Lobbyists reopen mutual funds’ $2 bln paper cut 21 Sep 2018 That’s what an SEC rule shifting printed and mailed shareholder reports online could save the $19 trln U.S. investment industry. The paper sector is suing to shred the plan, the latest chapter in a saga pitting economic and environmental common sense against D.C. dysfunction.
Investors can get a natural kick out of water 22 Mar 2018 Huge, costly and time-consuming infrastructure projects dominate plans for solving the world’s H2O issues. But nature-based solutions such as restoring forests and soil can yield quicker results for decent returns. They also come with sustainable-investing bragging rights.
WestRock outboxes weak demand with $4.9 bln deal 29 Jan 2018 The U.S. packaging company will close the gap on market leader International Paper by acquiring KapStone. Integration benefits should pay for the deal, and WestRock will gain new West Coast markets. Being bigger offers some insurance against a sluggish market.
HK listing crackdown is warning to Chinese banks 18 Jan 2017 The Hong Kong securities watchdog is cracking down on market misconduct. On Monday the SFC sued UBS, StanChart and others over the 2009 IPO of a troubled Chinese company. Fines and licence freezes are likely. Chinese banks, which now dominate local listings, should pay attention.
New $23 bln woodland monster looks good on paper 9 Nov 2015 Forestry giant Weyerhaeuser is paying a 14 pct premium for Plum Creek, a $7 bln timberland REIT. That’s modest but fair, given $100 mln of expected cost savings and a planned $2.5 bln stock buyback for both sets of owners. Weyerhaeuser’s long transformation looks near complete.
U.S. $16 bln paper deal requires precise folding 26 Jan 2015 Rock-Tenn and MeadWestvaco shareholders will split their combined company evenly, with a balanced board. Investors are already inking in $300 mln of annual cuts, pushing both stocks up. Mergers that look equal, though, can still provoke business and cultural upheaval.
Sino-Forest debt games are bad for creditors 15 Dec 2011 The decision not to pay $10 mln interest may push the scandal-hit Chinese timber firm towards default and a restructuring process. Bond holders are in a weak negotiating position. Most of the assets, if they really exist, are inside China, where it is hard to enforce claims.
Sino-Forest pays high price for valuable lessons 15 Nov 2011 An independent committee cleared the Chinese group of major accounting worries. But $3 billion of lost market value won’t be easily recouped. Sino-Forest could have helped itself with a simpler structure, more disclosure and by focusing on quality as well as speed of growth.
Fix for China stock scandals should start at home 22 Jun 2011 Chinese regulators aren't to blame for the recent spate of accounting shenanigans abroad. But the broad selloff of Chinese stocks shows a few bad apples can spoil investors' confidence in all things made in China. The country's exports and overseas investment could even suffer.
Timber looks like clear-cut winner 12 Jul 2010 U.S. treegrower Weyerhaeuser s conversion to a REIT paying a $5.6 bln dividend along the way should serve the company well. In fact the prospects of the timber sector in general are bright. But longterm investors might do better still owning forests privately.
Weyerhaeuser should split up 24 Mar 2006 The $18bn US forest products firm trades at a substantial discount to the value of its assets. Its stock has lagged peers in recent years. It could create shareholder value by cutting its timber business free.
Timberland not the investment it’s cracked up to be 10 Feb 2006 The success of leading endowments, such as Harvard, has sparked a timber investment boom. Prices now look stretched. Furthermore, in future US timberland is likely to be more correlated with the stock and housing markets than investors currently believe.
PPR’s disposal programme inches forward 24 Apr 2003 Pinault Printemps Redoute s sale of its building materials unit to Wolseley looks like more proof of its ability to clinch tough deals. But PPR is losing its magic touch when it comes to achieving skyhigh prices.