WEBVTT - Kraft Heinz to Separate Into Two Publicly Traded Companies 

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<v Speaker 2>Craft Higns to separate into two publicly traded companies. Jen

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<v Speaker 2>Bartashis joins a senior retail stables and packaged food analyst

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<v Speaker 2>at Bloomberg Intelligence. Jen, what is craft Higns doing? It

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<v Speaker 2>wasn't just like ten years ago they put the companies.

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<v Speaker 3>Together, Hi, Paul.

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<v Speaker 4>Yes, it was just about a decade ago that they

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<v Speaker 4>put the companies together with the plans that it would

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<v Speaker 4>become kind of a package food powerhouse. But trends have

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<v Speaker 4>changed and consumers have changed, and it just hasn't materialized

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<v Speaker 4>the way they originally thought it would.

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<v Speaker 5>So what did the two companies get out of this merger?

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<v Speaker 6>Then?

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<v Speaker 4>So you know when they when when we're looking at

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<v Speaker 4>what they brought together, they brought together some products where

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<v Speaker 4>they were able to recognize some synergies, They were able

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<v Speaker 4>to do some co branding, some you know, product development,

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<v Speaker 4>that sort of thing. But as I said, the consumer

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<v Speaker 4>has changed and demand for shelf stable packaged food products

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<v Speaker 4>is just less than it was. And so we've seen

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<v Speaker 4>multiple years where scanner data shows that Kraft Heind's brands

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<v Speaker 4>have sort of been shrinking a little bit, and I

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<v Speaker 4>think this separation as an attempt to kind of reinvigorate

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<v Speaker 4>growth in different parts of their portfolio.

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<v Speaker 2>He loss that the companies ended up selling each of

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<v Speaker 2>those each of those two companies end up selling to

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<v Speaker 2>private owners because something similar happen here.

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<v Speaker 4>Uh, there is that possibility, you know, it's the It

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<v Speaker 4>definitely echoes what Kellogg did. They took their emerging markets,

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<v Speaker 4>they took their higher growth brands, spun them off into Kelenova,

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<v Speaker 4>which then got acquired by Mars or is in the

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<v Speaker 4>process of being acquired by Mars. Their w K Kellogg

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<v Speaker 4>was their residual North America cerial business was recovering from

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<v Speaker 4>drike issues and distribution issues, and that has been snapped

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<v Speaker 4>up by Ferraro. So there's definitely possibility that craft Time

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<v Speaker 4>split could result the same sort of end result down

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<v Speaker 4>the road.

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<v Speaker 7>You mentioned several times how the consumer has changed. Let's

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<v Speaker 7>dig into that a little bit more. Are we talking

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<v Speaker 7>about because of the ANTIOBESD drugs like GLP one. Is

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<v Speaker 7>it a case where RFK and Make America Healthy Again

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<v Speaker 7>is really taking root? I mean this is kind of

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<v Speaker 7>a slow moving shift in the consumer, right.

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<v Speaker 4>It is, indeed scarlet. It's a slow moving shift, and

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<v Speaker 4>it started, you know, coming out of the pandemic. In

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<v Speaker 4>the pandemic, everybody sort of retreated to familiarity, right. They

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<v Speaker 4>went back to brands, they went back to shelf stable products.

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<v Speaker 4>And since then there's been more emphasis on things that

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<v Speaker 4>are more natural, lower sodium, healthier for you, that sort

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<v Speaker 4>of thing. And while Kraft Time's has been making updates

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<v Speaker 4>to their portfolio, it is hard to envision how kind

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<v Speaker 4>of electric orange mac and cheese has a long term growth,

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<v Speaker 4>long term growth appeal to people where you know, there's

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<v Speaker 4>pressure from as you said, RFK and more like natural

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<v Speaker 4>colorance and things like that. So you know their portfolio

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<v Speaker 4>is caught in that crosshairs.

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<v Speaker 6>You know.

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<v Speaker 2>Again, as a former banker, I probably told my clients, hey,

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<v Speaker 2>when need announce the seeing the stock is going to

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<v Speaker 2>go up, well stocks down here. When you put companies together,

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<v Speaker 2>the pressurelease often talks about the synergies that are going

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<v Speaker 2>to be the cost synergies, maybe some revenue synergies.

