patrick Collins of King, Rose Acre, James King, Porter Wright Morris, Mike Scarcella Organizations: Kraft, Kraft Foods Group Inc, 3G Capital, Berkshire Hathaway Inc, Food, Nestle, Friday, Cal, Maine Foods, United Egg Producers, United States Egg, U.S, Kraft Foods Global Inc, United Egg Producers Inc, Northern, Northern District of, Jenner, Patrick Collins of King & Spalding, Arthur, Thomson Locations: Northfield , Illinois, Acre, Ridgeland , Mississippi, Maine, Cal, Northern District, Northern District of Illinois

☆ Charlie Munger, the 'Oracle of Pasadena' who was Buffett's second-in-command
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +8 min

Berkshire Hathaway Vice Chair Charlie Munger arrives to begin the company's annual meeting in Omaha May 4, 2013. EXPANDING BUFFETT'S HORIZONSMunger and Buffett did differ politically, with Munger being a Republican and Buffett a Democrat. Like Buffett, Munger was a fan of the famed economist Benjamin Graham. ORACLE OF PASADENAFans dubbed Buffett the "Oracle of Omaha," but Munger was held in equal esteem by his own followers, who branded him the "Oracle of Pasadena" after his adopted hometown in California. "I was raised by people who thought it was a moral duty to be as rational as you could possibly make yourself," Munger told Daily Journal shareholders in 2020.

Persons: Charlie Munger, Rick Wilking, Charles Munger, Warren Buffett's, Munger's, Buffett, Munger, Berkshire Hathaway, HORIZONS Munger, Santa Barbara, Warren, Benjamin Graham, Charlie, Ben Graham, Charles T, Kathy Kristof, Buffett's, Ernest . Buffett, Olson, Wheeler, Alice Schroeder, Nancy, Graham, Heinz, Todd Combs, Ted Weschler, Nancy Munger, Jonathan Stempel, Diane Craft, Rosalba O'Brien Organizations: Berkshire Hathaway, REUTERS, Berkshire Hathaway Inc, Munger, CNBC, Buffett, HORIZONS, Republican, University of California, Berkshire, ORACLE, PASADENA, Oracle, Wesco Financial Corp, Daily Journal Corp, Daily, Los Angeles Times, University of Michigan, U.S . Army Air Corps, Harvard Law School, Tolles, Munger &, Omaha Club, BNSF, 3G Capital, Kraft Foods, Reuters, Thomson Locations: Omaha, California, Berkshire, Omaha , Nebraska, Vienna, Santa, Pasadena, Munger, TETE, Los Angeles, New York

☆ Kraft Singles' hard-to-remove wrappers were the number one complaint for customers. Now, the wrapper is causing a recall.
▼ + stars: | 2023-09-21 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Kraft Heinz is recalling some Kraft Singles due to faulty plastic packaging. Kraft Heinz issued a recall for Kraft Singles on Tuesday, according to a press release from the company. AdvertisementAdvertisementThe recall comes a few months after Kraft Heinz rebranded its cheese slices. Kraft Heinz makes a variety of food products, from Capri-Sun juice pouches to Heinz ketchup. It was created by a merger in 2015 between Kraft and Heinz shepherded by private equity owner 3G Capital.

Persons: Kraft Heinz, Heinz, Heinz shepherded Organizations: Kraft, Service, CNN, 3G Capital, Employees Locations: Wall, Silicon, Capri

☆ Ex-CEO of Brazil's Americanas says he did not expect to lead bankrupt firm
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - The former head of Brazilian retailer Americanas (AMER3.SA) quit two weeks into the job because he had not expected to take over a bankrupt firm, he told Brazilian lawmakers probing its $5 billion accounting fraud on Tuesday. Former Chief Executive Sergio Rial, who testified in a congressional investigation, resigned on Jan. 11, the same day Americanas revealed accounting inconsistencies that were later found to be fraud. I did not buy into an insolvent project," he told lawmakers, saying he had not expected Americanas' debt to exceed its assets. Rial in March testified before senators saying Americanas' previous management had created difficulties in disclosing information about the company's situation and the succession process. Reporting by Carolina Pulice and Peter Frontini; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Rial, Rial, Americanas, Carolina Pulice, Peter Frontini, Cynthia Osterman Organizations: SA, Jan, Santander Brasil, 3G, Thomson

