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Main shareholder JAB Holding seeks to shake up business after period of sustained share price underperformance
...Ian Lance, a fund manager at M&S shareholder Temple Bar Investment Trust, said the latest results “demonstrate that the strategy to reshape M&S is starting to deliver”....
...M&S’s contract with HSBC, which owns M&S Bank, is up for renewal. M&S is likely to push for more control and a bigger cut of the spoils....
...“Overall, I don’t think this news is a massive surprise or share price sensitive. M&S is in the best place it has been for many years operationally and financially.”...
...“Next, M&S and John Lewis — you wouldn’t want to be in that [middle] market and not be one of those brands, but can they all do well at the same time? asked Hyman....
...And its chief executive went further today in comments to the New York Times’s DealBook: “It’s quite clear to us that they don’t understand how consumers shop today and they don’t understand the dynamics...
...I’m really proud of it. But now I’m done with that. I want to sell it and I’m looking for a buyer. So how does this process work with a typical M&A deal? Sujeet Indap Sure....
...credit rating cliffs exist today as moats around otherwise reasonable M&A deals that aren’t predominantly equity-financed....
...All steady businesses that don’t lend themselves to high risk, high return strategies....
...And I’m not saying they don’t use their brains, but they do just take an index and track the thing, right? And this is growing at a rate of knots. It basically dominates the investment industry....
...Tim Steiner, Ocado’s chief executive and co-founder, insisted the relationship with M&S was strong, but added: “We believe that we have a very solid case to get full payment, we know that M&S may not entirely...
...They don’t pay dividends but they’ve changed the world. What’s the deal? Some of that I’m not going to challenge. But some of that I will challenge....
...“M&S’s decision to increase minimum pay levels in line with numerous other supermarkets reflects this reality,” Speke said....
...But valuation shifts don’t go on forever....
...“I’m really very grateful,” says Casimir....
...S said on Friday....
...He said, “Don’t worry, Kid. This’ll reverse itself. This is unreal and not to be sustained. This will reverse itself.” Well, I’m still waiting....
...The S&P 500 isn’t at such extremes today....
...It probably just doesn’t matter, from the point of view of long-term returns, whether you own Berkshire or the S&P. Why, then, should Berkshire exist?...
...Norton doesn’t dispute that US equity valuations are punchy, but adds: “That doesn’t mean they can’t get punchier.” Ultimately, it comes back to your investment timeframe and wider investment goals....
...“M&S has a history of overpromising and underdelivering.” The strong performance from Tesco and M&S comes a day after rival J Sainsbury disappointed investors with weak general merchandise sales....
...“Disney is stupid because I’m not trying to fire [chief executive] Bob Iger, I want to help him,” he says, unsolicited. “We don’t fire CEOs.”...
...Although Jacobson is perhaps brave to broach S&M — which also featured in The Act of Love, his 2008 tale of sexual obsession and, more controversially, in a concentration camp fantasy in Kalooki Nights (...
...I’m @ClaerB. Brand new Money Clinic episodes will be coming soon, and if you can’t wait until then, have a browse through our back catalogue where you can find hundreds of episodes....
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