refreshments division, Chief Executive Alan Jope launched a review of the tea business. The future of heritage brands like Marmite or Knorr stock cubes looks safer, thanks to Covid-19. It can only go up from here. Outbound Chinese acquisitions tumbled 45% last year to $29 billion, their lowest level since 2008, according to a Tuesdayfrom law firm Baker McKenzie and research outfit Rhodium.
The pandemic, along with Brexit, Chinese restrictions and tougher scrutiny worldwide, conspired to slow activity down. Latin America proved resilient, however, and North America overcame geopolitical tensions for Chinese M&A to increase by $2 billion from 2019 to $7.7 billion, including Tencent’s stake in Universal Music. Divestitures such as HNA’s sale of Ingram Micro outpaced purchases in the region, though. A President Joe Biden might help thaw icy relations, as could a new EU-China pact.
Its shares are now up 155% since the start of March 2020 – almost triple Amazon.com’s rise. That looks excessive. Logitech is at heart a hardware business that lacks the economies of scale touted by software groups and online marketplaces. The risk is that customers will buy less now that their home offices are kitted out to the max. The company trades at 31 times forward earnings, compared with a five-year average of 21. Tuesday’s results may represent something of a peak.
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