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data-resor="false" class="article"><section data-vars-danzz-article="" data-nzz-tid="article" data-nzz-referrer="articleLink" data-nzz-article="true" class="container container--article layout--regular"><div id="id-doc-1f0e07b9c0" content="" pagetype="Article" componenttype="header" data-vars-danzz-first-article-element="true" is-new-line-child="true" class="headline"><div class="headline__highlight"><div class="headline__inner headline__inner--highlight"><div class="teaser__flag teaser__flag--content teaser__flag--colored"><div class="teaser__flag teaser__flag--colored teaser__flag--default teaser__flag--default-regular"><span class="teaser__flag--text"> Analyse </span> </div></div> <h1 class="headline__title"> <span>Aryzta weckt das Interesse neuer Investoren</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Die Hoffnung auf einen Turnaround des Backwarenkonzerns wächst. Auch die Jacobs Holding glaubt an Aryzta und ist mit einem Anteil von knapp unter 3% eingestiegen.</p> <div class="progressbar__wrapper"><div class="progressbar"><div class="progressbar__line"><div class="progressbar__line--fill" style="transform:translateX(-100%);"></div></div></div></div> <div class="headline__meta"> <div class="metainfo metainfo--content"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2021-03-11T07:24:21.155Z"> 11.03.2021, 08.24 Uhr </time> </span></div> <div class="headline__meta-extra"><div class="actionbar actionbar--header"> <div class="popover__placeholder"><div></div> <div class="popover popover--header popover--bottom hidden"><div class="popover__container popover--header"><button class="button popover__close"><svg version="1.1" viewBox="0 0 14 14" class="button popover__close-icon svg-icon svg-fill" style="width:12px;height:12px;"><path stroke="#000000" fill="none" pid="0" d="M1 1l12 12M1 13L13 1" _stroke="#000"/></svg></button> <div class="popover__content"><div class="popover__title">Neue Vorlese-Stimmen</div> <div class="popover__desc">Eine verbesserte Vorlesefunktion steht zur Verfügung. Probieren Sie es aus!</div></div></div></div></div>  <div class="actionbar__item actionbar__item--print"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 16" class="svg-icon" style="width:18px;height:16px;"><path stroke="#000000" fill="none" pid="0" fill-rule="evenodd" clip-rule="evenodd" d="M3.5.5v4h11v-4h-11z" _stroke="#000"/><path stroke="#000000" fill="none" pid="1" d="M3.5 12.5H1.8a1.3 1.3 0 01-1.3-1.3V5.8a1.3 1.3 0 011.3-1.3h14.4a1.3 1.3 0 011.3 1.3v5.4a1.3 1.3 0 01-1.3 1.3h-1.7" _stroke="#000"/><path stroke="#000000" fill="none" pid="2" d="M12.5 8.5h-7a2 2 0 00-2 2v3a2 2 0 002 2h7a2 2 0 002-2v-3a2 2 0 00-2-2z" _stroke="#000"/></svg> <span class="actionbar__label">Drucken</span></div></div> <div class="actionbar__item share" style="position:relative;"><div class="contextmenu-closed"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 18" class="svg-icon" style="width:18px;height:18px;"><path stroke="#000000" fill="none" pid="0" d="M10.48 1.18l6.795 6.584-6.794 6.353v-3.796l-.513.013c-2.052.051-3.758.423-5.238 1.2-1.471.773-2.684 1.927-3.785 3.49.565-2.854 1.539-5.138 3.005-6.82 1.467-1.683 3.456-2.8 6.116-3.263l.414-.072V1.181z" _stroke="#000"/></svg> <span class="actionbar__label">Teilen</span></div></div>  <div data-nzz-tid="contextmenu-overlay" class="overlay--container"> </div></div> </div></div></div></div></div><p data-team-paragraph="" id="id-doc-1f0e07eqe0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text">Der Backwarenhersteller Aryzta wird am nächsten Dienstag über den Gang in der ersten Hälfte des Geschäftsjahres 2021 orientieren – und der neue Konzernchef Urs Jordi wird Gutes mitzuteilen haben.</p><div id="id-doc-52029bb4" content="" pagetype="Article" componenttype="barrier" is-new-line-child="true"><div id="paywall_container"></div> <div class="disabled-overlay"><div class="disabled-overlay--show--text"><h3>Optimieren Sie Ihre Browsereinstellungen</h3> <p> Themarket.ch benötigt JavaScript für wichtige Funktionen. Ihr Browser oder Adblocker verhindert dies momentan. </p> <p>Bitte passen Sie die Einstellungen an.</p></div></div></div><div id="id-doc-1595811f" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1f0e07eqh0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Immer noch steckt Aryzta in der Misere, wie der Aktienkurs anzeigt: Die Titel notieren mehr als 95% unter dem im Juli 2014 erreichten Höchst. Verantwortlich für diese Wertvernichtung ist ein langjähriges Führungsversagen.