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<v Speaker 3>Maybe are there dissynergies when you break them.

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<v Speaker 4>Apart, Yeah, there are dissynergies. The company expects about three

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<v Speaker 4>hundred million dollars in dissynergies. You know, thankfully most of

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<v Speaker 4>their manufacturing practices are fairly separate, but there is a

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<v Speaker 4>component to that. You know, the stock is down today,

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<v Speaker 4>but this isn't really new news. Craft Tign's actually said

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<v Speaker 4>in May they were exploring strategic options. There's been repeated

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<v Speaker 4>rumors that it would result in a split of two companies,

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<v Speaker 4>So the confirmation today isn't necessarily unexpected news.

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<v Speaker 5>Paul Geez, does that just mean upfront costs?

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<v Speaker 3>I think I need a new CFO, I need a

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<v Speaker 3>new accounting department. I don't know.

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<v Speaker 2>Well, so go ahead, Jay Jed's what's next for the

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<v Speaker 2>package food business? I mean, is this just a industry

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<v Speaker 2>wide secular decline?

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<v Speaker 4>Well, right now it appears to be, especially in North America,

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<v Speaker 4>a bit of a secular decline. Pockets of growth are

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<v Speaker 4>becoming more and more isolated, and so when you're looking

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<v Speaker 4>at scanner data, the problem is the consumer. As I said,

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<v Speaker 4>they're shifting behaviors. But they're just not buying as much

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<v Speaker 4>as they used to. And you see this even with

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<v Speaker 4>Walmart or Target or Kroger, where people used to buy

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<v Speaker 4>in multiples and stock up their pantries, and they just

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<v Speaker 4>don't shop that way anymore. They're buying more on an

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<v Speaker 4>as needed basis, and part of that is the macroeconomic environment,

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<v Speaker 4>and so that just doesn't favor these companies right now

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<v Speaker 4>where historically they've been pantry staples. And so right now

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<v Speaker 4>when consumers are looking what they're going to make for

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<v Speaker 4>dinner tonight, a bigger know they're played as fresh foods.

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<v Speaker 4>So the perimeter of grocery stores are doing much better

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<v Speaker 4>than the center of the store, which is these shelf

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<v Speaker 4>stable products.

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<v Speaker 7>Let's talk about the folks who brought these two companies together.

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<v Speaker 7>Is Berkshire Hathaway run by Warren Buffett and three G

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<v Speaker 7>Capital run by a group of Brazilian operations. Guys, where

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<v Speaker 7>did they stand in all this gen what happens to

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<v Speaker 7>do they each still hold steaks in the companies?

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<v Speaker 5>I mean, do they come out looking better ten years later?

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<v Speaker 4>Well, Berkshire Hathaway still has a large steak in the company.

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<v Speaker 4>I think they owned just over twenty five percent of

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<v Speaker 4>the outstanding shares. But you know, they did relinquish their

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<v Speaker 4>their chairs on the board shortly before the strategic options

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<v Speaker 4>were announced, or that the company was exploring strategic options.

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<v Speaker 4>So they've been slowly pulling back, you know, from the

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<v Speaker 4>time of their initial steak. They're probably still going to

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<v Speaker 4>come out ahead, but it has been a ten year

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<v Speaker 4>play for them.

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<v Speaker 3>Do we know where they're going to put their shares?

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<v Speaker 2>Are they going to go equally between the two company

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<v Speaker 2>these because I'd like to invest alongside.

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<v Speaker 4>One At this point, I don't think that's been disclosed,

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<v Speaker 4>but it is certainly something that everyone will be watching for.

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<v Speaker 7>What will you be watching for, Jen, in terms of

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<v Speaker 7>how competitors respond or react or move in, you know,

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<v Speaker 7>to kind of take advantage of this breakup.

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<v Speaker 4>I think what will be interesting is to watch the

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<v Speaker 4>level of promotional activity. There will likely be some some

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<v Speaker 4>effort to take market share, and Craft Times is likely

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<v Speaker 4>to up their marketing spend in order to try to

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<v Speaker 4>drive volumes just ahead of when this split actually becomes realized,

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<v Speaker 4>to sort of show improvement in some of their legacy brands.

