U.S. beef production is plunging to a 21-year low after surging feed costs spurred ranchers to cut herds, signaling record prices for consumers and higher costs for buyers from McDonald’s Corp. to Ruth’s Chris Steak House.
Trian Fund Management LP’s Nelson Peltz, the activist investor who owns stakes in PepsiCo Inc. and Mondelez International Inc., said yesterday the soft-drink maker should acquire Mondelez for as much as $67.8 billion.
HJ Heinz Co., the world’s largest ketchup maker, said fiscal fourth-quarter profit climbed 12 percent ahead of the company’s takeover by Warren Buffett’s Berkshire Hathaway Inc. and Jorge Paulo Lemann’s 3G Capital.
Teva Pharmaceutical Industries Ltd. and Procter & Gamble Co. agreed to combine their consumer-health businesses outside North America in a joint venture that aims to capture more of the $200 billion market for over-the-counter medicines.
Coca-Cola Co. will expand calorie labeling to the front of all packages and reiterated its pledge not to advertise to children under 12 anywhere as the world’s largest soft-drink maker fights criticism that it is contributing to obesity.
In his last year as president, Hugo Chavez ordered Coca-Cola Femsa SAB and other beverage makers to cut prices, seized a local steel company’s assets and tightened currency controls that may cost Procter & Gamble Co. $275 million. Doing business in Venezuela isn’t likely to get easier under his successor.