</p><div id="id-doc-1f0e1ll390" content="" pagetype="Article" componenttype="idms-article" is-new-line-child="true" class="articlecomponent idms nzzinteraction"> <iframe style="border:0;width:100%" class="market-iframe" allowfullscreen="false" src="https://themarket.nzz.ch/widgets/instrument/4323836-4-1#market-widget-doc-1f0e1ll390" id="market-widget-doc-1f0e1ll390"> </iframe> </div><p data-team-paragraph="" id="id-doc-1f0e07eqj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Im vergangenen Jahr kam es aber endlich zu den Veränderungen, die es erlaubt haben, die Perspektiven für den Hersteller von Tiefkühlbackwaren neu einzuschätzen. Revoltierende Aktionäre zwangen erst den irischen VR-Präsidenten Gary McGann zum ruhmlosen Abgang durch die Hintertür, etwas später musste Kevin Toland als CEO gehen. Bei ihrem jeweiligen Amtsantritt war die Lage schon verfahren gewesen – die beiden hatten dem Niedergang aber auch nichts entgegenzusetzen und sahen den letzten Ausweg darin, Aryzta zum Tiefpreis von einer Private-Equity-Gesellschaft übernehmen zu lassen.</p><h2 data-team-subtitle="" id="id-doc-1f0e2qbp90" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Der nötige Führungswechsel</span></h2><figure id="id-doc-1f0e1n2uo0" content="" pagetype="Article" componenttype="image" is-new-line-child="true" class="articlecomponent image image--right nzzinteraction" style="position:relative;"><div data-nzz-tid="image-placeholder" itemscope="itemscope" itemtype="http://schema.org/ImageObject" itemid="https://img.themarket.ch/2021/3/10/bfc06d8b-a854-4187-a06b-43155a55d952.jpeg?width=1200&height=1200&fit=crop&quality=75&auto=webp" class="image-placeholder image__placeholder" style="padding-bottom:100%;"><img alt="Hoffnungsträger Urs Jordi" data-nzz-tid="article-image" width="300" height="300" src="https://img.themarket.ch/2021/3/10/bfc06d8b-a854-4187-a06b-43155a55d952.jpeg?width=480&height=480&fit=bounds&quality=75&auto=webp&crop=300,300,x0,y0" loading="eager" srcset="https://img.themarket.ch/2021/3/10/bfc06d8b-a854-4187-a06b-43155a55d952.jpeg?width=240&height=240&fit=bounds&quality=75&auto=webp&crop=300,300,x0,y0 240w, https://img.themarket.ch/2021/3/10/bfc06d8b-a854-4187-a06b-43155a55d952.jpeg?width=480&height=480&fit=bounds&quality=75&auto=webp&crop=300,300,x0,y0 480w" class="image-placeholder__image" style="cursor:pointer;transform:scale(1);">  </div> <figcaption class="articlecomponent__description"> <div class="image-description image-description--small"><h2 data-nzz-tid="image-description-caption" data-team-image-caption="true" class="image-description__caption">Hoffnungsträger Urs Jordi</h2> <div class="image-description__author image-description__author--small"><span data-nzz-tid="image-description-author" class="image-description__author-single">Bild: ZVG</span></div></div></figcaption> </figure><p data-team-paragraph="" id="id-doc-1f0e07eql0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Stattdessen wurde nun der Verwaltungsrat in zwei Schritten weitgehend erneuert und professionalisiert. Jordi, in früheren Jahren bereits einmal Europa- und Asien-Pazifik-Chef von Aryzta, hat an einer ausserordentlichen Generalversammlung im letzten September als Verwaltungsratspräsident das Kommando im Konzern übernommen, im November hat er dazu auf interimistischer Basis das Amt als CEO angetreten.</p><p data-team-paragraph="" id="id-doc-1f0e07eqn0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der neue Konzernchef hat umgehend auch unbequeme Massnahmen in die Wege geleitet, so ist der komfortabel entlohnte Europachef Gregory Sklikas im Dezember per sofort zurückgetreten.</p><p data-team-paragraph="" id="id-doc-1f0e07eqp0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zudem nennt Jordi die Dinge beim Namen. Dies bezeugt seine Aussage an der Baader Helvea Swiss Equities Conference von Mitte Januar: Am virtuell durchgeführten Investorenanlass hat er abermals auf die «übermässige Verschuldung» von Aryzta hingewiesen und unterstrichen, dass sie reduziert werden müsse.</p><h2 data-team-subtitle="" id="id-doc-1f0e2dfq90" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Ein Umdenken im Konzern</span></h2><p data-team-paragraph="" id="id-doc-1f0e07eqs0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Per Ende des Geschäftsjahres 2020, das im Juli schloss, sass der Backwarenkonzern auf Nettoschulden von 1 Mrd. € oder dem 3,7-Fachen des Betriebsgewinns auf Stufe Ebitda. Darin sind die Hybridanleihen, die inklusive aufgelaufener Zinsen zuletzt 926 Mio. € ausmachten, nicht einmal inbegriffen.