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- First Step to Final Offer (05/28/24)
First Step to Final Offer (05/28/24)
Brooks Gammill
May 28, 2024
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internship, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
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MARKET NEWS
Citi, HSBC, and Barclays Mandate Full-Time Office Return Amid Regulatory Changes
Citigroup, HSBC, and Barclays are requiring more employees to return to the office full-time due to evolving regulatory requirements. Citigroup will have about 600 U.S. employees, previously eligible for remote work, now commuting daily. HSBC is negotiating with approximately 530 New York-based staff about their options, aiming to maintain some flexibility. Barclays, meanwhile, will require thousands of its investment banking staff globally to work from the office or travel to meet clients starting June 1. These changes reflect the challenges of complying with new regulations while balancing flexible work arrangements. (Bloomberg)
Goldman Sachs CEO: Fed Unlikely to Cut Rates This Year
Goldman Sachs CEO David Solomon has indicated that the Federal Reserve is unlikely to cut interest rates in 2024. The central bank's cautious approach reflects concerns about inflation and economic stability. Solomon's comments underscore the Fed's focus on managing economic risks and maintaining a balanced approach to monetary policy. (Reuters)
Blackstone to Expand Equity Ownership for Workers
Blackstone has announced plans to broaden equity ownership among its employees, aiming to enhance worker engagement and retention. This initiative is part of Blackstone's strategy to align employee interests with company performance, fostering a stronger connection between staff and the firm's success. The move underscores the growing trend of companies leveraging equity incentives to motivate and retain talent. (Yahoo Finance)
M&A DEAL OVERVIEW
BlackRock Presses Anglo American to Extend BHP Deal Talks
U.S. private equity firm BlackRock, along with other investors, is encouraging Anglo American to extend discussions with BHP regarding a proposed £38.6 billion ($49.2 billion) megamerger. Anglo American recently rejected BHP's third takeover offer, which valued the company at £29.34 per share, citing deal structure concerns. Despite this, Anglo American agreed to a one-week extension to finalize talks, giving BHP until May 29 to make a formal bid or walk away. BlackRock, holding a 9.6% stake in Anglo, alongside other major shareholders like Ninety One and Sanlam Investments, supports meaningful negotiations despite the complex deal requirements involving Anglo's South African platinum and iron ore units. This extension could pave the way for a landmark merger in the mining industry, driven by significant shareholder influence.
TECHNICAL QUESTION OF THE WEEK:
How does an increase in interest expense affect a company's financial statements? |
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANWSER:
Correct Answer from one of our readers “Since you have an increase in AR, you've paid out cash for services you haven't yet received, so your costs increase and thus net profit decrease. This flows into net profit for cash flow from operations which would be lower as a result”