Business Briefs, 06/13: Wendy's selling Arby's; Saabs to be built in China
The marriage of square burgers and roast beef sandwiches is about to end.</p> </p><p> Wendy’s/Arby’s Group said Monday that it will sell a majority stake in its struggling Arby’s brand to a group led by Roark Capital Group, the Atlanta private equity firm. The move marks the end of a short-lived union between the two fast-food chains, and represents a role reversal. Arby’s started as the suitor in the relationship, and ended up on the chopping block.</p> </p><p> The announcement comes less than five months after Wendy’s/Arby’s Group, which is also based in Atlanta, said it was putting Arby’s up for sale. Last month, CEO Roland Smith told analysts that he had seen “several quality bidders” for Arby’s, and that they had all done “significant due diligence.”</p> </p><p> Roark will pay $130 million in cash for an 81.5 percent stake in Arby’s, and will also assume $190 million worth of Arby’s debt. Roark already owns Moe’s Southwest Grill, Cinnabon, and other restaurants.</p> </p><p> Wendy’s/Arby’s Group will keep an 18.5 percent stake in Arby’s, and will change its name after the deal goes through. Spokesman Bob Bertini said the company is considering different options, and the new name will include the word “Wendy’s.”</p> </p><p><strong>Saabs to be built in China </strong><br /> Saab-owner Spyker Cars NV on Monday announced a $351 million) deal with two Chinese auto companies to distribute and manufacture Saab cars in China. The nonbinding agreement with Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. is the latest attempt by Spyker to turn around the loss-making brand it bought from General Motors last year.</p> </p><p> Under the deal, which needs regulatory approval, Youngman will invest (euro) 136 million for a 29.9 percent interest in Spyker and stakes in two joint ventures being formed to distribute and make Saab cars in China.</p> </p><p> In addition, Pang Da will increase its investment in Spyker to (euro) 109 million from a previously agreed (euro) 65 million to retain a 24 percent stake in the company.</p> </p><p> Spyker CEO Victor Muller said the new agreement “significantly strengthens Saab’s financial position and would secure the mid and long term financing of Saab Automobile,” which has struggled to pay suppliers in recent months, resulting in production stoppages at its plant in western Sweden.</p> </p><p> An entry into the Chinese market could help Spyker toward its goal to increase production to about 100,000 Saab cars a year, but so far the company has failed to meet targets. In 2010, Saab sold just under 32,000 cars, below its initial goal of 45,000.</p> </p><p><strong>Carnival sees more impact of global conflict, fuel</strong><br /> Cruise operator Carnival says it expects the impacts of Middle East and North Africa conflict and the earthquake and nuclear disaster in Japan to cost the company an extra 15 cents per share in the second half of this year. The Miami company said Monday that higher fuel prices will cost an additional 5 cents per share in the same period. </p> </p><p> In March, Carnival Corp. said it expected earnings of 20 cents to 24 cents per share for the second quarter which ended last month. It forecast full-year earnings of $2.55 to $2.65 per share. </p> </p><p>The company will release second-quarter results and an updated full-year guidance on June 21.</p> </p><p><strong>Aetna buys Genworth Financial business for $290 million</strong><br /> Health insurer Aetna will buy the Medicare supplement business of Genworth Financial for about $290 million. The Hartford, Conn., company says the deal for Continental Life Insurance Co. of Brentwood, Tenn., includes some accident and health insurance business like cancer coverage. It also includes coverage for funeral services and other final expenses. Aetna expects to close the deal in the fourth quarter.</p> </p><p> Medicare supplement insurance covers deductibles, co-payments and other expenses not covered by Medicare, the federal health insurance program for the elderly and disabled. Aetna has about 10,000 Medicare supplement customers and will add Continental Life’s roughly 145,000 members.</p> </p><p> Genworth says it will record a gain of about $35 million tied to the sale.</p> </p><p><strong>CEO leaves Beazer Homes</strong><br /> The CEO at Beazer Homes has left the company about three months after agreeing to give back $6.5 million in bonuses and profits from the sale of company stock as part of an agreement with federal regulators.<br /> Ian McCarthy returned the money that he had accrued during a time when investigators said the company was committing accounting fraud. He acknowledged no wrongdoing.</p> </p><p> Chief Financial Officer Allan Merrill will take over, the company said Monday, but gave no reason for the change.
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