Where Data Tells the Story
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Bankers love to put companies together, pitching acquisitions all day long to corporate executives in the pursuit of scale, synergies, and seriously huge banking fees. But they also don’t mind doing the opposite. Indeed, corporate America’s hottest new trend in dealmaking is breaking up.
So far this year, plenty of household names opted to split themselves apart: industrial giant Honeywell is dividing into three, while Warner Bros. Discovery said in June it would separate its TV networks from streaming and studios. Keurig Dr Pepper plans to separate its soda and coffee businesses after completing its $18 billion acquisition of JDE Peet’s. And Kraft Heinz will spin off its grocery arm, shedding Kraft-branded staples like boxed mac and cheese and frozen meals.
What’s fueling this uncoupling, with some of them even undoing past megamergers? According to the WSJ, a big driver is activists pushing back against bloated empires. Their argument? Fast-growing divisions get dragged down by sluggish ones, and those much-hyped “synergies” from megamergers hardly show up.
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