AppendiX 145

Appendix

Appendix I Leading U.S. food and beverage companies

TOP 25 U.S. FOOO & BEVERAGE' COMPANIES- 2000 (ln millians of dollt"s}

PACKAOEO FOOO & BEVERAGE SALES COMPANV 1999 zooo %CHANOE

1. Kraft Foods lnc .' 26,797 34,679 29.4 2 , ConAgra Foods lnc .' 24,594 25,386 3 .2 3. PepsiCo lnc .' 18,666 20,144 7 .9 4. Cargill lnc.* 21,400 22,200 3 .7 5. The Coca-Cola Co. 19,805 20,458 3 .3 6 . Mars lnc.* 15,000 15,600 4 .0 7. IBP lnc. 15,122 16,950 12.1 8. H.J. Heinz Co. ' 9,300 9,408 1.2 9. Nestle U.S.A . lnc . 7,986 8,226 3.0

10. Sara Lee Corp.• 7,876 7,915 0 .5 11. Tyson Foods lnc .• 7,363 7,158 (2.8) 12. Kallogg Co. 6,984 6,954 (0.4)

13. Oairy Farmers of America• 7,435 6,700 (9.9)

14. General Mills lnc.' 6,246 6,700 7 .3 15. Campbell Soup Co.• 6,424 6,267 (2.4)

16. The Plllsbury Co.3 6,161 6,099 (1.0)

17. Suiza Foods Corp. 4,482 5,756 28.4 18. Smithtield Foods lnc.• 3,775 5,150 36.4 19. The Ouaker Oats Co. 4,725 5,041 6 .7 20. Ftowers lndustries lnc. 4,236 4,937 16.5 21 . Dole Food Co. lnc. 5,061 4,76=i (5.9)

22. Procter & Gambia Co.• 4,655 4,634 (0.5)

23. Hershey Foods Co. 3,971 4,221 6 .3 24. Oeen Foods Co.' 3,755 4,066 8 .3 25. Hormel Foods Cbrp. 3,358' 3,675 9.4

"Prlvately owned. 'Fiacal vear' ended May. 'Pro forme, reflects spinoft of Peps! Bor· tling Group end Ulttltory reell~nmilnt. 'Fiscel year ended June. 'fl•cal year ended Sep· tembar. 'Fiscel ·vear t~nded Ju y, 'Fiacal yelir ended April . ' Pf o forme. l'eflacr. ec:quis l· tlon of Neblsco Foods. Source: Compeny repo11s; Standard & Poot's estimateil.

Source Standard & Poor' s 200 I a. 7

146

Appendix 2.1: Private Iabel volume growth over 52 weeks by category

Fr.••.,_rtc:". ! OryOiaMI'J !

T'llaa -CMDCd !

Popc:oB - ~poppccS i Llll •dt~ · Siio:c4 i

Cai1Up ! Ck~UI · Re..dy4Qe&1 !

· ·h•tlrlD~ !

Oedrn 1

Toutcthluiu i 8t.~1Milu ! - ·""'•!

~«:Oum i PkUu i

Yc,JCIIblu • ().n ll:d i Dott'ood · Doy i

t'nlil · C.Il.cd i YoJ•II i

"'* : I ~llll»t~ :

I A~ ;

I Pol•~-tw- :

I Cookiu :

Sp.Jbc:tti S..cc ~ CMI'ood · Doy! ....

Pl.u• · Dry

Ooatfood - Wc•

CM4y . Qoco~Mc

C..l foo4 · WC4

S!Mip-Caued

s.-. .. ,c SaW ••tl C:O."Ü'IJ (W

~-~· ~· --------~------~--------·" .,. ., 10 ,,

Source: ACNielsen Syndicated Marke! Research Information for Food, Drug, & Mass Channels, and JPMS.

Source: J.P. Morgan 1999a, 53; dataasofNovember 19, 1999.

Appendix

Appendix 147

Appendix 2.2: Split ofU.S. food spending for at home and awayfrom home consumption

Absolute Athome Awayfrom Year expenditure home

ibm. of$) (%) (%)

1999 754.3 54.5 45.5 1998 749.6 52.7 47.3 1997 723.8 53.2 46.8 1996 690.6 53.6 46.4 1995 664.1 53.8 46.2 1994 639.3 53.9 46.1 1993 610.1 54.0 46.0 1992 589.5 55.0 45.0 1991 578.9 55.7 44.3 1990 557.7 55.4 44.6 1980 299.9 59.9 40.1 1970 114.4 65.4 34.6 1960 69.9 72.0 28.0 1950 46.2 73.0 27.0

Source: adapted from Standard & Poor's 2000b, 10; numbers originally from Bureau ofEconomic Analysis.

Appendix 3 .I: Excerpts of exemplary M&A press releases

Note: Key terms are highlighted.

Unilever and Bestfonds Sign Definitive Merger Agreement for Acquisition of Bestfoods At $73 Per Share; Creates Pre--eminent Global Food and Consumer Goods Company (Business Wire, 06/06/2000)

FitzGerald and Burgmans, Chairmen of Unilever, said, "We are very excited about the combination of Unilever and Bestfoods. This transaction creates the pre-eminent global food and consumer goods company. Together we will have a portfolio of powerful worldwide and regional brands, with strong growth prospects.

"This transaction will aceeierate Unilever towards the achievement of our Path-to-Growth objectives- it makes a good plan better. The complementary nature of our geographic coverage and our combined product portfolio together with Bestfoods' strong foodserviee operations, will enable us to further raise our growth ambition," continued the Chairmen.

The complementary natore of Unilevers and Bestfoods' portfolios and geographies uniquely positions the combined companyforthe aceeleration oftop line growth.

Philip Morris Acquires Nabisco for $55.00 Per Share in Cash and Plans for IPO of Kraft (Business Wire, 06/25/2000)

Geoffrey C. Bible, chairman and chief executive ofl:icer, Philip Morris Companies Inc. said, "The acquisition of Nabisco ( ... ) is truly compelling from a strategic, financial and shareholder value perspective."

With this traosaction Kraft will: become the world's most profitable food company; aceeierate its revenue and earuings growth rates by materially strengtherring its presence in the fast growing and dyoamic snack foods category; become the world Ieader in cookies and crackers with a 13% share, and the Ieader in the U.S. cookie and cracker categories, with shares of35% and 47%, respectively, eohanee its scale and add a successful direct store delivery system to its infrastrocture to more effectively meet the needs ofits global trade partoers; increase its brand leadership by adding 18 brands to its existiog 55 brands that each generate more than $100 million in revenue; over 90% of Nabisco's U.S. portfolio of brands are nurober one in the categories in which Nabisco operates

148 Appendix

- double its scale in Latin America and strengthen its presence in Asia and in Europe. In addition, Kraft projects significant revenue synergies resulting from tbe combination of tbe two brand

portfolios. "This acquisition will add such hausehold names as Oreo and Chips Ahoy! cookies, Ritz crackers, Planters nuts and Life Savers candy, to name a few, to our stellar portfolio ofbrands.", Mr. Bible said. "The acquisition of Nabisco will generate attractive returns and will increase our eamings growth rates in tbe future," Mr. Bible said.

