Nelson Peltz

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Frontrunning: February 14





  • Euro-Area Growth Eases Pressure on Draghi for Stimulus (BBG)
  • Germany Beats Growth Estimates With France Amid Recovery (BBG)
  • Argentina revises ‘bogus’ inflation figures (FT)
  • Wells Fargo edges back into subprime as U.S. mortgage market thaws (Reuters)
  • China Banks’ Bad Loans Reach Highest Since Financial Crisis (BBG)
  • Time Warner Cable Deal to Test Comcast CEO's Washington Clout (WSJ)
  • Risky Loans in Europe Banks’ Dark Corners to Be Exposed  (BBG) - yeah, right... sure
  • Gold Extends Climb Above $1,300 as Investors Boost SPDR Holdings (BBG)
  • SEC Takes Steps to Stem Courtroom Defeats (WSJ)
 
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Frontrunning: July 19





  • Detroit ‘Gut Kick’ Poses New Test for Long Suffering City (BBG)
  • Florida lawmakers urge overhaul of 'Stand Your Ground' law (Reuters)
  • Investors pour huge sums into US equity funds (FT)
  • Snowden Standoff Threatens Obama-Putin Moscow Summit (BBG)
  • China, U.S. companies' great hope, now a drag (Reuters)
  • Morgan Stanley stock traders rebuild burned bridges (Reuters)
  • Huawei spied for China, claims ex-CIA head Michael Hayden (FT)
  • Gorilla Flipping Homes as Rebound Revives Rapid Trades (BBG)
  • BRICS joint action at G20 summit may be wishful thinking (Reuters)
 
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Frontrunning: July 18





  • MSM always "ahead" of the curve: Fed’s Messages Raise Volatility in Threat to Profits (BBG)
  • Bernanke Plays Down Link Between Jobless Rate, Fed Moves (WSJ)
  • Draghi to Carney Face Test Backing Guidance on Rates (BBG)
  • House Republicans Vote to Delay Obamcare Mandates (Reuters)
  • China media accuses Japan PM of dangerous politics (Reuters)
  • China will replace America as the leading superpower, global attitudes survey finds (SCMP)
  • Nonqualified mortgages make up as much as $1.5 trillion of the $10 trillion home-loan market (BBG)
  • Dell $24.4 Billion Buyout Plan Is a Nail-Biter as Vote Looms (BBG)
  • Republicans could see more bruising Senate primaries (Reuters)
  • GM delays Chevy Cruze debut by a year (Reuters)
  • Peltz needs support for PepsiCo restructuring dealsa (FT)
  • Sweaty Wall Streeters Skip Booze for Spin-Class Meetings (BBG)
 
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Frontrunning: January 29





  • U.S. Wants Criminal Charges for RBS (WSJ)
  • Bernanke Seen Buying $1.14 Trillion in Assets in 2014 (BBG)
  • Irish banks at mercy of international paymasters (Reuters)
  • Do badly, and we will let you do even worse: Rehn Signals EU May Ease Spain Budget Goal in Austerity Retreat (BBG)
  • Too Soon to Celebrate for Europe's Banks (WSJ)
  • Army says political strife taking Egypt to brink (Reuters)
  • Media Firms Probed on Data Release (WSJ) - No Criminal Charges Seen
  • Japan’s Government Proposes First Spending Cut in 7 Years (BBG)
  • Nazi Goebbels’ Step-Grandchildren Are Hidden Billionaires (BBG)
  • Goldman seeks to reduce China exposure (FT)
  • More than 70% of Chinese airports generate losses (People's Daily)
 
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Frontrunning: December 10





  • Central Banks Ponder Going Beyond Inflation Mandates (BBG)
  • Bloomberg Weighs Making Bid for The Financial Times (NYT)
  • Hedge Funds Fall Out of Love with Equities (FT)
  • Obama and Boehner resume US fiscal cliff talks (FT)
  • Italy Front-Runner Vows Steady Hand (WSJ)
  • Spanish Bailout Caution Grows as Business Lobbies Back Rajoy (BBG)
  • Japan sinks into fresh recession (Reuters)
  • China economic recovery intact, but weak exports drag (Reuters)
  • Greece extends buyback offer to reach target (Reuters)  ... but on Friday they promised it was done
  • Basel Liquidity Rule May Be Watered Down Amid Crisis (BBG) ... just before they are scrapped
  • Irish, Greek Workers Seen Suffering Most in 2013 Amid EU Slump (BBG)
 
