Dec 18, 2019

JAB Holdings to merge Jacobs Douwe Egberts with Peet's Coffee

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

JAB Holding plans to merge Dutch coffee giant Jacobs Douwe Egberts with California-based Peet's Coffee, and then IPO the combined company in 2020.

Why it matters: This could create the world's largest publicly-traded coffee roaster. Well, at least in terms of a dedicated company, as its sales remain behind market leader Nestlé.

Details: The IPO could raise upwards of €3 billion in Amsterdam or elsewhere in Europe, per the FT.

Bottom line: "Although coffee bean prices paid to farmers remain depressed because of oversupply, business is booming for companies that roast and package coffee." — Leila Abboud & Arash Massoudi, FT

Go deeper: Investors react to Brazil's plummeting coffee reserves

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Trump hits back at Mattis: "I gave him a new life"

President Trump speaks at the White House. Photo: Doug Mills - Pool/Getty Images

President Trump unloaded on his former defense secretary via Twitter on Wednesday, hours after James Mattis condemned him for making a "mockery of our Constitution" in his response to mass protests in the wake of George Floyd's killing.

What he's saying: "Probably the only thing Barack Obama & I have in common is that we both had the honor of firing Jim Mattis, the world’s most overrated General. I asked for his letter of resignation, & felt great about it. His nickname was 'Chaos', which I didn’t like, & changed it to 'Mad Dog'"

Obama praises young protesters, urges mayors to pursue police reforms

Former President Barack Obama called on all mayors to review their use-of-force policies and commit to policing reform in a virtual town hall Wednesday hosted by the Obama Foundation's My Brothers Keepers Alliance.

Why it matters: Obama has addressed the killing of George Floyd and the nationwide protests that followed on social media and in a Medium post, but this was his first time speaking about the past week's events on camera. His voice will add weight to the growing pressure on local, state and federal officials to pursue policing reforms.

James Mattis condemns Trump as a threat to the Constitution

Mattis on Fox in Septemnber 2019 in New York City. Photo: Steven Ferdman/Getty Images

Former Secretary of Defense James Mattis condemned President Trump for making a "mockery of our Constitution" in a statement to The Atlantic on Wednesday, saying he was "appalled" at the president's response to mass protests in the wake of George Floyd's killing.

Why it matters: Trump’s former defense secretary had refrained from publicly criticizing his former boss since resigning in 2018.