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2/4/2026

Fuji Media Shares Drop as Buyback Plan Heralds Activist Exit

Bloomberg (02/04/26) French, Alice

Fuji Media Holdings Inc. (TYO: 4676) shares plunged as much as 12% after the embattled Japanese firm announced a large share buyback plan and said entities linked to investor Yoshiaki Murakami indicated they would sell their stakes. The broadcaster’s stock fell to ¥3,475 at one point in Tokyo, marking its steepest intraday decline since August 2024. The company announced it plans to repurchase up to ¥235 billion ($1.5 billion) of its own shares in a Feb. 3 release. The buyback plan marks a potential end to one of Japan’s most high-profile cases of shareholder activism in recent years. The Murakami-led funds said they intend to sell their Fuji Media stakes once the company announced further measures to strengthen shareholder returns, according to Tuesday’s disclosure. Murakami has been campaigning for higher returns and the divestment of Fuji Media’s real estate unit. Fuji Media’s shares may be falling because “everyone expects that’s the end” of Murakami’s campaign and the upside that came with it, said Travis Lundy, a Hong-Kong based equity analyst who focuses on shareholder activism in Japan. But there’s no guarantee that activists will sell their stakes all at once, especially now the share price has dropped, Lundy added. “Fuji Media is agreeing to act a lot faster and more aggressively on its Reform Action Plan, but it may have jumped the gun,” he said. The company was once Japan’s most competitive broadcaster but has been embroiled in scandal since Dalton Investments raised concerns over management’s mishandling of sexual harassment allegations in early 2025. Fuji Media’s outlook remains cloudy, with uncertainty likely weighing on investor sentiment, said Kenzaburou Yamada, an analyst at Tokai Tokyo Intelligence Laboratory Co. “Competition is growing in the content industry, and it’s difficult to see how they’ll grow in the long term,” he said.

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2/4/2026

Activist Fund-Sponsored ISS Seminar Raises Neutrality Questions

Korea Times (02/04/26) Hyun-woo, Nam

A planned seminar in Seoul by Institutional Shareholder Services (ISS), the world’s largest proxy adviser for institutional investors, is raising questions over the firm's neutrality, as the event is sponsored by a local fund. According to industry officials, the U.S. advisory firm will hold its first seminar in Korea at IFC Seoul in Yeouido on Feb. 12, weeks before Korean companies begin their annual general meetings and decide whether to accept shareholder proposals. The event is hosted by Bside Korea, the operator of a local shareholder platform that received seed investment from the fund Align Partners in 2021. Align Partners is sponsoring the seminar. With more than 1,700 global institutional investors as clients, ISS wields substantial influence at key moments in shareholder decision-making, including governance issues and mergers. In the Korean market, it has particular influence over foreign investors, who have relatively limited access to information about the companies they invest in. In 2019, ISS played a critical role in helping Hyundai Motor (KRX: 005380) and Hyundai Mobis (KRX: 012330) fend off Elliott’s demands by characterizing the fund’s proposals as excessive. In 2015, ISS opposed the merger between Samsung C&T (KRX: 028260) and Cheil Industries, a stance that later became a starting point for a prolonged controversy over the legitimacy of the deal. Industry officials say ISS' participation in an event hosted and sponsored by activist-linked entities may be seen as undermining the firm’s neutrality. Bside Korea's platform allows shareholders to launch or join shareholder campaigns and has been used by Align Partners in its engagements with companies including SM Entertainment (KOSDAQ: 041510), JB Financial Group (KRX: 175330), and Coway (KRX: 021240). In 2022, Align Partners requested that SM Entertainment terminate its contract with founder Lee Soo-man’s personal company and improve its governance structure, and ultimately succeeded in pushing through its demands. In 2024, the fund also secured the appointment of two outside directors to the board of JB Financial Group, and is currently pressing Coway to strengthen shareholder return policies and enhance its independence from its parent company, Netmarble, through Bside Korea. “Given the enormous influence that a major proxy advisory firm like ISS has on shareholder meetings, speaking at an event sponsored by an activist fund and hosted by an activism platform could send the wrong signal,” an industry official said. ISS rejected concerns over its neutrality, saying in a statement to The Korea Times that it will “discuss publicly disclosed information regarding our benchmark voting policies on Korea” and that “there will be no risks” of undermining its impartiality. “We have neither solicited nor received payment from the organizer for our participation, consistent with our policies,” ISS said. “Most importantly, we’re a policy-based organization whereby any proposal, whether filed by an activist or mainstream investor, must be measured against that policy, which is publicly disclosed. No preferential treatment can be afforded to any party, under our model. “ISS is not an activist or advocacy organization. Rather, we are an impartial, federally regulated service provider to institutional investors who direct and control their own proxy voting decisions.” Align Partners CEO Lee Chang-hwan told The Korea Times that the seminar is open to all institutional investors and listed companies interested in attending, and will be helpful for all market participants. "Align Partners decided to sponsor the event at the request of Bside Korea, taking into account the positive impact that ISS' visit could have on Korea’s capital market," he said. "In particular, the law firm Yulchon, which provides defensive advisory services to listed companies, is also participating as a sponsor, making it a meaningful event for all parties involved." He added that Align Partners has made a minority investment in Bside Korea, but it is not involved in the platform’s management. Bside Korea stressed that it operates as a platform used both for shareholder activism and companies defending their management rights, citing its involvement in a campaign related to Kolmar Holdings' conflict over its managing rights. "We do not take sides. Our company also carries out many side projects with listed firms,” Bside Korea CEO Lim Sung-chul said. "The upcoming seminar will be open to all listed companies without restrictions on participation. We are also carefully addressing neutrality to improve foreign investors’ access to local companies. Many other firms hold similar seminars inviting proxy advisory firms, and we do not believe such events significantly undermine neutrality."

