LONDON — Analysts at Bernstein have been surveying investors to get their take on Tesco's planned mega-merger with wholesale food retailer Booker, following some high-profile objections from Tesco investors. Bernstein's Bruno Monteyne, who was a Tesco executive before becoming an analyst, writes in a note sent to clients on Thursday: "We estimate based on the survey that the deal today would be approved by 70% of votes cast... with the remaining 30% being entirely against the deal or wanting material changes." Supermarket Tesco announced in January plans to buy wholesale food supplier Booker, to help it get a slice of the "out of home" food market — restaurants and catering companies supplied by Booker. Two of Tesco's biggest investors — Schroders and Artisan Partners — have since come out against the proposed £3.7 billion ($4.6 billion) deal, saying the price is too high and will destroy value for existing shareholders. Schroders and Artisan's … [Read more...] about Bernstein: We spoke to Tescos investors about the Booker merger — heres what they said
Workers exchange spools of thread as a robot picks up thread made from recycled plastic bottles at the Repreve Bottle Processing Center, part of the Unifi textile company in Yadkinville, N.C., Friday, Oct. 21, 2016. AP Photo/Chuck Burton Analysts at global investment manager Bernstein believe the "age of industrialization is coming to an end," with robots set to destroy manufacturing jobs globally. That may not sound seismic. After all, the industrial revolution happened hundreds of years ago and manufacturing jobs have been the minority of all jobs in the West for decades. But Bernstein is arguing that the nature of capitalism is undergoing a fundamental change. Analysts Michael W. Parker and Alberto Moel argue that Adam Smith's Wealth of Nations, the foundational textbooks of economics, is becoming redundant because of two trends: the rise of robotics and China's modernising economy. Parker and Moel say Smith's book, published in 1776, "remained broadly relevant to … [Read more...] about BERNSTEIN: China’s insane spending on robotics is fundamentally changing capitalism
Oy vey, has Britney Spears gone and gotten herself into yet another dog-gone snafu? Never boring round the Brit-Brit pound, that's fer sure! Plus, Paris 'n' Nic battle out the war of wowin' 'em with too much kindness—yuck, already. Oh dear, Brit-Brit, what have you done? Like we said Friday, was this whole J.R. Rotem baby thang just a rumor frenzy to get folks’ minds off another scandalous sitch? You know, the one about not just your kids being under questionable watch but now your doggies, too? May not even come to much, but we daresay it might. And all we can say, at this early barking point, is that some of the same folks who told us the SPCA had done an investigation of the Rebecca Romijn-Jerry O'Connell dog death we filled you all in on last week are now resniffing around Camp Spears. Unofficially, we might add. Appears Ms. B was quite unpleasant toward the team that ultimately found her Yorkie's leg bustup wasn't the wobbly lip-syncher's fault. Madeline Bernstein, … [Read more...] about Thrill Kill!