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<v Speaker 4>So what that really sets up a stage for is

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<v Speaker 4>actually probably good for the everyday shopper and that they'll

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<v Speaker 4>be probably more sale items, more discounts, But it also

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<v Speaker 4>means that it's less profitable sales for the companies that

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<v Speaker 4>are involved in chasing that market share. So it will

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<v Speaker 4>be interesting to watch how it unfolds. Companies only expecting

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<v Speaker 4>this to close or to be realized that this second

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<v Speaker 4>half of next year, so there's some time for those

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<v Speaker 4>dynamics to play out.

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<v Speaker 3>Stay with us. More from Bloomberg Intelligence coming up after this.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Apple, Cocklay and Android

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<v Speaker 2>Lots of deals out there, but the deals aren't, you know,

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<v Speaker 2>M and A per se and breaking stuff up. Some

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<v Speaker 2>of those consumer products companies haven't been put together.

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<v Speaker 3>Over the last several.

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<v Speaker 2>Years, we're seeing some of those companies think about breaking

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<v Speaker 2>themselves up.

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<v Speaker 3>One of them is Pepsi.

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<v Speaker 2>We have Pepsi, we have investor Elliott Management activists Investor

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<v Speaker 2>taking a four billion dollar stake in Pepsi.

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<v Speaker 3>Maybe provoking some change down the road. Let's see what

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<v Speaker 3>happens there.

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<v Speaker 2>Ken Shay joins us Bloomberg Intelligence senior Commodity consumer Products

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<v Speaker 2>analyst here. Ken Ken, I mean when you look at Pepsi,

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<v Speaker 2>do you think about it as Ree Delay and all

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<v Speaker 2>the snacks on one side and Pepsi and all the

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<v Speaker 2>other soft drinks on the other side, And it just

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<v Speaker 2>feels like it's a company that, boy, it could be broken.

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<v Speaker 3>Up, just like some of these other consumer productsy companies.

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<v Speaker 3>What do you think?

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<v Speaker 8>Yeah, Hi, Paul, Actually it's only a few weeks ago.

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<v Speaker 8>I wrote a report over Bloomberg Intelligence saying that given

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<v Speaker 8>the weakness of the stock, is really just a matter

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<v Speaker 8>of time where these talks are going to be revived.

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<v Speaker 8>Recall back in twenty fourteen, try On and an activist

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<v Speaker 8>actually advocated that breaking the company up between beverages and foods.

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<v Speaker 8>The company decided not to do it. It made the

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<v Speaker 8>case that it was getting good synergies between the two.

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<v Speaker 8>Fast forward to today, Elliott isn't quite going that far.

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<v Speaker 8>And Elliot's letter today it said it believes that value

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<v Speaker 8>can be created by simply having the beverage side. Roughly

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<v Speaker 8>forty percent of the business just refranchise their bottling operations

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<v Speaker 8>and plain English, what that means is to divest those

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<v Speaker 8>capital intensive operations manufacturing operations that create the finished product

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<v Speaker 8>from the syrups and concentrates that Pepsi, the beverage company sells.

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<v Speaker 8>That's really the golden part of that business, you know,

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<v Speaker 8>the jewel that business is the concentrate business. That's what

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<v Speaker 8>Coca Cola does. Coca Culture sells concentrates, syrups or high

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<v Speaker 8>margin to third parties to make the product. PepsiCo chooses

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<v Speaker 8>to do it in house. That results in tying up capital,

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<v Speaker 8>lower margins, and so on. At the same time, Elia

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<v Speaker 8>is also saying on the food side, perhaps some SKU

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<v Speaker 8>rationalization is due, meaning there's a lot of food products

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<v Speaker 8>there that they may not be well suited to sell.

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<v Speaker 8>The fredola is doing really well, although it's a kind

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<v Speaker 8>of a slowdown right now with many consumer products. It's

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<v Speaker 8>the Quacker foods. I think it's really targeting and saying,

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<v Speaker 8>you know, maybe maybe some reduction there, maybe in order.

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<v Speaker 8>So that's really what the gist is today with Pepsi.

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<v Speaker 7>All right, Ken, thank you for that very very detailed rundown.

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<v Speaker 7>I want to pick up on what you were talking

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<v Speaker 7>about with the bottling business, refranchising the bottling business, which

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<v Speaker 7>is what Coca Cola does. Right now, what does Coca

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<v Speaker 7>Cola give up by doing that? I mean there had

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<v Speaker 7>to be a reason why Pepsi chose to keep it

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<v Speaker 7>in house up until now.

