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None They invented the Must-Have Instrument for the Burning Man Set. The activist hedge fund GlaxoSmithKline Plc has asked Bluebell Capital Partners to replace its chairman as well as the chief executive officer, which is adding further pressure on the drugmaker.
Bluebell s partners Giuseppe Bivona and Marco Taricco made the demand in a letter to the company, whose copy was seen by Bloomberg. Last month the firm invested about 10 million pounds 13 million in Glaxo, a tiny investor in a company with a market value of more than 71 billion pounds.
Chairman Jonathan Symonds says that they do not have a precise understanding of the causes of the prolonged and severe underperformance of Glaxo shares. We have reached the conclusion that a more radical change agenda than what we previously envisaged is necessary. Glaxo has been defending its strategy in recent months after it emerged in April that Elliott Investment Management had taken a share in the company, which has a long track record of forcing sales or breakups. Both Elliott and Bluebell broadly agree with the company s plans to spin off its consumer arm, they have questioned the decision to keep Emma Walmsley at the helm of the remaining business.
The stock rose as much as 4.8% in London after Bloomberg s consumer unit is drawing interest from private equity firms, citing people with knowledge of the matter.
We totally reject the content and claims in this letter, Glaxo said in a statement. We remain dedicated to solving the root causes of historical underperformance. Glaxo also said its board is confident it has the right strategy and the right team to deliver a step-change in growth. In July, Walmsley published a letter on Glaxo calling to run a search for a possible successor to Elliott, something Bluebell asked for, citing her non-scientific background. They also pressed the U.K. drugmaker to be more open to a sale of the consumer unit.
Last week, Symonds held an investment meeting with investors where Gordon Singer, Head of Elliott Investment Management's London office, questioned the performance of GSK.
Britain's largest pharmaceutical giant called the meeting to provide an update on its plans to split consumer division from the pharmaceutical and vaccines business next year. The company expects to appoint a new chair for consumer business by the end of 2014. Glaxo also committed to beefing up the pharma and vaccines expertise that will remain on the board of the pharmaceutical and vaccines business after the split.
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