</p><p data-team-paragraph="" id="id-doc-1f0e07equ0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ein zentrales Mittel zur Schuldenreduktion soll der Verkauf von Unternehmensteilen bilden. Im Vordergrund steht die Veräusserung des Nordamerikageschäfts, das noch 42% zum Gruppenumsatz beiträgt, sowie des Brasiliengeschäfts – damit macht die neue Führung unter Jordi einen Schritt, den das alte Management stets abgelehnt hatte.</p><p data-team-paragraph="" id="id-doc-1f0e07er00" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Aus den Veräusserungen will Jordi erklärtermassen 600 bis 800 Mio. € lösen – was vielen Marktteilnehmern gerade mit Blick auf das obere Ende der Spanne zu optimistisch erscheint. Am Investorenanlass von Baader Helvea hat Aryztas Chef allerdings einmal mehr betont, es gebe ein «hohes Interesse» an den zum Verkauf stehenden Teilen.</p><h2 data-team-subtitle="" id="id-doc-1f0e2fklf0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Rund achtzig Anfragen</span></h2><p data-team-paragraph="" id="id-doc-1f0e07er20" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Damit wird er nicht übertrieben haben. Nach Informationen von The Market hat der Backwarenkonzern schon vor der Ausschreibung des Nord- und des Lateinamerikageschäfts von rund zwanzig Parteien Interessenbekundungen für einzelne Unternehmensteile erhalten. Seit im November die Investmentbanken Houlihan Lokey und Alantra als Finanzberater ernannt worden sind und der Verkaufsprozess gestartet ist, sollen etwa achtzig Rückmeldungen oder Anfragen eingegangen sein, von industriellen Interessenten und Finanzgesellschaften.</p><p data-team-paragraph="" id="id-doc-1f0e9vko00" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Jordi will erklärtermassen bis zum Ende des Geschäftsjahres 2021, also bis Juli, bekanntgeben können, an wen das Nordamerikageschäft veräussert wird; aus seiner Sicht wäre es ideal, wenn der Unternehmensteil mit insgesamt neunzehn Produktionsstandorten in den USA und Kanada von einem einzigen Käufer übernommen würde. Für das Lateinamerika- resp. Brasiliengeschäft dürfte der Verkaufsprozess länger dauern. </p><p data-team-paragraph="" id="id-doc-1f0e07er40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zu hören ist notabene, dass das Nordamerikageschäft – das in der Vergangenheit mit kostspieligen Übernahmen stark ausgebaut worden war, aber lange an Schwindsucht litt – sich in den letzten Monaten des vergangenen Jahres zügiger als erwartet erholt hat.</p><div id="id-doc-1f0ecl0er0" content="" pagetype="Article" componenttype="q-embed" is-new-line-child="true" class="articlecomponent q-embed widget--qembed nzzinteraction"><div></div></div><p data-team-paragraph="" id="id-doc-1f0e07er60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dank diesen Faktoren – dem grossen Interesse an den zu veräussernden Unternehmensteilen sowie der kolportierten Verbesserung in Nordamerika – sollte sich der angestrebte Verkaufserlös tatsächlich erreichen lassen.</p><h2 data-team-subtitle="" id="id-doc-1f0e2h3c10" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Vorher und nachher</span></h2><p data-team-paragraph="" id="id-doc-1f0e07er80" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die neue Aryzta-Crew hat zudem umgehend nach Antritt ein erhebliches Sparpotenzial geortet. So will Jordi die Gemeinkosten (Overhead) um 25% reduzieren. Das bedeutet, dass relativ schnell Kosten bis zu 30 Mio. € eingespart werden sollen – auch da zeigt sich der Unterschied zwischen alter und neuer Führung: Während sich das vorherige Topmanagement auf eine mehrschichtige, umständliche Führungsstruktur abstützte, vertraut das neue auf eine schlanke Organisation und kurze Entscheidungswege.</p><p data-team-paragraph="" id="id-doc-1f0e07erb0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Für das Unternehmen markiert der Wechsel von der zuvor stark irisch geprägten Führungscrew zur neuen um VR-Präsident und CEO Jordi eine Gezeitenwende. Nach den Umstrukturierungen wird Aryzta ein auf Europa und einige Standorte in Asien-Pazifik konzentrierter Hersteller von Tiefkühlbackwaren sein, schlank und dezentral geführt.</p><h2 data-team-subtitle="" id="id-doc-1f0e2hhnh0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Neues Investoreninteresse</span></h2><p data-team-paragraph="" id="id-doc-1f0e07erd0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Aufseiten der Investoren scheint man zusehends zu merken, dass sich die Vorzeichen für die Anlagebeurteilung von Aryzta geändert haben.