Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Hedge Week.com – DLA Piper has appointed Australian corporate and financial services lawyer Luke Gannon as a partner in its corporate group and head of the firm’s funds practice throughout Asia. Gannon, who will be based in DLA Piper’s Hong Kong office, will work closely with partners from the firm’s financial services and regulatory groups and will act for a range of clients on mergers and acquisitions and equity capital markets matters.
Gannon has almost 20 years experience in a range of funds, regulatory and capital-raising matters in Asia, acting for clients including real estate investment trusts, hedge funds, funds of funds, private equity, infrastructure funds, wealth managers, underwriters and corporate issuers.
He was previously a partner and head of funds for eight years at Australian law firm Freehills in Melbourne, where his clients included a international investment banks, fund managers and sponsors. In 2006, he joined a major client as head of corporate and M&A, gaining extensive commercial and acquisitions experience in Asia’s financial services sector. Read Complete Article
The Age – Third Point, the New York-based hedge fund run by Daniel Loeb, bought a stake in BHP Billiton worth $US162 million at the end of June, adding the world’s largest mining company to its portfolio.
Third Point, known for pushing companies to make changes that increase their stock prices, bought 1.9 million shares in Melbourne-based BHP during the three months ended June 30, according to a filing with the US Securities and Exchange Commission on August 14.
Loeb, 45, who started Third Point in 1995, bought the stake in the quarter after BHP announced a hostile $US134 billion bid for Rio Tinto. Loeb pressured US oil and natural-gas producer Pogo Producing for more than a year to shed assets or sell itself before it agreed to be bought by Plains Exploration & Production for $US3.6 billion in July last year.
Sydney Morning Herald- The waste management business Transpacific has attempted to snuff out concerns about its ability to service its $2.6 billion of debts, arguing that the market has failed to recognise its "incredible cash flow" and the value of its landfill sites.
After spending six months appeasing investor concerns over the group’s debt exposure, the executive chairman, Terry Peabody, said landfill sites were "another great asset of the company that I don’t think very many people realise".
He told ABC TV’s Inside Business that Transpacific could realise up to $100 million from its 26 hectare Tullamarine tip in Melbourne, which has come to the end of its life.
