Broadcasting live to New York, Bloomberg eleventh, Ryo to Washington, d C, Bloomber to Boston, Bloomberg twelve, UNDI to San Francisco, Bloomberg to the Country series XAM doanal one and around the globe the Bloomberg Radio plus Appen Bloomberg got gone. This is taking stock French yogurt maker down, grappling with a drop in dairy consumption around the world, taking a big step into soy milk, protein shakes, kale and the kicks starting growth. Will it work? We're going to take
a look at dons takeover of White Wave PIM. Yes, White Wave Foods have formerly a subsidiary of Dean Foods that was spun off in initial public offering in August of twelve and today dan On and just say making a ten billion dollar bid for White Wave Foods. Right now, let's go to Charlie pellan In and I thank you PIM.
Thank you, Kathleen, she mentioned to the White Wave shares there surging eighteen point five percent of eight seventy eight Right now, fifty six twenty one ticker w w a V stocks are lower, halting an advance in global equities crewed down around forty five dollars of barrow right now West Texas Intermediate forty five seventeen. It is lower by four point eight percent. Brent crewed also lower by four point eight percent. Treasury is falling with gold amid easing
demand for haven assets before tomorrow's payrolls report. Right now, we've got the tenure down five thirty seconds. Deal there one point three eight percent, Gold down five forty bounced. It is down four tenths of one percent the thirteen
sixty one. Tony Quisenzi is portfolio manager at Pimco. He spoke with Bloomberg Television this morning about Friday's jobs report tomorrow and the job for the wage take here, it's expected, carrencent the Bloomberg consensus to move to two point seven percent year for here from two point five, which would mark the highest rate since the two thousand nine, the
highest of the ex mention. That would be an indication then that the labor market is getting tighter, that resource utilization is moving up, the inflation eventually will move up towards the FEZ two objective, and so to pay attention to that. Yes, it is Thursday, but we did get the ADP report today because of the holiday, ADP says companies in June kept adding workers to US payrolls, private payrolls climbing by a hundred and seventy two thousand last week.
Last month, I should say last week, the Labor Department said claims dropped by sixteen thousand to two hundred fifty four thousand, SMP down four to two thousand, ninety five, a drop of two tenths of one percent. And now let's take a look at other news from around the world. Thank you, Charlie from the Bloomberg News room. I'm Jill Schneider. The New York Times is reporting that Senator Bernie Sanders is expected to endorse Hillary Clinton on Tuesday. That is
according to three party sources. FBI Director James Comey has been in the hot seat today answering questions about the investigation into Hillary Clinton's use of a private email server and why he recommended no charges be filed. Comey denies there was any bias behind the decision. Are folks did it in a political and professional way, including our recommendation as to the appropriate resolution of this case. Comey says he found no evidence that Clinton knew that anything she
was doing was against the law. How Speaker Paul Ryan is offering praise to Donald Trump after the likely GOP presidential nominee met with more than two hundred House Republicans this morning. What I thought was especially helpful today was our members just got access and got to ask questions and and and and talk about their their issues. So I thought it was very good meeting. Today's meeting was Trump's first sit down with the full House Republican Conference.
