Aug. 9th, 2015

Gimme Credit's Dave Novosel quoted here 

 "We can safely assume that Mr. Ackman is not on board to campaign for additional Oreo flavors," writes debt analyst Dave Novosel, in a report to clients of Gimme Credit LLC. "Mr. Ackman is reportedly keen on cost-cutting." 

The company announced $3 billion in cost cuts in 2013, but earnings (before interest, taxes, depreciation ) "are not any better than they were three years ago," Novosel writes. And debt leverage ratios are up, "because share repurchases have far exceeded free cash flow," even as Mondelez seeks to downlay merger, restructuring and write-off expenses.

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