CLOs

Campbell Soup Co.'s intention to change its name to Campbell’s Co. won shareholder approval on Tuesday, reports the Associated Press (20 November). In a statement, CEO Mark Clouse maintained that this “subtle yet important change” will retain the company’s iconic name “while reflecting the full breadth of our portfolio.” Campbell’s hasn’t been exclusive to the soup business for some time. The company also owns brands like Prego sauce and Goldfish crackers — and completed a US$2.7 billion acquisition of Sovos Brands, the maker of Rao’s pasta sauces, earlier this year. The new name will officially be effective following an amendment filing to the company’s certificate of incorporation. Campbell’s is far from the first to attempt such a makeover. From Dunkin’ to KFC, a handful of other food companies have also rebranded themselves over the years — often shedding the mention of specific items they were known for with a shorter corporate title, or even an updated logo, in hopes of emphasizing other business.

From "Campbell’s Shareholders Approve the Company’s New Name"
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News Corp said on Wednesday that investors rejected a proposal by Starboard Value to break the Murdoch family’s grip on the publisher by ending a dual class voting structure, reports Reuters (20 November). The hedge fund’s non-binding shareholder resolution fell short of securing the number of votes needed to pass at yesterday’s annual meeting. The Murdoch Family Trust owns more than 40 percent of the voting shares. Starboard had won support from various proxy advisory firms and those investors who argued that good corporate governance dictates each share should have one vote.

From "News Corp Investors Reject Proposal to End Dual Class Voting Structure"
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With President-elect Donald Trump not backing off his campaign pledge to impose tariffs of up to 60 percent on all Chinese goods, US companies are stocking up, reports the Wall Street Journal (20 November, Miao). In addition to stockpiling imported goods before tariffs are enacted, businesses will likely raise some prices and accelerate a shift in manufacturing to Southeast Asia, Latin America, and elsewhere. China’s share of US imports has declined from 22 percent in 2017 to roughly 14 percent last year.

From "US Companies Are Stocking Up to Get Ahead of Trump’s China Tariffs"
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South Korea’s Hanwha Life Insurance has signed a stock purchase agreement to acquire a 75 percent stake in Velocity Clearing LLC, a US-based securities firm, reports the Korea Economic Daily (20 November, Jo). This is the first time that the South Korean insurer bought a US securities firm. Hanwha Life has been ramping up its global operations. Earlier this year, it became the first Korean insurer to enter international banking by investing in Indonesia’s Nobu Bank.

From "Hanwha Life Acquires US Securities Firm Velocity"
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Food Dive (20 November, Doering) reports that Lifeway Foods has rejected an increased offer from dairy giant Danone, stating that the latest proposal “substantially undervalues” its business. Danone last week increased its earlier offer to purchase the remaining stock it does not already own in Lifeway to about US$307 million, or US$27 a share. Danone presently owns more than 23 percent of Lifeway’s common stock.

From "Lifeway Rejects Danone’s Second Takeover Offer"
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Pfizer said on Wednesday it has named company veteran and oncology head Chris Boshoff as its chief of research and development, reports Reuters (20 November, Roy, Erman), as the drugmaker faces pressure from investors to produce profitable new drugs. The company recently contended with criticism from Starboard Value, which said Pfizer had overspent on big acquisitions as well as run disappointing internal research and development operations. Under CEO Albert Bourla, the New York-based drugmaker poured money into new deals to offset a sharp fall in sales of its COVID-19 vaccine and antiviral Paxlovid from pandemic highs. The drugmaker said Boshoff will take on the role of chief scientific officer starting January 1 and oversee all functions of research and development across all therapeutic areas.

From "Pfizer Names Oncology Head Chris Boshoff as R&D Chief"
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Australia on Thursday introduced an amendment to the Online Safety Act in Parliament that will establish 16 as the minimum age for access to social media, reports CNN (21 November, Whiteman). The ban is expected apply to social media services including TikTok, X, Instagram, and Snapchat, though a list of banned services has not been released. The legislation includes financial penalties of up to A$50 million for companies found not to have taken “reasonable steps to prevent age-restricted users having accounts.” Said Communications Minister Michelle Rowland, “Ultimately, this is about supporting a safer and healthier online environment for young Australians."

From "Australia Introduces Bill to Limit Under-16s from Using Social Media"
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A federal judge sentenced Bill Hwang, the founder of Archegos Capital Management, on Wednesday to 18 years in prison, reports the New York Times (21 November, Goldstein), for his role in the collapse of his once-giant investment firm that caused roughly US$10 billion in losses for Wall Street banks. Hwang was convicted in July by a federal jury in Manhattan after nearly two days of deliberation after a two-month trial. Federal prosecutors called 21 witnesses, including two former employees at Archegos, which Hwang had set up in 2013 as a giant family office. Archegos traded like a hedge fund for much of it existence, using borrowed money from Wall Street banks to make big bets on stocks. But because it was a family office that managed mainly Hwang’s family money, it operated without much regulatory oversight. The sudden collapse in 2021 of Archegos — which managed US$36 billion of Hwang’s family money — wiped out most of his personal fortune in addition to causing the steep losses for the banks that had facilitated his firm’s trading. The broader impact of Archegos’ failure on the stock market was limited, but several banks, including UBS, Morgan Stanley, and Nomura, suffered losses. In all, Hwang was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering, and market manipulation. The jury found him guilty on 10 of those charges and found him not guilty on one of the seven counts of market manipulation.

