Is Canada’s Warren Buffett going to save BlackBerry? Investment tycoon emerges as leading bidder for struggling smartphone maker (DailyMail)
A Canadian investment tycoon is emerging as a frontrunner in the bidding to take over BlackBerry Ltd (NASDAQ:BBRY). Prem Watsa – often regarded as Canada’s Warren Buffett – is thought to be one of the leading bidders for the struggling smartphone company which has just put itself up for sale. The head of Fairfax Financial Holdings was on BlackBerry Ltd (NASDAQ:BBRY)’s board until he resigned on Monday citing a conflict of interests. The 61-year-old is the company’s biggest shareholder – believed to have spent £570 million buying ten per cent of the company’s shares – and he is now expected to try and organise BlackBerry Ltd (NASDAQ:BBRY)’s exit from the stockmarket.
Paulson Pulls Buffett-Like Move in Steinway Acquisition (TheStreet)
John Paulson‘s hedge fund Paulson & Co is buying famed piano maker Steinway Musical Instruments Inc (NYSE:LVB) for $40 a share, in a deal that is reminiscent of the merger and acquisition activity of Warren Buffett-run Berkshire Hathaway Inc. (NYSE:BRK.A). In buying Steinway Musical Instruments Inc (NYSE:LVB), Paulson & Co. is making a bet on a manufacturer of high-end pianos with a history and brand that makes it “moated” from competitors or new entrants to the market. Ninety nine percent of all concert pianists chose Steinway Musical Instruments Inc (NYSE:LVB) pianos in 2007, the company says on its Web site.
Heinz’s new owners make presence felt (Just-Food)
H.J. Heinz Company (NYSE:HNZ) has announced the first significant job cuts since the Warren Buffett / 3G Capital takeover only last year. Given 3G’s track record with previous investments, the news the ketchup and soup company is “streamlining” its business should not be a huge surprise. Some 600 jobs from H.J. Heinz Company (NYSE:HNZ)’s operations in North America are to go – with 350 of them at its corporate HQ in Pittsburgh. News of lay offs at the home of H.J. Heinz Company (NYSE:HNZ) will make waves locally and understandably so – the US food giant has been present in the Steel City for 144 years.
3 to Watch: WMT, DAN & BRK.B (CNBC)