Elliott Investment Management News and Global Impact

Elliott Investment Management has made a significant impact globally through its activist investing strategies. The firm's founder, Paul Singer, has been a driving force behind many of the company's high-profile campaigns.

Elliott Investment Management has been involved in several high-profile activism campaigns, including the successful push for Apple to return $130 billion to shareholders. This move was a major victory for Elliott and its clients.

One notable example of Elliott's global impact is its involvement in the restructuring of Argentina's debt. Elliott played a key role in negotiating a debt restructuring deal that helped Argentina avoid default.

Elliott Investment Management has a history of partnering with other funds and companies to achieve its goals. One notable example is its collaboration with UBS Group AG in 2017 to bring up the purchase price of NXP Semiconductors NV.

Elliott's partnerships often involve working with other funds to protect the rights of minority shareholders. For instance, in 2003, Elliott joined forces with Deka Investments to oppose P&G's initial offer for Wella AG, ultimately leading to a higher offer for all preferred shareholders.

Elliott has also demonstrated its ability to influence major acquisitions, such as the Qualcomm-NXP Semiconductors NV deal. In addition to its partnerships, Elliott has also made significant investments in various companies, including Ahold Delhaize, where it holds a 3% economic interest valued at approximately $1 billion.

Here's a list of some of the key companies and entities involved in Elliott's partnerships and investments:

Elliott Management has a total of seven equity partners. These partners play a crucial role in the firm's decision-making process.

Paul Singer and Jonathan Pollock are co-chief investment officers, overseeing the direction of the company. Their leadership skills and experience are invaluable to the firm's success.

Gordon Singer, Paul Singer's son, manages Elliott's London office. This shows that the company values family ties and has a strong presence in the UK market.

Steven Kasoff was named an equity partner in January 2015, after a successful stint as a senior portfolio manager. His retirement in April 2020 marked the end of an era at Elliott Management.

Steve Cohen, Dave Miller, Jesse Cohn, and Zion Shohet are also listed as equity partners at the firm, as of November 2020. This diverse group of individuals brings a wealth of knowledge and expertise to the table.

Here is a list of Elliott Management's equity partners:

Elliott collaborated with UBS Group AG in 2017 to increase the purchase price of NXP Semiconductors NV.

Qualcomm was seeking to buy NXP Semiconductors NV at the time of their collaboration.

Elliott's goal in partnering with UBS Group AG was likely to protect the interests of NXP Semiconductors NV's shareholders, similar to their efforts in the Wella AG deal.

Elliott's experience in opposing the initial deal for Wella AG suggests they are not afraid to take a stand for minority shareholders.

By working together, Elliott and UBS Group AG were able to bring attention to the purchase price and potentially secure a better deal for NXP Semiconductors NV's shareholders.

Adecco, a human resource consulting company, made a significant move in January 2006 by securing a 35 percent stake in DIS AG at a price of €54.5 per share.

This deal was part of a larger offer made by Adecco for all shares of DIS AG. The company's CEO and CFO signed lucrative management agreements that would eventually make them CEO and CFO of Adecco.

Adecco attempted to de-list DIS AG from the market, but its efforts were blocked in court by a number of hedge funds, including Elliott. These funds raised concerns about conflict of interest by the CEO and CFO.

Adecco ultimately offered €113 per share, which was accepted, resolving the issue.

Compuware was the target of a takeover bid in December 2012. Elliott, a significant shareholder with an 8% stake, offered to buy the company for $11 a share in cash.

This move highlights the complexities of company partnerships and acquisitions, where significant shareholders can play a crucial role in shaping the future of the company.

Telecom Italia was a notable company that underwent a significant change in control. Elliott Management won a battle for control of Telecom Italia in May 2018. This victory gave them control of two-thirds of Telecom Italia's board seats.

Ahold Delhaize is a supermarket business with a significant economic interest. Elliott Advisors, a large investor, holds a 3% economic interest in the company.

This investment is substantial, valued at approximately $1 billion.

Elliott Investment Management is pushing for a leadership change at Southwest Airlines, led by billionaire Paul Singer, who has questioned why current CEO Bob Jordan is the right leader to implement the company's recent transformative changes.

The hedge fund has called for a special meeting to oust the current board of directors, urging shareholders to confirm their ability to vote on all their shares ahead of this meeting. Southwest has responded by supporting Jordan and accusing Elliott of attempting to disrupt its recent Investor Day and prioritizing public attacks over the interests of the company and its shareholders.

Elliott has stated that extensive discussions with Southwest's leadership only strengthened its belief that the current management team is incapable of realizing the airline's potential.

Elliott's early focus was on convertible arbitrage, but it refocused primarily on distressed debt investing following the 1987 stock market crash and early 1990s recession.

The company is known for restructuring firms that have faced financial difficulties, such as TWA, MCI, and WorldCom in the US, and Telecom Italia SpA and Elektrim overseas.

Elliott Management, a hedge fund led by billionaire Paul Singer, has been pushing for leadership change at Southwest Airlines, questioning the current management team's ability to realize the airline's potential.

Southwest has responded by supporting its CEO, Gary Kelly, and accusing Elliott of attempting to disrupt its recent Investor Day and prioritizing public attacks over the interests of the company and its shareholders.

Elliott has extensive discussions with Southwest's leadership, which only strengthened its belief that the current management team is incapable of realizing the airline's potential.

The hedge fund has called for major leadership changes within the airline, specifically targeting Jordan and Chairman Gary Kelly, who has announced plans to retire next year following pressure from Elliott.

Southwest shares experienced a notable surge after the airline announced its turnaround plan during an investor meeting, but Elliott warned shareholders that the investor meeting would likely consist of familiar themes and promises.

Elliott has a reputation for being aggressive in forcing changes on its portfolio companies, with holdings worth over $40 billion and a history of pushing for changes at companies such as GlaxoSmithKline and Premier Inn owner Whitbread.

The hedge fund has criticized Southwest for lacking sufficient industry expertise on its board and has suggested that the airline's current leadership is not capable of implementing the company's recent transformative changes.

Southwest has added or appointed eight new board members over the past three years, but Elliott has prohibited its board candidates from meeting with Southwest leadership, which the airline claims is a condition of their participation.