☆ Brazil's Americanas looking for buyer for stake in Grupo Uni.co
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, May 15 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA), which filed for bankruptcy earlier this year after an accounting scandal, said on Monday it has started the market sounding process to prospect parties interested in buying its stake in Grupo Uni.co. Americanas, which has the billionaire trio that founded 3G Capital as reference shareholders, said in a securities filing it had hired Citigroup (C.N) as financial advisor to conduct the process, launched as part of its reorganization plan. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Another cultish cost-saving formula gets off-track
▼ + stars: | 2023-03-29 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +9 min

Despite its multiple interpretations and approaches, success is widely gauged by a railway’s operating ratio, a simple measure of how much it spends to make a buck. Union Pacific’s peers improved similarly, indicative of the antiquated ways the industry had been deploying resources. Union Pacific also found itself unable to bring back enough furloughed workers in areas where they were most needed. “In a significant departure from the railroad industry's recent past, we deliberately moved away from a singular focus on operating ratio,” he told lawmakers. “If we wanted to drive [operating ratio] lower over time, we could,” the board wrote in a letter to shareholders in late 2021.

☆ Report on Americanas' woes to be presented to Brazil court next week
▼ + stars: | 2023-03-17 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, March 17 (Reuters) - A report detailing Brazilian retailer Americanas SA's (AMER3.SA) bankruptcy is being prepared by the trustee's team of over 100 experts and is expected to be presented to a Rio de Janeiro court next Monday, said a source close to the matter on Friday. "The final report will be closed and read on Monday before being presented to the court," said the source. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, has accumulated debt of more than 40 billion reais. After the document is submitted, the court will set a deadline for Americanas to present its judicial recovery plan. On Thursday, Americanas' former chief executive testified at Brazil's securities watchdog, according to a source.

☆ Revolut's 2022 revenues grew by 33% despite crypto winter
▼ + stars: | 2023-03-01 | by ( Stefania Spezzati | ) www.reuters.com time to read: +3 min

"We have built a strong momentum," the 31-year-old executive said in an interview at Revolut's headquarters in London. Revolut will retain accounting firm BDO for the 2022 audit, it said. Revenues from its crypto business shrank in 2022 as the crypto-downturn hit the firm. In 2020, it made a loss of 223 million pounds, according to Revolut's accounts. The fintech company expects to publish its 2022 accounts by June, but it might take longer.

☆ A new documentary on Subway and Jared Fogle couldn't come at a worse time
▼ + stars: | 2023-02-25 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

Jared Fogle became Subway's pitchman after losing 245 pounds by mostly eating the chain's subs. A Fogle documentary airing in March is bad timing for Subway as it looks for a buyer, analysts say. Yet, a ghost from Subway's past, Jared Fogle, is returning to haunt America's largest sub chain. The new documentary series promises to reveal the "rise and fall" of the former Subway pitchman who "masqueraded as a national hero while hiding a horrific side." Are you a Subway insider with insight to share?

☆ Brazil's Americanas board to remove top executives after accounting scandal
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Feb 3 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) said on Friday its board had decided to remove three directors and three executives amid investigations over so-called accounting inconsistencies. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, entered bankruptcy protection last month after disclosing "inconsistencies" in its accounting worth 20 billion reais ($3.88 billion). In a securities filing, Americanas said three directors and three executives had been removed "from all their roles and activities at the company and its subsidiaries." Americanas said it had also removed executives Fabio da Silva Abrate, Flavia Carneiro and Marcelo da Silva Nunes. Americanas added that it has hired a forensic expertise institute and a consultancy to protect company data while its reorganization and legal procedures take place.