General Mills and Diageo to Combine Their Worldwide Consumer Foods Operations (PR Newswire, 07/17/2000)

Paul S. Walsh, Chief Operating Offleer of Diageo, said, "This agreement creates significant long-term value for tbe shareholders of botb Diageo and General Mills. This deal combines two powerful and complementary brand portfolios to create a major force in tbe U.S. food industry. It gives tbe Pillsbury brands tbe right platform from which to achieve tbeir full potential."

Key Competitive Strengths oftbe New General Mills: General Mills' sales will almost double, to nearly $13 billion, and its stronger, more balanced portfolio will be geared for faster growth. Pillsbury's major retail categories have been growing at a significantly faster rate tban General Mills' categories. In addition, General Mills' new business mix has a much stronger convenience profile, with nearly 80 percent of retail sales generated by ready-to-eat or quick-to-prepare foods. Beyond retail, General Mills will have significantly broader scale and capabilities in the fast-growing Foodservice channel, making General Mills one oftbe top U.S. Foodservice manufacturers. Our pro forma sales in fast-growing international markets will double, to $2.3 billion. In combining tbese businesses, General Mills will now have manufucturing, distribution and sales infrastructure in a number of global markets, including the U.K., Western Europe, Latin America and Australia. The company will be the market Ieader in tbe $1.5 billion U.S. refrigerated dough category. This business significantly expands General Mills' participation in refrigeraJ:ed foods, where the company already holds leadership positions in tbe $2 billion yogurt category, and tbe $580 million market for refrigerated entrees. General Mills will compete in two new breakfast food categories, with Hungry Jack frozen waffles and Pillsbury frozen pastries complementing tbe Big G ready-to-eat cerealline. The company will market a broader array of convenient lunch and dinner choices, with Totino's frozen pizza and snacks, Green Giant frozen vegetables and meal starters, Progresse soups, and Old Ei Paso Mexican foods joining tbe Betty Crackerdinner and side dish mix businesses.

Kellogg to Acquire Keebler PR Newswire, 10/26/2000

Revenue synergies should arise from enhanced distribution, marketing, and product development. Considerable cost synergies also are expected.

Kellogg Chairman and Chief Executive Officer Carlos M. Gutierrez and Keebler CEO Sam K. Reed said they expect tha1 benefits from tbe merger will include: • Diversification ofKellogg's portfolio into fuster-growing categories. * Substantial sales growth potential for Kellogg's convenience foods tbrough Keebler's direct store delivery (DSD) system. • New-product, cross branding, and license sharing opportunities. * Greater scale in all U .S. product distribution channels, including retailing, club and mass merchandising, foodservice, and vending. * Cost synergies from combining two grain-based, brand-based packaged food companies. * Greatly expanded opportunities to take advantage of Kellogg's world-class research and development resources.

"We welcome Keebler to tbe Kellogg family," Gutierrez said. "Keebler is an extremely well-run company, with strong brands and a powerful DSD system. We can leam a Iot frcm Keebler, and we believe we can strengthen both companies by bringing them togetber. The result should be better growth for botb."

Reed said, "The fit between these two companies is as natural as you can get. We have complementary strengths in Kellogg's traditional marketing and Keebler's in-store distribution and merchandising. Just think what our elves can do by bringing Kellogg's brands into our DSD system. We couldn't be more excited about tbe prospects for this uncommouly good union."

Appendix 149

Appendix 3.2: Frequencyofjoint occurrence ofdetailed motives

Note: Only code combinations with frequenc1es bigger than 4 are displayed. Values of 10 and bigger are bold. The analysis is based on the complete data sample (n~41 )

150 Appendix

Appendix 3.3: Concept ofbrand equity

Reduced Marketing Costs

Trade Leveraga

-i Brand Loyally ~ Attraeüng New -Customers t Create Awareness t Reassuranca Provides Value to

Customer by Time lo Respond to Enhancing Customer's: Competitive Threals

+ lnterpretalionl

---+ Processing of

Anchor to Which Information

Other Asscciatlons + Confidence in lhe Can Be Altached Purehase Decision

-i Brand ~ Familiarity-Uking - + Use SaUsfaction

Awareness Signal of Substance/Commitment

Brand to Be Considered

Provides Value to Firm by Enhancing:

Reason-lo-Buy

IBAAND ~ + Efficiency and

EQUITY Differentiale/Position Effec1iveness of

~ Marketing Programs -1 Perceived Price -Ouality t Brand Loyalty

Channel Member lnterest • Prices/Marglns

---+ Extensions + Brand Extensions

• Trade Leveraga

Help Process/ + Campeillive

Retrleve Information Advantage

Differentiate/Posilion

-j Brand ~ Reason-lo·Buy -Associatlons

Create Positive .Attitude/Feelings

Extensions

~ Other Proprietary Competillve ~ Brand Assets Advantage

Source: Aaker 1991, backcover

Appendix 151

Appendix 3.4: Measured brand equity forfood manufacturing firms

Company Brand Equity

Measure * Anbeuser Busch 35 Brown-Forman 82 Cadbury-Schweppes 44 Campbell's 31 Dreyers Ice-Cream 151 General Mills 52 Heinz 62 Kellogj~; 61 Pillsbury 30 Quaker 59 Ralston-Purina 40 Sara Lee 57 Seagram 73 Smucker 126 Tootsie Roll 148

• Numbers are in percent offirm replacement value and relate to (average) financial company data as of1985.

Source: Sirnon and Sullivan 1993, 40

152

Appendix 4.1: Questtonnaire of conJoint stud)

CORNELL UNIVERSITY J ohnson Graduate School of Management

Study on Brand Acquisition Decisions

Appendix

Tb.is study is about acquisition decisions on packaged cookie brands. We want to find out which factors contribute most to the brand acquisition decisions of firms and how brands are financially valued in acquisition settings.

You are CEO of a top U.S . food company and make decisions about the acquisition of cookie brands. Piease note that there are no correct or wrang answers. We are interested in your individual perspective.

Pretests ofthis questionnaire showed that the completion will Iake about 35 minutes.

Win $100

In appreciation of your effort we will draw a lottery featuring a prize of $100 for every 25 completed questionnaires returned to us. We therefore ask you to provide your name and e­mail address below. This cover page will be separated from the rest of the questionnaire to keep your responses confidential.

