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Mar 30, 2015

Exclusive: Fidelity moves to end DuPont proxy battle – sources

NEW YORK (Reuters) – Fidelity Investments, a major investor in DuPont (DD.N: Quote, Profile, Research, Stock Buzz), has put pressure on activist fund Trian Fund Management LP and the chemical conglomerate to reach a settlement in what it sees as a detrimental proxy fight, according to people close to the matter.

Fidelity, whose 2.5 percent stake makes it DuPont’s sixth largest shareholder, has not publicly revealed what sort of compromise it was seeking. Yet its unusual intervention as peacemaker could influence other mutual fund investors in DuPont and pre-empt what could be this year’s biggest battle over board representation.

Mar 30, 2015

Fidelity moves to end DuPont proxy battle-sources

NEW YORK, March 30 (Reuters) – Fidelity Investments, a major
investor in DuPont, has put pressure on activist fund
Trian Fund Management LP and the chemical conglomerate to reach
a settlement in what it sees as a detrimental proxy fight,
according to people close to the matter.

Fidelity, whose 2.5 percent stake makes it DuPont’s sixth
largest shareholder, has not publicly revealed what sort of
compromise it was seeking. Yet its unusual intervention as
peacemaker could influence other mutual fund investors in DuPont
and pre-empt what could be this year’s biggest battle over board
representation.

Mar 20, 2015

Many US boards lack vision, just tick boxes in search for women directors

NEW YORK, March 20 (Reuters) – Linda Hudson, former CEO of
the U.S. arm of British defense company BAE Systems Plc, is
among the women that boards call on when they are looking for a
female director. In the past two years, she has been approached
about 18 times, but the retired executive turns down most of the
approaches, she said.

The demand for the 64-year-old Hudson underscores an issue
women directors are noticing: companies may be talking about how
they want to have more diverse boards but a lot aren’t putting
in the effort needed to make it happen. This is reflected in the
many requests women already on boards get to join more, while
those who are qualified but haven’t yet tasted life as a
director get none.

Mar 12, 2015

Exclusive: TIAA-CREF joins ‘proxy access’ push with letter to top holdings

NEW YORK/BOSTON (Reuters) – TIAA-CREF, one of the largest U.S. assets managers, is asking the top 100 companies in which it invests to make it easier for shareholders to nominate board candidates, according to sources close to the matter.

TIAA-CREF joins Vanguard Group and BlackRock Inc in backing a reform that is gaining traction ahead of the spring proxy season as investors seek greater influence. At issue is shareholders’ ability to get their candidates listed on company ballots, alongside management’s candidates.

Mar 2, 2015

NXP to buy Freescale Semiconductor, merge operations in $40 billion deal

NEW YORK (Reuters) – Chip maker NXP Semiconductors NV (NXPI.O: Quote, Profile, Research, Stock Buzz) has agreed to buy smaller peer Freescale Semiconductor Ltd (FSL.N: Quote, Profile, Research, Stock Buzz) and merge operations in a deal valuing the combined company at over $40 billion.

The deal, announced by the pair late on Sunday and first reported by Reuters, will make the business the industry leader within the auto and industrial semiconductor markets.

Mar 1, 2015

NXP nears deal for Freescale Semiconductor -sources

March 1 (Reuters) – NXP Semiconductors NV is close
to a deal to acquire smaller peer Freescale Semiconductor Ltd
in a $40 billion cash and stock merger that will reshape
the semiconductor industry, according to two people familiar
with the matter.

Such a deal would represent the clearest sign yet that
semiconductor companies are regaining the confidence required to
pursue big mergers at a time when their major clients, such as
mobile phone manufacturers, seek to consolidate suppliers.

Mar 1, 2015

Exclusive: NXP Semiconductors nears deal for Freescale Semiconductor – sources

By Nadia Damouni

(Reuters) – NXP Semiconductors NV is close to a deal to acquire smaller peer Freescale Semiconductor Ltd in a $40 billion cash and stock merger that will reshape the semiconductor industry, according to two people familiar with the matter.

Such a deal would represent the clearest sign yet that semiconductor companies are regaining the confidence required to pursue big mergers at a time when their major clients, such as mobile phone manufacturers, seek to consolidate suppliers.

Feb 27, 2015

EMC to hold on to VMware stake – sources

NEW YORK (Reuters) – EMC Corp (EMC.N: Quote, Profile, Research) has decided against spinning off its majority stake in VMware Inc (VMW.N: Quote, Profile, Research) after reviewing the idea over the last several months following pressure from activist investor Elliott Management Corp, three sources close to the matter said.

Elliott, which owns a 2.2 percent stake in EMC, had called on the Boston-based data storage company to spin off its VMware stake last year as part of a wider public campaign. Last month, Elliott agreed to refrain from agitating against EMC for eight months in exchange for adding two new independent directors on the company’s board.

Feb 27, 2015

Exclusive: EMC to hold on to VMware stake – sources

NEW YORK (Reuters) – EMC Corp (EMC.N: Quote, Profile, Research, Stock Buzz) has decided against spinning off its majority stake in VMware Inc (VMW.N: Quote, Profile, Research, Stock Buzz) after reviewing the idea over the last several months following pressure from activist investor Elliott Management Corp, three sources close to the matter said.

Elliott, which owns a 2.2 percent stake in EMC, had called on the Boston-based data storage company to spin off its VMware stake last year as part of a wider public campaign. Last month, Elliott agreed to refrain from agitating against EMC for eight months in exchange for adding two new independent directors on the company’s board.

Feb 20, 2015

Drugmaker Valeant close to buying Salix: source

NEW YORK (Reuters) – Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz) is close to a deal to acquire bowel drug maker Salix Pharmaceuticals Ltd (SLXP.O: Quote, Profile, Research, Stock Buzz) for around $160 per share, according to a person directly familiar with the matter.

An agreement could come as early as next week, the source said on Friday, who requested not to be identified as the matter is confidential.