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Photographer: Stefan Wermuth\/Bloomberg <\/p>\n Photographer: Stefan Wermuth\/Bloomberg <\/p>\n
(Bloomberg) — Nestl\u00e9 SA is considering further reducing its footprint in the ice cream business, as new Chief Executive Officer Philipp Navratil reviews the company\u2019s sprawling operations, people with knowledge of the matter said.<\/p>\n
The Swiss food giant has been studying possibilities including cutting its stake in Froneri, an ice cream joint venture with private equity firm PAI Partners which includes brands like H\u00e4agen-Dazs and M\u00f6venpick, according to the people. It could also consider selling some of its remaining fully-owned ice cream operations to the Froneri venture, one of the people said.<\/p>\n
Deliberations are ongoing and there\u2019s no certainty a deal will eventually materialize. PAI could opt to increase its stake in Froneri if Nestl\u00e9 decides to cut its holding, or the Swiss group could sell part of its Froneri stake to another investor like the Abu Dhabi Investment Authority, according to some of the people.<\/p>\n
Representatives for Nestl\u00e9 and ADIA declined to comment, while a spokesperson for PAI didn\u2019t respond to queries.<\/p>\n
Nestl\u00e9 had long been known as one of the world\u2019s largest ice cream makers until Froneri took over most of the business. The Swiss food company still sells ice cream in some local markets that are not part of Froneri.<\/p>\n
PAI raised billions last year to be able to hold on to Froneri for longer. ADIA came in as a new minority investor at the time, in a deal that valued the firm at about \u20ac15 billion ($17.7 billion) including debt.<\/p>\n
Shares of Nestl\u00e9 are close to their lowest level in eight years and before Wednesday had dropped about 40% from a peak in 2022. By contrast, main competitors Danone SA and Unilever Plc have gained more than 20% over the same time period.<\/p>\n
Board Revamp<\/p>\n
Nestl\u00e9 is grappling with an infant formula contamination crisis, alongside Danone and Groupe Lactalis. It\u2019s expected to report results later this week, and analysts have forecast lackluster earnings, though investors are likely to focus on its plans for the path ahead and details on divestments.<\/p>\n
The food giant also announced a board shake-up on Wednesday evening ahead of the full-year results.<\/p>\n
Nestle nominated Thomas Jordan, the former president of the Swiss National Bank, and Fatima Francisco, a top executive at Procter & Gamble, to its board of directors. Jordan and Francisco will stand for election at the company\u2019s upcoming annual general meeting in April. <\/p>\n
The Vevey-based company said in the statement that it wants to increase its board engagement after a review of the body\u2019s structure and practices.<\/p>\n
\u201cWith the changes announced today, we will further leverage the Board\u2019s engagement in the company\u2019s success, enrich oversight, and strengthen decision-making,\u201d Pablo Isla, the chair of Nestle\u2019s board who leads the revamp, said in the statement.<\/p>\n","protected":false},"excerpt":{"rendered":"Photographer: Stefan Wermuth\/Bloomberg (Bloomberg) — Nestl\u00e9 SA is considering further reducing its footprint in the ice cream business,…\n","protected":false},"author":2,"featured_media":23526,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[126],"tags":[15001,1934,1124,15002,516,199,2044,5859,2045,2782,9899,9133],"class_list":["post-23525","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nestle","tag-abu-dhabi-investment-authority","tag-bloomberg","tag-company","tag-fatima-francisco","tag-ice-cream","tag-nestle","tag-nestle-sa","tag-pablo-isla","tag-pai-partners","tag-philipp-navratil","tag-private-equity-firm","tag-thomas-jordan"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/23525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=23525"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/23525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/23526"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=23525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=23525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=23525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}