LONDON - From black tea to bottled water, European companies are taking a hard look at underperforming businesses at a time when investors' profit expectations are already low because of the coronavirus pandemic.
Private equity firms from KKR & Co to Blackstone Group are lining up bids for Unilever's tea unit, which could fetch more than £5 billion , people familiar with the matter told Bloomberg News last week. While chief executive officer Mark Schneider hasn't hesitated to shed underperforming businesses since he took over in 2017, the pandemic could force more boards to follow suit.
Such carveouts may pick up in the second half as companies seek to bolster balance sheets, as well as share prices, in the wake of the pandemic.
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