From "Archegos Founder Bill Hwang Sentenced to 18 Years"
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Gatemore Capital on Wednesday urged British polling and research company YouGov to conduct a review of its business and initiate a sale process, reports Reuters (20 November, Babu). Gatemore attributed the company’s share price performance to operational missteps. YouGov’s shares have fallen 63.7 percent so far this year. Some concerns outlined by Gatemore, which has a stake of around one percent in YouGov, include the pollster’s failure to provide timely financial forecast and a lack of clarity on achieving mid-term targets. “We are deeply confident in YouGov’s fundamental strengths and long-term potential,” said Liad Meidar, managing partner at Gatemore. “However, urgent actions are needed now to help the company chart a path towards realizing its intrinsic value."

From "Gatemore Capital Calls on UK Pollster YouGov to Explore Sale"
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Dye & Durham Ltd. says it has paused its strategic review until after its 2024 annual meeting and the election of a new board of directors, reports the Canadian Press (20 November). The company is facing an attempt by activist investor Engine Capital to replace the board with six of its own nominees and take control at the shareholder meeting set for December 17. Engine Capital has accused the company’s existing directors of overseeing poor returns and failing to hold management accountable. Dye & Durham says it has received significant interest regarding its strategic review, but the board decided to pause the process in light of the activist situation and in response to feedback from shareholders. The company has nominated its own slate of seven directors, including Chief Executive Matthew Proud and current board chair Colleen Moorehead, for election at the annual meeting. Moorehead says the board and management look forward to executing on its value creation plan, and following the annual meeting, will remain open to all value creation opportunities for shareholders including a sale of the company.

From "Dye & Durham Pauses Strategic Review Ahead of Annual Meeting and Board Election"
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The US Department of Justice (DOJ) said Google should have to sell off its Chrome browser as part of a court-ordered fix to its monopolization of the online search market, reports the Wall Street Journal (Nov. 21, Michaels, Kruppa). The request is likely to kick off a heightened legal battle with far-sweeping implications for the technology giant’s core business. DOJ attorneys said competition can only be restored if Google separates its search engine from products it's built to access the Internet, such as Chrome, which controls nearly 66 percent of the global browser market. The request by the DOJ and a group of states opens the door to the most significant antitrust penalties for a tech giant in a generation, targeting Google’s illegal monopoly in search and its growing ambitions in artificial intelligence. If approved, the penalties could revolutionize how millions of Americans search for information. It could also potentially disrupt the tight integration among many of Google’s key products and services. Google has vowed to appeal. It will be up to US District of Columbia District Court Judge Amit Mehta to decide what Google’s final punishment will be.

From "Google Should Be Forced to Sell Chrome Browser, Justice Department Says"
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Gautam Adani, founder of one of India’s biggest business conglomerates, has been charged by the US Justice Department with orchestrating a bribery scheme to pay off Indian government officials to secure lucrative solar-energy supply contracts, reports the Wall Street Journal (21 November, Fanelli, Ramey). Prosecutors announced the indictment Wednesday, which alleges Adani, the chairman of the Adani Group, personally met with Indian officials to advance the illicit deal and secure contracts worth billions of dollars for a renewable-energy company owned by the conglomerate. Prosecutors also alleged that Gautam Adan and two Adani Green Energy executives conspired to misrepresent the renewable-energy firm’s antibribery and corruption practices to US investors and financial institutions to obtain financing. In total, eight executives were charged in the scheme. None of the defendants have been arrested and are believed to be at large overseas, according to a spokeswoman for the Brooklyn US attorney’s office, which brought the case. One of the defendants is Sagar Adani, Gautam Adani’s nephew who oversees the Adani Group’s renewable-energy businesses. Gautam Adani and Sagar Adani were charged with securities fraud and two counts of fraud conspiracies. The US Securities and Exchange Commission also brought civil charges against the two defendants, who are Indian nationals.

From "Indian Billionaire Gautam Adani Charged in US$250 Million Bribery Scheme"
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Comcast is moving forward with a US$7 billion spinoff of its NBCUniversal cable TV networks, reports the Wall Street Journal (20 November, Sharma). The strategy entails the company separating off news and entertainment channels including MSNBC, CNBC, USA, Oxygen, E!, Syfy, and Golf Channel, which generated nearly US$7 billion in revenue in the year ended September 30. The spinoff is expected to take at least a year to complete and will be led by Mark Lazarus, the current chair of NBCUniversal’s media group. The spinoff’s ownership structure will mirror that of Comcast.

