3:43 pm Consumer staples in focus as M&A heats up (XLP)
The consumer staples sector (XLP) is in focus today after a flurry of earnings reports and news of a potential massive merger in the space.
A few consumer packaged goods (CPG) companies reported tepid results this morning but even more interesting is news that Kraft Heinz (KHC) offered to acquire Unilever (UL, UN) for $50/share in cash (~60% mix) and stock. That would be a ~$143 billion deal for the Anglo-Dutch consumer goods giant.
Unilever rejected the proposal saying it fundamentally undervalues the company. …More