Word: stockings
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...news wire that there was a "misunderstanding" between the brothers "and we are working to clear it." On Nov. 25, six directors at Reliance Energy, a company headed by Anil Ambani, resigned without offering a reason. Shares of Reliance Energy fell 5.8% on Nov. 25 while Reliance Industries stock dipped 2.2%. Word that something seemed amiss had by then reached the company's large group of foreign investors. The events at Reliance "have come as quite a surprise to people outside India," says Praveen Martis, an energy analyst at Wood Mackenzie, an Edinburgh-based consultant. "Now they will want...
Shareholders might wonder if they are anything more than an afterthought. News' stock has been rising--but not fast enough for a company projected to grow earnings at twice the industry pace, says Merrill Lynch analyst Jessica Reif Cohen. She calls the stock grossly undervalued. News recently left Australia to incorporate in the U.S., where it will be added to the prestigious S&P 500 stock index next month. That's giving it a boost. But Murdoch's plan for his two thirtysomething sons to succeed him remains a drag on the stock. Adding weight to the anchor: since Malone...
Murdoch lined up support last week from Saudi Prince Alwaleed bin Talal, who owns 3% of News' nonvoting shares and said he was willing to convert those shares into voting stock and buy even more. A second prong of defense emerged earlier, when Murdoch's board adopted a "poison pill" provision that would make it hugely expensive for Malone to add to his stake. Poison pills don't sit well with shareholder groups. "They generally are adopted by boards unilaterally just when shareholders least like to see them," says Ann Yerger, acting executive director at the Council of Institutional Investors...
...News' highly regarded president, Peter Chernin, would run the company. Eventually, though, the Murdoch boys would be in charge. "It's a known evil going in," analyst Richard Greenfield of Fulcrum Partners says of any family-controlled business. "If you don't like it, you shouldn't own the stock...
...withdraw their U.S. listing. Directors, loosen those seat belts. Indicators Relinquishing Power The French government unveiled plans to privatize up to 30% of EDF, the world's largest power company, in a share offering next year set to raise up to 311 billion. The sale - the biggest-ever stock offering in France - would fund development of the heavily indebted utility's European operations. Cultural Revolution Caving in to state pressure, Wal-Mart said it would allow trade-union representation for its workers in China , if they requested it. The world's largest retailer - known for its hostility toward labor unions...