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<v Speaker 8>Yeah, that's a great question, Scarlett. So go back in

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<v Speaker 8>time with ten fifteen years ago or so, both companies

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<v Speaker 8>had done that. They both had separated those businesses. Pessico

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<v Speaker 8>decided to retain or it sol and then it brought

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<v Speaker 8>it back and it decided to keep it and made

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<v Speaker 8>the case. At the time that's the softwareing business was

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<v Speaker 8>in a downturn, volumes were week. They thought by gaining

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<v Speaker 8>more control of those bottling operations they could right size

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<v Speaker 8>the ship that they could get it back in order

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<v Speaker 8>align the interest between the bottlers and the company. Because

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<v Speaker 8>I'm going to remember Coca Cola, by separating it, it

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<v Speaker 8>is to some degree giving up a little it's accepting

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<v Speaker 8>a little risk. I mean, these are third parties, or

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<v Speaker 8>these are independent companies. They can sell beer, they can

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<v Speaker 8>do other things. PepsiCo didn't want them to do that.

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<v Speaker 8>PepsiCo said, look, we want you to be fully aligned

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<v Speaker 8>with what we want. So that's what they said they

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<v Speaker 8>gained from that, and I guess there's some truth to that,

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<v Speaker 8>but you're giving up a lot also for the factors

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<v Speaker 8>that I mentioned before.

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<v Speaker 2>Ken, You've been covering this consumer space for a long time.

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<v Speaker 2>You've seen the cycles come and go. It seems like

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<v Speaker 2>we're in a cycle of breaking these companies up. I mean,

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<v Speaker 2>you've seen this game before. How do you think this

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<v Speaker 2>is going to play out across the consumer space?

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<v Speaker 8>Well, you know, given the PepsiCo stock before today was

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<v Speaker 8>down about twenty percent over the last two years, so

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<v Speaker 8>it's really disappointed investors. And beyond that, it's that their

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<v Speaker 8>long term algorithm of high single digit comparable EPs growth

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<v Speaker 8>is not going to happen this year. They're looking at

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<v Speaker 8>flat earnings, you know, this year, and investors see the

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<v Speaker 8>writing on the wall, they see a slow down, and

0:11:44.800 --> 0:11:47.280
<v Speaker 8>they're saying, look, maybe there's more than just a cyclical

0:11:47.360 --> 0:11:51.040
<v Speaker 8>element here, Maybe there are some structural things this company

0:11:51.120 --> 0:11:54.720
<v Speaker 8>can do. I think Elliott's making some good points here,

0:11:54.880 --> 0:11:57.800
<v Speaker 8>and I think PepsiCo ought to follow through on some

0:11:57.840 --> 0:11:59.959
<v Speaker 8>of these if they want to regain some of the

0:12:00.559 --> 0:12:02.640
<v Speaker 8>low sentiment that's out there among investors.

0:12:03.440 --> 0:12:05.959
<v Speaker 7>Do you expect other investors to jump in here and

0:12:06.600 --> 0:12:10.400
<v Speaker 7>kind of ride on Elliot Management's coattails. I mean, is

0:12:10.480 --> 0:12:14.480
<v Speaker 7>Elliott going to be empowered to ask for more going forward?

0:12:15.760 --> 0:12:18.199
<v Speaker 8>That's a great question. I think there's going to be

0:12:18.280 --> 0:12:20.480
<v Speaker 8>some supporters of Elliott. Like I said, I think Elliot's

0:12:20.480 --> 0:12:24.160
<v Speaker 8>making some fair points. PepsiCo has been really disappointing on

0:12:24.200 --> 0:12:26.840
<v Speaker 8>the operational side, and like I said in the stock Front,

0:12:27.320 --> 0:12:30.040
<v Speaker 8>I think it ought to be open ears to listen

0:12:30.040 --> 0:12:32.439
<v Speaker 8>to what Elliott said. I think others will support Elliott

0:12:32.440 --> 0:12:33.040
<v Speaker 8>in this case.

0:12:33.120 --> 0:12:34.719
<v Speaker 5>Yes, stay with us.

0:12:34.920 --> 0:12:37.280
<v Speaker 3>More from Bloomberg Intelligence coming up after this.

