Tiger Global Boosts Fiat Chrysler Stake to $1 Billion Holding (Bloomberg)
Chase Coleman’s Tiger Global Management has invested more than $1 billion in Fiat Chrysler Automobiles NV after more than doubling its position in the carmaker since the end of June. The U.S. fund becomes the fourth biggest investor in the Italian American company. Tiger Global increased its stake to 59.67 million shares as of Sept. 3, Dutch regulator AFM’s website shows. Tiger Global, which oversees about $22 billion in assets, had 26.05 million Fiat Chrysler shares at the end of June, according to Bloomberg data.
Hedge Fund Citadel Replaces Head of Crude Trading -Sources (Reuters)
NEW YORK/LONDON, Sept 10 (Reuters) – Citadel, one of the world’s largest hedge fund managers, is replacing its head of crude oil trading, according to two sources familiar with the matter, after what one of the sources said were disappointing returns under his leadership. Chicago-based Michael Forsyth, who had been at the company 11 years, left last week along with members of his team Jason Stanley and Peter Debaz, the sources said. Forsyth will be replaced by Jonah DiPane, a trader from global merchant Castleton Commodities International, later this year, one of the sources said.
Paul Singer’s Hedge fund Elliott Accuses Vivendi of ‘Short Termism’ Amid a Bitter Row Over Telecom Italia (CNBC)
U.S. hedge fund Elliott Management rejected Vivendi’s criticism of the management situation at Telecom Italia Monday, saying the French media conglomerate seems to have fallen prey to “short termism.” Elliott wrestled control of Telecom Italia’s board away from Vivendi earlier this year, after a two-month campaign to overhaul the way the Paris-headquartered firm had been running the company. In addition to a governance shake up, Elliott proposed a spin-off and a partial sale of a soon-to-be created network company, a return to dividends and several asset sales.
Fired DE Shaw MD Wasn’t Kidding About That “See You In Court” Stuff (DealBreaker)
We’re about to find out if Finra is cool with bad Mel Gibson impressions or nah because former D.E. Shaw MD Daniel Michalow is adding some more drama to his spicy beef with his spice-averse former employer. David Shaw’s quietly merry band of poet quant warriors have found themselves on the receiving end of a Finra complaint filed by the firm’s most infamous apostate. As he promised a few months back, Michalow has formally moved to lodge an official action against his old fund, demanding that D.E. Shaw make some kind of statement acknowledging that they wronged Michalow by using him as a sacrificial lamb in the #MeToo moment by firing him publicly for sexual harassment (which Michalow seems to deny) instead of telling everyone that he was let go for being a difficult asshole, (which Michalow seems to admit is possibly very true) and that they’re sorry…and also a few hundred million bucks.
Exclusive: Campbell Soup Steps Up CEO Search, COO a Contender – Sources (Reuters)
(Reuters) – Campbell Soup Co’s (CPB.N) board is drawing up a list of CEO candidates, with Chief Operating Officer Luca Mignini emerging as the top internal contender, as the company seeks to fend off a proxy challenge from Daniel Loeb’s hedge fund, Third Point LLC, people familiar with the matter said. Third Point unveiled a slate of nominees on Friday to replace Campbell’s 12-member board, pushing it to more actively explore a sale and criticizing its lack of a succession plan after Chief Executive Denise Morrison left in May. Morrison’s departure came after several years of weak corporate earnings.