One of the largest food supply companies is buying one of its key rivals, creating an even larger, global distribution company. Sysco is buying privately held US Foods for about $3.5 billion in cash and stock. When the deal closes, Sysco expects the addition of US Foods to boost its annual sales by about 46 percent to around $65 billion. Houston's Sysco will pay $3 billion in common stock and $500 million in cash. It will also assume or refinance about $4.7 billion in debt. That puts the total value of the deal at about $8.2 billion.
Global sales fuel McDonald's gain
McDonald's said Monday that sales at stores open at least a year rose 0.5 percent in November, even as the world's biggest hamburger chain faced tough competition and basically flat traffic in the U.S. The company said that the key sales figure fell 0.8 percent in the U.S. While breakfast items, chicken options and its new expanded value menu did well, that was pressured by intense competition and flat traffic. In Europe, it increased 1.9 percent on strong performances in the U.K., France and Russia.
— From staff and wire reports