In an announcement that would have surprised few, Kraft Foods Group said today (1 July) its shareholders had thrown their weight behind the plans to combine the business with HJ Heinz. The market's attention on where the management of the new Kraft Heinz Co. will look to make savings.
A preliminary count of the votes showed more than 98% of votes cast backed the transaction, support that represented more than 69% of all outstanding Kraft shares, the US company said.
The vote - and it was widely expected the deal, announced in March, given the thumbs-up by Kraft investors - paves the way for the merger to close after the close of the market tomorrow.
The transaction will create the third-largest food and beverage company in North America, and the fifth-largest food and beverage company in the world.
When the merger was announced, Kraft chairman and CEO John Cahill - set to be vice chairman at the enlarged business - said the scale of the combined business would give it opportunities for domestic growth (in areas such as foodservice in the US) and internationally.
However, in the short term at least, the impact of the deal is likely to be on jobs, given the track-record of the management at Heinz following the acquisition of the ketchup maker by Warren Buffett's Berkshire Hathaway and private-equity firm 3G Capital - some of whom, including CEO Bernardo Hees, who will be chief executive of the new Kraft Heinz.
Following the purchase of Heinz by 3G Capital and Berkshire Hathaway, the condiments maker focused on lowering its cost base. Earlier this month, Heinz revealed 2014 adjusted EBITDA increased by nearly 35%, reflecting higher gross margin and lower SG&A costs. This was primarily driven by efficiencies from productivity initiatives and zero-based budget cost control. However, sales were lower year-on-year as the company cut SKUs and exited less profitable businesses. Revenue totalled US$10.9bn last year, down 4.6% from $11.4bn. Sales volumes were down 5.3%.
According to the plans for the combined group announced back in March, the management of Kraft and Heinz expected to generate meaningful savings. The group projected $1.5bn in run-rate annual cost savings by 2017. To reduce cost of goods sold, Kraft Heinz Co. would follow the tried-and-tested model implemented at Heinz.
Speaking to just-food today, Michael Mullen, a spokesperson for Heinz and who is set to join Kraft Heinz Co., said: "The immediate focus for the company’s senior leadership team will be to integrate the two businesses, establish the company’s new organisational structure and deliver our business objectives for 2015, while always putting our millions of loyal consumers first.
"Although there will be changes moving forward, one commitment that will remain constant is our unwavering dedication to acting with integrity and the highest ethical standards, while never compromising quality or safety. We are committed to communicating with our employees openly, often and honestly while details are determined."
Our coverage of the deal when it was announced can be found here. It includes a handy infographic detailing the scope of the new Kraft Heinz Co., our analysis of what we are likely to see from the enlarged business and why the deal could mean M&A activity in the industry could accelerate.
This bundle of three reports provides consistent strategic analysis of 13 interesting apparel manufacturing countries. Measuring their potential as sourcing destinations, the reports allow the user to easily compare all countries on a level set of criteria. Compiled using primary research from panels of industry executives, the information is relevant and specific to the task of deciding where to base your garment making operations beyond the "usual suspects".
This package allows you to download all three of just-style's strategic sourcing series. The three reports cover Africa, Southeast Asia and Central America. The countries covered include:
Part 1: Background research into the countries. Introducing the value chain approach that just-style has taken in developing its 15-point sourcing criteria.
Part 2: An overview of each country and comparison of their competitiveness based on buyer preferences and perceptions across the 15-point sourcing criteria.
Each country is consistently rated across the following 15-point sourcing criteria, allowing you to compare each of the countries against one another:
I have a 2008 ford f-150 lariat manual locks and windows is the harness on this able to equip with power windows and
I have a 2008 ford f-150 lariat manual locks and windows is the harness on this able to equip with power windows and locks?
That's not a problem. Unfortunately Ford installed harnesses based on the option content. If you don't have power windows and locks you will not have the proper wiring installed in the truck to convert the truck to power windows and locks.
ok then that answers my question was just checking to see should I pursue this thanks for your response and help
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Mary and John were married without an antenuptial contract in terms of the Recognition of Customary Marriages Act 120 of 1998. Mary was unaware of the fact that John was also married in terms of the Marriage Act 25 of 1961 with another woman at the time of their marriage. John and the other woman were married in community of property. Mary approaches you as her attorney to explain the nature of her marriage and the patrimonial consequences of her marriage.
i know that the marriage is invalid in terms of section 10(4) of the Recognition of Customary Marriages Act, but I think I need to refer to more legal authority and I don't know what the patrimonial situation will be.
No. I went through my textbook 'Heaton J South African Family Law 3rd edition(2010) Lexis nexis'. I have not read through the act.
Can you please help me with this question or point out legal authority that clarifies the patrimonial situation. I am busy reading through the Recognition of Customary Marriages Act.
You need to ask and research what happens when a marriage is declared void? What is the patrimonial position of a voided marriage?
This is what i came up with. i need to hand this in on Thursday. Please could you check it out and comment or help me out by adding in more legal authority.
Here we are dealing with an unlawful marriage, namely the co-existence of a customary marriage and a civil marriage. A subsequent customary marriage by a party to a civil marriage is not allowed. The patrimonial situation of the void marriage is that there is no joint estate as the estates never merged together due to their marriage being void.
In terms of section 10(4) of the Recognition of Customary Marriages Act a person who is already a spouse in a civil marriage may not enter into a customary marriage during the subsequent existence of the civil marriage. Section 10(4) of the Recognition of Customary Marriages Act expressly states that parties involved in a civil marriage do not have the competency to enter into any other marriage. Another issue relevant to the situation is that invariable consequences of civil marriage do not allow either John or his wife to marry anyone else whilst their marriage exists. Other marriages concluded are therefore void due to lawfulness.
Due to the marriage being void no matrimonial property system operates as between the parties and they have no reciprocal duty to support one another. So basically Mary’s patrimonial situation is the same as what it was before the void marriage took place.
As evident in the text above Mary’s marriage is null and void, therefore her marriage never existed. Mary’s patrimonial situation returns to how it was before the void customary marriage took place.
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Way cool man. You have some talent. Really enjoyed seeing you at the Midland Antique Festival this past weekend. Keep on rocking!