Name and e-mail address:

Piease drop the completed questionnaire in the provided Comell Campus mail envelope in the mailroom downstairs of Sage Hall or in room 304 (faculty support office ). Thank you very much for your cooperation!

Prof. Vithala R. Rao

Denise Dahlhoff

(E-mail: dd65@cornell .edu, Tel: 255-8225)

Ap endix

Acquisidon of Brands

Place yourself in the position ofthe CEO of a major food company. Y our company manufactures and markets ~ food products. Today you leamed that some established cookie brands-national brands seiVing the U.S. market-are being spun offby other food companies. The new situation makes you check out the acquisition possibilities.

Hereis some information on your company.

Your company:

Company2

Focus industries Snacks (crackers, chips)

Customer franchise Mainly young people (20-40 years)

Market position in company's No.2

focus industries

Pricing strategy Mediuntlpremium price Ievel

Company's positioning Convenience products, snack meals

Main distribution channels Grocery stores, convenience stores

Profit/net sales ratio * 10.0% • Profit/net sales rat10: md1cates percentage of profit per dollar of net sales

This company information is attached at the end ofthe questionnaire on the yellow sheet. Piease tear it ofT and have it in front of you when you make your decisions.

153

Now we ask you to make 12 brand acquisition decisions. There are three questions associated with each decision:

I. Which of the brands is more desirable for your company? F or each of the 12 decisions you will be presented two cookie brands which are characterized by several attributes.

2. Would you actually acquire the brand that you chose as more desirable (suppose there are no budget constraints)?

3. Ifyou would, please indicate the offer price that best rejlects the chosen brand's worth to yourcompany. Piease state the offer price as a multiple ofthe brand's current annual earnings. Note that the eamings are expected to continue in the future and that the acquired brand might be extended to other product categories.

~ The two brands change with each decision task. Therefore, please read the characteristics carefully. Piease use the information on both your company (see yellow sheet) and the brands to make your decisions.

154 Appendix

(Note: The actual questionnairesfeatured 12 decision tasks with varying brands)

Acquisition decision 1:

1. As CEO you think about acquiring one of these two brands: Which of both brands is more desirable for your company?

BrandA BrandB

Positionmg/image "children's favorite"; fun "high-end cookie"; premium cookie quality and price, up-scale

Customers families with children adults with demand for high quality

Other product categories that canned food ( soups, dairy products (yogurt, ice-brand is used for prepackaged meals) cream, desserts)

Distribution channels grocery stores, convenience gourmet/specialty stores, stores, vending machines, cafeterias drugstores, cafeterias

Weighted distribution coverage* 80% 50"/o

Market share (value) 10.1% 1.1% = percentage of market leader's = 67% ofmarket Ieader = 7% of market Ieader market share

Price Ievel in relation to no name 2.90 2.30 cookie (index) **

Profit/net sales ratio*** 12.0"/o 15.0"/o

MORE DESIRABLE BRAND

percentage of retailers 1hat cany the brand weighted by the retailers' sales volume •• average price ofthe branded productin relation to the average price ofan unbranded (=noname)

cookie of comparable quality ••• indicates percentage of pro fit per dollar of net sales

2. Would you actually acquire the brand you chose as more desirable (suppose there are no budget constraints)?

yes no

Cl Cl

3. Hyou would, please indicate the offer price that best retlects the brand's worth to your company (no budget constraints). Piease state your offer price as a multiple ofthe current annual brand earnings, supposing continued earnings and potential for extensions to other product categories. Typically, multiples lie in the range between 1 and 40.

My offerprice as a multiple ofthe current annual brand earnings: ___ _

A endix 155

Dec:isioa Maldag

How important were tbe following criteria in your acquisition decisions? very

unimportant important (=1) (=3) (=S)

Characteristics of IDI comJ!&DI Focus industries [J [J [J [J [J

Cuslomer groups [J [J [J [J [J

Market position in focus industries [J [J [J [J [J

Pricing strategy [J [J [J [J [J

Company's positioning [J [J [J [J [J

Main distribution channels [J [J [J [J [J

Profit/net sales ratio [J [J [J [J [J

Characteristics of tbe taaet brand Positionmg/image [J [J [J [J [J

Cuslomers [J [J [J [J [J

Other products that cookie brand is used for [J [J [J [J [J

Distribution channels [J [J [J [J [J

Weighted distribution coverage [J [J [J [J [J

Market share (value) [J [J [J [J [J

Market share as% oflll8ltet leader's market share [J [J [J [J [J

Price Ievel (compared to no name cookie) [J [J [J [J [J

Profit/net sales ratio [J [J [J [J [J

S!neaies/fit between IDI comJ!&DI and taa;et brand Company's and brand's positioning/image [J [J [J [J [J

Company's and brand's distribution channels [J [J [J [J [J

Company's and brand's Ill8ltet positions [J [J [J [J [J

Comp.'s pricing slrategy and brand's price Ievel [J [J [J [J [J

Product categories that brand is currently used for [J [J [J [J [J

Company's and brand's customer franchises [J [J [J [J [J

Profit/net sales ratios of company and target brand [J [J [J [J [J

Others: [J [J [J [J [J

Others: [J [J [J [J [J

!56 Ap ndix

Which criteria bad the strongest influence on your offer price?

onlyweak very strong inßuence inßuence

(=1) (=3) (=5) Market share ofthe brand Cl Cl Cl Cl Cl Profit/net sales ratio of the brand Cl Cl Cl Cl Cl Weighted distribution coverage ofthe brand Cl Cl Cl Cl Cl Synergies in distribution channels between my company and the brand Cl Cl Cl Cl Cl Fit ofmy company's and brand's pricing strategies Cl Cl Cl Cl Cl Access to new customer groups Cl Cl Cl Cl Cl Brand's potential to extend into other product categories Cl Cl Cl Cl Cl Fit ofmy company's and the brand's positioning Cl Cl Cl Cl Cl Others: Cl Cl Cl Cl Cl Others: Cl Cl Cl Cl Cl

Piease indicate how difficult you found the 12 acquisition decisions you made in the previous section.

very easy

(=1)

Cl

(=3)

Cl

very difficult (=5)

Cl

Appendix !57

About Yourself

Are you a 'cookie expert'? never/ some- regu- fre- very rarely tim es larly quently often

I eat packaged cookies .. . [J [J [J [J [J

I !lliy prepackaged cookies ... [J [J [J [J [J

very very weak low average good good

My knowiedge about cookie brands is ... [J [J [J [J [J

My knowledge about the food industry is . .. [J [J [J [J [J

Wbicb oftbe cookie brands bave you tried? How do you like tbem?

tried this cookie brand

yes no Oreo [J [J

Chips Deluxe [J [J

SnackWell's [J [J

Pepperidge Fann [J [J

Wbat is your working and educational background? (Multiple answers possible)

W orkin~: experience

[J Accounting

[J Marketing

[J Finance

[J General management I strategy

[J Management consulting

[J Investment banking

[J Auditing

Others:

do.!!l!!..!i!!! like this this cookie brand cookie brand at an ven: much

(=1) (=3) (=5) [J [J [J [J [J

[J [J [J [J [J

[J [J [J [J [J

[J [J [J [J [J

Focus in your MBA profU3IP

[J EBI

[J MFI

[J SIM

[J Strategie Brand Management

[J Investment Banking

[J Electives

[J Cayuga Fund Manager

158

Have you taken any courses on financial valuation or been involved in real-world mergers & acquisitions?

