Elliott Management Corp is initiating its first proxy fight since 2017 against Southwest Airlines CEO Bob Jordan, marking a significant move in the activist investing landscape [364b4ef6]. As part of its campaign, Elliott has launched the Stronger Southwest podcast featuring board candidate Gregg Saretsky, aiming to rally support for its initiatives [364b4ef6]. This development follows Elliott's recent stake acquisition in Phillips 66, where it criticized the company's underperformance and proposed new directors with refining experience [baad05e8].
In addition to its activities with Southwest Airlines, speculation has arisen regarding BHP's potential revival of a £39 billion bid for Anglo American after CEO Mike Henry's meeting with South African officials [364b4ef6]. Meanwhile, Uber is exploring a bid for Expedia, valued at nearly $20 billion, indicating a trend of significant mergers and acquisitions in the industry [364b4ef6].
The private equity sector is also seeing a surge, with secondary deals expected to reach a record $150 billion in 2024, reflecting a 25% increase from 2023 [364b4ef6]. However, not all companies are thriving; Northvolt, a Swedish battery maker, is struggling despite raising $15 billion [364b4ef6].
In other corporate news, Goldman Sachs' Khalid Albdah is reported to be involved in Saudi Arabia, and IBM has hired Neil Dhar as global managing partner of IBM Consulting [364b4ef6]. Advent International is also preparing a takeover bid for Tate & Lyle, showcasing the ongoing activity in the mergers and acquisitions space [364b4ef6].
Elliott's aggressive stance against underperforming companies like Southwest Airlines and Phillips 66 highlights its commitment to enhancing shareholder value through strategic changes and board appointments [baad05e8][364b4ef6].