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Frontrunning: November 7





  • Obama Wins Re-election With Romney Defeated in Key States (Bloomberg, Reuters)
  • Romney's last, greatest 'turnaround' falls short (Reuters)
  • Control of Congress set to remain split (FT)
  • Republicans to Hold Most Governor Offices Since 2000 (Bloomberg)
  • Economic Unease Looms After Win (WSJ)
  • Storm-lashed New York, New Jersey scramble as weather threatens (Reuters)
  • Democrats Assured of Keeping U.S. Senate Majority (Bloomberg)
  • Greece to vote on austerity, protests intensify (Reuters)
  • France offers businesses €20bn tax break (FT) ... Wait, what?
  • Putin Fires Defense Chief in Rare Move (WSJ)
  • China premier Wen calls for deeper cooperation on disasters (China Daily)
  • China wrestles over democratic reform (FT)
  • Top-Performing Won Threatens to Hurt Korea Export Rebound (Bloomberg)
 
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Frontrunning: August 13





  • Oil hits 3-month high above $114 on supply concern (Reuters)
  • G20 plans response to rising food prices (FT)
  • First centrally planned FX, now real estate - SNB Seen Targeting Bank Capital to Curb Property Boom (Bloomberg)
  • EU hedge funds face pay threat (FT)
  • Euro-Area Crisis Has ‘No Obvious End in Sight,’ BOE’s King Says (Bloomberg)
  • King urged to widen recovery measures (FT)
  • All threats "dwarfed" by Iran nuclear work: Israel PM (Reuters)
  • Obama campaign attacks Romney’s pick (FT)
  • Romney, Ryan hit the road in an energized campaign (Reuters)
  • Yellen Must Show How 12 Fed Opinions Become One Policy (Bloomberg)
 
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Best Buy Pops On Dubious Ex-Chairman $24-$26 Take Over Offer, To Drop Once Market Digest (Lack Of) Details





The company which has lately is best known as Amazon's physical showroom, aka Best Buy, is in play once again, this time on yet another highly dubious speculation of a takeover by the company's founder, Richard Schulze, who has offered to take the company private at $24-26/share. So far so good. The problem: a highly confident letter by Credit Suisse meaning zero fixed financing is in place. Frankly, it is surprising Jefferies did not engage here, because as those who have observed the kinds of "weak" MBO offers as this one will certainly be, "highly confident" financings almost never work out, especially those which assume to refi $1.7 billion in debt for a distressed company. It gets better: Schulze has not even done due diligence for which he is asking the board's permission. Expect the initial pop on the headline to fizzle very quickly the realization that the probability of this deal actually happening is negligible (see every other "highly confident" take over by Trian's Nelson Peltz virtually all of which have fizzled in the past 3 years).

 
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Nelson Peltz Revives "Highly Contingent Letter" Acquisition Gimmick With Family Dollar





After close today, Trian Fund Management, Nelson Peltz' asset management company, filed a 13D indicating the fund had amassed a 10 million (7.9%) share stake in FDO, and more importantly, expressed a vague, preliminary, non-binding and highly-contingent interest in acquiring discount retailer Family Dollar (closing regular hours at $44). As the proposed price indicated in the letter is $55-60, the shares are expectedly surging, meaning the letter alone resulted in nearly a 20% ($13) gain for Peltz 10 million share investment: $130 million for a few minutes worth of work: not bad. Yet is this anything more than a red herring? After all these kinds of fully contingent letters were all the rage during the bubble years, when funds would "express a purchase interest" with so many contingencies Arnold could drive his Hummer through all the "outs." As soon as the stock surged, the letter writer (and more often than not, the cabal of silent co-investors) would cash out, and slowly the buying interest would evaporate, with the price slowly dropping back to historical levels. In fact, for Trian this is not the first time - the company did an almost identical thing with Chemtura back in 2008, only to completely leave the company in March of 2009, months ahead of CEM's filing for bankruptcy (resulting in major losses for Trian). Which is why we urge readers to be very careful before chasing into FDO stock here: we are very concerned that this is nothing more than simply another attempt on behalf of Trian to stir up buying interest in which to sell its 10mm holdings with no real acquisition interest, since with all the non-binding clauses it is extremely difficult to take this letter seriously.

 
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Nelson Peltz Has Had It With Chemtura





Nelson Peltz, who at one point had held high hopes for flame retardant plastics maker Chemtura, has had enough. His proxy on Chemtura's board, Ed Garden, a Vice Chairman of Peltz's Trian Fund Management, announced on Friday he was resigning from the Board of Directors.

 
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Nelson Peltz Has Had It With Chemtura





Nelson Peltz, who at one point had held high hopes for flame retardant plastics maker Chemtura, has had enough. His proxy on Chemtura's board, Ed Garden, a Vice Chairman of Peltz's Trian Fund Management, announced on Friday he was resigning from the Board of Directors.

 
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