Courses on financial valuation of companies, assets, etc. Working experience in real-world mergers & acquisitions

What is your gender?

0 Fernale

0 Male

What is your age?

__ years

yes 0 0

no 0 0

Appendix

We appreciate your comments and suggestions concerning this questionnaire very much (understanding of questions, complexity of tasks, etc.).

THANK YOU VERY MUCH

FOR YOUR COOPERATION

Appendix 159

Appendix 4.2: Mruketing-related infonnation on Ieading U.S. cookie bmnd manufacturers

Nabisco Biscuit Keebler Specialty Foods McKeeFoods Pepperidge Fann

Crackers. cookies~ Cookies, sav01y Focus product premium grocery

Cooleies and crackers Cooleies Cookies, cakes, snacks snacks and specialty

categories products (such as and cereals breads condiments)

Position in the U.S. cookie I 2 3 4 5 market TotalUSdollar market share of

37.6% 17.8% 6.3% 6.2% 4.7% company's cookie brands* Companytotal $!,430m sales 1999 ** $3,640m $2,667.8m $900.0m $855.0m

(incl uding Godiva confectionery and overseas business)

~orbrllllds ~: Oreo, Chips ~:Chips Deluxe, Mother's, Archway ~:Little Pepperidge Farm, (selection) Ahoy!, SnackWell's, Cooleie Stix,. Sandies, Cookies, Mrs. Debbie, Mother's Cake Goldfish crackers,

Teddy Graharns; Fudge Shoppe, Vienna Wheatley' s, Bakery &Cookie;~ Godiva chocolate ~:Ritz, Fingers, Rainbow Vanilla Wagon, Marie Lu ~:Sunbelt (candy, biscuits and Premium; .Qtbg;_ A 1. W~rs,etc.~~: ice-cream) steak sauces, Grey Cheez-1~ Club Crackers, Poupon mustard, Life Snax Stix., Keebler Savers confections, Graharn, Zesta, Plantees nuts and Munch'ems, etc.~ .al,sQ: snacks Carr's, Reedy Cru~

Sunshine, Famous Amos, Murray, and Plantation, Girl Scout cookies

Descriptionof Mono brands with the Quality pcsitioning (yet Farnily branding, Farnily branding, good Premium brand, brllllding pclicy corporate name being no premium strategy), value~for-money quality for a positioning: upscale,

used as endorsement convenience orientation positioning, core ressanable price premium quality and on the package (resealable packsging strength are health price, ''indulgence"~ ( comparable to and snack sizes ), mono oriented products mono cookie brand Keebler); pruduct brand strategy in (used in connection variety under brand association with the with product name names (e.g., Oreo Keebler company brand which serves as sub--Dcuble Stut: Fat- as endorsement brlllld, e.g. Popperidge Reduced, Holiday, ( compamble to Nabisco ); Farm Milane, Oreo ice--cream mono brands used as Brussels, Sausalito, cones); SnackWell's · umbrella for product Lake Taboe); clearly, brand positioned as lines ( e.g. Chips DellLxe target group are adults health--conscious Crunchy Waln~ Soft 'n brand for sweet and Chewy, Coconut) savory product categories

Class ofbranding Mixed branding Mixed brllllding 'Hause ofbrands', i.e. 'Hause ofbrands', i.e. Cerparate branding strategy mono brands mono brands Product strategy Premium strategy: Product differentiation Huge product range of Broad coverage of Premium strategy:

top quality and price; strategy, niche lots offlavors and product categories in upscale quality, 'rich' product varieties orientation, growth by variations, substantial the cake, cookie and ingredients and include fat-reduced line extensions number of seasonal pie rnarket segments texture~ two lines: versions and seasonal products and healthy Disti.nctive Line products cookies (sugar~free, (European-style

fat~:free and low- offerings, e.g. Milane, cholesterol), "value .for Brussels) and money" positioning American Collection

(Chocolate Chunk Cookie Classics)

Table continues

160 Appendix

Nabisco Biscuit Keebler Specialty Foods McKeeFoods Pepperidge Farm

Further After establishing a Core strength and Similar to Keebler, Yending machines as Campetiters are not marketing-and completely new competitive advantage: direct store delivery additional distribution only cookie brands

business- product class of national distribution system in 45 states~ channel~ logistics witb lower-profile strategic crackers and cookies system DSD ('direct own Andre Boudin policy: an their way positioning but also information with the SnackWell's store deiivery', i.e. Sotmfough Bakery and back lo the harne base imported premium

brands in the mid- deiivery to stores through Cafe outlets mainly in empty trucks are used brands and in-store 1990s, the entire line own logistical force Califumia; afler years for backhauling goods bakeries~ innovative was refonnulated and rather than through of diversified food for third companies markering activities: repositioned in 1998 wholesalers, almest 3 conglomerate, 'Corporate Cookie

generaring a sales visits per "Week per store ); business focus is now Breaks' in cooperation soar; redesign of direct no. 1 manufucturer of on baired goods, esp. with several corporate store delivery sales private-labei products; cookies; toJrselling headquarters which system in 1999; broad manufactures Kellogg's products are oatmeal hosted sponsored vending machine PoJr Tarts and NutriOrain cookies cookie breaks in order presence; convenience bars; successful "to study impact of focus: snack advertising concept based cookie breaks" sizelsingle-serve on Keebler elves (findings: boost packages and characters employees' creativity, products, variety-pack energy and morale) items

Source: Kalorama Industty Report 1999, ''The US Market for Cookies", original data by Packaged Facts, lnc. 1997 Source: Hoover's On1ine Company Pro:flle (www.hoovezs.com)

Note: The infonnation in the tab1e is as of February 2000 and has been compi1ed from companies' web sites, annual reports, industry reports by investment banks (J.P. Morgan, PaineWebber, Morgan Stanley Dean Witter, among others), Hoover's Online Company Profile data base, and a ranking of the top food companies by Food Processing (1999), the leading U.S. food specialty magazine.

