Aryzta ~6%
The announcement of the sale of the North American business confirms that the change in the management team was a turning point in the history of Aryzta (XSWX:ARYN, Financial), as referred to in our letter from the third quarter of last year. This sale will allow the company to have a simpler strategy and focus on optimising the best businesses: Europe and Asia where they create the most value. Over the coming months, as there are increasing vaccina-tions in its main markets in Europe, the reopening of the economy is expected to lead to a recovery in sales and margins due to increased sales to hotels and restaurants.
From Francisco Garcia Parames (Trades, Portfolio)' Cobas Asset Management first-quarter 2021 shareholder letter.
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