0:12:39.440 --> 0:12:43.120
<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

0:12:43.200 --> 0:12:46.319
<v Speaker 1>weekdays at ten am Eastern on Apple, Cocklay and Android

0:12:46.320 --> 0:12:49.640
<v Speaker 1>Auto with the Bloomberg Business app. Listen on demand wherever

0:12:49.679 --> 0:12:53.200
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0:12:53.920 --> 0:12:55.880
<v Speaker 2>Lot's going on in the world of global healthcare. We

0:12:55.920 --> 0:12:58.280
<v Speaker 2>want to check in with sampaz Ellie. He's a director

0:12:58.320 --> 0:13:02.120
<v Speaker 2>of research for Global Industries any Senior Biotech, Pharmaceuticals, all

0:13:02.120 --> 0:13:04.800
<v Speaker 2>that healthcare stuff Analyties based in London.

0:13:04.840 --> 0:13:05.160
<v Speaker 4>Here.

0:13:05.640 --> 0:13:06.640
<v Speaker 8>Hey, Sam, We've.

0:13:06.440 --> 0:13:10.240
<v Speaker 2>Had a lot of turnover and a lot of uncertainty

0:13:10.360 --> 0:13:15.839
<v Speaker 2>within our healthcare. I don't know Washington, DC government entities.

0:13:17.000 --> 0:13:19.440
<v Speaker 2>How does that affect the rest of the world here.

0:13:20.960 --> 0:13:23.880
<v Speaker 6>Oh, that's a very big question, Paul, and lovely to

0:13:23.920 --> 0:13:28.480
<v Speaker 6>talk to you again. It's been a while. There's all

0:13:28.520 --> 0:13:31.360
<v Speaker 6>sorts of layers. Of course, you know about USAID which

0:13:31.360 --> 0:13:33.760
<v Speaker 6>has been stopped, and lots of projects that have been

0:13:33.800 --> 0:13:37.080
<v Speaker 6>going have been stopped in terms of funding. Then you

0:13:37.120 --> 0:13:39.800
<v Speaker 6>have the CDC, which is much more focused on the US.

0:13:40.200 --> 0:13:45.439
<v Speaker 6>The CDC is Control and Prevention, is the body that

0:13:46.440 --> 0:13:50.280
<v Speaker 6>is responsible for US as health and it is part

0:13:50.320 --> 0:13:56.160
<v Speaker 6>of the Health and Human Services the division, so HHS

0:13:56.160 --> 0:14:01.840
<v Speaker 6>Secretary RFK Junior is in charge of basically the whole thing.

0:14:02.320 --> 0:14:05.040
<v Speaker 6>And there's been major upheavals in terms of people that

0:14:05.120 --> 0:14:08.280
<v Speaker 6>even they have had a point themselves to the CDC

0:14:09.080 --> 0:14:12.040
<v Speaker 6>resigning within about you know, after about a month. I'm

0:14:12.040 --> 0:14:16.200
<v Speaker 6>talking about monareres Of, who was the director of the

0:14:16.200 --> 0:14:21.400
<v Speaker 6>CDC and just left or was fired because apparently she

0:14:21.560 --> 0:14:25.600
<v Speaker 6>wasn't prepared to Robbert Stamp whatever. The Advisory Committee or

0:14:25.640 --> 0:14:30.080
<v Speaker 6>Immunization Practices, which is part of the CDC, suggests to

0:14:30.120 --> 0:14:34.000
<v Speaker 6>the CDC what vaccine should be used, when, how, and

0:14:34.040 --> 0:14:38.040
<v Speaker 6>that then impacts insurance coverage. She was told you need

0:14:38.040 --> 0:14:40.000
<v Speaker 6>to rubber stop what they say, and of course she

0:14:40.520 --> 0:14:42.400
<v Speaker 6>didn't believe that was the right way to do it.

0:14:42.480 --> 0:14:44.720
<v Speaker 6>So there's a lot of uppeople And we now have

0:14:44.800 --> 0:14:48.600
<v Speaker 6>another ACIP Advisory committe meeting on the eighteenth of September.

0:14:49.160 --> 0:14:51.320
<v Speaker 6>Let's see what they say about COVID vaccine. But already

0:14:51.520 --> 0:14:54.760
<v Speaker 6>are the US's access to vaccines that has been reduced?