</p><p data-team-paragraph="" id="id-doc-1f0e07erf0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">So hat der 3V Invest Swiss Small & Mid Cap Fund im Dezember und Januar eine Position in Aryzta aufgebaut. Fondsmanager Martin Lehmann hat <a target="_blank" href="https://themarket.ch/interview/cembra-money-bank-ist-unser-reopening-trade-ld.3781">im Interview mit The Market</a> ausgeführt, man habe ein längeres Gespräch mit Jordi geführt, und der neue Aryzta-Chef habe gut aufzeigen können, «wie sich relativ einfach viele überflüssige Kosten aus dem Konzern herausnehmen lassen». Zudem glaubt Lehmann, dass es gelingen sollte, das Nordamerikageschäft «bald zu einem vergleichsweise guten Preis zu verkaufen».</p><p data-team-paragraph="" id="id-doc-1f0e07erh0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dagegen hat die aktivistische Beteiligungsgesellschaft Veraison ihren Anteil an Aryzta abgestossen. Sie hat mit dem Grossaktionär Cobas eine zentrale Rolle gespielt beim Führungswechsel und Urs Jordi als neuen VR-Präsidenten portiert, gegen Gary McGann, der dem Druck weichen musste. Zwar hat Veraison in der kurzen Zeit ihres Engagements – sie war erst im März 2020 eingestiegen und hatte ihren Anteil in der Folge auf knapp 10% erhöht – einen Anlageerfolg von über 100% erzielt, dies gemäss eigenen Angaben. Warum sie dann so rasch ausgestiegen ist, bleibt aber schleierhaft.</p><p data-team-paragraph="" id="id-doc-1f0e07erj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Am 5. Januar hat die Beteiligungsgesellschaft bekanntgegeben, sie habe in den letzten Dezembertagen 2020 rund 4% an Aryzta in zwei unterschiedlichen Blocktrades an zwei Schweizer Family Offices verkauft.</p><h2 data-team-subtitle="" id="id-doc-1f0e2i4ov0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Jacobs Holding kauft</span></h2><p data-team-paragraph="" id="id-doc-1f0e07erp0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">The Market hat nun den Namen eines der Family Offices erfahren: Wie zuverlässige Quellen bestätigen, hat Veraison einen Teil ihres Aryzta-Aktienpakets im Dezember an die Jacobs Holding verkauft. Die von Klaus J. Jacobs gegründete Beteiligungsgesellschaft, die unter anderem für die Jacobs Stiftung gut 40% am Kakao- und Schokoladeproduzenten Barry Callebaut hält, investiert vor allem in marktführende und nicht zyklische Unternehmen. Sie bevorzugt nach eigenen Angaben «cashgenerative Geschäftsmodelle» – das sollte Aryzta nach der Umstrukturierung und der Sanierung wieder bieten können.</p><p data-team-paragraph="" id="id-doc-1f0e07ers0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dem Vernehmen nach hält die Jacobs Holding an Aryzta zurzeit 2,9% – was knapp unter der meldepflichtigen 3%-Schwelle liegt. Die Beteiligungsgesellschaft soll interessiert sein, ihren Anteil am Backwarenhersteller kräftig auszubauen.</p><p data-team-paragraph="" id="id-doc-1f0e07eru0" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction">The Market hält die Aktien von Aryzta aufgrund des Führungswechsels ebenfalls für kaufenswert. 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_fill="#000"/></svg></a></li></ul> <div class="sharebox__line"></div></div> </div><section id="id-doc-1f0e07b9e0" content="" pagetype="Article" componenttype="moreToSubject" is-new-line-child="true" class="pageelement pageelement--moretosubject nzzinteraction"><div class="pageelement__inner"> <div class="widget__row widget__row--noBorder"><div data-team-more-to-subject class="widget--articlelist-a"><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_3197" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/aryzta-elliots-kaufangebot-duerfte-am-mittwoch-nicht-mehr-gueltig-sein-ld.3197" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Aryzta: Elliots Kaufangebot wird am Mittwoch nicht mehr gültig sein" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2020/12/7/ba4f8c96-bc25-4da7-b519-c5dd76a54ffe.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3467,2600,x224,y0 160w, https://img.themarket.ch/2020/12/7/ba4f8c96-bc25-4da7-b519-c5dd76a54ffe.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3467,2600,x224,y0 320w, https://img.themarket.ch/2020/12/7/ba4f8c96-bc25-4da7-b519-c5dd76a54ffe.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3467,2600,x224,y0 120w, https://img.themarket.ch/2020/12/7/ba4f8c96-bc25-4da7-b519-c5dd76a54ffe.