Cempaka Belanda: Sara Lee should mull spin-off

"A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) - (Text version)

"The Timing of the Great Shift" – Mar 21, 2009 (Kryon channelled by Lee Carroll) - (Text version)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.
They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."

"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)

"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

“… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …”

Friday, December 11, 2009

Sara Lee should mull spin-off - analyst

Reuters, by Brad Dorfman, Thu Dec 10, 2009 1:45pm EST

CHICAGO, Dec 10 (Reuters) - Sara Lee Corp (SLE.N) would be wise to split the company to strip out fixed liabilities from recent divestitures and rebase its existing operations, like coffee and baked goods, outside the United States, a former company executive and industry analyst said.

Tim Ramey, a former vice president of strategy and corporate development at Sara Lee who left the company in 2002, is now an analyst at investment banking and brokerage D.A. Davidson.

After speaking with Sara Lee management this week, Ramey said Sara Lee was likely to clear up its financial reporting to give investors a better idea of what the company is worth after years of job cuts and unit divestitures.

Sara Lee should move all those "legacy liabilities and some assets to fund them in one division and report it separately rather than buried within the ongoing operations of Sara Lee," Ramey, said in a report to clients.

"One hundred percent, they will do that," Ramey said during an interview.

But Ramey took the idea even further, to say that Sara Lee would do well to spin off a new company to house all of its operating assets.

He said the new company could be housed in the Netherlands, where Sara Lee generates a good amount of profits. Currently, Sara Lee takes a tax hit when it moves the cash earned overseas to the United States to pay for things like pensions, dividends and other expenses.

"This company earns the vast majority of its profits in Europe and has the vast majority of its expenses in the U.S.," Ramey said. He stressed in a research note that the idea of spinning a new company was his and not Sara Lee's.

A source familiar with Sara Lee's thinking on the matter said the company was "looking at ways to provide better transparency and clarity around those numbers" but could not say how that would be accomplished.

LEGACY OF AN OVERHAUL

Since becoming chief executive of Sara Lee in 2005, Brenda Barnes has overseen a massive overhaul of the company, selling off or divesting businesses like apparel maker Hanesbrands Inc (HBI.N) and agreeing to sell its its European personal care products business to Unilever (ULVR.L) for $1.87 billion. The company is also trying to sell its household products business.

That overhaul, which has also included job cuts, has left Sara Lee with fixed liabilities, such as pension expenses, that the company will only need to pay out for a certain period of time, Ramey said.

The fixed pension liabilities should be valued at their present value and not as an ongoing part of the company's operations, which makes the costs weigh more on earnings.

The company's reporting structure has already made it difficult to value Sara Lee, analysts said.

Sara Lee shares have risen 9.2 percent since the beginning of October to $12.16 early Thursday afternoon on the New York Stock Exchange. But the stock still trades at 12.65 estimated current-year earnings, below the 14.9 multiple of the Standard & Poor's packaged food and meat index .15GSPFOOD.

Sara Lee shares have also been pressured by concerns that the company competes in commodity categories like meat and bakery products while its bakery margins are lower than those of some competitors.

In the past, Sara Lee's apparel operations funded its U.S. expenses. The tax issue became bigger for the company after it divested the apparel business.

A Sara Lee spokesman declined to comment on Ramey's report.

(Reporting by Brad Dorfman; Editing by Michele Gershberg and Richard Chang)

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FILE - In this Oct. 26, 2007 file photo, the Procter & Gamble Co. headquarters building is shown in Cincinnati. Procter & Gamble Co. is buying Sara Lee Inc.'s Ambi Pur air freshener business for $320 million euros, or $470 million. The deal is expected to close in fiscal 2010, the companies said Friday, Dec. 11, 2009. AL BEHRMAN, FILE /AP PHOTO