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2/4/2026

D.E. Shaw to Push for Board Shake-Up at Real-Estate Data Giant CoStar

Wall Street Journal (02/04/26) Thomas, Lauren; Grant, Peter

D.E. Shaw is planning to push for a board shake-up and other big changes at CoStar Group (CSGP), a major commercial real-estate information provider that is already facing pressure from Third Point, according to people familiar with the matter. D.E. Shaw believes CoStar’s shares have underperformed because of its “high-risk, money-losing” investment in Homes.com, a consumer-facing platform that aggregates home listings, according to a letter D.E. Shaw plans to deliver to CoStar’s board of directors and make public later Wednesday. D.E. Shaw says a change of leadership is needed to address CoStar’s underperformance, according to the letter, which was seen by The Wall Street Journal. The exact size of D.E. Shaw’s stake couldn’t be learned, but the firm is one of CoStar’s biggest shareholders, the people familiar with the matter said. Founded in the 1980s by Andrew Florance, CoStar has become the dominant force in commercial real-estate data. It became a go-to source for office-market data on building dimensions, sales and other statistics, then later pushed into other areas, providing data for hotels, apartments and other property types. About five years ago, Florance began expanding CoStar into the single-family housing market, long dominated by Zillow Group and Realtor.com, which is operated by News Corp, parent of The Wall Street Journal. CoStar did this through Homes.com. In its letter, D.E. Shaw said that Florance is anchored to the “unsuccessful” Homes.com strategy and that the board is “unable or unwilling to faithfully perform its critical oversight function.” D.E. Shaw wants CoStar to also find ways to monetize Homes.com, refocus on the company’s core business, buy back stock and restructure executive compensation, the letter said. The firm didn’t explicitly say it plans to launch a proxy fight but leaves the door open to one. A spokesperson for CoStar said in a statement that “there is strong shareholder alignment with the board’s unanimous support for a strategy that includes Homes.com for creating durable long-term shareholder value.” CoStar has a market value of roughly $22 billion. Its shares were down over 23% year to date as of Tuesday, in part because of investor fears the company is overspending and facing stiffer competition. D.E. Shaw had already been pushing for changes at CoStar. Last year, the parties came to an agreement that also included activist hedge fund Third Point, averting a big proxy fight. That agreement expired last week, opening the door for further aggravation from the two investors. Third Point, run by Daniel Loeb, said last week it is planning to nominate a fresh slate of director candidates at CoStar. Third Point also said it wants CoStar to consider strategic alternatives for Homes.com and other related businesses. CoStar said in response that it has been engaging extensively with shareholders, including Third Point. It said Loeb’s firm was acting “like a child,” and maintained that CoStar has a sound strategy in place. In its statement Wednesday, CoStar said that “D.E. Shaw has once again chosen to latch on to Third Point’s dangerously misguided effort to have CoStar Group abandon Homes.com.”