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3467,2600,x224,y0 240w" width="3467" height="2600" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/aryzta-elliots-kaufangebot-duerfte-am-mittwoch-nicht-mehr-gueltig-sein-ld.3197" data-nzz-referrer="articleTeaser" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Aryzta: Elliots Kaufangebot wird am Mittwoch nicht mehr gültig sein</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Private-Equity-Gesellschaft gibt dem Backwarenhersteller bis Dienstag Mitternacht Zeit, um ihre Angebotsbedingungen zu erfüllen. Aryztas Verwaltungsrat wird diese Frist voraussichtlich verstreichen lassen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span> <time class="metainfo__item metainfo__item--date">07.12.2020</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_2910" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/aryzta-kann-jetzt-offerten-fuer-das-us-geschaeft-pruefen-ld.2910" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Aryzta kann jetzt Offerten für das US-Geschäft prüfen" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2020/10/26/c46b1231-83ad-4179-a2c9-3e1c4f31c978.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=2841,2131,x177,y0 160w, https://img.themarket.ch/2020/10/26/c46b1231-83ad-4179-a2c9-3e1c4f31c978.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=2841,2131,x177,y0 320w, https://img.themarket.ch/2020/10/26/c46b1231-83ad-4179-a2c9-3e1c4f31c978.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=2841,2131,x177,y0 120w, https://img.themarket.ch/2020/10/26/c46b1231-83ad-4179-a2c9-3e1c4f31c978.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2841,2131,x177,y0 240w" width="2841" height="2131" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/aryzta-kann-jetzt-offerten-fuer-das-us-geschaeft-pruefen-ld.2910" data-nzz-referrer="articleTeaser" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--1">  <span class="teaser__title-name">Aryzta kann jetzt Offerten für das US-Geschäft prüfen</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Angebote von George Weston und Rich’s lassen darauf hoffen, dass der Backwarenkonzern bis zu 800 Mio. $ für sein US-Geschäft lösen kann. Die Aryzta-Aktien sind nun empfehlenswert.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span> <time class="metainfo__item metainfo__item--date">26.10.2020</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_2688" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/aryzta-neue-crew-kann-sich-an-turnaround-machen-ld.2688" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Aryzta: Neue Crew kann sich an Turnaround machen" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2020/9/16/530fb54d-63a5-4d5a-a89e-1227baf10b1d.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=4480,3360,x0,y1680 160w, https://img.themarket.ch/2020/9/16/530fb54d-63a5-4d5a-a89e-1227baf10b1d.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=4480,3360,x0,y1680 320w, https://img.themarket.ch/2020/9/16/530fb54d-63a5-4d5a-a89e-1227baf10b1d.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=4480,3360,x0,y1680 120w, https://img.themarket.ch/2020/9/16/530fb54d-63a5-4d5a-a89e-1227baf10b1d.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4480,3360,x0,y1680 240w" width="4480" height="3360" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/aryzta-neue-crew-kann-sich-an-turnaround-machen-ld.2688" data-nzz-referrer="articleTeaser" ordinal-number="3" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--2">  <span class="teaser__title-name">Aryzta: Neue Crew kann sich an Turnaround machen</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">An der GV des Backwarenkonzerns haben die oppositionellen Aktionäre ihre Anträge durchgebracht. Das eröffnet Chancen, obwohl Übernahmefantasien einen Dämpfer erhalten haben.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span> <time class="metainfo__item metainfo__item--date">16.09.2020</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article></div></div></div></section></section> <div class="cve articlepromobox"></div>   </div></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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{layout:"default",data:[{data:{content:[{id:"doc-1f0e07b9c0",data:{_leadDirective:{highlightedTextRanges:{"38":{end:55,text:"Backwarenkonzerns",start:38}}}},content:{lead:aW,title:t,author:j},identifier:aX,component:"header",prevElement:a,nextElement:d,firstContentElement:c},{id:"doc-1f0e07eqe0",content:{text:"Der Backwarenhersteller Aryzta wird am nächsten Dienstag über den Gang in der ersten Hälfte des Geschäftsjahres 2021 orientieren – und der neue Konzernchef Urs Jordi wird Gutes mitzuteilen haben."},identifier:d,component:g,prevElement:aX,nextElement:ar},{id:"doc-52029bb4",identifier:ar,prevElement:d,nextElement:as},{id:"doc-1595811f",identifier:as,paidContent:c,prevElement:ar,nextElement:d},{id:"doc-1f0e07eqh0",content:{text:"Immer noch steckt Aryzta in der Misere, wie der Aktienkurs anzeigt: Die Titel notieren mehr als 95% unter dem im Juli 2014 erreichten Höchst. Verantwortlich für diese Wertvernichtung ist ein langjähriges Führungsversagen."