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Report: GGP rejects Brookfield offer; Apollo taps ADM for Unilever spreads bid

TOP NEWS

* GGP Inc. rejected Brookfield Property Partners LP's Nov. 11 offer to buy the shopping center investor for up to $14.8 billion, Reuters reported Dec. 10, citing people familiar with the matter. Negotiations are still ongoing, and both companies will make announcements only if the talks lead to a deal or are terminated, the news agency added. Reuters noted that GGP and Brookfield Property were not immediately available to comment on the report.

* Apollo Global Management LLC tapped U.S.-based commodities trader Archer Daniels Midland to help in its bid for the $7 billion spreads unit of consumer goods giant Unilever Plc, the Financial Times reported. The U.S. equity firm reportedly also asked the former CEO of German fittings producer Grohe, David Haines, to be executive chairman of the new unit, should it beat out rival firms KKR and CVC Capital Partners.

TEXTILES, APPAREL AND LUXURY GOODS

* French lens producer Essilor International Société Anonyme and Italy-based eyewear brand Luxottica Group SpA will hire a new CEO after their €50 billion merger completes, the Financial Times reported, citing Essilor CEO Hubert Sagnières. Sagnières, who said the plan was backed by Luxottica founder Leonardo Del Vecchio, reportedly declined to give a timeline but said he is "too old" to lead the combined group.

* Bebe Stores Inc. plans to cease trading on the Nasdaq Capital Market on Dec. 18 and move to the OTCQB Market, a service operated by OTC Markets Group. The women's apparel brand aims to achieve cost savings with the move, which will see Bebe Stores trading on the OTCQB Market starting Dec. 18.

* Luxury brand Karl Lagerfeld extended its exclusive brand license agreement with U.S.-based distributor Marchon to 2023, Women's Wear Daily reported. The partnership, first formed 10 years ago, aims to grow the Lagerfeld eyewear brand globally.

MULTILINE RETAIL

* Department store operator J.C. Penney Co. Inc. launched an apparel subscription box service with styling portal Bombfell to serve big and tall male customers, CNBC reported. The personalized boxes will contain five items, which will be priced from $15 to $120, that can be previewed via email and sent free of shipping costs. Subscribers have seven days to return items free of shipping, and they will be charged a $20 styling fee if they opt to buy any items.

* Macy's Inc.'s executive chairman, Terry Lundgren, will retire from the company's board of directors, effective Jan. 31, 2018, as part of a planned transition announced in June 2016. The department store retailer's CEO, Jeff Gennette, will take on the additional role of chairman, leaving Macy's with 10 directors.

E-COMMERCE

* Rakuten Lifull Stay, the vacation rental platform of Rakuten Inc., collaborated with accommodation portal Booking.com, allowing customers to reserve properties listed by the Japanese internet giant on the Dutch company's reservation website. The partnership, tentatively named Vacation Stay, is scheduled to launch after June 2018, with plans for campaigns aimed at tourists visiting Japan.

* The Australian division of e-commerce company eBay Inc. expects more than 2.7 million visits to its online portal on Dec. 11, 1.8 million of them via mobile devices. EBay's Australian arm also rolled out a voice-assisted gift finder service through its collaboration with Alphabet Inc.-owned technology giant Google Inc.

* Gross sales volume of Amazon.com Inc.'s Indian unit grew 67% year over year, while its gross sales by value rose 72%, India's Mint reported. Amazon India Ltd. reportedly added that its gross sales growth of 66% is higher than e-commerce rival Flipkart, which reported 43% growth.

FOOD AND DRUG RETAILING

* CVS Health Corp.'s exit from tobacco products three years ago was key in the drugstore chain's purchase of health insurer Aetna Inc., said CVS President and CEO Larry Merlo in an SEC-filed video transcript as he recounted a conversation with Aetna Chairman and CEO Mark Bertolini. In the transcript, Merlo added that the choice indicated that CVS was "not a convenience store" but a health-focused retailer.

* Minnesota's SuperValu Inc. completed its previously announced $193 million purchase of distributor Associated Grocers of Florida Inc. The deal, which adds to the supermarket chain's national network of distributors, will also see Associated Grocers' former president, Christopher Miller, as president of Supervalu Florida.

HYPERMARKETS AND SUPERCENTERS

* Hong Kong-listed Sun Art Retail Group Ltd partnered with Alibaba Group Holding Ltd. unit Alibaba Zetai to adopt its "Taobao Daojia" e-commerce model for an undisclosed fee, boosting the efficiency of the group's traditional hypermarkets and supermarkets. Sun Art, which allowed the e-commerce giant to buy a 36.16% stake in its business, plans to utilize Alibaba's payment platform Alipay, along with its internet traffic and technology.

* Wal-Mart Stores Inc. expanded its online selection for its same-day, in-store pickup service for the holiday season as it expects demand to double. The big-box retailer will also debut a program for unloaded gift cards, which will be placed in select boxes for online orders until Dec. 17 and in-store pickup orders through Dec. 24.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Steinhoff International Holdings NV rescheduled its annual lender meeting to Dec. 19 and appointed advisers Moelis & Co. and AlixPartners, effective immediately. The furniture and general merchandise retailer also formed a subcommittee of independent nonexecutive directors, led by former Sanlam Ltd. CEO Johan van Zyl, to bolster independent governance.

INDUSTRY NEWS

* Imports at U.S. retail container ports rose in October as 1.77 million 20-foot equivalent units, or TEUs, were handled at the 13 major U.S. ports covered by the National Retail Federation, or NRF, and maritime consulting firm Hackett Associates. According to NRF's Global Port Tracker report, imports rose 0.3% from the 1.76 million TEUs handled in September and 6.4% compared with 2016.

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