Feb ’17 returns: Kraft + Unilever? !$£€

Another month, another stream of Trump headlines.  You have to hand it to him, he certainly knows how to drive the ‘ratings’.

However for me the biggest news of the month was Kraft/3G’s aborted bid for Unilever. Unilever is one of the biggest companies in Europe/UK.  Its share price has done pretty well of late, courtesy of the ‘flight to safety’ and the ‘bond proxy’ trends towards the reliable defensive inflation-proof stocks that it represents. But the fact that Kraft, a company with less than half its revenues, can table a bid for it including a takeover premium suggests there is obviously significant room for further value creation. I’ve got a reasonable position – of a ‘buy and hold’ type – so I’m paying attention.

Meanwhile, how have the markets and my portfolio done this month?  Read the rest of this entry »

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