},identifier:d,component:g,paidContent:c,prevElement:as,nextElement:at},{id:"doc-1f0e1ll390",content:{idms:{params:{url:"https%3A%2F%2Fthemarket.nzz.ch%2Fwidgets%2Finstrument%2F4323836-4-1",name:"Aryzta N"},service:"idms"}},identifier:at,component:"idms-article",paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07eqj0",data:{},content:{text:"Im vergangenen Jahr kam es aber endlich zu den Veränderungen, die es erlaubt haben, die Perspektiven für den Hersteller von Tiefkühlbackwaren neu einzuschätzen. Revoltierende Aktionäre zwangen erst den irischen VR-Präsidenten Gary McGann zum ruhmlosen Abgang durch die Hintertür, etwas später musste Kevin Toland als CEO gehen. Bei ihrem jeweiligen Amtsantritt war die Lage schon verfahren gewesen – die beiden hatten dem Niedergang aber auch nichts entgegenzusetzen und sahen den letzten Ausweg darin, Aryzta zum Tiefpreis von einer Private-Equity-Gesellschaft übernehmen zu lassen."},identifier:d,component:g,paidContent:c,prevElement:at,nextElement:h},{id:"doc-1f0e2qbp90",content:{title:"Der nötige Führungswechsel",id:"subtitle-der-n-tige-f-hrungswechsel"},identifier:h,component:w,contentTable:b,paidContent:c,prevElement:d,nextElement:au},{id:aY,data:{_authorDirective:{highlightedTextRanges:{"6":{end:9,text:"ZVG",start:6}}}},styles:{position:"image--right"},content:{image:{url:"https:\u002F\u002Fimg.themarket.ch\u002F2021\u002F3\u002F10\u002Fbfc06d8b-a854-4187-a06b-43155a55d952.jpeg?width=1024&quality=75&auto=webp",width:aZ,height:aZ,mediaId:"H2FQzurSoyia",mimeType:x,originalUrl:"https:\u002F\u002Fimg.themarket.ch\u002F2021\u002F3\u002F10\u002Fbfc06d8b-a854-4187-a06b-43155a55d952.jpeg",imageService:a_,key:"2021\u002F3\u002F10\u002Fbfc06d8b-a854-4187-a06b-43155a55d952.jpeg"},author:av,caption:aw},identifier:au,component:"image",paidContent:c,prevElement:h,nextElement:d},{id:"doc-1f0e07eql0",content:{text:"Stattdessen wurde nun der Verwaltungsrat in zwei Schritten weitgehend erneuert und professionalisiert. Jordi, in früheren Jahren bereits einmal Europa- und Asien-Pazifik-Chef von Aryzta, hat an einer ausserordentlichen Generalversammlung im letzten September als Verwaltungsratspräsident das Kommando im Konzern übernommen, im November hat er dazu auf interimistischer Basis das Amt als CEO angetreten."},identifier:d,component:g,paidContent:c,prevElement:au,nextElement:d},{id:"doc-1f0e07eqn0",data:{},content:{text:"Der neue Konzernchef hat umgehend auch unbequeme Massnahmen in die Wege geleitet, so ist der komfortabel entlohnte Europachef Gregory Sklikas im Dezember per sofort zurückgetreten."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07eqp0",data:{},content:{text:"Zudem nennt Jordi die Dinge beim Namen. Dies bezeugt seine Aussage an der Baader Helvea Swiss Equities Conference von Mitte Januar: Am virtuell durchgeführten Investorenanlass hat er abermals auf die «übermässige Verschuldung» von Aryzta hingewiesen und unterstrichen, dass sie reduziert werden müsse."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:h},{id:"doc-1f0e2dfq90",content:{title:"Ein Umdenken im Konzern",id:"subtitle-ein-umdenken-im-konzern"},identifier:h,component:w,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07eqs0",content:{text:"Per Ende des Geschäftsjahres 2020, das im Juli schloss, sass der Backwarenkonzern auf Nettoschulden von 1 Mrd. € oder dem 3,7-Fachen des Betriebsgewinns auf Stufe Ebitda. Darin sind die Hybridanleihen, die inklusive aufgelaufener Zinsen zuletzt 926 Mio. € ausmachten, nicht einmal inbegriffen."},identifier:d,component:g,paidContent:c,prevElement:h,nextElement:d},{id:"doc-1f0e07equ0",data:{},content:{text:"Ein zentrales Mittel zur Schuldenreduktion soll der Verkauf von Unternehmensteilen bilden. Im Vordergrund steht die Veräusserung des Nordamerikageschäfts, das noch 42% zum Gruppenumsatz beiträgt, sowie des Brasiliengeschäfts – damit macht die neue Führung unter Jordi einen Schritt, den das alte Management stets abgelehnt hatte."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07er00",data:{},content:{text:"Aus den Veräusserungen will Jordi erklärtermassen 600 bis 800 Mio. € lösen – was vielen Marktteilnehmern gerade mit Blick auf das obere Ende der Spanne zu optimistisch erscheint. Am Investorenanlass von Baader Helvea hat Aryztas Chef allerdings einmal mehr betont, es gebe ein «hohes Interesse» an den zum Verkauf stehenden Teilen."