Elliott’s Swiss cookie raid merits activist slap 24 Nov 2020 Paul Singer’s fund made a 733 mln euro bid for debt-laden baker Aryzta. It comes as the Otis Spunkmeyer maker’s soggy valuation may gain from a plan backed by other investors to break it up. The easing pandemic gives shareholders reason to hold out for more.
Corona Capital: Vaccine storage 16 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: Warehouse centers get another boost with Moderna’s vaccine prospects.
Elliott takes power punch to greener pastures 12 Nov 2020 Paul Singer’s fund wants utility Evergy to engage with NextEra, the largest U.S. renewable energy firm. Regulators have frowned upon NextEra’s ambitions. But its valuation helps justify deals without tasking ratepayers. Elliott’s presence might help Evergy get over deal-phobia.
Activists shove Unibail towards chastening Plan B 10 Nov 2020 French mogul Xavier Niel blocked the mall owner’s planned $4 bln rights issue. That’s embarrassing enough for Unibail boss Christophe Cuvillier. But the only realistic way to fix the balance sheet holes from the Westfield acquisition he masterminded is to sell valued U.S. assets.
SoftBank $97 bln cash pot is activist battleground 9 Nov 2020 That’s how much firepower CEO Masayoshi Son reckons his company will have after selling assets. He favours investing in artificial intelligence while pushy investor Elliott might prefer buybacks. Given the $130 bln company’s persistent discount, the latter makes far more sense.
UK manager for the rich makes worthy activist prey 27 Oct 2020 PrimeStone Capital has called for an overhaul at high-end wealth group St James’s Place, citing low returns. The investor’s small stake means CEO Andrew Croft may dismiss the salvo. But bringing costs more in line with rivals could give his $7 bln firm’s grubby valuation a boost.
Corona Capital: Gilead Sciences, Virtual Santa 23 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Remdesivir gets formal approval; Santa goes missing from Macy’s.
Unibail activist riot leaves leaky roof exposed 15 Oct 2020 Telecom mogul Xavier Niel and the mall operator’s former CEO want to block its $4 bln rights issue. Their plan to sell the U.S. business instead would save money but is trickier if Covid-19 persists. Doubling down on Europe also leaves the group more at risk from online shopping.
Comcast investors are almost getting free content 12 Oct 2020 Activist Nelson Peltz thinks the company’s shares are undervalued, and he has a point. The $205 bln firm trades at a discount to focused peers cable pure play Charter and media giant Disney. It suggests boss Brian Roberts could benefit from leading the charge on a breakup.
Dan Loeb sprinkles pixie dust onto Disney’s plans 8 Oct 2020 The activist wants the Magic Kingdom to axe its dividend and direct the annual $3 bln toward its streaming service. The yield is peanuts anyway, and Disney+ is the media giant’s growth engine. Catching up to Netflix requires capital. It’s an easy ask that can make an impact.
Altice’s vexed minorities may have a trump card 5 Oct 2020 Minority investors are livid at Patrick Drahi’s lowball 4.9 bln euro take-private offer for the European telco. On the face of it, the Franco-Israeli billionaire can use his 78% voting rights to steamroller their views. But a new piece of Dutch law may give them the last laugh.
Peltz puts the squeeze on middle-weight money men 2 Oct 2020 The activist’s fund Trian has taken big stakes in investment firms Invesco and Janus and wants to roll them up. Taking on powerhouses like BlackRock requires industry consolidation as low rates and fee pressure bite. Peltz may also benefit from good old-fashioned market timing.
Hong Kong lender tests Elliott’s patience anew 24 Sep 2020 After a long review, $6 bln Bank of East Asia is ready to sell its life insurer. It also promises better cost controls and hints at more deals. Since the pushy hedge fund showed up in 2015, however, the stock price has halved. Perseverance may be less rewarding than in Argentina.
Elliott mixes activism and a buyout, gets poison 22 Sep 2020 Paul Singer’s hedge fund amassed a 15% interest in Cubic, then offered to buy it. The transport and defense tech company responded with a poison pill, understandably on this occasion. Shareholders are hoping for a deal. But Elliott may have played its cards in the wrong order.
Nelson Peltz prods Comcast into a defining moment 22 Sep 2020 The activist’s hedge fund has taken less than 1% of the $204 bln entertainment firm. The small stake plus boss Brian Roberts’ big voting interest give the corporate cage rattler tough odds. Still Comcast, with its mix of pipes and content, leaves room for valuation improvement.
Bolloré pushes ahead in lengthy Berlusconi battle 6 Aug 2020 Thanks to an adverse Spanish court ruling, Mediaset, controlled by the Italian ex-PM’s family, now wants a truce with Vivendi, run by the French financier. The battle of egos and strategy is not fully over. But Bolloré can now help shape the $2 bln TV group’s expansion plans.
Hostile takeover tests Japanese love for free food 27 Jul 2020 Restaurant chain Ootoya rejected a bid from Colowide, saying it would spoil its home-style ethos. The company is hoping its retail investors will remain loyal to the dining coupons they get for holding shares. They would be better off taking the 46% premium, and dining elsewhere.
Corona Capital: Movies, Sports 24 Jul 2020 Concise views on the pandemic’s corporate and financial fallout: Walt Disney is pushing back the highly anticipated movie “Mulan,” with a domino effect for “Avatar” and “Star Wars” sequels; and sport stars are still making it rain when it comes to pay.
Viewsroom: Europe’s big money moment and baijiu 23 Jul 2020 The 750 bln-euro stimulus package agreed to by EU leaders this week was a test of the region’s political resiliency, may be a big deal for the single currency and could lead to more capital markets and M&A activity, EMEA Editor Peter Thal Larsen explains. Plus, a shot of Moutai.
Corona Capital: LatAm pensions, Activism 23 Jul 2020 Concise views on the pandemic’s corporate and financial fallout: Pension reform in Mexico and Chile gets a coronavirus makeover; UK chief executives catch a break during lockdown as the number of activist campaigns collapses.