4/6/2023 0 Comments Encore energy pte ltd![]() It also attacked cost inefficiencies at the media group’s streaming busines s and called its suc- cession planning process “broken”. The two parties traded blows follow- ing Parker’s appointment, with Trian releasing a 35-page report shortly after- wards that criticised Disney’s dealmak- ing, in particular its acquisition of 21st Century Fo x in 2018. We will be rooting.” Disney has many retail investors with an emotional connection to the com- pany, and Iger was bel ieved to have strong institutional support. “We wish the very best to Bob, this management team and the board,” Peltz told CNBC. Analysts said that taking on Iger - one of the US’s most celebrated chief executives - would have been a chal- lenge even for Peltz, a veteran activist known for his bruising campaigns against companies such as Procter & Gamble. Iger himself returned to Disney in November for a two-year stint aimed a t reviving the company’s creative engines, and shifting its streaming busi- ness into profitability by 2024, after the disastrous tenure of Bob Chapek, his chosen successor. “Now Disney plans to do every- thing we wanted them to do.” Disney and Peltz had been set to go head-to-head at the company’s annual shareholder meeting on April 3 after it declined to nominate him as a director in January and appointed Nike veteran Mark Parke. He added that the changes sought by his hedge fund Trian Partners had been addressed by the restructuring plan and the entertain- ment giant’s intention to reinstate the dividend suspended during the pan- demic. “The proxy fight is over,” Peltz said yesterday morning. Disney shares are up 18 per cent since Peltz announced his intention to join the board less than a month ago, a rise likely to generate a substantial profit on his stake of around $900mn. The end of the activist investors’ push removes a distraction for chief execu- tive Bob Iger, who is seeking to steer the company’s lossmaking streaming serv- ices towards profitability. Nelson Peltz has called off his fight against Walt Disney a day after the com- pany unveiled a restructuring plan with 7,000 job cuts, ending one of the biggest corporate battles in recent years. TMT, Gupta and UD Trading did not respond to requests for comment. Socrates Economou, head of nickel and cobalt trading, is leaving the grou p, accor ding to peopl e famili ar with the matter. Trafigura said there was no evidence its traders were complicit in the alleged fraud. The nickel market spiralled out of control last year following Russia’ s inva- sion of Ukraine, prompting the London Metal Exchange to cancel trades. Gupta’s companies and Trafigura traded about 25,000 tonnes of nickel but the cargoes were found to have metal of far lower value, people familiar with the matter said. Nickel is the most highly valued base metal, rising 6 per cent yesterday to more than $29,000 per tonne compared with $9,000 for copper. TMT Metals Holding lists Gupta, an Indian national and United Arab Emirates resident, as a director accord- ing to UK Companies House records. UD Trading Group’s website says its is part of UD group, wh ich operat es i n me tal trading, wind power generation and mining and has revenues in excess of $4.5bn and a presence in nine countries. TMT Metals describes itself as a non- ferrous metals, minor metals and fer- roalloys trading merchant. An impairment charge of $577mn will be recorded in the first half of 2023 related to the alleged fraud, which Trafigura said involved “misrepresenta- tion and presentation of a variety of false documentation” by the companies. ![]() ![]() Privately held Trafigura, one of the world’s biggest commodity traders, has close relationships with dozens of banks that provide billions of dollars of financ- ing to underpin its daily operations. It said the majority of shipments were in transit and “awaiting further inspection”. It added that a small proportion of containers purchased from these com- panies it has inspected since December did not contain nickel. The commodity trader said yesterday that it had recently discovered the alleged fraud and had begun legal action against a group of companies “con- nected to and apparently controlled” by Dubai-based metals trader Prateek Gupta, including TMT Metals and com- panies owned by UD Trading Group. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |