The third quarter of 2013 did not have a marquee event of thernsame magnitude as the first-quarter purchase of Heinz by WarrenrnBuffett's Berkshire Hathaway fund and Brazil's 3G Capital forrnUS$28bn. From a core views perspective, it has very much beenrnbusiness as usual, with notable developments including the ongoingrnimprovement in consumer sentiment in the United States (notwithstandingrnthe fiscal impasse) and parts of Western Europe such as thernUK. Emerging markets have largely been a mixed bag: Weakenedrnconfidence in India, China and Brazil has affected different elementsrnof the food and drink industry, and the threat of the US tapering itsrnquantitative easing programme has led to downward pressure onrnmany emerging market currencies, which has made sales in thesernmarkets less valuable to major multinationals.
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