According to a report by the Financial Times, Pret a Manger, a fast-casual UK-based dining chain will reportedly be acquired for 1.5 billion Pounds (or $2 Billion USD) by JAB Holdings a Luxembourg-based firm.
Private equity firm, Bridgepoint owns a majority stake in the sandwich chain which will be sold to JAB Holdings. Bridgepoint purchased Pret a Manger for 364 million pounds back in 2008.
Pret a Manger has over 450 locations around the globe with shops in the UK, the United States, Paris, Hong Kong and Shanghai serving more than 300,000 customers daily.
Jab Holding’s investment portfolio includes companies such as Keurig, Peet’s Coffee, Panera Bread, and Krispy Kreme.
The European Union Looks to Ban Single-use Plastics
On Monday, the European Commission looked to curb marine litter by focusing on banning single-use plastic products such as straws, plates, and cutlery.
According to a European Commission statement, the new initiative looks to “avoid the emission of 3.4 million tonnes of CO2, avoid environmental damages which would cost the equivalent of €22 billion by 2030, and save consumers a projected €6.5 billion.”
The Commission’s proposals will be sent to the European Parliament and Council.
According to a report by Sky News, street performers in London will be provided with contactless card readers.
The Busk in London initiative which is backed by the Mayor of London has partnered with iZettle, a financial technology payments company.
The project looks to grow the number of donations buskers receive by increasing their payment options. The initiative will initially be available in London’s 32 boroughs with plans for more locations over the next few months.
The union that represents the Canadian Pacific Railway’s conductors and engineers stated last Saturday that it has rejected the company’s latest contract offer.
It could go on strike as early as today, Tuesday, May 29th.
According to Reuters, this comes at a time with strong demand for shipments of commodities, including grain and potash.
The Canadian Pacific Railway is Canada’s second-largest railroad.
According to TechCrunch, Amazon is in the final stages of investing in Acko, an India-based digital insurance startup. The digital-only business currently focuses on automobile and bike insurance policies.
The Economic Times in India states that the funds will be used to co-create financial products with Amazon, and will also provide Acko with a platform to distribute its insurance offering.
According to Crunchbase, Acko was founded in 2017 and has raised $42-million to date.
Nestlé Announces a Re-Organization of its Global IT Activities
Company Press Release
The company announced today that the re-organization could potentially reduce up to 500 Information Technology positions in Switzerland.
Nestle’s reorganization looks to accelerate its digital transformation and help the company respond more quickly to fast-paced technological changes.
The move will make way for Nestle to enhance its operational effectiveness over the next 18-months.
Starbucks Will Temporarily Close its US-Based Stores Today
Company Press Release
More than 8,000 Starbucks company-owned stores and offices across the United States will close in the afternoon on May 29th. The closures will be for racial bias training and education.
Starbucks stated that it has worked with advisers and experts to develop the new curriculum.
Shops operated by major grocery stores, hotels, universities or airports, are expected to remain open.