Today's meeting was Trump's first sit down with the full House Republican Conference. Texas Republican Senator John Cornyn said they had a good exchange and that his colleagues were candid with Trump about their concerns about his tone and style. Food prices around the world rose in June by the
most in almost four years. The United Nations food price and was up more than four The law firm representing Chris Christie's office in the George Washington Bridge Lane closing case wants to shut down requests by defense attorneys to examine personal items belonging to the Republican New Jersey governor, including his cell phone. Bill Baroni and Bridget Kelly claim, a former aid exchanged text messages with the governor during
testimony by Bridge officials. Global News twenty four hours a day, powered by more than journalists and analysts in more than one countries. From the Bloomberg Newsroom. I'm Jill Schneider, Charlie, and we thank you, and again recapping S and P five hundred index down three to two thousand, a drop of two tenths of one. I'm Charlie Pellett. That's a Bloomberg business flash. This is taking stock with Pim's box and Kathleen waves on Bloomberg Radio at ten billion dollar
deal for French yogurt maker done known. Will it be worth it? As it purchases white Wave foods, helping it go from yogurt to products that maybe are a little more popular in a world where many people are turning from dairy products towards soy milk, protein shakes and other kinds of foods. Joining us now as Nancy Haven's Hasty. She's president and chief investment officer at Haven's Advisors here in New York City. Nancy, welcome to the show. Thank you, Kathleen,
So this deal does it make sense? Were you surprised to see you do you say, of course, Well, I think UM white Wave has been a takeover target ever since it was spun off from Dean Food, so it's not totally surprising that this deal was announced for don Own, which has quite a large UM exposure to the dairy market. This plant based food company UM and organic food company is a bit of a hedge to its business where people are moving away from dairy and towards plant based
and organic foods. It's also UM the most rapidly growing area of the food business, so for a lot of reasons it makes sense for then Own. Nancy, explain a little bit about Haven's advisors and your expertise when it comes to mergers and acquisitions. UM. Okay, we do merger arbitrage and we are an event based UM investment manager, and I have been doing this for a little over twenty years UM in this format and before that UM
we've been doing it elsewhere had other brokerage firms. So we explain to our listeners and an events based manager what exactly that means and how are you different from others? Well, event may event based investment managing UH is basically investing in UH situations where there is a specific event that will result in a change in value for a security. You have to hop in before it happens, or is it more hopping on board once it is then Yes, this makes sense. I see a lot of value potential
gains from my clients. Okay, well we are basically murder of tasers merger are people generally get in after the announcement is made, after the announcement of a deal or an event is made, but before it's consummated. Right, You're not trying to sort of divine where the next acquisition is going to be. But having said that, Nancy, you mentioned an interesting point about the growing business for organic food. In the White Wave acquired earth Bound Farms, that was
the that's America's largest grower of organic produce. Back in the price tag there was six hundred million dollars. Do you expect multiples for these kinds of food companies to increase as a result of this deal? Um? I don't know that this deal is going to be done at twenty four times trailing um uh ibada, twenty one times uh two thousands sixteen ibada, and fourteen times two thousand
and sixteen after synergies. Those are all relatively healthy multiples, but they're not outrageous, and multiples vary with the size of the company. UM. A ten billion dollar company is sort of a medium to large merger, and multiples tend to tend to get lower as the deals get bigger, whereas they get higher with smaller deals. So I think UM I don't really anticipate that multiples will change in this area, but it is unquestionably an attractive area in
which to invest. Our Bloomer News story focuses on UM down Own's chief Emmanuel Favor that it's his it's his first big move. You know, he spent the first year trying to revive sluggish sales and to know core European dairy segment. As you assess a deal like this, how much weight do you put on White Wave in this and the products and how they round out their portfolio? How much do you put on management and a leader like him? Well, UM management is extremely crucial to getting
a deal like this done. UM always getting managements to agree and be on the same page UM determines the success or failure of a management. These companies certainly mentioned that their cultures were similar, that they were both trying to achieve the same thing. They're both trying to achieve healthy based eating UH in In France at Dono they call it alimentation. Here's they call it food and drink UM. But they're both attempting to be in exactly the same
business and have similar corporate cultures. So I think that the prospects are probably pretty good for this merger. Nancy, just a little bit more on the general market for mergers and acquisitions are do you expect to see many more blockbuster deals? Do you expect for example, this deal Mandalise and the Hershey Company to Progress Mandels and her She is really quite a different situation. As you know her. She has been did for in the past and has
never actually ended up getting acquired her. She has a trust that UM controls the voting power of Hershey, and UM the state of Pennsylvania has something to do with that trust and control of that trust, and they have more than once decided that the employment and the presence of Hershey in the state of Pennsylvania was more important than uh a higher premium for the trust shares. Thank you very much, Nancy Haven's Hasty the President, Chief Investment Officer.
Haven's advisors This is Bloomberg. The minutes of the fed's meeting in June release Yesterday's show. A group of policymakers debating just what's going on in the labor market. Russ Kestridge coming up from Black Raw to talk about what this means for equities.