0:14:55.720 --> 0:14:57.560
<v Speaker 7>What does this mean for the rest of the world, though, Sam,

0:14:57.760 --> 0:14:59.640
<v Speaker 7>I get what you were saying about insurance coverage in

0:14:59.680 --> 0:15:02.880
<v Speaker 7>the U, but do the equivalent of CDCs and other

0:15:02.920 --> 0:15:05.600
<v Speaker 7>countries take their queue from the US CDC.

0:15:05.560 --> 0:15:08.680
<v Speaker 6>No, no, no, no, no no. In fact, to be

0:15:08.720 --> 0:15:12.360
<v Speaker 6>honest with you, the Federal the FDA's decision with regards

0:15:12.360 --> 0:15:16.080
<v Speaker 6>to the limiting of vaccines in the US for COVID,

0:15:16.120 --> 0:15:19.600
<v Speaker 6>for sure, has brought the US policy or will bring

0:15:19.720 --> 0:15:21.800
<v Speaker 6>US policy in line with the rest of the world.

0:15:21.920 --> 0:15:24.680
<v Speaker 6>In the UK, I am not seventy five yet. I

0:15:24.720 --> 0:15:27.320
<v Speaker 6>hope you can tell that you're going to allow to

0:15:28.080 --> 0:15:30.440
<v Speaker 6>thank you. I need to go a for it until

0:15:30.440 --> 0:15:33.120
<v Speaker 6>you're seventy five. Right in the US, it was pretty

0:15:33.160 --> 0:15:35.200
<v Speaker 6>much available to anyone under the age of sixty four

0:15:35.280 --> 0:15:37.920
<v Speaker 6>or sixty five. Now it's been limited to sixty five

0:15:37.960 --> 0:15:40.240
<v Speaker 6>and above. So this just brought the rules in line

0:15:40.280 --> 0:15:44.200
<v Speaker 6>with Europe. So Europeans were already there because of our healthcare,

0:15:44.240 --> 0:15:48.240
<v Speaker 6>but just being under constraints, et cetera. But the US

0:15:48.360 --> 0:15:50.960
<v Speaker 6>is supposed to be about free choice, and that is

0:15:51.000 --> 0:15:54.360
<v Speaker 6>where I think the complex complexity comes in. And what

0:15:54.400 --> 0:15:56.920
<v Speaker 6>I'm more worried about is that the language and the

0:15:56.960 --> 0:16:00.400
<v Speaker 6>way they're addressing it is what will cause people or

0:16:01.600 --> 0:16:03.840
<v Speaker 6>concerned about actually going in and getting a shot.

0:16:05.200 --> 0:16:08.440
<v Speaker 2>So what about just if the FDA limits approval of

0:16:08.440 --> 0:16:10.800
<v Speaker 2>COVID shots for example, or I don't even flu shots.

0:16:10.840 --> 0:16:12.840
<v Speaker 3>I'm not sure how they're how they're going to approach.

0:16:12.480 --> 0:16:16.080
<v Speaker 2>It, that would be more I guess out of pocket

0:16:16.080 --> 0:16:18.800
<v Speaker 2>expense for consider Yeah.

0:16:18.880 --> 0:16:21.000
<v Speaker 6>Yeah, I think Bloomberg had an article saying that it's

0:16:21.000 --> 0:16:23.200
<v Speaker 6>going to be right two hundred and twenty dollars and

0:16:23.200 --> 0:16:26.800
<v Speaker 6>twenty four dollars a shot. Now you and I can

0:16:26.840 --> 0:16:31.440
<v Speaker 6>probably afford that, right, A lot of people can't, and

0:16:31.760 --> 0:16:34.000
<v Speaker 6>that will then be the issue that you know, a

0:16:34.000 --> 0:16:37.840
<v Speaker 6>pregnant woman where actually a lot of scientists and medics

0:16:37.880 --> 0:16:40.880
<v Speaker 6>believe that they should get the shot, and in Europe

0:16:41.080 --> 0:16:44.720
<v Speaker 6>it is approved. They do get it. They they're not

0:16:45.560 --> 0:16:48.320
<v Speaker 6>they're not recommended for the vaccine anymore. So that is

0:16:48.320 --> 0:16:50.080
<v Speaker 6>the problem because then your baby is born with no

0:16:50.200 --> 0:16:54.160
<v Speaker 6>protection against the shot the virus, which is bad for babies.

