Warren Buffett’s Firm Invests Millions in Fintech (The Wall Street Journal)
Warren Buffett’s Berkshire Hathaway Inc. is hopping on the fintech bandwagon. Berkshire invested around $600 million in recent months in two big financial-technology companies focused on emerging markets: Brazilian payment processor StoneCo. Ltd. and the parent company of India’s largest mobile-payments service, Paytm.
Hitachi Agrees to Buy Elliott’s Stake in Italy’s Ansaldo STS, Ending Feud (Reuters)
MILAN (Reuters) – Hitachi (6501.T) has wrapped up a bitter feud with U.S. activist investor Elliott over Ansaldo STS (STS.MI), agreeing to buy the fund’s stake in the Italian rail signaling group as part of a move to take full control. The Japanese conglomerate could spend as much as 1.25 billion euros to become the sole owner of Ansaldo STS, which it said would have a leading role to play in growing its rail business, including through acquisitions.
Activist investor, hedge fund sue parent company of Snyder’s-Lance (BizJournals.com)
Activist investor Daniel Loeb and his hedge fund Third Point filed a lawsuit against Campbell Soup Co., alleging the Camden, New Jersey-based company misled and withheld information from shareholders. Campbell has been in a proxy battle with Loeb and Third Point since it announced in August it would sell two business divisions as a result of a months-long strategic portfolio review. Third Point, which has a 7 percent stake in Campbell, is seeking a sale of the company while blaming its poor performance to its incumbent board, which Third Point wants to replace with its own hand-picked 12 candidates.
Days After Attack, George Soros Jumps into New York Senate Battle (TimesUnion.com)
ALBANY – Liberal billionaire and philanthropist George Soros – a bogeyman on the political right and one of the targets of last week’s unsuccessful mail-bomb attacks – has jumped into the battle for the New York state Senate, Board of Elections records show. On Friday, a new labor-backed independent expenditure group, Progress NYS, reported taking in $100,000 from Soros, who founded the hedge fund Soros Fund Management.