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:h},{id:"doc-1f0e2fklf0",content:{title:"Rund achtzig Anfragen",id:"subtitle-rund-achtzig-anfragen"},identifier:h,component:w,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07er20",data:{},content:{text:"Damit wird er nicht übertrieben haben. Nach Informationen von The Market hat der Backwarenkonzern schon vor der Ausschreibung des Nord- und des Lateinamerikageschäfts von rund zwanzig Parteien Interessenbekundungen für einzelne Unternehmensteile erhalten. Seit im November die Investmentbanken Houlihan Lokey und Alantra als Finanzberater ernannt worden sind und der Verkaufsprozess gestartet ist, sollen etwa achtzig Rückmeldungen oder Anfragen eingegangen sein, von industriellen Interessenten und Finanzgesellschaften."},identifier:d,component:g,paidContent:c,prevElement:h,nextElement:d},{id:"doc-1f0e9vko00",data:{},content:{text:"Jordi will erklärtermassen bis zum Ende des Geschäftsjahres 2021, also bis Juli, bekanntgeben können, an wen das Nordamerikageschäft veräussert wird; aus seiner Sicht wäre es ideal, wenn der Unternehmensteil mit insgesamt neunzehn Produktionsstandorten in den USA und Kanada von einem einzigen Käufer übernommen würde. Für das Lateinamerika- resp. Brasiliengeschäft dürfte der Verkaufsprozess länger dauern. "},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07er40",content:{text:"Zu hören ist notabene, dass das Nordamerikageschäft – das in der Vergangenheit mit kostspieligen Übernahmen stark ausgebaut worden war, aber lange an Schwindsucht litt – sich in den letzten Monaten des vergangenen Jahres zügiger als erwartet erholt hat."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:ax},{id:"doc-1f0ecl0er0",content:{"q-embed":{params:{id:a$,toolRuntimeConfig:{displayOptions:{size:"basic"}},size:ba},service:"q-tool"},html:"\u003Cdiv class=\"s-q-item q-chart\" style=\"opacity: 0;\" id=\"q_chart_ae97c2ea566c6ee154e51723cdd8644e804cad08\"\u003E\n \n \u003Ch3 class=\"s-q-item__title\"\u003ELanger Umsatzschwund in Nordamerika\u003C\u002Fh3\u003E\n\n\n \u003Cdiv class=\"s-legend-icon-label\"\u003E\n \u003Cdiv class=\"s-legend-item-label__item\" style=\"color: #374e8e;\"\u003E\n \u003Cdiv class=\"s-legend-item-label__item__icon 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Antritt ein erhebliches Sparpotenzial geortet. So will Jordi die Gemeinkosten (Overhead) um 25% reduzieren. Das bedeutet, dass relativ schnell Kosten bis zu 30 Mio. € eingespart werden sollen – auch da zeigt sich der Unterschied zwischen alter und neuer Führung: Während sich das vorherige Topmanagement auf eine mehrschichtige, umständliche Führungsstruktur abstützte, vertraut das neue auf eine schlanke Organisation und kurze Entscheidungswege."},identifier:d,component:g,paidContent:c,prevElement:h,nextElement:d},{id:"doc-1f0e07erb0",content:{text:"Für das Unternehmen markiert der Wechsel von der zuvor stark irisch geprägten Führungscrew zur neuen um VR-Präsident und CEO Jordi eine Gezeitenwende. Nach den Umstrukturierungen wird Aryzta ein auf Europa und einige Standorte in Asien-Pazifik konzentrierter Hersteller von Tiefkühlbackwaren sein, schlank und dezentral geführt."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:h},{id:"doc-1f0e2hhnh0",content:{title:"Neues Investoreninteresse",id:"subtitle-neues-investoreninteresse"},identifier:h,component:w,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07erd0",content:{text:"Aufseiten der Investoren scheint man zusehends zu merken, dass sich die Vorzeichen für die Anlagebeurteilung von Aryzta geändert haben."},identifier:d,component:g,paidContent:c,prevElement:h,nextElement:d},{id:"doc-1f0e07erf0",data:{},content:{text:"So hat der 3V Invest Swiss Small & Mid Cap Fund im Dezember und Januar eine Position in Aryzta aufgebaut. Fondsmanager Martin Lehmann hat \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Finterview\u002Fcembra-money-bank-ist-unser-reopening-trade-ld.3781\"\u003Eim Interview mit The Market\u003C\u002Fa\u003E ausgeführt, man habe ein längeres Gespräch mit Jordi geführt, und der neue Aryzta-Chef habe gut aufzeigen können, «wie sich relativ einfach viele überflüssige Kosten aus dem Konzern herausnehmen lassen». Zudem glaubt Lehmann, dass es gelingen sollte, das Nordamerikageschäft «bald zu einem vergleichsweise guten Preis zu verkaufen»."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07erh0",data:{},content:{text:"Dagegen hat die aktivistische Beteiligungsgesellschaft Veraison ihren Anteil an Aryzta abgestossen. Sie hat mit dem Grossaktionär Cobas eine zentrale Rolle gespielt beim Führungswechsel und Urs Jordi als neuen VR-Präsidenten portiert, gegen Gary McGann, der dem Druck weichen musste. Zwar hat Veraison in der kurzen Zeit ihres Engagements – sie war erst im März 2020 eingestiegen und hatte ihren Anteil in der Folge auf knapp 10% erhöht – einen Anlageerfolg von über 100% erzielt, dies gemäss eigenen Angaben. Warum sie dann so rasch ausgestiegen ist, bleibt aber schleierhaft."