☆ Brazil's Americanas requests financing of at least $197 mln -filing
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Jan 31 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) has requested debtor-in-possession financing of at least 1 billion reais ($197.12 million) as part of its bankruptcy process, according to a securities filing Tuesday. The financing aims to help the company maintain the "normal course of its business and reinforce its liquidity," the firm said. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, entered bankruptcy protection this month after disclosing "inconsistencies" in its accounting, leading top investors such as BlackRock (BLK.N) and Capital Group to scale back their positions in the firm. It added it has been in talks with reference shareholders - Brazilian billionaires Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, the founders of 3G Capital - about the possibility of them subscribing up to the totality of the financing minimum amount. ($1 = 5.0731 reais)Reporting by Carolina Pulice and Gabriel Araujo; Editing by Isabel Woodford and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Brazilian court orders seizure of emails of bankrupt retailer Americanas
▼ + stars: | 2023-01-26 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 26 (Reuters) - A Brazilian court has ordered the seizure of all corporate emails of managers and board members from bankrupt retailer Americanas SA (AMER3.SA) sent and received over the last 10 years, according to documents seen by Reuters. Bradesco said it was seeking evidence for potential litigation against Americanas, its managers, and potentially its controlling shareholders over "abuse of power." Americanas' largest shareholders are the billionaire founders of 3G Capital, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles. The judge also ordered the seizure of all emails of employees in the finance and accounting division. Americanas is one of Brazil's largest retailers and has been in business for over 90 years.

☆ Bankrupt Brazilian retailer Americanas owes about $8 bln, court finds
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) owes a variety of creditors around $8 billion, a Rio de Janeiro court said on Wednesday, providing the most detailed picture yet of the banks and other groups exposed to the company's bankruptcy. The list provided on Wednesday includes roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Brazilian banks BTG Pactual (BPAC3.SA), Bradesco (BBDC4.SA) and Santander Brasil (SANB3.SA) - which analysts previously said were among the most exposed - were also listed, with debts of more than 3.5 billion reais each. Earlier this week, Capital International Investors also announced it had reduced its position in Americanas to 4.07% from 7.04%. Shares in Americanas were up 20% to 0.96 real on Wednesday, but still down roughly 90% year-to-date.

☆ Brazilian retailer Americanas reports 7,720 creditors, $8 bln in debt
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) reported 7,720 creditors and debt totaling nearly $8 billion within its restructuring process, a Rio de Janeiro court said on Wednesday. Deutsche Bank (DBKGn.DE) topped the list of creditors initially revealed by Americanas, but the German lender later said it had no lending relationship or credit exposure to the Brazilian company. The list provided on Wednesday included roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Later, however, Americanas revealed the full list in a securities filing, ranging from small debts with individuals and cities to multibillion-reais debts with banks. Deutsche Bank appeared with a $1 billion debt, but said in an emailed statement that it had no direct exposure to the Brazilian firm.

☆ Americanas' billionaire shareholders say they were unaware of accounting problems
▼ + stars: | 2023-01-23 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 23 (Reuters) - Americanas SA (AMER3.SA) three largest shareholders, the billionaire founders of 3G Capital, said on Sunday they had not known of $4 billion in accounting 'inconsistencies' at the Brazilian retailer. "We didn't know of and would never allow any accounting manipulation in the company", the statement said. It said Americanas had been audited by PwC and that the retailer's "banks and auditors never reported any problems". Securities industry regulator CVM has also launched probes into Americanas, which has seen its stock lose more than 90% of its value since the news of the accounting problems emerged. 3G Capital itself has no stake in Americanas.

☆ Brazil's Americanas mulls filing for bankruptcy, shares tank as markets see move as imminent
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Americanas said its current cash position stands at 800 million reais ($154.25 million). "The bankruptcy protection is unavoidable and might be one of the largest ever in Brazil, as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022. Last week, chief executive Sergio Rial resigned less than two weeks after taking the job citing the discovery of "accounting inconsistencies" totaling 20 billion reais. "Filing for bankruptcy protection is imminent and necessary," said Fernando Ferrer, an analyst at Empiricus Research, noting there could be a "cascade effect" of banks requesting to withhold money from the firm.

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

SAO PAULO, Jan 16 (Reuters) - Brazilian lenders BTG Pactual, Bradesco and Santander Brasil are among those most exposed to debt of Americanas SA (AMER3.SA), analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors. Analysts at JPMorgan and Citi said in research notes that Banco Bradesco SA (BBDC4.SA) had the largest nominal exposure to the firm, while Banco BTG Pactual SA topped exposure as a proportion of loans. Considering JPMorgan's and Citi's estimates, BTG had a 1.9 billion-real exposure to Americanas, which was seen accounting for roughly 1.5% of its loans, while Bradesco had exposure of 4.7 billion reais, or 0.5% of loans. Banco Santander Brasil SA , the local unit of Spain's Banco Santander (SAN.MC), had 3.7 billion reais in exposure, or about 0.6% of loans. Sergio Rial, the outgoing Americanas chief executive who uncovered the accounting inconsistencies, is a former head of Santander Brasil, where he still serves as chairman of the board.

