Activist investor Cevian Capital invests €1.2bn in UBS, Nippon Steel buys US Steel in a $14.9bn deal, the demolition of cooling towers at a coal plant near Liverpool and the cultural significance and controversy surrounding it.
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Quick takeaways
Activist investor Cevian Capital purchases a 1.2 billion Euro stake in UBS, aiming to double its valuation within 3-5 years.
Nippon Steel's acquisition of US Steel for $15 billion showcases Japan's commitment to global M&A and addressing output challenges.
Deep dives
Sevean Capital takes 1.2 billion Euro stake in UBS
The activist investor Sevean Capital has purchased a 1.2 billion Euro stake in UBS and believes that the Swiss bank can double its valuation over the next 3-5 years. Sevean Capital, which has been tracking UBS for 15 years, now ranks as one of the top 10 investors in the bank.
Nippon Steel to acquire U.S. Steel in a $15 billion deal
Japan's Nippon Steel has agreed to buy U.S. Steel in a deal worth close to $15 billion, subject to approval by U.S. regulators. As part of a wave of deals pursued by Japanese companies, Nippon Steel aims to expand its global footprint and address output challenges relative to Asian rivals. Although some critics argue that Nippon Steel may be overpaying for the acquisition, the deal signals Japan's commitment to participate in global M&A markets.
Activist investor Cevian Capital has taken a €1.2bn stake in UBS, and Nippon Steel has agreed to buy US Steel in a $14.9bn deal. Plus, the FT’s Josh Gabert-Doyon takes us to the English town of Widnes and discusses what the destruction of fossil fuel infrastructure means for local citizens.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.