Saturday, 1 November 2014
Last updated 16 hours ago
Jun 24 2013 | 10:25am ET
If Third Point's Daniel Loeb needed another reminder of how difficult successful hedge fund activism is in Japan, he got it on Friday.
The Children's Investment Fund, which has a history of failed activist campaigns in the country, saw its losing streak extended when Japan Tobacco shareholders voted against the hedge fund's set of proposals. TCI, which launched its campaign against JT two years ago, had pushed for, among other things, a much higher dividend.
It is the second time that JT shareholders have brushed aside TCI proposals; the hedge fund lost last year, too.
TCI's JT campaign began two years after it closed its office in Hong Kong and abandoned activism in Asia following several high-profile defeats, most notably in its battle with Japan's Electric Power Development Co.
Third Point is currently pushing for major changes at Sony Corp., including a partial spin-off of the company's entertainment business.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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