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...H&M had backed Renewcell, another textile recycling start-up, but it went bankrupt last month. “It is not easy,” Daniel Ervér, H&M’s new chief executive, told the Financial Times....
...Goldman Sachs has predicted copper prices will jump to $12,000 per tonne by the end of the year, well above the metal’s record high....
...H&M spent last year prioritising profitability over sales growth by closing stores and raising prices....
...Sorrell, whose two younger brothers also worked at Goldman, started at the firm in 1994 and became a partner in 2010. He was promoted to co-head of M&A alongside Feldgoise in 2020....
...So far this year, according to LSEG’s data, Goldman sits 14th in the M&A financial advisory rankings involving Japanese companies....
...His predecessor, Masanori Mochida, came from the investment banking side of Goldman and is credited with establishing Goldman Sachs as a formidable force in M&A work....
...Evercore was initially set up like Blackstone, to advise on M&A and execute private equity buyouts. The LBO investing business was an expensive bust. But the M&A group proved more promising....
...“The arrogance of it, going on stage, saying ‘I’m worth your time.’ Not only that but ‘I’ll make you laugh’…. It’s a very unhealthy art form . . . I dread it but then I’m addicted to the thrill....
...H&M will close more stores than it opens this year, he added....
...“We are a global firm and to the extent possible we adopt a consistent global approach across everything we do,” said Richard Gnodde, chief executive of Goldman Sachs’ international subsidiary, in remarks...
...Thanks, Richard. Richard WatersYeah. Good to talk to you....
...In today’s newsletter: Evercore rides a mini M&A wave PE’s vet roll-ups face UK scrutiny Evercore opens 2024 on a hot streak It is easy to rattle off the top three M&A investment banks: Goldman Sachs...
...In today’s newsletter: Goldman’s latest departure Cement giant plots US spin-off Puig’s M&A playbook Survivor: Goldman Sachs edition At the start of the year, the DD crew stuck their neck out and predicted...
...Here’s what else I’m keeping tabs on today: US trilateral summit: Joe Biden will host a historic summit with his Philippine and Japanese counterparts, focused on countering China’s influence....
...“We’re back to average, or back to normal,” said Andre Kelleners, Goldman Sachs head of M&A in Europe, the Middle East and Africa....
...Thanks, Richard. Richard MilneThanks very much....
...Goldman on Tuesday said its M&A backlog had a “really strong replenishment and improvement” in the final quarter of the year....
...Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group,” said Karl-Johan Persson, H&M’s chair and a former chief executive....
...So I’m not terribly concerned about rescission, but I recognise that is an option....
...But being a Goldman partner in 2024 no longer means what it once did....
...“I’m not saying it’s good but in America you have a lot of AI and no regulation, in Europe you have no AI and a lot of regulation. It’s interesting,” he added....
...ludicrous index’ towards dotcom era heights (FT, 2021)— Wall Street IPO bonanza stirs uneasy memories of 90s dotcom mania (FT, 2020)— Dotcom redux as Shopify extends explosive share spike (FT, 2020)— ’I’m...
...on the massive wealth accumulated by Handler in recent years as Jefferies has grown from a scrappy firm that mainly advised on mid-market transactions to competing for larger deals against the likes of Goldman...
...“I’m a big believer in the importance of financial services and Goldman Sachs is a great institution....
...Thanks, Richard. Richard Waters Well, it’s a pleasure....
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