Hints and tips:
...illustrate the size bias, the report said that Bristol-Myers Squibb, a $92bn pharmaceuticals company, has a Sustainalytics score of 73 — 20 points better than the average for the healthcare industry, while Phibro...
...Established in 1901, Phibro for decades had a fearsome presence in markets from crude oil to cocoa. In 1980, Phibro’s $23.7bn in revenue ranked it the 15th largest US company....
...Quoted companies in the sector include Vetoquinol, Virbac and Ceva (all French), the UK’s Dechra and Phibro Animal Health of the US. Oink, oink. Email the Lex team at lex@ft.com...
...“A trader lives by his wits,” Ludwig Jesselson, Phibro’s longtime chief, used to say. The inflationary 1970s were go-go years for Phibro....
...Four years after selling its energy trading business, Phibro, the third-biggest US bank by assets, is reasserting itself in commodities....
...The trader told investors in his $4.5bn Astenbeck hedge fund, which he runs alongside the Phibro commodity trading house, that while output from shale oil wells is initially prolific, production declines...
...Isabelle Ealet of Goldman Sachs was a at predecessor of Total of France; at Barclays Capital, Roger Jones used to work at Cargill and Phibro; Jonathan Whitehead of Société Générale and Citigroup’s Stuart...
...The $5bn oil trading firm, part-owned by Phibro, has returned 13.5 per cent so far....
...Mr Jones worked alongside Mr Dunand at Phibro, the oil trader, in the early 1990s and will relocate to Geneva to lead the expansion of the trading house into non-oil commodities....
...In addition to Shell, oil companies such as BP, Statoil of Norway and Total of France and trading houses such as Vitol, Glencore and Phibro are among the largest players in the Brent market....
...In addition to the Lehman Brothers stake, Goldman has bought shares from Investec Bank UK and Phibro Futures & Metals, according to the LME’s filings with Companies House....
...Oil companies such as BP, Royal Dutch Shell and Total and trading houses such as Vitol, Glencore and Phibro are the largest players in the market....
...Others, including Astenbeck Capital, the Phibro-owned fund run by Andrew Hall, are thought to have taken double-digit percentage point losses to their portfolios, say investors....
...Last week’s commodities rout knocked off $99 billion of market value, driving out speculators and prompting Goldman Sachs Group Inc. to predict a possible recovery....
...Mr Hall is head of Phibro, the oil and gas trading unit that Citi sold to Occidental Petroleum last year under government pressure over his potential $100m pay package....
...Placement agents have been drumming up business on behalf of Hall and other Phibro managers, seeking a minimum $25m each from investors....
...Under the deal, Mr Hall and other Phibro traders have agreed to delay receipt of their 2009 pay....
...Citi topped the list on excessive pay, thanks in large part to the compensation of several star employees at the bank’s Phibro commodities trading unit, people familiar with the matter said....
...Occidental has said that Phibro’s trading will be separate from the company’s energy trading operations, though Occidental employees will oversee Phibro risk controls....
...US government pressure over a potential $100m pay package in 2009 for Mr Hall forced Citi to part with Phibro....
...Citigroup is working on a sale of Phibro, its controversial commodities trading unit, in a move that could raise hundreds of millions of dollars and deflect political anger over a potential $100m payout...
...SAYS SIGNED AN AGREEMENT TO PURCHASE PHIBRO LLC FROM CITIGROUP INC RTRS-OCCIDENTAL SAYS PHIBRO’S MANAGEMENT TEAM, HEADED BY ANDREW HALL, AND ITS EMPLOYEES WILL REMAIN WITH THE COMPANY AFTER CLOSING As...
...Citigroup plans to sharply expand its commodities operations over three years, increasing the number of traders and bankers by 40%, as it seeks to regain momentum after last year’s sale of its Phibro oil...
...Related links: Why Paul Volcker HEARTS Citigroup’s Phibro sale – WSJ 10 things you didn’t know about Phibro and Andrew Hall – WSJ Citi can’t keep Phibro – Felix Salmon...
...The sale price, said to be about Phibro’s net asset value of $250m, would have been a steal even at the height of the financial panic....
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