☆ Minority shareholders denounce Brazil's Americanas for 'multi-billion fraud'
▼ + stars: | 2023-01-13 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +3 min

RIO DE JANEIRO/SAO PAULO, Jan 13 (Reuters) - A group representing minority shareholders on Friday filed a complaint with Brazil's securities regulator against Americanas SA (AMER3.SA) after the retailer uncovered "accounting inconsistencies" totaling 20 billion reais ($3.89 billion). The Abradin association said it was denouncing Americanas for what it called a "multi-billion fraud," while also asking regulator CVM to investigate the retailer's auditor, PwC. Shares in Americanas plummeted more than 75% on Thursday, wiping out 8.4 billion reais in market value, after the company's chief executive Sergio Rial resigned, citing the discovery of inconsistencies. It's not easy to hide 20 billion reais," said Eric Barreto, a professor at Sao Paulo's Insper. Americanas has long been controlled by three Brazilian billionaires who founded 3G Capital.

SAO PAULO/MEXICO CITY, Jan 11 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) said on Wednesday its chief executive and chief financial officer resigned after the discovery of around 20 billion reais ($3.88 billion) in accounting "inconsistencies." Lojas Americanas CEO Sergio Rial departed less than two weeks after taking the job, when he replaced Miguel Gutierrez. Joao Guerra, a long-time Americanas executive not involved with accounting or financial management, will take over as CEO on an interim basis. The amount of accounting inconsistencies is larger than the company´s net equity, 15 billion reais, said Fabrício Gonçalvez, CEO at Box Asset Management. The amount is also almost twice Americanas' 10.7 billion reais market capitalization, according to Refinitiv data.

SAO PAULO, Jan 12 (Reuters) - Shares in Brazilian retailer Americanas SA (AMER3.SA) fell more than 75% on Thursday after its chief executive officer resigned citing the discovery of "accounting inconsistencies" totaling 20 billion reais ($3.9 billion). Rial attributed the inconsistencies to differences in accounting for the financial cost of bank loans and debt with suppliers. The outgoing CEO said Americanas would likely need a capital increase, though noted he didn't expect a short-term impact from the inconsistencies on its cash position. Analysts at Santander and JPMorgan, who rated Americanas "Neutral" and "Underweight" respectively, also forecast a major negative reaction to the news. PwC, Americanas' auditor, declined to comment on the accounting inconsistencies referred to by Rial.

☆ Burger King parent taps ex-Domino's CEO as executive chairman
▼ + stars: | 2022-11-16 | by ( Hilary Russ | ) www.reuters.com time to read: +2 min

Its share price surged from $12 in 2010, when he took over as CEO, to $271 when he left in 2018. RBI's share price closed at $59.74 on Tuesday, roughly flat from where it was five years ago. Behring and Schwartz are co-managing partners of 3G Capital Partners Ltd, which owns 29% of RBI's shares. Doyle agreed to buy 500,000 shares worth about $30 million and to hold them for five years, subject to regulatory approvals. He will also get 750,000 performance share units that pay out if he hits certain performance criteria.

☆ Burger King owner Restaurant Brands taps former Domino's CEO Patrick Doyle as chair
▼ + stars: | 2022-11-16 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Restaurant Brands International announced Wednesday that it is tapping former Domino's Pizza CEO Patrick Doyle as its executive chair. Doyle's appointment comes as Restaurant Brands tries to turn around Burger King's U.S. business. The Brazilian private equity firm took Burger King private in 2010, merged it with Tim Hortons in 2014 and named the new company Restaurant Brands International. To receive the performance share units, Restaurant Brands' stock will have to compound annually at least 6%, with the payout increasing if shares rise 10% and 15% annually. After leaving Domino's, Doyle joined the Carlyle Group as an executive partner focused on acquisitions.

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