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New Delhi, Beer maker <keyword id="240103" type="General" weightage="50" keywordseo="united-breweries-ltd" source="Orion">United Breweries Ltd</keyword> has reported a 16.09 per cent decline in consolidated net profit at Rs 136.34 crore for the first quarter ended June 2023, as volumes were impacted by supply challenges, lower inter-state sales and persisting inflation. The company, controlled by Dutch multinational brewing company <keyword id="219798" type="General" weightage="50" keywordseo="heineken-nv" source="Orion">Heineken NV</keyword>, had posted a net profit of Rs 162.50 crore in the April-June quarter a year ago, United Breweries Ltd (<keyword id="240102" type="General" weightage="80" keywordseo="ubl" source="Orion">UBL</keyword>) said in a late-night regulatory filing on Friday. UBL's revenue from operations was almost flat to Rs 5,243.01 crore during the quarter under review. It stood at Rs 5,196.08 crore in the corresponding period of FY22. "Q1 volumes impacted by RTM (root to market) changes, supply challenges &amp; lower inter-state sales," said an earning presentation from UBL. It had a volume decline of 12 per cent in the June quarter driven by <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, <keyword id="37102" type="General" weightage="50" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword>, Delhi and Haryana. In the premium segment, the volume decline was 21 per cent. "Gross Profit predominantly impacted by volume decline &amp; COGS (Cost of Goods Sold) inflation with GP margin 369bps down," it said. Besides, it has price increases in key markets including Rajasthan, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword> and Karnataka. UBL's total expenses were at Rs 5,072.96 crore, up 1.69 per cent in the first quarter of FY 2023-24, as against Rs 4,988.37 crore a year ago. Its total income in the June quarter was at Rs 5,253.43 crore. "Capex during the quarter was Rs 45 crore, primarily in supply chain initiatives," said UBL's earning statement. Over the outlook, UBL said inflationary pressure on the cost base is expected to soften in the near-term but volatility will remain. "We continue to focus on revenue management and cost initiatives, to drive margin accretion," it said. It is building further category growth while driving the share of premium in its portfolio remains a key focus "We remain optimistic on the long-term growth potential of the industry, driven by increasing disposable income, favourable demographics and premiumisation," said UBL.

United Breweries Q1 net profit dips 16% to ₹136.34 crore

Hindustan Unilever Ltd (HUL) on Thursday announced the separation of the position of Chairman of the Board and the CEO &amp; Managing Director. The Company announced the appointment of Nitin Paranjpe, currently Chief Operating Officer of Unilever as a Non-Executive Chairman of the Company with effect from March 31, 2022. Sanjiv Mehta will continue as the Chief Executive Officer &amp; Managing Director (CEO &amp;MD). The Nomination &amp; Remuneration Committee (NRC) of the HUL Board recommended his appointment to the Board. The Board accepted the recommendation made by the NRC and has appointed Paranjpe as a Non-Executive Chairman. The appointment is subject to approval of the shareholders which the Company will seek as per applicable regulations. As recently announced by Unilever in January, Paranjpe will take on a new role as Chief Transformation Officer &amp; Chief People Officer, leading the business transformation, and heading the HR function for Unilever effective April 2022. He is also a member of the Supervisory Board of <keyword id="219798" type="General" weightage="20" keywordseo="Heineken-NV" source="Orion">Heineken NV</keyword>. Commenting on the appointment of Paranjpe, Sanjiv Mehta, the Chairman &amp; Managing Director, HUL said: "We welcome Nitin back to HUL as the Non-Executive Chairman. He brings in huge knowledge and experience which will enrich the deliberations and add value to the Board." Mehta thanked the Board for their unstinted support rendered to him during his tenure and added, "It has been an honour to have led the HUL Board over the past few years." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/taiwan-seems-jittery-amidst-the-russia-ukraine-conflictheres-why/articleshow/89796361.cms">Taiwan seems jittery amidst the Russia-Ukraine conflict—Here’s why</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/russia-military-vs-ukraines-military-check-out-difference-between-both-countries/articleshow/89794020.cms">Russia’s military vs Ukraine’s military in numbers</a>