Appendix 161

Appendix 4.3: Comparative overview oftraditional versus choice-based conjoint analysis

Traditional (ratings-/raokings-based) Cboice-based eonjoint analysis eonjoint analysis

Task for respondents Judgment/assessment Decision

Number of objects to be Paired comparison, i.e. two options Usually set of more tban two options evaluated (most common)

Closeness to real decision Remote; evaluation is only pre-decisional Close; actual (albeit experimental) behavior stage; indication: likelihood of purchase, decision rather tban only pre-decisional

acquisition, accepting offer, or according evaluation action

Efficiency of data Profile ratings are more informative, thus Choices are less infmmative, thus less collection more efficient data collection efficient data collection

Method of studying Decompositional; inference of utilities for Decompositional; inference of utilities for preferenceslbehavior individual attribute Ievels from judgments individual attribute Ievels from choices

Featuresnone option? No None option can be entailed

Preference model CO!npensatory trade-off Accounts for lexicographical preference struetures

Level of analysis Individual, i.e. respoodent Ievel (standard) Aggregate, i.e. group Ievel (standard)

Estimated effects Especially suited for estimation of main Weil suited for estimation of interaction effects effects

Analytical tecbniques (Multiple) regression models Binary and multinomiallogit as weil as probit models

Utility function Linear Non-linear (S-shaped)

Ease ofanalysis 'Standard' procedure More complicated

Consideration of context Not considered in utility modeling Considered in utility modeling (by

effects ( e.g., competitive accounting for the specific set of options) situation)

Preferenceslpredicted Deterministic Probabilistic probahility of. choice

162 Appendix

Appendix 4.4: Distribution of samp1e subgroups

Version Company 1 2 3 Total

1 4 (3) 4 6 (2) 14 (9)

2 3 3 4 10

3 4 7 (6) 5 16 (15)

Total 11 (10) 14 (13) 15 (11) 40 (34)

Note: Numbers in parentbeses denote tbe subsamp1e sizes after removing inconsistently responding subjects (see chapter 4.5.3).

Appendix 4.5: Example ofbrand choice set

BrandG BrandH

Positioninglimage "Children's favorite"; fun ''High-end cookie"; premium cookie quality and price, up-scale

Customers Families with children Adults witb demand for high quality

Other product caiegories that brand Cereals Canned food ( soups, is used for prepackaged meals)

Distribution channels Grocery stores, drugstores Convenience stores, vending machirres

Weighted distribution coverage* 70% 60%

Market share ( value) 10.1% 4.3% = percentage of market Ieader's

= 67% of market Ieader = 29% of market Ieader market share

Price Ievel in relation to no name 2.90 3.40 cookie (index) **

Profitirret sales ratio*** 9.5% 7.5%

MORE DESIRABLE BRAND

References 163

References

Aaker, David A. (1991), Managing Brand Equity: Capitalizing on the Value of a Brand Name, New York: The Free Press.

Aaker, David A. (1993), "Are Brand Equity Investments Really Worthwhi1e?," in Brand Equity and Advertising, Aaker, David A. and Alexander L. Bie1, eds., Hillsdale/NJ: Lawrence Erlbaum Associates, 333-341.

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References 177

References used for analysis of motives of real-world M&As ( chapter 3):1

Case 1: Unilever - Bestfoods

Business Wire, "Bestfoods Executives Appointed to Top Positions in Unilever's New Foods Division," October 2, 2000.

Business Wire, "Bestfoods Rejects Unsolicited Unilever Proposal," May 2, 2000.

Business Wire, "Unilever and Bestfoods Sign Definitive Merger Agreement for Acquisition of Bestfoods at $73 Per Share; Creates Pre-eminent Global Food and Consumer Goods Company," June 6, 2000.

Case 2: Kraft Foods- Nabisco

Business Wire, "Philip Morris Acquires Nabisco for $55.00 per Share in Cash and Plans for IPO of.Kraft," June 25, 2000.

Business Wire, "Philip Morris Acquisition of Nabisco Approved by U.S. Federal Trade Commission," December 7, 2000.

Business Wire, "Philip Morris Executives Address Morgan Stanley Dean Witter Global Consumer Conference," November 8, 2000.

Dow Jones News Service, "Kraft to Integrate Nabisco Operations into Kraft Foods," December 7, 2000.

Case 3: PepsiCo- Quaker Oats

Associated Press Newswires, "Pepsi Deal Crowns Quaker's Recovery From Snapple Debacle," December4, 2000.

Byrnes, Nanette, "Steven Reinemund: Pepsi's New Generation, Business Week, December 8, 2000,68.

Cappelli, Peter and Harbir Singh, "M&A Mania: Do Soda and Oatmeal Mix?," The Wall Street Journal Europe, December 6, 2000, 9.

Eisenberg, Daniel, "A New-Age Drink War Starts as Soda Flops Pepsi's Purehase ofGatorade and SoBe Takes the Marketing Battle With Coke to a Hot New Segment," Time Magazine, December 18, 2000, 62.

McKay, Betsy, "After Quaker, PepsiCo's Nooyi to Add Top Job," The WallStreet Journal, December 5, 2000, Bl.

1 The short headers of the cases, for instance Unilever -Bestfoods for case 1, state the acquirer first and the target second.

178 References

N.N., "Leaving Drinks: Pepsi Bags Quaker: In acqumng Quaker, Pepsi Has Won an Important Battle in Its War With Coca-Cola," The Economist, December 9, 2000, 54.

Reuters English News Service, "U.S.A: Gatorade Boosts Pepsi's Vaunted Supermarket Arsenal," December 4, 2000.

Case 4: General Mills- Pillsbury

Knight-Ridder Tribune Business News, "Hefty Price for Pillsbury May Trim General Mills Earnings Per Share," July 18, 2000.

PR Newswire, "General Mills and Diageo to Combine Their Worldwide Consumer Foods Operations," July 17,2000.

Case 5: Kellogg- Keebler Foods

PR Newswire, "Definitive Agreements Signed for Sale of Keebler to Kellogg and Spin-Off of Flowers Foods," October 26, 2000.

PR Newswire, "Kellogg Discusses Growth Plans, Keebler Acquisition, Restructuring Charge, and Earnings Outlook," November 28, 2000.

PR Newswire, "Kellogg to Acquire Keebler," October 26, 2000.

Cases 6 and 7: Tyson Foods- illP and Smithfield Foods- illP

Associated Press Newswires, "Farmers, Politicians Mull Possible IBP-Smithfield Consolidation," November 14,2000.

Associated Press Newswires, "Senators Want Review of IBP-Smithfield Merger," November 17,2000.

Associated Press Newswires, "Some Skeptical About Proposed Smithfield-IBP; Smithfield Defends Plan," November 26, 2000.

