(Reuters) - Plastics maker Berry Global Group Inc ruled out further sweetening of its 3.34 billion pound bid for British packaging company RPC Group, calling the offer final. RPC Group agreed to the higher takeover offer of 793 pence per share in cash in early March, ditching a lower bid from private equity firm Apollo Global Management LLC. Berry's comments come after analysts said the market was hoping for a higher offer. Berry said on Friday it reserves the right to increase the offer if another party comes with an offer or a possible offer for RPC. A source with knowledge of the matter had told Reuters in January that Apollo would not sweeten its 782 pence per share offer. Berry said it had made good progress on the deal, adding that all regulatory filings had been submitted to the relevant authorities. It expects the deal to close early in the third quarter of 2019. U.S. activist hedge fund Elliott Capital raised its stake in RPC to 7.9 percent, a day after it disclosed a 5.6 … [Read more...] about Plastics maker Berry says not to raise offer for RPC
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Exclusive: Hedge fund prepares proxy fight to oust board at embattled PG&E
By Svea Herbst-Bayliss and Mike Spector NEW YORK (Reuters) - PG&E Corp shareholder Blue Mountain Capital Management LLC is preparing to launch a proxy fight to oust the embattled California utility owner's board, arguing that the company is harming investors with its plan to seek bankruptcy protection in the wake of catastrophic wildfires. The hedge fund, which owns about 11 million PG&E shares, is trying to rally support from other shareholders to replace all 10 board members at this year's annual meeting expected in May, according to a letter reviewed by Reuters. "We expect to announce the New Slate no later than February 21, 2019," the New York-based firm, which invests $19 billion (15 billion pounds), wrote in the letter to shareholders which is expected to be delivered on Thursday. "In order to rebuild essential relationships and restore trust, the Company needs an entirely new board," the letter said. This is the second time the hedge fund … [Read more...] about Exclusive: Hedge fund prepares proxy fight to oust board at embattled PG&E
£7bn hedge fund boss claims no deal Brexit is ‘fantasy mis-sold by free market fanatics’
PUBLISHED: 15:19 16 January 2019 Jessica Hill Richard Croft, mSeven real estate Archant In an angry tirade, Richard Croft, who heads up a hedge fund worth more than £7bn, told this newspaper he believes Liam Fox, the International Trade Secretary, is “one of the most inept human beings on the planet”. Liam Fox, Secretary of State for International TradeRichard Croft, an ardent remainer who is chief executive of M7 Real Estate, also warns that the impact Brexit will have on businesses in Suffolk is “much worse than we think” and admits he’s “livid” about the way the UK’s departure from the EU is being handled.Mr Croft believes that his home county of Suffolk will be particularly badly affected, because it is a major producer of sugar.British Sugar, which has a plant in Bury Saint Edmunds, makes its Silver Spoon brand of white sugar from sugar beet grown in our region. “We are a predominantly … [Read more...] about £7bn hedge fund boss claims no deal Brexit is ‘fantasy mis-sold by free market fanatics’
Oil drop hits hedge funds and threatens shale producers
By Phil Flynn Published December 13, 2018 Opinion FOXBusiness Facebook Twitter Comments Print video US oil producers concerned about Trump's tweets? PRICE Futures Group’s Phil Flynn on the outlook for oil prices. These are the best of times and the worst of times for U.S. energy producers. While U.S. oil production is breaking records, the recent unraveling of global oil prices threatens to break some U.S. energy producers and oil’s big money investors. Continue Reading Below Now you would think that with near record demand in the U.S. and record crude imports into China, U.S. shale producers would be printing money. Yet the realty is a bit more complex and it has the potential to derail the progress of America’s energy revolution. Part of the problem is that the price of oil is out of step with traditional market fundamentals. Oil got hit after President Donald Trump backtracked on his hardline ban of all Iranian oil … [Read more...] about Oil drop hits hedge funds and threatens shale producers
Several high-profile funds raised stakes in GE before selloff
By Trevor HunnicuttNEW YORK (Reuters) - Several prominent investors raised their stakes in General Electric Co <GE.N> in the third quarter, before its shares sank in recent weeks, filings with the U.S. Securities and Exchange Commission showed on Wednesday.gi D.E. Shaw & Co LP, Viking Global Investors LP and Canyon Capital Advisors LLC each reported larger holdings in GE in the quarter ended Sept. 30 than in the prior quarter, according to filing data collected by Refinitiv and reviewed by Reuters.GE shares have collapsed more than 50 percent this year, including 31 percent over the last month. In October, GE posted a quarterly loss of $22.8 billion, cut its annual dividend to just 4 cents a share and told investors it was facing a deepening federal accounting probe. Chief Executive Officer Larry Culp has promised to sell assets with "urgency" to reduce its high debt. It is not clear whether the fund investors kept their stakes during the selloff. None of the funds responded … [Read more...] about Several high-profile funds raised stakes in GE before selloff