Pro Analysis

Breakingviews: 3G chews over next big move with side of nugget

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The power behind the Burger King throne wants an extra side of nuggets. Fresh from withdrawing Kraft Heinz's $143 billion bid for Unilever over the weekend, investment firm 3G Capital's restaurant roll-up pounced on fried-chicken chain Popeyes Louisiana Kitchen. Restaurant Brands International is offering $1.8 billion for the maker of the Bonafide Chicken meal, a 27 percent premium to the undisturbed price. The deal gives the Brazilian founders of 3G a savory snack while they settle on another big deal for Kraft Heinz.

The fast-food business has become more challenging over the last several years as newer entrants like Shake Shack and Five Guys and online ordering outlets threaten the market share of traditional drive-throughs. Chains also compete ruthlessly on price. In 2015, for example, Wendy's launched a campaign to offer a bacon cheeseburger, nuggets, fries and a drink for just $4.