From "Comcast Greenlights US$7 Billion Spinoff of NBCUniversal Cable Channels"
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Female CEOs in Australia are paid an average of A$170,000 less than their male counterparts, reports the UK's Guardian (19 November, Lyons), a gender pay gap of 25 percent, government figures show. The pay gap among CEOs was published as part of the national pay gap scorecard for the first time this year, after legislative changes introduced last year. Including CEOs and other heads of business brought the pay gap to 21.8 percent. Without the CEO and heads of business remuneration, which is how the data has been calculated in all previous years, the pay gap is 21.1 percent, an improvement on last year’s 21.7 percent.

From "Gender Pay Gap Data Reveals Australia’s Female CEOs Paid A$170,000 Less Than Men"
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Luxury watch brand Rolex has appointed its first ever group general counsel, reports Law.com (19 November, Womack), hiring a partner from Switzerland-based disputes law firm Lalive. Alexander Troller will join Rolex in January 2025, and be based in Geneva. Rolex is present in 100 countries around the world through 18 affiliates, a network of official retailers, and almost 900 service centers. The Rolex Group has more than 15,000 employees worldwide, including 10,000 in Switzerland. A Swiss firm, Lalive secured success last year in a mining arbitration involving the United Republic of Tanzania at the International Center for Settlement of Investment Disputes.

From "Rolex Appoints First Ever General Counsel"
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An investigating magistrate at Spain’s High Court has opened a probe into US-based short seller Gotham City Research’s actions that hit the share price of Spanish pharmaceutical firm Grifols in January, reports Reuters (19 November, Landauro, Pinedo). The court said Tuesday that Judge Jose Luis Calama had found enough evidence to merit an investigation into the possible violation of market and consumer protection laws via “dissemination of news or rumors ... that could contain totally or partly false” information. The release of such information led to profits for some players, particularly Gotham, and losses for others, it added. The violation of these laws can lead to prison terms of between six months and six years as well as fines worth triple the amount earned, the statement said.

From "Spanish Court Opens Investigation into Gotham City's Attack on Grifols"
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Elliott Management Corp has taken a five percent stake in Tokyo Gas, reports Reuters (19 November, Kim). Elliott said in the filing that the stake was for investment purposes as well as to make important proposals depending on discussions with Tokyo Gas and related companies. The investor views Tokyo Gas as a high-quality business, given its dominant market share in delivering gas to customers in the Tokyo metropolitan area, but its shares have been undervalued and underperforming, a person familiar with the matter said. By divesting some assets from its extensive real estate portfolio that are non-core to main energy business, Tokyo Gas could improve capital efficiency, free up capital to enhance shareholder returns, and boost investments in decarbonization and other growth areas, the person told Reuters. Elliott is expected to engage in discussions with Tokyo Gas management to address undervaluation, rather than submitting shareholder proposals.

From "Elliott Takes Stake in Tokyo Gas"
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Rio Tinto has apologized to members of its workforce who are victims of bullying and sexual harassment, reports the Australian Broadcasting Corporation (20 November, McLean, Murphy), but says there has been progress in creating a better work culture. The apology follows the publication of an internal report which revealed eight employees said they experienced actual or attempted sexual assault or rape in 2024, compared with five in 2021. The company has been on a mission to improve its workplace culture since an independent report of the company — commissioned in the wake of a parliamentary inquiry into the broader mining sector — found sexism and bullying were systemic across worksites.

From "Rio Tinto Apologizes to Victims Bullied at Work"
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Google’s partnership with AI firm Anthropic has avoided further scrutiny, reports Bloomberg (19 November, Trivedi), after the UK Competition and Markets Authority (CMA) concluded it doesn’t qualify for a full blown investigation under merger rules. Google hasn’t gained “material influence” over Anthropic as a result of the deal, the CMA said on Tuesday. The agency started looking at the partnership after Google pledged to invest US$2 billion into the startup last year. Prior to the financing, Google also signed a cloud agreement with Anthropic. While Amazon.com Inc’s own US$4 billion investment into Anthropic was cleared in September, Microsoft Corp.’s investment into its OpenAI is still under the CMA’s scrutiny. The watchdog also cleared Microsoft’s Mistral and Inflection deals.

From "Google’s Anthropic AI Deal Cleared by UK Antitrust Agency"
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Union Pacific Railroad (UP) announced that Craig Richardson, executive vice president, chief legal officer, and corporate secretary, will retire March 31, 2025, after nearly 10 years with the company, reports Progressive Railroading (19 November). In anticipation of the transition, Christina Conlin, who most recently served as chief risk officer and associate general counsel with Goodyear Tire and Rubber Co., will join UP on December 2 as senior vice president and deputy general counsel. Richardson has served in his current role since December 2020. Prior to joining UP as associate general counsel in 2016, he was general counsel of the El Paso Pipeline Group.

From "Union Pacific CLO Richardson to Retire in Spring 2025"
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