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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

☆ Former CEO of Brazil's Americanas denies knowledge of accounting fraud
▼ + stars: | 2023-09-05 | by ( Carolina Pulice | ) www.reuters.com time to read: +2 min

Allegations that Gutierrez and other executives were involved in accounting fraud were first made in June. Several former Americanas directors have testified before the congressional committee in the past few weeks. LTS said his comments "do not provide any proof of his allegations or refute evidence of his participation in the fraud". The holding company described what happened at Americanas as "cunning fraud". ($1 = 4.9373 reais)Reporting by Carolina Pulice Editing by Edwina Gibbs and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Miguel Gutierrez, Gutierrez, Americanas, Jorge Paulo Lemann, Carlos Alberto Sicupira, Marcel Telles, LTS, Sergio Rial, Edwina Gibbs, David Goodman Organizations: Reuters, Carolina, Thomson Locations: Americanas

☆ 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.

☆ Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital
▼ + stars: | 2023-01-24 | by ( Berber Jin | ) www.wsj.com time to read: 1 min

Venture firm Thrive Capital is selling a stake to a group of investors including Walt Disney Co. CEO Robert Iger and KKR & Co. co-founder Henry Kravis , a rare move designed to expand its investing reach and give the founders of the startups it backs access to some of the world’s most powerful business figures. As a part of the transaction, Brazilian food magnate Jorge Paulo Lemann , French telecoms executive Xavier Niel , Indian oil tycoon Mukesh Ambani , Mr. Iger and Mr. Kravis will invest about $175 million to purchase a 3.3% stake in Thrive, the New York-based firm said Tuesday. The deal values the venture firm at $5.3 billion.

☆ Thrive Capital kicks off bestie race
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Jan 24 (Reuters Breakingviews) - Josh Kushner is getting some help from friends. Thrive sold that same small stake to Goldman Sachs (GS.N) in mid-2021, then bought it back last December. If Kushner has trouble raising capital down the road, it’ll help having wealthy friends with an established rolodex. As the venture market faces a downturn the likes of Kushner haven’t seen, a seasoned set of confidants will be needed. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 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.

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