Hedge Fund News: Alex Denner, Steven Tananbaum, Bill Ackman

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Omega Advisors Bets on Dow Chemical (The Wall Street Journal)
Omega Advisors bought into Dow Chemical Co. in the first quarter and said it believed the stock price was worth $75 a share, according to an April 17 letter to investors. Dow’s recent moves to cut costs, sell off assets and buy back stock “should drive earnings, cash flow and the stock price meaningfully higher,” the New York hedge fund wrote in the letter. Last year the chemicals company faced calls from hedge-fund manager Daniel Loeb to break up. Dow and Mr. Loeb’s Third Point settled a looming proxy fight last November, with Dow adding four directors to its board, including two proposed by Third Point. Dow shares closed Monday at $51.47.

Bernanke To Serve As Senior Advisor PIMCO (CNBC)
Former Federal Reserve Chairman Ben Bernanke will serve as a senior adviser at global investment firm Pacific Investment Management Co. Bernanke served two terms as Federal Reserve Chairman, from 2006 through 2014. He oversaw the federal government’s response to the 2008 financial crisis. Earlier in April, Bernanke joined hedge fund Citadel LLC as a senior advisor.

Economic Club of New York President Hopkins to Leave at Year-End (Bloomberg)
Economic Club of New York President Jan Hopkins, whose tenure featured talks by President George W. Bush and Federal Reserve Chair Janet Yellen, will step down at the end of this year. The Economic Club, founded in 1907, is a non-partisan group that hosts heads of state, chief executive officers and economists for speeches to its members. Its current chairman is Federal Reserve Bank of New York President William C. Dudley and trustees include hedge-fund manager John Paulson and billionaire David Koch.

Hedge Fund Elliott Not Seeking Board Seat At DMG Mori Seiki (Reuters)
Hedge fund Elliott, which holds a 15 percent stake in German machine-tool maker DMG Mori Seiki AG, is not seeking a seat on the supervisory board, DMG said on Tuesday, contrasting with the activist fund’s strategy for some of its other investments. However, Elliott would probably make a suggestion if asked to nominate a board member, a person familiar with the hedge fund’s thinking said. Japan’s DMG Mori Seiki Co Ltd has recently acquired a 52.5 percent stake in DMG Mori Seiki AG, and Elliott built its stake during the tender offer process.

Tax Hit in France And Hedge Funds Weigh On Carlyle (The New York Times)
The Carlyle Group reported a weaker first quarter on Wednesday, hurt by a bigger-than-expected tax bill in France and weighed down by its hedge fund portfolio. Carlyle, the Washington-based private equity giant, said on Wednesday that its economic net income, a metric that includes unrealized gains or losses, was $273 million, representing a decline of 15 percent, compared with $322 million in the period a year earlier.



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