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2/4/2026

Third Point Founder Dan Loeb Signals Activist Push Focused on SK Square

alphabiz.co.kr (02/04/26) Lee, Paul

Daniel Loeb, the founder of activist hedge fund Third Point, is expected to pursue an activist strategy centered on SK Square (KRX: 402340), according to a report published exclusively by Maeil Business Newspaper on Tuesday. Third Point said it has been in communication with SK Square since the third quarter of last year, shortly after initiating its investment, to discuss ways to enhance corporate value. The fund has built what it described as a “meaningful” stake in both SK Hynix (KRX: 000660) and SK Square—large enough to warrant active engagement with management. SK Hynix shares have risen more than 200% since the second quarter of last year. Loeb said he has met with members of SK Square’s board since last summer to present concrete proposals aimed at addressing undervaluation, adding that Third Point holds a larger position in the more liquid SK Hynix shares. Loeb is widely regarded as having raised the bar for shareholder activism by focusing not merely on short-term share price gains, but on structural reforms and long-term re-rating of companies. Since founding Third Point in 1995, he has led high-profile activist campaigns at global companies such as Yahoo, Sony (NYSE: SONY), and Disney (NYSE: DIS). Third Point played a key role in Yahoo's management overhaul and restructuring in 2012, and pushed for board changes and cost-cutting measures at Disney in 2022. While taking a more indirect approach with SK Hynix, Third Point has emphasized what it sees as deep undervaluation. According to the fund's estimates, SK Hynix's price-to-earnings ratio based on projected 2026 earnings stands at just 6.5 times. Based on current share prices, this implies that Third Point expects SK Hynix's annual net profit to exceed KRW 100 trillion. Loeb said SK Hynix has already surpassed Samsung Electronics (KRX: 005930) in next-generation high-bandwidth memory (HBM), adding that it is the most undervalued name in an already undervalued memory sector. Third Point has also proposed capital market initiatives, including the issuance of American Depositary Receipts (ADRs), arguing that such a move would improve global investor access and trading liquidity. Loeb said SK Hynix should continue pursuing an ADR listing, which would further elevate its status as a core supplier in global AI infrastructure. The fund believes both SK Hynix and SK Square should deploy a portion of their free cash flow more aggressively toward shareholder returns. In particular, Third Point argued that SK Square—whose net asset value (NAV) trades at a steep discount—should divest non-core minority stakes and even use leverage to fund large-scale share buybacks and cancellations. With SK Hynix likely to shift from a net debt position to a net cash structure as early as the first quarter of this year, Loeb said share repurchases would be a rational capital return strategy given the company's growth outlook. “The best investment SK Square can make is in its own shares,” Loeb said, adding that the company should buy back as much stock as possible, even if it requires borrowing. Despite these proposals, Third Point stressed that it does not plan to launch an aggressive activist campaign ahead of this year's annual general meetings. The fund also ruled out forming an activist alliance, or “wolf-pack strategy,” similar to the coordinated shareholder actions seen at Samsung C&T's 2024 annual meeting.

