Word: peltz
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Under relentless pressure from shareholders like agitator Nelson Peltz to sell its beverage business--yet unable to find a buyer given the collapse of the credit markets--Cadbury spun off its soft-drinks unit as the Dr Pepper Snapple Group earlier this year, leaving it once again a stand-alone candy company. And a relatively diminished one. Cadbury was dethroned as the king of candy by the surprise buyout of Wrigley by Mars, giving Mars-Wrigley a 14.4% share of the global confectionery market, compared with Cadbury's 10.1%, according to Wachovia Capital Markets...
...that lines are blurring and hedgies are no longer the loners of the investment world. Eddie Lampert used his hedge fund to take over Kmart and Sears, then funneled the stores' cash flow into derivatives trades--which last quarter made $101 million, half the company's net income. Nelson Peltz used his to storm onto the board of H.J. Heinz. "By many different definitions," says William Goetzmann, professor of finance at Yale School of Management, "we're seeing the institutionalization of hedge funds...
...Chatting with a Wall Street veteran, I mention Peltz. "What?" he asks. "Is Nelson going to jail...
...Nelson Peltz has been charged with no crimes, and I'm not implying he has committed any. He has been indicted only by writer Benjamin Stein in Barron's. (Stein persuasively accuses Peltz of having skewered his fellow shareholders.) Now 49, and married to a former Ford model, he owns an $18 million Palm Beach estate, a 106-acre, 22-room Westchester summer place and, I was told by his public-relations chief, is deeply concerned with the plight of the homeless...
...10th-grade algebra, but an F in geometry. In the 11th grade he pulled math up to C and C- (matching steady Cs in English), but failed citizenship. ("And that would eliminate. . .," his American history teacher paused, in a lecture about lurking communists . . . "YOU!" stage-whispered Nelson Peltz just a little too loud, in the incident that may have sealed his fate.) Nelson graduated from a different high school, then went on to, and dropped out of, college...