TheStreet.com's Jim Cramer says the exchange rate plus massive undervaluations make the great brands prime targets. There's always been a groupthink in Europe about currencies. The companies that want to buy American companies have, at times, seemed to care more about the currency, or at least not buying a company in a country whose currency is in decline, than they care about the actual target.
That's what it looks like now that a large German company and now a large Italian company have decided to start splurging. It is no coincidence that
Deutsche Tel (NYSE:
DT) (
Cramer's Take) and Finmeccanica are exploring
Sprint (NYSE:
S) (
Cramer's Take) and
DRS (NYSE:
DRS) (
Cramer's Take). These companies are selling for something like 40% off for those bearing euros, and neither potential acquirer has debt problems or subprime issues, so the deals don't have big borrowing problems.
That's what I am thinking about when I see the better-than-expected figures today from
Unilever (NYSE:
UL) (
Cramer's Take) and the other day from Nestle. These companies are part of that same groupthink. They are looking, no doubt, at a
Heinz (NYSE:
HNZ) (
Cramer's Take) and thinking, "Wait, that's about a $10 billion company that's a global leader."
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Why do we have a weak dollar?
