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EMEA Morning Briefing: Hamas Attack on Israel -2-

October 09, 2023 at 12:15 am EDT

Bristol Myers Squibb will acquire Mirati Therapeutics in a transaction that values the oncology developer at up to $5.8 billion, the latest example of a drugmaker targeting deals to replenish revenue as top-selling products face competition from generics.

The biopharmaceutical company on Sunday said that it had entered into a definitive merger agreement with Mirati under which it would pay $58.00 per share in cash. Mirati stockholders will also receive one non-tradeable contingent value right per share, potentially worth $12.00 per share in cash.

Nelson Peltz Boosts Disney Stake, Seeks Board Seats

Nelson Peltz is planning a fresh push for board seats at Disney following a relentless slide in the entertainment giant's shares.

The activist investor's Trian Fund Management, now one of Disney's largest investors with a stake worth upward of $2.5 billion, is expected to request multiple seats-including one for Peltz, according to people familiar with the matter.

Citigroup to Sell China Consumer Wealth Portfolio to HSBC

Citigroup agreed to sell its onshore consumer wealth portfolio in China to HSBC Holdings, progressing the wind-down of the U.S. bank's consumer business in the country.

Citi will sell its China consumer wealth portfolio, including clients, assets under management and deposits, worth approximately US$3.6 billion, to HSBC Bank China, Citi said in a statement Monday.

China Evergrande New Energy Vehicle Investor Casts Doubt on Investment

Ongoing troubles at beleaguered property developer China Evergrande have cast a shadow over Nasdaq-listed NWTN's investment in its electric-vehicle unit.

China Evergrande New Energy Vehicle announced late Sunday that the Dubai-based automaker said it would "suspend" the performance of relevant obligations under its share subscription agreement due to significant uncertainties with the electric vehicle's parent, including the investigations of its chairman Hui Ka Yan.

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Expected Major Events for Monday

06:00/GER: Aug Industrial Production Index

06:00/NOR: Aug Monthly GDP

06:00/DEN: Aug Balance of payments (provisional figures)

06:00/DEN: Aug External trade (provisional figures)

06:30/HUN: Aug Preliminary External Trade

07:00/CZE: Aug Industry, Construction

07:00/CZE: Aug External trade

07:00/SVK: Aug Foreign trade

07:00/CZE: Sep Unemployment data

08:00/ICE: Sep External trade, preliminary figures

09:00/CRO: Sep PPI

09:00/CRO: Aug Foreign Trade

09:00/MLT: Aug Industrial Production Index

10:00/IRL: Aug Industrial Production and Turnover

23:01/UK: Sep BRC-KPMG Retail Sales Monitor

All times in GMT. Powered by Onclusive and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

10-09-23 0014ET

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
CITIGROUP INC.	63.53 USD	+0.33%	+3.27%	121B
NWTN INC.	3.7 USD	+25.85%	-38.33%	1.06B
MIRATI THERAPEUTICS	58.7 USD	-0.17%	-0.47%	4.12B
WALT DISNEY COMPANY (THE)	105.8 USD	-0.01%	-6.92%	193B
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED	0.243 HKD	+1.25%	+3.40%	337M
CHINA EVERGRANDE GROUP	0.163 HKD	-20.87%	-.--%	275M
EURO / ISRAELI SHEKEL	4.001 ILS	-0.36%	-1.09%	-
NASDAQ COMPOSITE	16,341 PTS	-0.03%	+1.14%	-

Nelson Peltz

Nelson Peltz (born June 24, 1942) is an American businessman and a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management. L.P., an alternative investment management fund, based in New York.

Early life and education
Peltz was born in 1942 to a Jewish family in Brooklyn, New York, He was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania, where he joined the Fraternity of Phi Gamma Delta, but never completed his degree. Triangle was sold to Pechiney in 1988.

In 1997, through an investment vehicle they controlled, Triarc Cos, Peltz and May acquired Snapple, from Quaker Oats. Snapple, together with other beverage brands was sold to Cadbury Schweppes in 2000. The Snapple turnaround was featured as a Harvard Business School case study.

In 2006 Trian was involved in a proxy contest with Heinz to get five independent directors on the board of Heinz. In the end Trian succeeded in getting two members on the board, including Peltz.

In 2007, Trian bought a 3% share of Cadbury-Schweppes which may have influenced the spin-off of Cadbury Schweppes Americas Beverages from the Cadbury Schweppes confectionery group. In 2007, Trian also bought $1.8 billion in shares of Kraft Foods, roughly a 3% of the total equity of the food maker.Cite news| url = |title= Peltz Has His Slic

Source @ Wikipedia

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Linked companies
Trian Partners General Partner LLC Trian Partners General Partner LLC Miscellaneous Commercial ServicesCommercial Services Trian Partners General Partner LLC provides business services related to hedge funding. The company is the general partner of Trian Onshore, Trian Offshore, and Trian Offshore (Non-ERISA). It is located in New York, NY.	Chief Executive Officer
Trian Fund Management LP Trian Fund Management LP Investment ManagersFinance Trian Fund Management LP (Trian) is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by Nelson Peltz, Edward Garden and Peter May in 2005 and do-business-as Trian Partners. Trian provides discretionary investment advisory services to a variety of domestic and offshore private investment partnerships and other investment vehicles.	Chief Executive Officer

Linked companies