Reuters photo of the day
Phoenix Suns forward Derrick Jones Jr. attempts a dunk over his teammates in the slam dunk contest during the NBA All-Star game. Bob Donnan-USA TODAY Sports.
Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, will buy (here) Popeyes for $1.8 billion. The deal would bring the Louisiana-style chicken company under the control of a Canadian company. Reuters' Lauren Hirsch and Greg Roumeliotis broke the news on Monday.
The $143 billion collapsed souffle
One of the best ways to prevent a collapsed souffle is to focus on creating good oven conditions and adhering to proper timing. That’s not much different than trying to prevent a $143 billion consumer products and food deal from collapsing, something Kraft Heinz must be thinking about today after abandoning its Unilever bid. Reuters looks at the oven conditions and finds that getting the temperature right for deals such as this one is proving difficult in 2017.
Keeping the Dick Clark deal alive
Chinese conglomerate Dalian Wanda’s proposed $1 billion purchase of Hollywood’s Dick Clark Productions is under pressure but is not yet over, sources told Reuters. This contradicts a report by TheWrap.com, which said the deal was dead. Dick Clark Productions, named for the late “American Bandstand” TV show host, runs the Golden Globe awards and Miss America pageants, and owns U.S. cinema chain AMC.
Speaking of Chinese money and international M&A
The Dick Clark situation is part of a trend. For years, Chinese investors have been highly sought after the world over. Not anymore. China’s increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world’s second-biggest economy. Reuters’ John Ruwitch and Dasha Afanasieva report.