The Omaha billionaire said he didn’t vote against Coca-Cola’s controversial pay plan even though he disagreed with it, for fear of sending a wrong signal about the CEO. That’s an odd message to convey. It doesn’t mean Coke shouldn’t hear what its largest owner is saying, though.
Foreign capital inflows are supporting a housing bubble in London, and have helped push up sterling - even though the UK’s trade position is almost dire. An unbalanced economy is getting worse. As pre-crisis emerging markets learned, this is a problem with no easy solution.
The Chinese pork producer is slashing its offering to as little as $1.3 billion. But its reluctance to cut the share price won’t tempt investors turned off by the fat valuation. With an overhang of private equity shareholders and a hefty debt burden the IPO remains a tough sell.
The pharma M&A machine, working with hedgie Bill Ackman, thinks it can cut $2.7 bln of costs from the Botox maker. At Valeant’s single-digit tax rate, that’s worth nearly $25 bln. And that’s just the start of potential benefits. The deal would add up with a much bigger premium.
The English soccer club fired David Moyes, hapless successor to star manager Alex Ferguson, after one awful season. But the drama has an upside. Turmoil at the top of the game sustains fan and sponsor interest. As one of football’s biggest brands, United should benefit.
The sacking of China Resources’ chairman will worry other state company bosses. But shareholders in Chinese groups have less to fear from government crackdowns on powerful individuals than the culture of treating outside investors as an afterthought. This remains unaddressed.
The Canadian giant is reportedly considering a $33 bln deal with Newmont. Barrick’s outgoing chairman said “hubris” drove past deals. Ex-Goldmanite John Thornton, who takes the chair next month, faces a big hurdle in convincing shareholders this won’t be another value-destroyer.