Hindustan Unilever separates position of Board Chairman and CEO & MD

<ul class="summary-list"><li>Bill Gates bought a $902 million stake in Dutch brewery Heineken's parent company.</li><li>Gates said he's "not a big beer drinker" on an "Ask Me Anything" thread on Reddit in 2018.</li></ul>Despite previously saying he's "not a big beer drinker," Bill Gates bought a $902 million stake in Dutch brewery Heineken.The billionaire <a href="https://www.afm.nl/en/sector/registers/meldingenregisters/substantiele-deelnemingen/details?id=137286" target="_blank" rel="noopener">acquired a 3.76% stake in Heineken Holding NV</a>, Heineken's parent company, on February 17, according to a filing with the Netherlands' Financial Markets Authority. He bought 6.65 million shares of the beer company directly, per the filing, and another 4.18 million shares through the Bill and Melinda Gates Foundation Trust.The value of Gates's overall stake was worth around 848 million euros, or about $901.6 million, as of market close on Friday, the day of the transaction.The Microsoft cofounder has previously said he's not that into beer.On an "Ask Me Anything" thread on Reddit in 2018, Gates was asked what his favorite beer is."I am not a big beer drinker," Gates wrote in response to the question, adding that if he goes to baseball games, for example, he'll "drink light beer to get with the vibe of all the other beer drinkers."Last July, <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(22)00847-9/fulltext#seccestitle10">a study was published</a> about the health risks of alcohol consumption that received funding from the Bill &amp; Melinda Gates Foundation, which the billionaire and his ex-wife, Melinda French Gates, started decades ago. The study found that "stronger interventions" are needed, specifically for younger people, "to reduce the substantial global health loss attributable to alcohol."The Bill &amp; Melinda Gates Foundation did not immediately respond to Insider's request for comment.But the Microsoft cofounder has invested in a beer company before.Long before his Reddit post and the health study, Gates <a href="https://www.reuters.com/article/ousiv/idUSN2021965120071221?sp=true">bought a $392 million stake</a> in one of Mexico's largest brewers, Femsa, in 2007. Femsa, which is the <a href="https://www.femsa.com/en/business-units/coca-cola-femsa/">largest bottler</a> of Coca Cola, sold its <a href="https://www.rtlnieuws.nl/economie/bedrijven/artikel/5367449/bill-gates-microsoft-belang-heineken-holding-miljoenen">brewery to Heineken</a> in 2010, and is now divesting from Heineken, the company said in a press release.

Bill Gates, who's 'not a big beer drinker,' just bought a $902 million stake in Heineken

<keyword id="219798" type="COMPANY" weightage="100" keywordseo="Heineken-NV">Heineken NV</keyword>, the world's third-largest brewer, is seeking to raise its stake in <keyword id="240103" type="COMPANY" weightage="100" keywordseo="United-Breweries-Ltd">United Breweries Ltd</keyword> to gain full management control as it bet on the country’s growing market for beer, sources with direct knowledge of the matter said. The Dutch brewer, the single largest shareholder in United Breweries with a 42.07 percent stake, plans to take that holding beyond 50 percent by buying shares from liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> and his group firms, the sources said. 

	The stake hike, a bet on one of the world's fastest growing beer markets, will be completed in a phased manner over the next couple of years, said the two sources, who declined to be named as the talks are private. 
 A spokeswoman for Heineken in <keyword id="22442" type="COMPANY" weightage="100" keywordseo="Amsterdam">Amsterdam</keyword> declined to comment. A spokesman for UB Group, Mallya's group holding company, said that there had been no discussions on a stake sale in United Breweries. 
	 
	(Image credits: Indiatimes)

