Took the new dark roast for a test drive this morning, yum, yum. After reading the latest news the flavor isn’t quite the same.
News that Burger King is merging with Canada’s biggest and most iconic coffee chain is being hailed by big business and politicians as a win for the company and country. But for many Tim Hortons employees at regional offices, distribution centres and manufacturing facilities, the blockbuster deal could see them out of a job.
3G Capital, the big investment fund that owns Burger King and will become the majority owner of a joint Tim Hortons/Burger King company (see chart), has made a “commitment to Canada” as part of the bid. It includes a pledge of “no changes to restaurant-level employment” among other promises.
Synergies are difficult to talk about because they mean nasty things like job losses,” CIBC World Markets analyst Perry Caicco said in a note to clients. “But the new company’s own presentation mentions an opportunity for significant synergies.”