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2/3/2026

Investors Use New Tactics to Pressure BP on Climate Change

Financial Times (02/03/26) Mooney, Attracta; Moore, Malcolm

BP (NYSE: BP) is being challenged over its surge in upstream oil and gas spending by a group of shareholder activists and pension funds as they switch tactics on climate change to question the sector’s business strategy. Nest, the UK’s largest workplace pension scheme by membership, Swiss federal pension fund Publica, and four British local authority funds are part of the move, taken in response to companies such as BP ditching their renewable energy businesses and rolling back climate pledges. The investor group will target “undisciplined capital allocation” at BP and have co-filed a resolution with the Australasian Centre for Corporate Responsibility (ACCR) at BP’s annual meeting in April. The resolution will mean incoming BP chief executive Meg O’Neill again faces the ACCR, which repeatedly challenged her at Woodside Petroleum. The shareholder proposal calls for BP to set out how the company takes “a disciplined approach to capital expenditure in order to generate an acceptable return on capital” for new oil and gas projects. In a presentation to shareholders last February, BP said it was making a “fundamental reset” to its strategy which would see it pivot away from renewable energy and focus on oil and gas production. It said it would increase its spending on oil and gas by $1.5 billion to $10 billion a year and axe spending on clean energy from $7 billion to $1.5 billion-$2 billion a year. “We are reallocating capital to the highest-return opportunities,” said Murray Auchincloss, the former BP chief executive, who pledged to increase BP’s return on average capital employed from 12% in 2024 to more than 16% by 2027. Gordon Birrell, BP’s head of production, said the next generation of BP’s oil and gas projects would have an internal rate of return of more than 20%. ACCR’s shareholder resolution is the second filed at BP this year after Dutch group Follow This and more than 20 institutional investors called on the oil and gas company to disclose its strategies for maintaining profitability if the demand for fossil fuels declines. The two resolutions indicate that shareholder groups that previously pushed for oil and gas companies to set out net zero emissions targets are now pivoting towards a focus on longer-term profitability. Diandra Soobiah, director of responsible investment at Nest, said BP had “underperformed for the past decade, including the period they were prioritizing oil and gas production." “Now they have dropped their renewables strategy, investors need to be reassured that any expansion to their upstream oil and gas portfolio will be governed by robust capital discipline and generate sustainable returns,” she said. Meg O'Neill speaks at a podium with two microphones during Woodside Energy Group's (NYSE: WDS) annual general meeting. The ACCR said its research had found that the $22 billion BP spent on conventional oil and gas projects over the past six years had delivered limited value to shareholders. “Investors would be concerned if the new CEO, Meg O’Neill, doesn’t take the opportunity to genuinely reflect on the numbers and poor returns from oil and gas growth projects and whether increasing upstream capex will create more shareholder value,” said Nick Mazan at ACCR. The resolution asks the company to disclose by April 2027 an assessment of the relative cost competitiveness of projects, cost overruns and delays, and how continued capital expenditure on exploration would create value for shareholders. The investors behind the resolution account for just 0.42% of the capital and it marks the first time that ACCR has filed a resolution at BP. However, ACCR gained the support of a fifth of voting shareholders for a resolution questioning Shell’s gas expansion strategy at its annual meeting last year, as well as from almost 30% of voting shareholders at Glencore (GLNCY) in 2023. In 2020, ACCR won the backing of more than half of voting shareholders for a landmark resolution calling for ambitious climate targets at Woodside, where O’Neill was a senior executive from 2018 before becoming chief executive in 2021. It also filed resolutions there again in 2022.

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2/3/2026

PepsiCo’s Drink Sales Are Improving, and it’s Planning to Cut Snack Prices

CNBC (02/03/26) Lucas, Amelia

PepsiCo (NASDAQ: PEP) on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations, fueled by improving organic sales across its business. Demand for the company’s snacks has been sluggish as consumers balk at higher prices. This year, Pepsi plans to lower prices on products like chips from its North American food division to “improve competitiveness and the purchase frequency of our brands,” executives said in prepared remarks. Productivity savings will offset the lower prices, they said. Shares of the food and beverage giant fell more than 1% in premarket trading. Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $2.26 adjusted vs. $2.24 expected; Revenue: $29.34 billion vs. $28.97 billion expected. Pepsi reported fourth-quarter net income attributable to the company of $2.54 billion, or $1.85 per share, up from $1.52 billion, or $1.11 per share, a year earlier. Excluding restructuring and impairment charges and other items, the company earned $2.26 per share. Net sales rose 5.6% to $29.34 billion. Organic revenue, which strips out foreign currency, acquisitions and divestitures, increased 2.1% in the quarter. “PepsiCo’s fourth quarter results reflected a sequential acceleration in reported and organic revenue growth, with improvements in both the North America and International businesses,” CEO Ramon Laguarta said in a statement. However, the company is seeing volume declines, particularly for its North American businesses. The metric excludes pricing and foreign exchange fluctuations to reflect demand more accurately. Global volume for its food fell 2% in the quarter, although global volume for its drinks ticked up 1%. Pepsi’s home market was once again the weak point of the quarter, although it is showing signs of improvement. Inflation-weary shoppers have been buying less of Pepsi’s snacks and drinks in a sign of consumer backlash against higher prices. PepsiCo Beverages North America, which includes Gatorade, Starry, and Poppi, saw volume shrink 4%, though its organic sales rose 2%. PepsiCo’s North American food division, which spans brands from Quaker Oats to Cheetos, reported that volume fell 1%. Although it reported higher volume growth than the North American beverage unit this quarter, Pepsi’s domestic food business has been the laggard of the portfolio for more than a year. To improve demand for its snacks, Pepsi is planning to cut prices on some packages of select brands, including Lay’s, Tostito’s, Doritos, and Cheetos, executives said in prepared remarks. In addition to price cuts, key brands, like Lay’s, Tostitos, Gatorade, and Quaker have been undergoing makeovers that include simpler ingredients and new packaging to help bring back customers. Pepsi is also working on expanding its portfolio to include more functional drinks, whole grains, protein and fiber. Pepsi also reiterated the outlook for 2026 that the company provided in December. The company is projecting that organic revenue will rise between 2% to 4% and core constant currency earnings per share will increase in a range of 4% to 6%. In December, Pepsi struck a deal with investor Elliott Investment Management, which had revealed a roughly $4 billion stake in the company two months earlier. As part of the agreement, Pepsi said it would slash its U.S. product lineup by 20%, cut costs across its food and beverage operations and lower snack prices. Elliott did not receive any seats on Pepsi’s board. As Pepsi implements that plan this year, the company is projecting that its North American business will improve, while its international divisions remain “resilient,” according to Laguarta.

