Funky fund IPO puts premium on Goldman factor 21 Sep 2021 Petershill, which owns stakes in buyout groups and hedge funds sourced by the Wall Street firm, is targeting a value up to $5.9 bln. That’s much more than the value of its assets, and closer to a listed investment manager. Investors are placing their faith in Goldman’s contacts.
Universal offers Bill Ackman chart-topping returns 14 Sep 2021 Vivendi, run by Vincent Bolloré, is listing Taylor Swift’s label shortly after selling a stake to the hedgie. Rapid streaming growth and better margins than rival Warner make a valuation of 47 bln euros plausible. That would net a return of over 30% for Ackman’s Pershing Square.
Elliott returns to haunt backsliding Citrix 9 Sep 2021 The investor sold out in 2020. Since then, the enterprise-software group's shares have slipped 25% despite a pandemic tailwind. Now Elliott is back with a stake worth more than $1 bln and a similar list of gripes. If it worked once, the rare activist double-dip could work again.
TCI does good work as conflicted trains M&A broker 8 Sep 2021 Chris Hohn’s fund wants Canadian National to drop its bid for Kansas City Southern and leave the floor to Canadian Pacific. An investor who owns stakes in both bidders is not an impartial mediator. But Hohn is right to try to stop a tussle that will lead to the victor overpaying.
Fund investor’s IPO depends on Goldman connections 6 Sep 2021 Petershill, which buys stakes in buyout and hedge fund managers, is planning a $5 bln listing. It’s a punt on the enduring boom in alternative assets. It also depends on whether the Wall Street firm, which manages the portfolio, keeps finding attractive new firms to invest in.
Ackman’s SPAC inconveniences everyone 20 Aug 2021 The hedge fund manager aimed to have the biggest and most shareholder-friendly blank-check firm. After a deal setback and a lawsuit, he’s hoping to return $4 bln to investors early. His novel ideas have become a burden for them, for him, for regulators and even for other SPACs.
German property deal rejig risks messy stalemate 6 Aug 2021 Landlord Vonovia got the nod from regulators to submit a new $23 bln offer for peer Deutsche Wohnen. Its last bid was scuppered by hedgies hoping for a higher price. A skimpy premium means it may still not get enough shares to take full control, leading to a lengthy standoff.
Credit Suisse’s Archegos albatross is hard to dump 29 Jul 2021 A clampdown on risk after the lender lost $5.5 billion on Bill Hwang’s fund contributed to outflows of client assets and lower investment-bank revenue. And a review of the sorry saga found deep cultural failings. That complicates Chair António Horta-Osório’s efforts to move on.
Capital Calls: Bank mergers, GlaxoSmithKline 28 Jul 2021 Concise views on global finance: U.S. lender Citizens helps make the case for consolidation with its $3.5 billion acquisition of New Jersey-based Investors Bancorp. A pandemic drug bounty may help the UK pharma group’s CEO Emma Walmsley see off activist Elliott.
Capital Calls: Grill makers cook their IPOs rare 27 Jul 2021 Concise views on global finance: Weber and Traeger set conservative prices for their market debuts, leaving something on the table for new investors.
Hedgie stumble takes German M&A to surreal heights 26 Jul 2021 Investors sank landlord Vonovia’s $21 bln Deutsche Wohnen offer, even though they wanted it to succeed. Too many sat on the shares, hoping for a fatter payout courtesy of Berlin’s odd takeover rules. While the deal may be salvageable, it’s a clear sign of the need for reform.
Ackman music SPAC flop makes second album trickier 19 Jul 2021 The billionaire’s $4 bln blank-cheque vehicle will seek a new deal after U.S. regulators questioned its purchase of 10% of Universal Music. The false start could put off future targets. For all its investor-friendly features, the vehicle’s backers may end up singing the blues.
Elliott’s GSK shot tests sickly CEO’s immunity 1 Jul 2021 The activist fund wants the $98 bln drugmaker to conduct a formal search for a new boss before spinning off its consumer unit. That’s a challenge to Emma Walmsley, who plans to remain in charge. A long wait until the next shareholder vote buys time to strengthen her defences.
Bolloré and Ackman will beat the Vivendi activists 15 Jun 2021 Agitators including Dan Loeb own stakes in the French tycoon’s conglomerate. A messy plan to list most of music label Universal, while selling 10% on the cheap to Bill Ackman’s SPAC, gives them plenty to aim at. But Vincent Bolloré’s near-30% control means he has the upper hand.
Ackman SPAC falls flat with Universal denouement 4 Jun 2021 After sniffing at Airbnb and Bloomberg, the billionaire’s blank-cheque firm may instead buy 10% of the music label for $4 bln. It’s a fair price but Universal was going public anyway. And Bill Ackman’s “Tontard” acolytes could get it cheaper simply by buying its parent, Vivendi.
BlackRock’s green activism fires on some cylinders 2 Jun 2021 The $9 trln asset manager voted with a hedge fund against Exxon Mobil and for tougher emissions targets at Chevron. That’s progress. Still, its voting record with other oil majors like Royal Dutch Shell suggests it sometimes gives polluters a pat rather than the required shove.
Capital Calls: Klarna, Dan Loeb, Fashion IPO 28 May 2021 Concise views on global finance: The Swedish “buy now, pay later” group’s possible $50 bln price tag may leapfrog rivals Afterpay and Affirm; the corporate agitator deserves a taste of his own medicine; About You’s mooted 3 bln euro valuation implies a discount to rivals.
FirstGroup rebels may rue waiting for the next bus 25 May 2021 Two shareholders of the UK transport operator may vote against a $4.6 bln sale of its U.S. businesses to EQT. While no knockout, the price looks fair given the lack of other certain offers. A delay could destabilise the company when it needs to focus on opportunities at home.
Capital Calls: Disney misses the mark 13 May 2021 Concise views on global finance: Walt Disney reported nearly 104 million subscribers for its streaming flagship service.
Credit Suisse’s safer future poses returns dilemma 22 Apr 2021 The Swiss bank is raising $2 bln of capital and clamping down on risk. It’s the right move following recent blowups. But it undermines CEO Thomas Gottstein’s strategy to boost growth and returns. A major rethink under incoming Chair António Horta-Osório is even more urgent.