Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge. Follow Richard on Twitter @richardbeales1
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Several shareholders object to the $180 bln drinks giant’s equity pay plan. Some want the chairman and CEO jobs split. Nearly a quarter dissed top executives’ comp last year. With the stock underperforming, it’s no wonder investors are grouchy ahead of Wednesday’s annual meeting.
Agitators usually take a stake in a company and then try to make something happen. Bill Ackman has instead teamed up with Valeant Pharmaceuticals to grab a 9.7 pct interest in $40 bln-plus Allergan, with a hostile takeover ready for deployment. It’s a potent battlefield tactic.
As global regulators hunt for future systemic risks, BlackRock argues that individual investment vehicles, especially leveraged ones, are the danger – not the firms that run them. That’s self-serving for the $4.3 trln asset manager, but also makes sense and fits with history.
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