Here are the stories that caught our eye this week.
General Motors’ Venezuela troubles
Amid the largest protests to hit the socialist nation in decades, Venezuela’s government is still up to its old dirty tricks.
President Nicolas Maduro’s government seized a General Motors (NYSE:GM) plant in Valencia, along with assets inside the facility. The company announced it was immediately ceasing all production from the plant and pulling out of the country completely. There are close to 3,000 GM employees and 79 dealers and suppliers in the nation.
Weetabix sold
China-based Bright Foods has agreed to sell Weetabix cereal to Post Holdings (NYSE:POST), which is the United States’ third-largest cereal company after Kellogg and General Mills. Weetabix will join other Post brands such as Alpha-Bits and Raisin Bran in the portfolio.
Post paid $1.8 billion for the brand, which reportedly attracted several other bidders including Nestle and General Mills. Post shares fell more than 2% for the week.
Amazon’s retail aspirations
Fresh after Amazon.com Inc. (NASDAQ:AMZN) reportedly mulled a bid for struggling grocer Whole Foods, unnamed sources say the online retailer is considering a bid for BJ’s Wholesale Club. Perhaps the company really is serious about expanding into bricks and mortar retail.
BJ’s was taken private six years ago by a private equity firm. The company was reportedly considering an IPO, but the idea was scrapped because of worries about the retail sector. CVC Capital Partners, the chain’s owners, will switch gears and try to sell the company instead.
