Jonathan Schwartz JLSLens/iStock via Getty Images Pershing Square Capital Management submitted a non-binding proposal to buy all outstanding shares of Universal Music Group N.V. , offering €9.4B in cash, or €5.05 per share, and 0.77 shares of the new UMG stock per existing share. All transaction equity financing will be backstopped by Pershing Square and affiliates, and all debt financing will be ...
Jonathan Schwartz JLSLens/iStock via Getty Images Pershing Square Capital Management submitted a non-binding proposal to buy all outstanding shares of Universal Music Group N.V. , offering €9.4B in cash, or €5.05 per share, and 0.77 shares of the new UMG stock per existing share. All transaction equity financing will be backstopped by Pershing Square and affiliates, and all debt financing will be committed at signing, the company said in a filing. Total consideration package of cash and stock estimated to be worth €30.40 per share, a 78% premium to UMG’s stock price. The transaction will facilitate the cancellation of 17% of UMG shares outstanding while preserving the company’s investment-grade balance sheet. Pershing Square said UMG’s stock has lagged due to uncertainty over Bolloré’s stake, delayed U.S. listing, and unused balance sheet potential. "The absence of a publicly disclosed capital allocation plan and earnings algorithm" undervalued Spotify ( SPOT ) shares, and weak investor relations also weighed on performance, Pershing Square CEO Bill Ackman noted. In the transaction, UMG will merge with Pershing Square SPARC Holdings, and the newly merged company will become a Nevada corporation (“New UMG”), listed on the New York Stock Exchange. More on Pershing Square Holdings, Universal Music Group, etc. Universal Music Group: Valuation Has Gotten Cheaper While Fundamentals Have Improved Universal Music Group N.V. (UNVGY) Presents at BNP Paribas Exane TMT Conference Transcript Pershing Square: 2 IPOs In One (I Would Avoid Both) "Stupidly Cheap": Bill Ackman sees 10X potential in Fannie and Freddie amid Middle East conflict Universal Music Group launches first-ever €500M share buyback program
NASA’s four Artemis astronauts swung behind the moon and are headed home, in a journey that shattered space travel distance records and brought people the closest they’ve been to the lunar surface in more than 50 years. Bloomberg's Danny Lee has the latest. (Source: Bloomberg)
NASA’s four Artemis astronauts swung behind the moon and are headed home, in a journey that shattered space travel distance records and brought people the closest they’ve been to the lunar surface in more than 50 years. Bloomberg's Danny Lee has the latest. (Source: Bloomberg)
Joe Morris/iStock Editorial via Getty Images I've been reviewing more and more UK-based businesses as of late. I intend to continue with this here and provide coverage and a price target for Lloyds ( LYG ), one of the more well-known banks in the UK. The company is one of what in the UK are known as the "big four", the banks with histories going back around 250 years. While Lloyds may no longer be...
Joe Morris/iStock Editorial via Getty Images I've been reviewing more and more UK-based businesses as of late. I intend to continue with this here and provide coverage and a price target for Lloyds ( LYG ), one of the more well-known banks in the UK. The company is one of what in the UK are known as the "big four", the banks with histories going back around 250 years. While Lloyds may no longer be the global bank that it once was, it remains, to date, the UK's largest retail bank with over 25M customers. Its legacy and reputation today are buffered by the fact that it has a very extensive network of high-street branches, aside from operating brands like both Halifax and Bank of Scotland. Lloyds was once part of financing the industrial revolution; today, it's the nation's leading digital bank and mortgage bank. When it comes to banks and what banks I invest in, I focus on things related to conservative fundamentals. I want a good return on assets, good returns, conservative lending policies, and low credit losses (and preferably also provisions for credit losses, being able to sort of see what the company does in terms of being conservative). With Lloyds Banking Group, native ticker LLOY, we have a lot of that from the get-go. An A rating, a market capitalisation of almost £60B, and a relatively competitive yield of about 3.7%. The company mostly hits its marks and forecasts in terms of earnings growth. The main challenge with Lloyds is trusting in growth. I say this because for more than 10 years, the company has been in what can be generously called "a slump". This slump has basically seen flat earnings. The recent company AEPS of £0.07 was something the bank had 10 years ago and more. It went negative for several years during the GFC. A big part of this article will be explaining why Lloyds, given these trends, can even be considered attractive. Lloyds - Where It Came From in 2007 and How It Turned Around It's somewhat fair to say that Lloyds massive decline duri...
Oracle (NYSE:ORCL) has appointed Hilary Maxson as Chief Financial Officer. The leadership change comes as the company expands AI and cloud infrastructure and manages higher debt levels. Maxson is expected to oversee capital allocation during ongoing restructuring and mass layoffs. Oracle, best known for its database software and cloud services, is in the middle of a large buildout of AI-focused in...
Oracle (NYSE:ORCL) has appointed Hilary Maxson as Chief Financial Officer. The leadership change comes as the company expands AI and cloud infrastructure and manages higher debt levels. Maxson is expected to oversee capital allocation during ongoing restructuring and mass layoffs. Oracle, best known for its database software and cloud services, is in the middle of a large buildout of AI-focused infrastructure. That requires heavy spending on data centers, GPUs, and networking, at the same...
格隆汇4月7日丨据中国贸易救济信息网,2026年4月6日,巴西外贸委员会管理执行委员会(GECEX)发布2026年第875号决议,对原产于中国的乙醇胺[葡萄牙语:etanolaminas (monoetanolaminase dietanolaminas)]作出反倾销肯定性终裁,决定对中国涉案产品征收23.6%-97.3%的反倾销销税,有效期为5年。本案涉及南共市税号2922.11.00和2922.12.00项下的产品。决议自发布之日起生效。 2024年12月3日,巴西发展、工业、贸易和服务部外贸秘书处发布2024年第69号公告,应巴西国内企业Oxiteno S.A.Indústria e Comércio于2024年7月30日提交的申请,对原产于中国的乙醇胺启动反倾销调查。案件倾销调查期为2023年4月至2024年3月,损害调查期为2019年4月至2024年3月。2025年6月26日,巴西发展、工业、贸易和服务部外贸秘书处(Ministério do Desenvolvimento, Indústria, Comércio e Serviços/Secretaria de Comércio Exterior)发布2025年第49号公告,对该案作出肯定性初裁,但不建议征收临时反倾销税,继续进行调查。