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Philip Gostelow - 1 Hess - 1
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☆ Chevron to Buy Hess for $53 Billion
  + stars: | 2023-10-23 | by ( Collin Eaton | Peter Stiff | ) www.wsj.com   time to read: 1 min
Chevron also said that it would boost returns to shareholders. Photo: Philip Gostelow/Bloomberg NewsChevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil ’s deal to buy Pioneer Natural Resources . The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.
Persons: Philip Gostelow, Hess Organizations: Chevron, Bloomberg, Exxon Mobil ’, Natural Resources, Exxon Locations: U.S, Guyana, North Dakota, Chevron, Gulf of Mexico, Southeast Asia
☆ Beer Drinkers Cut Back as Bud Brewer AB InBev Raises Prices
  + stars: | 2023-03-02 | by ( Peter Stiff | ) www.wsj.com   time to read: 1 min
Brewer AB InBev said revenue rose in the U.S. thanks to higher selling prices and its strategy to push into more premium brews. Budweiser brewer Anheuser-Busch InBev SA reported a fall in sales volumes for the fourth quarter as drinkers in North America bought less of the company’s beer amid rising prices. The drop comes as companies across the consumer-products industry grapple with how much they can raise prices to offset rising costs without deterring shoppers. For much of the past year, AB InBev said drinkers weren’t giving up their brews despite inflation’s bite, though that trend appeared to end in the last quarter.
☆ Nestlé Sells Less After Raising Prices, Moves to Drop Some Unpopular Lines
  + stars: | 2023-02-16 | by ( Peter Stiff | ) www.wsj.com   time to read: 1 min
KitKat-maker Nestlé is trying to balance how much it can raise prices by without prompting consumers to cut back on purchases. Nestlé SA reported a fall in sales volumes for the fourth quarter as the maker of Nescafé coffee and Purina pet food raised prices to offset soaring costs and halted sales of some less popular products. The Swiss packaged-foods giant said Thursday that sales volumes fell 2.6% in the last three months of 2022, with prices rising by an average of 10.1%. Organic growth for the quarter was 7.5%, below analysts’ expectations.
☆ Higher Prices Hit Demand for Unilever’s Soap and Ice Cream
  + stars: | 2023-02-09 | by ( Peter Stiff | ) www.wsj.com   time to read: 1 min
Unilever said sales volumes fell most in ice cream, with in-home sales in prior years boosted by pandemic lockdowns. LONDON— UnileverPLC reported a fall in quarterly sales volumes as higher prices for its soap and ice cream hit consumer demand, and warned that the trend was set to continue this year. The maker of Dove soap and Ben & Jerry’s ice cream said sales volume fell 3.6% in the fourth quarter, with declines in all its business groups, as it increased prices by an average of 13.3%. Underlying sales growth for the three months to Dec. 31 came in at 9.2%, above analysts’ expectations.
☆ Unilever Taps Dairy Boss as New CEO
  + stars: | 2023-01-30 | by ( Peter Stiff | ) www.wsj.com   time to read: 1 min
Unilever is looking to boost growth across its sprawling portfolio, while grappling with rising input costs and changing consumer trends. Unilever PLC has appointed Hein Schumacher as its new chief executive, tapping the head of a European dairy cooperative to lead its effort to reinvigorate growth and navigate economic uncertainty. The owner of Ben & Jerry’s ice cream and Dove soap said Monday that Mr. Schumacher would become CEO on July 1. He succeeds incumbent Alan Jope, who the company said in September would retire this year.
☆ Elon Musk’s Twitter Poll Shows Users Want Him to Step Down
  + stars: | 2022-12-19 | by ( Alexa Corse | Peter Stiff | ) www.wsj.com   time to read: 1 min
Elon Musk said when he launched the Twitter poll on Sunday that he would abide by the results. A majority of Twitter users said Elon Musk should step down as chief of the company in a poll the billionaire pledged to follow, casting new uncertainty on the social-media platform after more than seven weeks of turmoil since he took it over. More than 17 million users had voted by the time the poll on the platform closed after 6 a.m. ET, with 57.5% saying he should leave as head of the company he bought in October for $44 billion. Mr. Musk had said when he launched the Twitter poll on Sunday that he would abide by the results.
☆ Dove Maker Unilever Boosted by Record Price Increases
  + stars: | 2022-10-27 | by ( Peter Stiff | ) www.wsj.com   time to read: 1 min
LONDON— Unilever PLC raised its full-year sales forecast after the consumer-products giant pushed through record price increases of 12.5% in the third quarter. The maker of Dove soap and Ben & Jerry’s ice cream on Thursday reported a 10.6% rise in underlying sales growth for the quarter, driven by higher selling prices, with sales volumes declining 1.6%.
☆ Nestlé to Acquire Seattle’s Best Coffee Brand From Starbucks
  + stars: | 2022-10-19 | by ( Peter Stiff | ) www.wsj.com   time to read: 1 min
Nestle, which makes Nescafe and Nespresso, said its acquisition of the Seattle’s Best Coffee brand would add depth to its North American portfolio. Nestlé SA said it has agreed to acquire the Seattle’s Best Coffee brand from Starbucks bolstering the Nescafe and Nespresso owner’s coffee business in the U.S. The world’s largest packaged-food maker said Wednesday that the acquisition of the brand, which sells a range of packaged coffee in grocery stores as well as in locations such as workplaces, universities and hotels, would add depth to its North American portfolio. Nestlé didn’t disclose the terms of the deal.
☆ Unilever CEO to Retire Next Year After Rocky Tenure
  + stars: | 2022-09-26 | by ( Peter Stiff | ) www.wsj.com   time to read: 1 min
LONDON— Unilever PLC said Chief Executive Officer Alan Jope plans to retire at the end of next year, signaling an end to what has been a challenging tenure at the helm of the maker of Dove soap and Ben & Jerry’s ice cream. The London-based consumer-goods giant said Monday that it would conduct a formal search for a successor and consider both internal and external candidates.
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