合并和收购可能在2016年到目前为止都放缓，但专家已经确认这一点doesn't necessarily signal a downturn in activityfor the industry. The capital is available, interest rates are low, and multiples, while lower than recent years, are still favorable for sellers.
It's all about who’s going to pull the trigger next asindustry consolidation和interest in startups继续。
"You're starting to see big companies making big acquisitions — lots of money and all in line with the evolving consumer trends that they need to be focused on," said Lou Biscotti, partner and head of the food and beverage practice at WeiserMazars. "I think it's very healthy for the companies, the economy and the consumer."
With just over four months left in the year, these four combinations have hit analysts' and Food Dive's radars as potential deals for the future.
General Mills and Hain Celestial
Hain Celestial has been at the center of much takeover speculation, particularly since its natural and organic counterpartWhiteWave Foods accepted a $12.5 billion takeover bid from Danonelast month. While Hain's potential suitors run the gamut, the most likely suitor may be General Mills, said Biscotti.
In recent years, General Mills has actively pursued integrating better-for-you products into its portfolio. That includes安妮（Annie）的收购，通过其启动投资301 Inc. platform和overhauls of its own brands, with moves likeremoving artificial ingredients from its cereals和改造其酸奶产品组合。
With Hain as a leader in the natural and organic food and beverage space, its portfolio could fit well into General Mills’ plans for the future. Hain’s stock may also be undervalued at the moment, Biscotti said. This gives General Mills leeway with offering a multiple that would be affordable while attractive enough to Hain shareholders.
After20 consecutive quarters of double-digit sales growth，Hain的收入增长在今年早些时候的两个季度中持续了高位。hitting 13% again in fiscal Q3 2016。这种收入增长将受到通用磨坊的欢迎，该磨坊报道了6% sales decline in fiscal 2016和2015财年的2％下跌。
Kraft Heinz and Kellogg
In July, Kellogg's在猜测收购方面飙升的股票by Kraft Heinz or Coca-Cola. Though analysts have sincedispelled those rumors, a Kraft Heinz-Kellogg takeover may not be so farfetched.
The Kraft Heinz-Kellogg takeover rumor emerged when intrepid watchers tracked private planes from Battle Creek, MI, where Kellogg has its headquarters, to Chicago, where Kraft Heinz has its headquarters. CNBC confirmed at the time that no takeover talks were ongoing.
Kraft Heinz co-owners Berkshire Hathaway and 3G Capital have not shied away from growth and profitability opportunities, and Kraft Heinz exemplifies the level of profitability these financial giants can achieve in food and beverage. Earlier this month, Kraft Heinz announced it hadquadrupled pro forma profitsyear over year afteridentifying opportunities for synergies,reducing costs和slashing the size of its workforce。
Since late 2013, Kellogg hasembarked on its own aggressive cost-cutting efforts, including zero-based budgeting and Project K. The company has since shut down or announcedthe closure of several plantswith the intent to "better align our manufacturing assets with marketplace trends and customer requirements," Kellogg spokesperson Kris Charles said in a statement earlier this month.
As a result, Kellogg’s net income soared 26% and operating profit increased 9.1%, allowing Kellogg to提高全年EPS指导in the most recently reported quarter. That kind of profitability could be tantalizing to 3G and Berkshire.
But profitability aside, Kraft Heinz may see an opportunity in Kellogg's portfolio. Kelloggwas already among targets named for potential acquisitionby Berkshire and 3G before they announced they would merge Heinz with Kraft in March 2015.
如果Kraft Heinz寻求多样化，Kellogg可以访问Kraft Heinz目前不占主导地位的许多类别，例如谷物和小吃。收购凯洛格（Kellogg）将使卡夫·海因兹（Kraft Heinz）与像通用磨坊（General Mills）这样的公司更具竞争力，后者在这两个类别中都有很强的业务。
卡夫亨氏和康纳格拉
In July, ConAgra confirmed it wasmoving forward with the Lamb Weston spinoffthe company firstannounced last November, despite short-lived speculation in June thatLamb Weston could merge with Post。Also, over the past year, ConAgra has pursued an aggressive overhaul of its business model, ranging from divestments ofprivate-label brandsSpiceTec和JM Swanktosteep job cuts以及芝加哥的新总部。
"Without Lamb Weston, (does ConAgra) become more of an acquisition candidate at this point? I think so," said Biscotti. "They definitely are making moves possibly to head in that direction."
在羔羊韦斯顿（Weston）衍生产品和Conagra较小版本及其消费品牌之间，两家公司都可以是收购目标。今天更加专注的是a much more attractive target for buyersthan when it had a more unwieldy structure just a year or so ago followingmany years of rapid acquisitive growth。
卡夫·海因兹（Kraft Heinz）在这里也很有意义。Conagra提供了许多中央商店的杂货和冷冻品牌，可以扩大Kraft Heinz的投资组合。同时，Conagra Brands可能与Kraft Heinz已经建立存在的杂货类别是协同的。
此外，与通用米尔斯，坎贝尔和雀巢等公司相比they may not have to。A study published in BMJ Open earlier this year found that Americans on average stillconsume about 58% of their total daily calories from "ultra-processed" foods, which primarily comprise both companies' portfolios.
"Think about some of (ConAgra's) brands — they’re not in line with some of the healthier for you (trends)," said Biscotti. "If you think about companies selling off their brands and their divisions, what is the ultimate goal? I think the goal would be to increase profitability and possibly posture themselves for a sale."
Hershey and Mondelez
Hershey may havequickly shut down Mondelez’s $23 billion takeover offer今年早些时候，但这并没有阻止猜测这笔交易仍然可能发生。Mondelez可能会以另一个更具吸引力的出价返回。
未来竞标成功的关键也是好时信托基金会的变化，包括与宾夕法尼亚州总检察长定居last month, which will likely end in a shakeup of the trust's board. The trust controls 81% of Hershey’s voting power, so with a new board and a new offer from Mondelez — or any other buyer — a Hershey sale could have a different outcome.
但是，信托不是唯一涉及的政党。米尔顿·赫尔希（Milton Hershey）学校是好时信托基金（Hershey Trust）的受益人，这可能认为任何决定都可能不符合该机构的最大利益。对好时信托的监督权的总检察长，如果他或她认为这笔交易可能会对当地经济产生负面影响，他也可以介入。
Biscotti说：“对于某人来说，根据物流，所有权结构以及围绕信托的所有事物而获得好时将非常困难。”“这是一家肯定已经成熟的收购公司，但是由于障碍，这将非常困难。”
If Mondelez does return with a sweeter offer, and Hershey shareholders consider the bid to be favorable, they could take action, Biscotti said. They could bring a shareholder suit against the company, saying Hershey did not respond appropriately to the bid.
比斯科蒂说：“这里的复杂程度巨大。”“这很可惜，因为有了蒙德勒斯，它将结合世界上（两家领先的）巧克力公司。该品牌的统一将是一家非常强大的公司。”
The "A Balancing Act" series is brought to you by BMO Harris Bank, a leader in commercial banking. To learn more about their Food & Beverage expertise, visit their website这里。BMO Harris Bank has no influence over Food Dive's coverage.
