U.S. Hedge Fund Seeks Board Shake-Up at Toshiba (The Wall Street Journal)
TOKYO—New York-based hedge fund King Street Capital Management LP has proposed new independent directors at Toshiba Corp., according to people familiar with the matter, the first indication of dissatisfaction among the foreign funds that bought into the Japanese industrial conglomerate last year. King Street is one of the biggest shareholders in Toshiba, amassing a 5.2% stake, according to a regulatory filing on May 29. As of March 31, 72% of Toshiba’s shares were held by non-Japanese investors, according to the company.
Exclusive: Third Point Seeks to Tap Campbell Soup Board Challengers – Sources (Reuters)
(Reuters) – Activist investor Daniel Loeb’s hedge fund Third Point LLC is speaking to consumer industry executives as it seeks to fill a slate of nominees to challenge Campbell Soup Co’s (CPB.N) board of directors, according to people familiar with the matter. Third Point, which holds a 5.65 percent stake and has been pushing for a sale of Campbell Soup, is not convinced the company has adequately explored that option, the sources said. On Thursday, Campbell Soup said it planned to sell its international and fresh refrigerated-foods units, and only left open the possibility of putting the whole company up for sale down the line.
Point72 Poached a Junior Citadel Trader and a Junior RBC Analyst (eFinancialCareers.com)
It may be August (just) but this hasn’t dissuaded hedge fund Point72 Asset Management from continuing with its hiring drive. The hedge fund, which was founded by veteran trader Steve Cohen, has hired a former junior natural gas trader from Citadel, and a former financials equity researcher from RBC Capital Markets. Chris Weiss, who spent fourteen months at Citadel after graduating from Cambridge University with a PhD in econometrics, is joining Point72’s discretionary global macro team in September. A specialist in forecasting methodology research, Weiss is understood to be joining Peter Williams’ global macro team as a quant analyst. Williams himself joined Point72 in June 2018 after three years at Balyasny and seven years at Goldman Sachs.
Ackman’s Pershing Square Discloses Reduced Stake in Chipotle (Bloomberg)
Chipotle Mexican Grill Inc. has a new top shareholder after billionaire investor Bill Ackman sold a stake in the burrito chain valued at about $401 million. Ackman’s Pershing Square Capital Management cut its Chipotle stake to 7.4 percent, down from its previous position of 10.4 percent. The company’s new top shareholder is Vanguard Group Inc., with a stake of about 9.1 percent as of June 30, according to data compiled by Bloomberg.