Auteur(s) : Koubaa Oumayma, Diawara, Sanata, Jau, Houssaye, Niang, Sala
Directeur : Servey Christine
Composante : EMS
Date de création : 30-06-2018

Description : Comptabilité Contrôle Finance, “To provide a leadership in the food industry, and create an unparalleled portfolio of iconic brands”: This is how one of KHC VP explained the purpose behind the merger of Kraft foods and H.J Heinz Company to create the food giant in 2015: Kraft Heinz Company, decision which has been made by the global investment firm 3G Capital and the Warren buffet’s hedge fund firm Berkshire Hathaway. The group is one of the largest food and beverage companies in the world, operates through its 3 main segments: US, CANADA which represents approximately 80% of revenues in 2016 and in EUROPE with 10%. Also, the company operates through its different sectors, products and strong brands, which are well-recognized globally. Year after year, KHC have been continually progressing through its merger and acquisition strategies, creating new products (fat-free and healthy food products) and expanding into new markets (opening new infant cereal production plant in China) and forming partnerships (Cedar Fair Entertainment partnership) to spotlight its strong brands. KHC has been always taking mergers and acquisitions as a way to outperform and not only to solve a specific problem. However, for the first year: for instance 2015, these strategies could create ambiguity to investors when it comes to analyze the three main financial statements and the meaningless results or ratios. Strategically, KHC knew how to strengthen its position in the market thanks to its strong brand portfolio and international reach and scale, as mentioned at the outset, and how to take advantages of the growing demand and foodservice industry in the US. Nevertheless, KHC is also trying to overcome its product recalls problem, the thing that may decrease its consumer confidence. Simultaneously, KHC faces world's largest food and beverage companies such as Nestle, PepsiCo etc, and try to thrive and flourish through its competitive advantages. Financially, Kraft Heinz began trading as a merged company on the NASDAQ at 84 dollar a share (average) just after the announcement of the definitive merger agreement in March 2015, and at 75.5 dollar a share for the year. The share price has been increasing over the 3 years analyzed in this case which explain the positive impact earned from the successful deal. Concerning operations management, several headings had doubled or tripled since 2014 (Intangible assets, debts, preferred stocks ...) which explain the huge gap between 2014 and 2015-2016. But in general KHC gained in term of value, wealth and efficiency … and played the game admirably to face limits related to M-A strategies (employee integration, different management style …) When it comes to take such big decisions, a board director’s backgrounds and previous experiences in the field (either positive of negative) may seem really curial. However, other criteria could affect such decisions, as illustrated by KHC takeover offer for Unilever, and as proven by different theories of the different authors discussed in this case. It is also important to point out differences between the shareholders and the board directors’ interests, as one side try to reinforce the group dominance and position, unlike the other side which reacts as a Pac-Man and wants to extend more and more.
Mots-clés libres : Industries agroalimentaires Thèses et écrits académiques, Kraft Heinz Company, analyse stratégique, analyse financière, analyse de marché, étude de cas, case study, 650
Couverture : FR