1. Activist fund buys 2.5% stake in Pernod
Elliott Management has built up a stake in French drinks company Pernod Ricard and called on the family-backed group to boost profit margins and improve returns for investors. Elliott’s stake in Pernod Ricard is just over
2.5%, its first holding in a French bluechip, worth around €930m. The fund has met Pernod chair and CEO Alexandre Ricard to discuss the way forward.
2. Tencent Music raises almost $1.1bn in IPO
Tencent Music Entertainment Group raised close to $1.1bn in its US
IPO after pricing its shares at the bottom of its targeted range. The music arm of gaming and social network giant Tencent Holdings priced its American depositary receipts at $13 a share, at the low end of its indicated $13-$15 a share range, it said in a filing with the Hong Kong stock exchange. The IPO values Tencent Music at $21.3bn.
3. A miss for Inditex
Zara owner Inditex reported thirdquarter profit below analysts’ expectations due to currency effects, but the global retailer maintained sales and margin guidance for the rest of the year. Inditex, which also owns upmarket label Massimo Dutti and teen brand Bershka, launched online sales for Zara in 106 new markets last month.
4. Shoprite opens in Kenya
Shoprite, which is seeking a foothold in Kenya’s retail industry, opened its first store in Nairobi this week. The market has a formal retail penetration of 33%, meaning roughly a third of shopping is done in stores rather than marketplaces.