Barker, Robert, "Just Who Are the Piggies here?," Business Week, December 18, 2000, 242.

Business Wire, "Tyson Foods Speeds Up Bid Process for IBP, Inc. With Hart-Scott-Rodino Filing and Investor Outreach," December 14, 2000.

Dow Jones News Service, "Brandes: Pleased Tyson Bid Nearing IBP's Fair Value," December 4, 2000.

Kilman, Scott and Nikhil Deogun (2000), "Tyson Makes a Move for Meat-Packer lBP-Top U.S. Chicken Company Would Pay $2.8 Billion to Best Smithfield Offer," The Wall Street Journal, December 5, 2000, A3.

References 179

PR Newswire, "Response of Tyson Foods, Inc. to Statement by Smithfield Foods, Inc.," December 4, 2000.

PR Newswire, "Smithfield Issues Statement in Response to Tyson Bid for IBP," December 4, 2000.

Case 8: PepsiCo- Tropicana

Associated Press Newswires, "Pepsi Buys Tropicana Orange Juice Company for $3.3 Billion," July 20, 1998.

Light, Lany, "Tropicana: A Way for Pepsi to Squeeze Coke," Business Week, August 3, 1998,78.

PR Newswire, "PepsiCo to Acquire Tropicana, World Leader in Branded Juices, From Seagram," July 20, 1998.

Case 9: ConAgra- International Horne Foods

PR Newswire, "ConAgra, Inc. Reports Completion of International Horne Foods Acquisition," August 24, 2000.

PR Newswire, "ConAgra to Acquire International Horne Foods in $2.9 Billion Deal," June 23,2000.

Cases 10 and 29: Unilever- Slim-Fast and Unilever-Ben & Jerry's Hornemade

Associated Press Newswires, "Ben & Jerry's, Slim-Fast to Be Acquired by Multinational Unilever," Aprill2, 2000.

Branch, Shelly and Ernest Beck (2000), "For Unilever, It's Sweetness and Light-Company Buys Ben & Jerry's, Famed Ice-Cream Maker, and Slirn-Fast on Same Day," The Wall Street Journal, Aprill3,2000, BI.

N.N., "Ben & Jerry's and Slirn-Fast in Unilever's Cart Deal: Conglomerate Will Pay $326 Million for the Ice-Cream Maker and $2.3 billion for the Weight-loss Products Company," Los Angeles Times, April13, 2000, Cl.

Cases lla and 12: Danone (through Finalrealm) and Nabisco (through Burlington Biscuits)- United Biscuits

Alm, Richard, "Hicks Muse Happy With UK Deal," The Da/las Morning News, March 1, 2000, IOD.

Alm, Richard, "Hicks Muse May Try again for Snack Firm," The Dallas Morning News, January 8, 2000, 1F.

180 References

Associated Press Newswires, "United Biscuits Backs Finalrealm Bid, Rival Group Reviews Options," December 17, 1999.

Beck, Emest, "Fight for United Biscuits Grows After Bid by Danone-led Group," The Wall Street Journal Europe, December 20, 1999, 3.

Beck, Emest, "United Biscuits Receives New Bid From Finalrealm," The WallStreet Journal Europe, December 17, 1999,3.

Beck, Emest and Emily Nelson, "Bid by Nabisco, Hicks MuseIs Topped in Duel for Britain's United Biscuits," The WallStreet Journal, December 17, 1999, B2.

Dow Jones Business News, "Burlington Biscuits Posts Offer Document for United Biscuits," Janruuy 11,2000.

Dow Jones Business News, "United Biscuits Prefers Finalrealm Bid Over Hicks Muse­Nabisee Offer," January 13, 2000.

Les Echos, "United Biscuits: Danone Raises Its Offer, But Nabisco Increases Its Stake (United Biscuits: Danone releve son offie mais Nabisco rarnasse des titres)," December 17, 1999,21.

Les Echos, "United Biscuits: Final Match between Danone and Nabisco Set for End of February 2000 (United Biscuits : Je matchfinal entre Danone et Nabisco est pour Ia fin du mois)," February 14, 2000, 14.

Murray-West, Rosie, "United Biscuits Recommends Bid From Finalrealm," The Daily Telegraph, December 18, 1999.

Case 13: Cadbury Schweppes- Snapple Beverages

ßusiness Wire, "Triarc Completes Sale of Snapple Beverage Group to Cadbury Schweppes," October 25, 2000.

Business Wire, "Triarc to Seil Snapple Beverage Group to Cadbury Schweppes; Enterprise Value of$1.45 Billion," September 18,2000.

PR Newswire, "Cadbury Schweppes to Acquire Snapple Beverage Group For an Euterprise Value of$1.45 Billion," September 18,2000.

PR Newswire, "Initial Phase of Snapple Beverage Group Integration With Cadbury Schweppes Under Way," November 8, 2000.

Case 14: Foster Brewing Group- Beringer Wine Estates

Business Wire, "Beringer Wine Estates to be Acquired by Foster's Brewing Group of Australia," August 28, 2000.

References 181

Evans, Simon, "Upside in Foster's Beringer Buy Despite Share Slip," Australian Financial Review, September 20,2000, 16.

Case 15: Coca-Cola- Cadbury Schweppes (Soft Drinks)

Dow Jones International News, "Cadbury/Coca-Cola -2: Dr. Pepper, Canada Dry, Crush Brands," December 11, 1998.

Dow Jones International News, "Cadbury/Coca-Cola -3: To Seil Non-U.S. Bottling Activi­ties," Decernber 11, 1998.

Dow Jones Online News, "U.K. Investors Applaud Cadbury's Coca-Cola Bottling Contract," Janmuy 15, 1998.

PR Newswire, "The Coca-Cola Company and Cadbury Schweppes Announce $1.85 Billion Transaction for Cadbury Schweppes Beverage Brands," Decernber 11, 1998.

Case 16: Danone- Mc Kesson Water Products

Dow Jones Business News, "Danone To Acquire McKesson's Bottled-Water Unit For $1.1 Billion," January 11, 2000.

Kamm, Thomas (2000), "French Danone Agrees to Buy Water Unit of McKesson," The WallStreet Journal, January 12, 2000, A16.

PR Newswire, "Groupe Danone to Acquire McKesson Water; Becomes Second Largest U.S. Packaged WaterCompany," January 11,2000.

Case 17: Bestfoods- Arisco

Business Wire, "Bestfoods in Final Negotiations With Brazilian Food Company; Bestfoods' Brazilian BusinesstoBe Doubled," February 7, 2000.

Dow Jones News Service, "Bestfoods Says in Final Stages of Negotiations for Arisco," February 7, 2000.