Heineken seeking controlling stake in United Breweries

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Good morning! Here's what you need to know:
China Is Slowing. The world's second largest economy is decelerating at a much sharper rate than economists have been forecasting. Here's the roundup of the latest crummy data dump from Westpac's Jonathan Cavenagh: "Over the weekend, <a href="http://www.businessinsider.com.au/chinese-data-disappointed-on-saturday-and-theres-more-bad-news-to-come-2014-9">China released industrial production (IP), fixed asset investment and retail sales data for August</a>. All prints came in weaker than expected but the very sharp deceleration in year-on-year (yoy) IP growth will draw the most attention. IP rose just 6.9% versus 8.8% expected and a 9.0% print in July. Retail sales rose 11.9% versus 12.1% expected and 12.2% previously, although the month-on-month number improved from July. Fixed asset investment was up 16.5% versus 16.9% expected and 17.0% previously. In addition, the national statistics bureau released other data on Saturday, which showed that house sales dropped close to 11%yoy through January to August, versus a 10.5% drop in the first 7 months of the year. It also came after weaker monetary aggregate figures on Friday."
Chinese Policymaker's Have A High Tolerance For Pain. Considering the stunning deceleration in growth, there seems to be a growing need for stimulus to prevent a hard landing. So far, we've heard very little from Chinese policymakers. "What is more suprising is the calm response from Beijing, which emphasized the resilience of the labour market and once again downplayed the importance of the short-term growth target," Societe Generale's Wei Yao said. "The new leadership's tolerance level for short-term pain appears to have just jumped up by another big notch, making even our below-consensus growth and policy forecast look a tad too sanguine. Q3 GDP growth looks set to clock in at around 7% yoy."
Markets Are Mostly In The Red. Hong Kong's Hang Seng closed down 0.9%. In Europe, Britain's FTSE is down 0.2%, France's CAC 40 is down 0.2%, and Spain's IBEX is down 0.3%. U.S. futures are in the red with Dow futures down 24 points and S&amp;P 3.6 points.
Scottish Independence Gets Set Back. According to a new poll, the <a href="http://www.businessinsider.com/no-vote-pulls-ahead-in-new-scottish-independence-poll-2014-9">"no" votes pulled ahead</a> with 54% of respondents saying they would vote against independence from the UK. Scots head to the voting booths on Thursday.
Let's Not Forget About Spain. "A trickier, potentially more explosive situation is unfolding in Spain, where the region of <a href="http://www.businessinsider.com/qa-on-catalan-independence-2014-9">Catalan (which includes Barcelona) is scheduled to vote on November 9</a> on whether it is to leave Spain," Business Insider's Joe Weisenthal writes. Here's <a href="http://www.businessinsider.com/qa-on-catalan-independence-2014-9">The Spain Report's Matthew Bennett</a>: "Catalonia is 19% of Spanish GDP, 26% of exports, and more than 50% of land exits to Europe. Catalonia is systemically important to Spain's economy, and Spain is systemically important to Europe's economy. I can't imagine bond traders would find that scenario positive in the short term."
Germany's Got That Separatist Feeling. "<a href="http://www.businessinsider.com/afp-german-anti-euro-party-gains-seats-in-two-states-exit-polls-2014-9">Germany's fledgling anti-euro party won parliamentary seats</a> in elections in two eastern states on Sunday, heightening an emerging threat for Chancellor Angela Merkel's conservatives," the AFP reported. "The Alternative for Germany (AfD), formed early last year, gained 10 percent in Thuringia state and 12 percent in Brandenburg, two weeks after also entering parliament in Saxony state, said exit polls by public broadcasters ARD and ZDF." Economists have warned that the separatist mood in Scotland would be contagious.
Sweden's Far Right Is Rising. Even though they ultimately lost the election, <a href="http://www.businessinsider.com/sweden-democrats-surge-2014-9">Sweden's far right, anti-immigration, anti-Europe Sweden Democrats party took a large 13% of the vote</a>. This is yet another sign of rising discontent for the status quo in Europe.
The Alibaba IPO Is Looking Red Hot. "Alibaba Group Holding Ltd <a href="http://www.businessinsider.com/r-alibaba-plans-to-boost-ipo-size-bloomberg-2014-9">plans to increase the size of its U.S. initial public offering</a> because of "overwhelming" demand for the deal, people familiar with the deal said on Monday," Reuters' Supriya Kurane reported. "The Chinese e-commerce company launched the IPO last week and had enough investor demand to cover the entire deal within two days, people familiar with the process said last week. Alibaba could set a new record for the world's biggest IPO if underwriters exercise an option to sell additional shares to meet demand, pushing it as high as $24.3 billion and overtaking Agricultural Bank of China Ltd's $22.1 billion listing in 2010."
Heineken Turns Down SABMiller. "<a href="http://www.bloomberg.com/news/2014-09-14/sabmiller-said-to-approach-heineken-family-with-offer-for-brewer.html">SABMiller Plc was rebuffed in an attempt to buy smaller brewer Heineken NV</a>, a deal that would have strengthened it against a potential bid by Anheuser-Busch InBev NV, people with knowledge of the matter said," Bloomberg's David Welch, Matthew Campbell and Manuel Baigorri reported. "Heineken, the brewer of Amstel Light, confirmed in a statement that it turned down the offer and said it intends to remain independent."
US Econ Check. At 9:15 a.m. ET, we'll get the August industrial production report. Economists estimate the production climbed 0.3% in August while capacity utilization ticked up to 79.3% from 79.2%. "With regional purchasing manager surveys continuing to firm and the solid jump in the ISM manufacturing index in August, we expect another monthly gain in manufacturing output in August," Wells Fargo's John Silvia said. "However, the flat reading in average weekly hours of production workers in the factory sector suggests there could be some downside risks to the forecast. That said, average weekly hours declined in June and July while manufacturing output eked out gains in both months."