0:16:54.200 --> 0:16:56.960
<v Speaker 6>So there are these issues. And of course we've got

0:16:56.960 --> 0:16:58.840
<v Speaker 6>this meeting coming up. Don't forget. There's another thing coming

0:16:58.920 --> 0:17:01.400
<v Speaker 6>up in September, this big research they've been doing to

0:17:01.440 --> 0:17:03.880
<v Speaker 6>try and see what is causing this massive rising autism,

0:17:04.359 --> 0:17:06.760
<v Speaker 6>and we'll talk about it. I'm sure the day the

0:17:06.840 --> 0:17:10.399
<v Speaker 6>research comes out or that week, I wouldn't be shocked

0:17:10.400 --> 0:17:11.800
<v Speaker 6>if it comes out and says, oh, here you go,

0:17:11.840 --> 0:17:14.800
<v Speaker 6>there's evidence that it's caused by there's a correlation with

0:17:14.880 --> 0:17:19.560
<v Speaker 6>vaccines use or aluminium in vaccines or whatever. And I

0:17:19.560 --> 0:17:21.440
<v Speaker 6>can show you chart up the chart that you can

0:17:21.480 --> 0:17:27.159
<v Speaker 6>show it related to glyphosades or fructose corn syrup that

0:17:27.160 --> 0:17:30.240
<v Speaker 6>we've used in choicters. You could keep making these correlations.

0:17:30.440 --> 0:17:32.800
<v Speaker 6>We've done things to a lifestyle that have called this

0:17:33.040 --> 0:17:36.120
<v Speaker 6>issue and mental health issues, etc. You can't just pinpoint

0:17:36.200 --> 0:17:40.520
<v Speaker 6>vaccines until you do it all prospective analysis.

0:17:40.760 --> 0:17:43.320
<v Speaker 7>Yeah, but that's very complicated, and it feels like people

0:17:43.359 --> 0:17:47.280
<v Speaker 7>want simple answer, Sam. What does this mean for the companies,

0:17:47.320 --> 0:17:49.960
<v Speaker 7>the companies that develop the vaccines, that sell the vaccines,

0:17:50.160 --> 0:17:52.120
<v Speaker 7>how are they positioning themselves?

0:17:52.200 --> 0:17:53.120
<v Speaker 5>Are they pushing back?

0:17:54.640 --> 0:17:56.919
<v Speaker 6>Well, they can only push back so far. We just

0:17:56.960 --> 0:17:59.720
<v Speaker 6>saw some tweets from President Trump saying, look, if you've

0:17:59.720 --> 0:18:03.119
<v Speaker 6>got the great data about vaccine and their safety that

0:18:03.240 --> 0:18:05.360
<v Speaker 6>we hear you've got them and their efficacy, why don't

0:18:05.359 --> 0:18:08.440
<v Speaker 6>you come and show us. I'm sorry, I'll could show

0:18:08.480 --> 0:18:09.800
<v Speaker 6>you a link. I can send it to you if

0:18:09.840 --> 0:18:12.240
<v Speaker 6>you put it in the show notes or whatever. They

0:18:12.320 --> 0:18:16.080
<v Speaker 6>go into a link to the CDC meeting where the

0:18:16.119 --> 0:18:19.480
<v Speaker 6>companies came and the CDC itself did research showing how

0:18:19.520 --> 0:18:21.720
<v Speaker 6>what the effectedness of the vaccines had been in the

0:18:21.720 --> 0:18:24.720
<v Speaker 6>previous twelve months, how many hospitalizations did it saved, the

0:18:24.840 --> 0:18:29.040
<v Speaker 6>economic impact, and their safety analysis. What is it that

0:18:29.160 --> 0:18:32.520
<v Speaker 6>the administrations are looking for? They're being presented four or

0:18:32.520 --> 0:18:35.560
<v Speaker 6>five times a year through that same mechanism at the CDC.

0:18:36.800 --> 0:18:38.760
<v Speaker 6>Who says these companies that are hiding the data.

0:18:39.320 --> 0:18:44.000
<v Speaker 1>This is the Bloomberg Intelligence podcast, available on Apple, Spotify

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