Case 18: Earthgrains- Metz Baking (Specialty Foods)

Associated Press Newswires, "Earthgrains Agrees to Buy Metz Baking Co.," November 16, 1999.

Deogun, Nikhil, "Earthgrains Agrees to Buy Metz Baking From Specialty Foods for $625 Million," The WallStreet Journal, November 15, 1999, A4.

PR Newswire, "The Earthgrains Company Announces Agreement to Buy Metz Baking Co.," November 15, 1999.

182 References

Case 19: ffiP- Corporate Brand Foods America

Business Wire, "IBP Completes CBFA Transaction," February 8, 2000.

Business Wire, "IBP, Inc. to Acquire Corporate Brand F oods America," December 21, 1999.

Kilman, Scott (1999), "lBP to Buy Corporate Brand Foods in $585 Million Stock-and-Debt Deal," The WallStreet Journal Europe, December 22, 1999, 7.

Case 20: Nabisco- Favorite Brands International

Branch, Shelly, "Nabisco Holdings Plans to Purehase Favorite Brands in $475 Million Deal," The WallStreet Journal, September 30, 1999, A10.

Dow Jones News Service, "Nabisco To Close Favorite Brands Headquarters," January 13, 2000.

Case 21: Keebler Foods- President Baking

Balu, Rekha (1998), "Keebler to Acquire President Baking For $450 Million," The Wall Street Journal, August 25, 1998, B2.

Bonsor, Kevin and Darnon Cline, "Analyst: Keebler Foods Buyout to Have Little Impact on Augusta/Ga., Bakery," The Augusta Chronicle, August 26, 1998.

Business Wire, "Keebler Completes Acquisition of President Baking Company; Hollow Tree Officially Adds New Branch," September 28, 1998.

Business Wire, "Keebler to Acquire President Baking Company," August 24, 1998.

PR Newswire, "Keebler Foods Company Announces New Appointments Following the Purehase ofFresident Baking Company," November 3, 1998.

Case 22: New World Pasta- Hershey Foods (Pasta)

Dochat, Tom, "Pasta Guru Ends Retirement toReturn to Full Plate," February 28, 1999, The Patriot-News, 9.

Dow Jones Business News, "Hershey to Sell Pasta Business to Investment Group for $450 Million," December 15, 1998.

PR Newswire, "Hershey Foods Announces Agreement to Sell U.S. Pasta Business," December 15, 1998.

References 183

Case 23: Ralcorp- Agribrands International

Associated Press Newswires, "Ralcorp, Agribrands to Merge," August 8, 2000.

Deogun, Nikhil and Scott Kilman, "Cargill Has Deal to Acquire Agribrands After Cutting in on Ralcorp's Offer," The WallStreet Journal, December 4, 2000, A4.

Dow Jones Business News, "Former Ralston Purina Units Ralcorp, Agribrands Agree to Merge," August 8, 2000.

Federal Filings Newswires, "FFBN Histocy of the Deal: Agribrands International/Ralcorp," September 29, 2000.

Case 24: ConAgra- Nabisco (Egg Beaters)

PR Newswire, "ConAgra Acquires Egg Beaters and Nabisco Tablespreads Businesses," August 17, 1998.

PR Newswire, "ConAgra Agrees to Buy Egg Beaters and Nabisco Tablespreads Businesses," July 21, 1998.

Case 25: Agrilink Foods- Dean Foods Vegetable

Associated Press Newswires, "Dean Foods to Sell Vegetable Operations to Agrilink," July 28, 1998.

Balu, Rekha, "Dean Agrees to Seil Vegetable Division to Pro-Fac Unit," The Wall Street Journal, July 28, 1998, A6.

Dow Jones News Service, "Dean Foods/Agrilink -2: Vegetable Operations Had '98 Revenues of$553fl.1," July 27, 1998.

Case 26: Hain Food Group- Celestial Seasonings

Dow Jones News Service, "Hain Food, Celestial Seasonings Holders Ok Merger" May 30, 2000.

N.N., "Celestial Seasonings, Hain Food Group Gets Clearance for Purchase," The WallStreet Journal, May 31,2000, C25.

PR Newswire, "The Hain Food Group and Celestial Seasonings Cornplete Merger­Combined Company Named the Hain Celestial Group," May 30,2000.

PR Newswire, "The Hain Food Group to Merge With Celestial Seasonings, Inc., the Market Leader in Specialty Teas," March 6, 2000.

184 References

Case 27: ConAgra- Seaboard

PR Newswire, "ConAgra Agrees to Buy Seaboard's Poultry Division," December 6, 1999.

Case 28: PepsiCo- South Beach Beverage

Associated Press Newswires, "PepsiCo Buying Maker of Soße Beverages," October 30, 2000.

Business Wire, "Leapin' Lizards! PepsiCo Agrees to Acquire South Beach Beverage Co.," October 30,2000.

Jenkins, Holman W., "Business World: Big Cola Goes Back to Its Patent-Medicine Roots," The WallStreet Journal, November 8, 2000, A27.

McKay, Betsy, "Juiced Up: Pepsi Edges past Coke, and It Has Nothing to Do With Cola -The Company now Capitalizes on a Growing Thirst for Drinks Without Fizz- Tropicana's Vitamin Punch," The WallStreet Journal, November 6, 2000, Al.

Winter, Greg, "Pepsico Buys a 90% Stake in South Beach Beverage," The New York Times, October 31,2000, 2.

Cases El and E2: Diageo and Pernod- Seagram

Baker, Lucy, "Seagram Swallowed by Diageo and Pernod Ricard for Pounds 5.6bn," The Independent, December 20, 2000, 14.

Deogun, Nikhil and Emest Beck, "Management to Bid for Seagram Unit-Team to Compete With Diageo-Pemod Alliance-Vivendi's Auction ofSpirits Business Shapes up as Hotly Competitive," The WallStreet Journal Europe, August 21,2000, 1.

Deogun, Nikhil, Shelly Branch, and Emest Beck, "Diageo and Pernod Near Seagram Deal­Joint Bid for Drinks Unit Is Raised to $8.15 Billion in Hard-Fought Auction," The Wall Street Journal, December 19, 2000, A3.

Reuters English News Service, "UK: Diageo-Pemod Swallow Seagram Drinks," by David Jones and Carotine Brothers, December 12, 2000.

Reuters English News Service, "UK: Seagram's, Diageo's Drinks Brands," December 19, 2000.

Case E3: Interbrew- Bass (Brewing Operations)

Carreyrou, Jolm and Emest Beck, "Interbrew to Acquire Bass's Beer Operations - Deal Makes Belgian Firm World's No. 2 Brewer, Creates Interest in IPO," The Wall Street Journal, June 15, 2000, A20.

References 185

Dow Jones International News, "Bass, Whitbread Beer Buys a Boon to Interbrew's Bottomline," June 14,2000.

