Hints and tips:
...It is not alone in showing that frenetic deal activity comes at a cost: Tyco, a smaller company that split itself up twice in five years before merging into Johnson Controls in 2016, paid $900m in fees....
...Regulatory filings in California show that Mr Kalanick created a new holding company, CSS Intl HoldCo, last August, apparently to act as a vehicle for dealmaking abroad....
...For example, Vincent Deluard, global macro strategist at INTL FCStone, the financial services company, found that funds with an ESG focus are overweight in companies with few workers....
...Mr Deluard from INTL FCStone makes the point that much of the money flowing into passive funds comes from high-fee mutual funds....
...Accounts managed by Optionsellers.com “had to be liquidated as a result of these moves,” said INTL FCStone, the company’s futures broker....
...Wisconsin industrial titan Johnson Controls merged with rival Tyco in 2016 and, in the process, sent its corporate office to Cork, in Ireland....
...Tuesday’s deal comes two years after Johnson Controls spent more than $20bn to buy Tyco International, an Irish-domiciled company that specialises in providing fire protection for buildings....
...Enron, Lehman Brothers, Tyco, Worldcom, Carillion, Steinhoff and Valeant, to name but a few, all attracted substantial interest from the shorts. There are some extreme examples....
...It was a trick used extensively by companies such as Tyco and Worldcom, described here in Howard Schillit's book, Financial Shenanigans: Think of it this way: cash spent to purchase inventory and other costs...
...Work done by Vincent Deluard, a strategist at INTL FCStone, illustrates this pitfall....
...blessing, the two offered to sell ICAP’s European oil broking desks, which consists of around 30 people and generates turnover of around £20m a year trading fuel, crude, futures and options, to US group INTL...
...As with Tyco 15 years ago and Valeant more recently, they tend to over-reach. Kraft Heinz probably has more discipline than either of those, yet the risks remain....
...A cash payment to Johnson shareholders pushes Tyco holders’ ownership up, allowing the new company to invert into Tyco’s Irish domicile (for another $150m in annual savings)....
...Tyco’s fire protection expertise will complement Johnson Controls’ building solutions division....
...Monday’s mega merger between Johnson Controls and Tyco International isn’t troubling creditors....
...Tyco has slipped 28 per cent in 12 months, while Johnson Controls has dropped by a quarter....
...Mr Molinaroli’s task is to see the new deal through before handing over to George Oliver, currently Tyco’s chief executive....
...With Tyco, they get footprint everywhere else.”...
...Its former parent, Tyco International, was taken over by Johnson Controls in a $20bn deal in January....
...http://www.ft.com/intl/indepth/ft-commodities-summit...
...A Honeywell and UTC combination might provide a more effective counterweight to Johnson Controls and Tyco, which announced plans for a merger last month....
...http://www.ft.com/intl/indepth/ft-commodities-summit ....
...For example, US conglomerate Johnson Controls agreed a $20bn reverse takeover of Ireland-based Tyco International — a deal that would have the same effect as a so-called ‘tax inversion’....
...David Pyott, the former Allergan chief executive, compares Valeant not with Enron but to Tyco, the security systems company that blew up after a decade-long buying spree....
...On Monday, Johnson Controls revived a debate about tax-cutting “inversion” deals, after it agreed a $20bn combination with Tyco International which would move the US manufacturer’s domicile to Ireland....
International Edition