Chandos advises on Amundi’s IPO

Chandos Communications advised Amundi, Europe’s only world top ten Asset Manager, on the communications related to its EUR 7.5bn listing on the  Euronext stock exchange in Paris. The team was led by Chandos’ Louise Tingström, Managing Partner, Teresa Wincrantz, Associate Partner and Pauline Aymonier, Analyst, with further support from David Sturken, Partner at Chandos’ sister-agency Maitland.

Amundi is the leading European asset manager and among the top ten asset managers worldwide, with €952 billion of assets under management (“AuM”) as of September 30, 2015. Amundi is a global player, operating through two business lines: Retail (management of saving solutions distributed in France and worldwide by the Crédit Agricole and Société Générale group networks, worldwide by other banking networks through distribution agreements and managing joint-ventures, and in France and worldwide by third-party distributors) and Institutional (including sovereign funds, companies, insurers of the Crédit Agricole and Société Générale groups and other institutional investors). Amundi has a presence in 30 countries across 5 continents, developed through a combination of organic growth, acquisitions and long-term partnerships.

Are Activists the Robin Hoods of Capitalism?

This month, the Wall Street Journal released its first-ever Activist Investor Report Card, taking an innovative approach to answering the age-old question of whether activist shareholders are good or bad for business.  The results of their comprehensive study, which analysed the six-year performance of 71 U.S. companies following the appearance of an activist investor on their shareholder register, were inconclusive.

Having compiled a list of companies with market capitalisations of over $5bn, the Journal looked at a company’s earnings, margins, corporate spending, employee efficiency and shareholder return versus peers.  Each company involved in the 71 campaigns was compared with one of the 24 peer groups in the S&P 500 industry groups list. The median of that peer group was then used for each of the metrics.

One of the most interesting things to emerge from the study was that the single factor that most influences performance is whether or not an activist investor receives a place on the company board.  Bloomberg recently followed up with a piece supporting this view, claiming that more activists are joining company boards than ever before.  In a world where corporations are rarely short on external advice – be it from their lawyers or corporate bankers – it appears that activist investors have finally broken the glass ceiling to ensure that their voices are properly heard…

Continue reading Are Activists the Robin Hoods of Capitalism?

Monthly Shareholder Activism Snapshot – October 2015

Welcome to the October issue of Chandos’ monthly snapshot on Shareholder Activism. This month has seen a continuous high level of activities – from Bill Ackman’s struggle to keep Valeant Pharmaceuticals afloat to Carl Icahn’s ambitious move to break-up the U.S. insurance giant AIG. Read all about the most influential activist campaigns which took place in October in this month’s issue.

Continue reading Monthly Shareholder Activism Snapshot – October 2015

Monthly Snapshot: September 2015

We are pleased to issue the first edition of Chandos’ monthly snapshot on shareholder activism, a newsletter providing a summary of the most relevant news in the past month, key insights and our view on a current topic.

Activist investing is not a new phenomenon and will continue to be highly relevant. Almost every day there are stories about various forms of shareholder activism, may it be of an aggressive campaign forcing big strategic shifts at a company or more subtle means to make smaller changes. Regardless of what you think of activists, positive or negative, keeping up to speed with what is going on can be a competitive advantage from the standpoint of companies, activists and advisers alike.   

We hope you will enjoy it and find it useful.

Louise Tingström, Managing Partner

Continue reading Monthly Snapshot: September 2015