10 Things You Need To Know Before The Opening Bell

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Flickr/h080s</div></div></div>A bid for SABMiller by Anheuser-Busch InBev could be one of the <a href="http://www.ft.com/intl/cms/s/0/52162e9c-5c3e-11e5-9846-de406ccb37f2.html#axzz3lu7R4NXw">top six corporate takeovers</a> in history.The deal would create a <a href="http://www.reuters.com/article/2015/09/16/us-sabmiller-m-a-abinbev-idUSKCN0RG18320150916">merged group with a value of around $275 billion,</a> and serve as a fee bonanza for the bankers providing advice and financing for the bid.But AB InBev is in a race against time, thanks to rules governing deals in the UK, where SABMiller's shares trade. The clock started ticking today, when SABMiller was forced to disclose AB InBev's interest by the UK Takeover Panel, which polices mergers and acquisitions in the UK. That came after a spike in SAB Miller's share price. The statement said: "The Board of SABMiller notes the recent press speculation and confirms that Anheuser-Busch InBev SA/NV ("ABInBev") has informed SABMiller that it intends to make a proposal to acquire SABMiller. No proposal has yet been received and the Board of SABMiller has no further details about the terms of any such proposal."That announcement triggered something called Put Up or Shut Up, or PUSU, which gives a potential bidder 28 days to either make a firm and fully financed bid or make clear that it doesn't plan to. That runs out October 14. If AB InBev walks away it will not be able to return with a bid for six months.A New York-based deal lawyer told Business Insider: "It's called the anti-siege rule - that a target can't be under siege indefinitely. If you can't come up with a firm offer then the company should be free to go about its business without distraction ... US practice could not be more different." AB InBev has said it plans to work with SABMiller's board towards a recommended transaction. That means the maker of Budweiser is racing against time to either secure an agreement with SABMiller, or at the very least be a position where SABMiller can ask for an extension to the deadline. And this isn't just any ordinary deal. The two companies combined would account for 58% of global beer industry profits, according to research from Bank of America Merrill Lynch, and that is likely to mean anti-trust regulators will take a long hard look at the transaction.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Rick Wilking/Reuters</div></div></div>Consider the checklist that goes into reaching a deal: The companies need to agree on price, leadership of the new company, and what assets they might sell off in order to appease regulators around the world. Those issues have sunk less complicated situations than this.The deal lawyer said: "The bidder has a lot to do at this point. The fact is that when they make the approach they tend to assume it is either going to be announced or leaked, they would have been cognizant about that and I assume they would have done the necessarily homework to move forward." It's not yet clear how willing SABMiller is going to be to reach a deal. Last year SABMiller made an approach to Heineken that <a href="http://www.bloomberg.com/news/articles/2014-09-15/sabmiller-offer-for-heineken-shows-ceo-ready-for-deals">Bloomberg reported</a> was an effort to stymie AB InBev's advances. AB InBev and SAB don't have to agree on everything within 28 days, but the buyer's decision to make this a "friendly" deal does make getting some accord on the broad outlines important. In the past, buyers like Pfizer have chosen to walk away because of the takeover rules. There's a lot at stake for the investment bankers working on the deal. Fees could be as high as $235 million, based on a deal worth around $100 billion, according to Freeman &amp; Co. There's even more to come for the banks that wind up financing the deal.PUSU was introduced by the UK's Takeover Panel in 2011, in part as a reaction to an earlier bid for a UK-listed company by a US giant. That time it was Kraft bidding for Cadbury's, a deal that led to complaints in the UK that the country's biggest companies were easy takeover targets. There is some wiggle room if AB InBev can't get a deal together in time and is asked to walk away for 6 months. It could be invited back to the table by SAB Miller or it could come back with an offer that's sure to be accepted. Neither of those would be as ideal as a deal reached in just 28 days, especially for the companies' bankers. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-extravagant-vacations-in-world-2015-9">The most expensive and extravagant vacations in the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvMzRndzpNrgBqxHb0FavvEnwVT1v50q" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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United Breweries Q1 net profit dips 16% to ₹136.34 crore

PTI

Hindustan Unilever separates position of Board Chairman and CEO & MD

IANS

Bill Gates, who's 'not a big beer drinker,' just bought a $902 million stake in Heineken

Britney Nguyen

Heineken seeking controlling stake in United Breweries

BI India Bureau

10 Things You Need To Know Before The Opening Bell

Sam Ro

The biggest Wall Street payday in years faces a ticking clock

Matt Turner,Portia Crowe

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