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Vincent Bolloré shores up Vivendi activist defence

15 February 2019

The French billionaire treats the media group like a family hedge fund. The latest instance is a new share buyback that allows the tycoon to boost his control without personally coughing up a penny. Any activist that wants to improve governance will have to move quickly.

Ryanair CEO’s 100 mln euro bonus is within reach

15 February 2019

That’s how much Michael O’Leary stands to gain if he doubles the budget airline’s net profit or share price by 2024. Falling fares and strikes make the target look a stretch. But if Ryanair hits its 200 mln passenger goal while keeping costs down, the sky’s the limit for rewards.

P&G offers roadmap for new Colgate CEO

12 February 2019

Noel Wallace takes over with the $57 bln soap and toothpaste maker a stock-market laggard in recent years. Though he’s a Colgate veteran, he needs fresh ideas to boost market share. Activist Nelson Peltz has stirred P&G into action. Wallace could follow his competitor’s lead.

Bank of Italy attack shows growing radical bravado

12 February 2019

Government leaders vowed to overhaul the central bank’s board, citing past bank failures. The intervention looks like political swagger as rivalry within the League and 5-Star coalition gets fiercer. Existing rules should shield the regulator, but other institutions are at risk.

Nissan’s post-Ghosn journey starts in reverse

12 February 2019

The $33 bln Japanese carmaker cut its operating profit forecast in the first results posted since ousting Chairman Carlos Ghosn. Declining profitability underscores the importance of deeper cost-sharing with partner Renault. But alliance tensions suggest pessimism is warranted.

Just Eat could prove a tasty M&A morsel

11 February 2019

The 4.9 bln pound UK food-delivery group is leaderless and faces an activist investor. It could keep investing in its delivery services to fend off Uber, but peers like Takeaway.com and Delivery Hero are doing the same. Just Eat’s cut-price valuation could force the board’s hand.

Apple departure points to wider mystery

6 February 2019

Retail chief Angela Ahrendts was one of the firm’s best-paid executives. Was she worth it? It’s impossible to know, because Apple doesn’t say how its stores are doing. It’s one of several important data points the company holds back. Opacity weighs on Apple’s valuation.

Hyperactive Elliott leaves Arconic in disarray

6 February 2019

The parts maker has a new CEO - its fourth since Paul Singer’s hedge fund first invested in 2015. The activist pushed out ex-boss Klaus Kleinfeld, helped pick most directors and backed a failed buyout by Apollo. Its minority stake has made it a force for agitation, not stability.

Trump World Bank pick would be fox in the henhouse

5 February 2019

The U.S. president is set to nominate David Malpass to lead the global lender. He’s skeptical of multilateralism and of closer ties to China. A challenger for the job – usually America’s choice – hasn’t yet emerged. Some World Bank priorities, like climate change, could fade.

Barclays’ activist investor faces moment of truth

5 February 2019

Edward Bramson has nominated himself to join the UK bank’s board. Barclays shares are down by a quarter since he disclosed a 5.5 pct stake; his listed vehicle has lost more. But shifting the lender’s strategy requires winning over regulators and directors as well as shareholders.

Bill Gross sends last missive on bonds – and fees

4 February 2019

The Pimco co-founder is leaving Janus Henderson, where he managed money in less-than-stellar style since 2014. He’s entitled to retire, but the move follows the end of a decades-long bull run for bonds and underscores the decline of funds which charge too much for their returns.

New-look Ryanair follows familiar flight path

4 February 2019

The budget airline will split into four units overseen by CEO Michael O’Leary. The changes, including a replacement for Chairman David Bonderman, look encouraging. But given that O’Leary will remain in charge and large-scale acquisitions are unlikely, they are mostly cosmetic.

Deutsche Bank reprieve is only temporary

1 February 2019

The German lender’s first net annual profit in four years and plans for bigger cost cuts are welcome. But revenue fell, partly because its trading business did worse than U.S. peers in the final quarter. CEO Christian Sewing needs top-line growth to deliver even mediocre returns.

Tesla CFO exit news is flashback to bad old days

31 January 2019

The electric-car maker’s new board chair and directors may be helping to tone down CEO Elon Musk’s overwrought promises and tweets. But his decision to wait until the end of an earnings call to disclose that Tesla’s finance chief is leaving shows Musk remains firmly at the wheel.

Nomura’s messy quarter begs for faster tidy-up

31 January 2019

An estimated $120 mln fee from SoftBank bolstered the broker’s earnings but failed to offset abysmal performance across wholesale, retail and asset management divisions. Job cuts and improved incentives are steps in the right direction, but thin padding against tough markets.

Howard Schultz’s D.C. ambition may burn Starbucks

28 January 2019

The former coffee chain chief is mulling a White House run. Democrats worried that would help President Donald Trump called for a Starbucks boycott. Schultz’s pro-China views could help sales there, but that’s one more reason his candidacy could backfire on the firm’s homefront.

Chinese markets may wait longer for bold changes

28 January 2019

The head of the nation’s securities regulator was replaced over the weekend. Liu Shiyu was more pragmatic than ambitious, an approach that achieved mixed results. His successor, ICBC Chairman Yi Huiman, hardly seems like the type to take big steps like reforming the IPO process.

Downbeat Davos is still short on introspection

25 January 2019

Corporate and political leaders in the Swiss resort fretted about slowing economies, angry citizens, and clashes over technology. The gloom contrasted with last year’s misplaced optimism. Yet delegates remain bafflingly confident about their ability to predict what’s next.

BlueMountain is tardy with PG&E activism

24 January 2019

The hedge fund firm wants to oust the California utility’s directors, who are heading toward bankruptcy. It has a point: The hit from wildfires is not yet defined, and PG&E has stumbled in other ways. But BlueMountain is running out of time to rouse bigger, longer-term owners.