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07erj0",data:{},content:{text:"Am 5. Januar hat die Beteiligungsgesellschaft bekanntgegeben, sie habe in den letzten Dezembertagen 2020 rund 4% an Aryzta in zwei unterschiedlichen Blocktrades an zwei Schweizer Family Offices verkauft."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:h},{id:"doc-1f0e2i4ov0",data:{},content:{title:"Jacobs Holding kauft",id:"subtitle-jacobs-holding-kauft"},identifier:h,component:w,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07erp0",data:{},content:{text:"The Market hat nun den Namen eines der Family Offices erfahren: Wie zuverlässige Quellen bestätigen, hat Veraison einen Teil ihres Aryzta-Aktienpakets im Dezember an die Jacobs Holding verkauft. Die von Klaus J. Jacobs gegründete Beteiligungsgesellschaft, die unter anderem für die Jacobs Stiftung gut 40% am Kakao- und Schokoladeproduzenten Barry Callebaut hält, investiert vor allem in marktführende und nicht zyklische Unternehmen. Sie bevorzugt nach eigenen Angaben «cashgenerative Geschäftsmodelle» – das sollte Aryzta nach der Umstrukturierung und der Sanierung wieder bieten können."},identifier:d,component:g,paidContent:c,prevElement:h,nextElement:d},{id:"doc-1f0e07ers0",content:{text:"Dem Vernehmen nach hält die Jacobs Holding an Aryzta zurzeit 2,9% – was knapp unter der meldepflichtigen 3%-Schwelle liegt. Die Beteiligungsgesellschaft soll interessiert sein, ihren Anteil am Backwarenhersteller kräftig auszubauen."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f0e07eru0",data:{},content:{text:"The Market hält die Aktien von Aryzta aufgrund des Führungswechsels ebenfalls für kaufenswert. Solche Turnaroundsituationen sind zwar mit höheren Risiken behaftet, aber bieten den Investoren jeweils grosses Aufholpotenzial."},identifier:d,component:g,paidContent:c,prevElement:d,nextElement:ay,lastContentElement:c},{id:"doc-1f0e07b9d1",identifier:ay,component:"sharebox",paidContent:c,prevElement:d,nextElement:bd},{id:"doc-1f0e07b9e0",containers:{"moreToSubject-area":[{id:"doc-1f0e0q0b90",content:{"link-box-embed":{params:{type:az,layout:[l,aA,aB,aC,aD,J,K,L],mediaId:3197},service:aE},article:{metadata:{contentTypeGroup:y,flag:k,significantUpdate:b,language:{groupId:"4CK6faQ7X226",label:M,locale:q},title:"Aryzta: Elliots Kaufangebot wird am Mittwoch nicht mehr gültig 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Auch die Jacobs Holding glaubt an Aryzta und ist mit einem Anteil von knapp unter 3% eingestiegen.","classification=default,language=de-CH","themarket","https:\u002F\u002Fthemarket.ch","Article","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","Die Hoffnung auf einen Turnaround des Backwarenkonzerns wächst. Auch die Jacobs Holding glaubt an Aryzta und ist mit einem Anteil von knapp unter 3% eingestiegen.","judi.header","doc-1f0e1n2uo0",300,"fastly","6e4d9b2212af59f507ce3da0b97cafcd","content","remote","inline","judi.moreToSubject","2020-12-07T20:23:34.287Z","Die Private-Equity-Gesellschaft gibt dem Backwarenhersteller bis Dienstag Mitternacht Zeit, um ihre Angebotsbedingungen zu erfüllen. Aryztas Verwaltungsrat wird diese Frist voraussichtlich verstreichen lassen.",3915,"ld.3197","2020-10-26T11:55:41.403Z","Angebote von George Weston und Rich’s lassen darauf hoffen, dass der Backwarenkonzern bis zu 800 Mio. $ für sein US-Geschäft lösen kann. Die Aryzta-Aktien sind nun empfehlenswert.",3196,"ld.2910","An der GV des Backwarenkonzerns haben die oppositionellen Aktionäre ihre Anträge durchgebracht. Das eröffnet Chancen, obwohl Übernahmefantasien einen Dämpfer erhalten haben.","ld.2688",{},{},"CH","MKT",100,{},"Aryzta weckt das Interesse neuer Investoren,Analyse,Analyse, Finanznachrichten, The Market",{},"redaktion@themarket.ch","2025 The Market Media AG, Schweiz","index, follow, noarchive, noodp, max-snippet:-1, max-image-preview:large, max-video-preview:-1",{},Array(0),"de","Wed, 26 Feb 2025 08:51:52 GMT",{},"doc-1cujumg810","doc-1cujumg830","subscription","doc-1cujumohi0","doc-1dkgfp6c00","Abonnemente","doc-1e9b0hpst0","Probeabo abgelaufen","showForTrialExpired mobnavOnly","doc-1cv5t47ce0","showForTrial mobnavOnly","doc-1d5mqh1t80","Newsletter","https:\u002F\u002Fabo.themarket.ch\u002Fnewsletter\u002F","doc-1d0n745un0","doc-1e4qr0dfc0","Neueste 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