Dow Jones Business News, "Interbrew Acquisition ofBass Faces EU Antitrust Review," June 29,2000.

Dow Jones Business News, "Interbrew to Buy BassAssets for $3.5 Billion, Creating World's No. 2 Brewer," June 14,2000.

Harvey, Mike, "Bitter Rivals in Beer Wars," The Guardian, June 23,2000.

PR Newswire, "Interbrew Acquires Brewing Activities ofBass," June 14, 2000.

Case E4: Scottish & Newcastle Breweries- Danone Group (Brewing Assets)

Barrett, Amy, "Companies: Danone Is Selling Beer Assets to S&N-Complex Deal's Value Is at Least 2.74 Billion Euros-French Firm Narrows Its Focus," The WallStreet Journal Europe, March 21, 2000, 5.

Dow Jones Business News, "Scottish & Newcastle to Pay $740 Million for Danone's Brewing Assets," March 20, 2000.

Dow Jones International News, "Scottish & Newcastle Signs Partnership Deal With Danone," March 20,2000.

EI Pais, "Danone Seils Its European Beer Business to Scottish & Newcastle Group (Danone vende su negocio cervecero europeo al grupo Scottish & Newcastle)," March 21, 2000.

Case ES: Kamps- Wendeln Grossbaeckerei

Fuhrmans, V anessa, "Rising Empire: German Bakecy Chain Gives the Market Plenty to Chew on-Kamps's Recipe for Success Mixes Cost-Cutting, Deals and Focus on Investors-Keeping the Local Touch, The Wall Street Journal Europe, December 28, 1999, 1.

Handelsblatt, "Takeover of Wendeln to Be Financed by Further Capital Increase; Kamps Becomes Europe's Largest Baking Group," English Summary, September 7, 1999.

N.N., "Kamps Assigned BB+ Long Credit Rating; Outlook Positive: S&P," Februruy 25, 2000, Capital Markets Report.

N.N., "Kamps Pursuing futemational Growth With Wendeln (Kamps verfolgt mit Wendeln internationale Wachstumsstraegie)," Frankfurter Allgemeine Zeitung, September 8, 1999, 22.

PR Newswire, "S&P Assigns 'BB+' Rating to Kamps AG; Outlook Positive," Februruy 28, 2000.

186 References

Case E6: CSM- Unilever (European Bakery Supplies)

Business Wire, "Unilever toSeil European Bakery Supplies Business for EUR 700 Million," July 11,2000.

Dorsey, James M., "Companies: CSM to Acquire Unilever Arm for 700 Million Euros­Company Sees Deal as Way to Lift Eamings Per Share," Special to The Wall Street Journal Europe, Ju1y 12, 2000, 5.

Dow Jones Business News, "Uni1ever Agrees to Seil Bakery-Supplies Unit to CSM for $668.6 Million," Ju1y 11, 2000.

Case E7: Interbrew- Whitbread Beer Company

Beck, Emest and John Carreyrou, "Interbrew to Buy Whitbread Unit and May Chug-a-Lug Bass, too," The WallStreet Journal, May 26, 2000, A20.

Dow Jones Business News, "Interbrew Buys Whitbread Brewing Operations for 400 Million Pouods," May 25, 2000.

Dow Jones International News, "Bass,Whitbread Beer Buys a Boon to Interbrew's Bottomline," Juoe 14,2000.

Dow Jones International News, "Interbrew/Whitbread -2: Will ControllO% ofUK Market," May 25, 2000.

Case E8: Cadbury Schweppes- Orangina (Unit ofPernod-Ricardo)

Beck, Ernest, "Cadbury Thirsts for Orangina Acquisition Talks Follow Snapple Buy," The WallStreet Journal, October 2, 2000, B 10.

Dow Jones Business News, "Pernod, Cadbury Are in Talks About Possible Sale ofürangina," September 29, 2000.

Dow Jones International News, "Orangina Deal Seen Good for Cadbury; Market Wary on Price," by Michael Sanderson, September 29, 2000.

Dow Jones International News, "Pernod Ricard May Seil Orangina to Cadbury," September 29,2000.

Dow Jones International News, "Pernod Ricard Mulling Sale of Orangina to Cadbury," September 29, 2000.

Case E9: Allied Domecq - GH Mumm et Cie Perrier-Jouet

Associated Press Newswires, "Allied Domecq Says No to Seagram, Stocks Up on Bubbly," December 14, 2000.

References 187

Business Wire, "Hicks, Muse, Tate & Furst to Seil Mumm and Perrier-Jouet Champagne Brands to Allied Domecq," December 13, 2000.

Dow Jones Business News, "Allied Domecq Says It Won't Bid for Seagram's Spirits Business," December 13, 2000.

Case ElO: Carlsberg- Brauerei Feldschloesschen

Dow Jones International News, "Carlsberg to Buy Feldschloesschen Beverage Operations," November 3, 2000.

Dow Jones International News, "Danish Carlsberg CEO Sees Growth in East Europe, Asia," November 28, 2000.

Dow Jones International News, "Denmark's Carlsberg Widens Reach With Swiss Purchase," November 3, 2000.

N.N., "Carlsberg Acquires Beverages Arm of Swiss Company," The Wall Street Journal Europe, November 6, 2000, 4.

Case Ell: Robert Wiseman Dairies- Unigate (Dairy & Cheese)

Cole, Robert, "Unigate in Pounds 220m Dairy Crest Deal," The Times of London, Februmy 19, 2000, 27.

Dow Jones International News, "Dairy Crest Raises Offer for Unigate Businesses," May 5, 2000.

N.N., "Unigate Takeover Nears as Dairy Crest Raises Offer to Pounds 235m," The Guardian, April28, 2000.

Mathieson, Clive, "Dairy Crest Leads Race for Unigate," The Times of London, April 21, 2000, 31.

Mathieson, Clive, "Dairy Crest Wins Unigate Assets," The Times of London, May 13, 2000, 27.

Murray-West, Rosie, "Unigate, Dairy Crest in Milk Shake-up," The Daily Telegraph, Februmy 19,2000.

Case El2: Barilla Alimentare- Novartis-Wasa Crispbread Division

Dow Jones Business News, "Novartis Seils Last Two Non-Core Nutrition Brands in Revamp," Apri126, 1999.

Dow Jones International News, "Novartis Completes Disposal Program With Wasa Sale," July 2, 1999.

188 References

M2 Presswire, "Novartis Seils Wasa and Eden Businesses, Completing Plan for Non-Core Nutrition Brands," April27, 1999.

N.N., "Barilla Acquires Wasa From Novartis (Baril1a acquisisce Wasa da Novartis)," Corriere della Sera, Apri127, 1999.