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2/3/2026

Fuji Media Unveils Big Share Buyback to Push Out Activist

Bloomberg (02/03/26) Sano, Hideyuki

Fuji Media Holdings Inc. (4676) has unveiled a massive share buyback plan to repel investor Yoshiaki Murakami, effectively ending one of Japan’s most high-profile corporate battles in recent years. Under the plan, Fuji Media will repurchase up to ¥235 billion ($1.5 billion) of its own shares. The Murakami-led entities have indicated their intention to sell their entire stake in the broadcaster, Fuji said. The agreement marks the end of a months-long standoff with Murakami, who had been aggressively campaigning for higher shareholder returns and the divestment of Fuji’s profitable real estate unit. Since first disclosing their position in April last year, Murakami’s entities rapidly built a 17.33% stake. “It looks like they reached a settlement,” said Daisuke Uchiyama, senior strategist at Okasan Securities (8609.T). “This was likely the only realistic exit strategy for the activists, especially considering the size of their position.” Fuji Media said it could repurchase up to 71 million shares—roughly 34.4% of its outstanding stock excluding treasury shares. The company did not disclose the specific purchase price per share. The buyback represents approximately 25% of the company’s market capitalization. Fuji said it will use its own cash and bank loans to finance the share buyback, adding it has plenty of cash and can expect steady cash flow to pay back the debt. Fuji, once Japan’s most competitive broadcaster, has become a prime option for activists including Dalton Investments last year after the management’s mishandling of sexual harassment allegations lead to a sponsor boycott.

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2/3/2026

Disney Names Josh D’Amaro as Next C.E.O.

New York Times (02/03/26) Barnes, Brooks

Josh D’Amaro, a 28-year Disney (DIS) veteran with vast theme park experience but little expertise in movies and television, will succeed Robert A. Iger as Disney’s chief executive, ending a nearly three-year search, the company said on Tuesday. Disney’s board voted unanimously to give Mr. D’Amaro the job. He will assume power on March 18, when Disney is scheduled to hold its annual shareholder meeting. He will also join the company’s board. After Mr. D’Amaro, 54, takes control of the company, Mr. Iger, 74, will serve as a senior adviser and board member until his retirement on Dec. 31, when his contract expires. At that point, he will leave Disney entirely, the company said. Mr. D’Amaro most recently served as chairman of Disney Experiences, a division with $36 billion in annual revenue that includes theme parks, a fast-growing cruise line and consumer products, including video games. Mr. D'Amaro's unit made up roughly 60% of Disney's profit last year: Disney, in some ways, has become more of a travel company than a media one. James P. Gorman, Disney’s chairman, said in a statement that Mr. D’Amaro possessed “that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities and a deep passion for the Disney brand and its people — all of which make him the right person to take the helm.” Disney also promoted Dana Walden to president and chief creative officer, effective March 18. Ms. Walden, 61, has been Disney’s top television executive (excluding ESPN) with joint oversight of streaming. Her remit, Disney said, will now include ensuring that “storytelling and creative expression across every audience touchpoint consistently reflect the brand.” Ms. Walden will be the first companywide chief creative officer in Disney’s 103-year history. Mr. Iger noted in a statement that Ms. Walden “commands tremendous respect from the creative community.” She joined Disney in 2019 after the company’s $71.3 billion acquisition of 21st Century Fox assets. She started her career as a Fox publicist, eventually rising to run the Fox broadcast network and associated television studio. Succession has been hanging over Disney since 2022, when Mr. Iger — having bungled the process in 2020 — came out of retirement to retake the company’s reins. This time around, an outsider, Mr. Gorman, a veteran Wall Street banker, managed the succession process. He was recruited to serve on the Disney board in 2024 as part of Mr. Iger’s response to attacks from investors, one of whom, Nelson Peltz, harshly criticized the company for slipshod succession planning. Although the company considered outside candidates, the search came down to four internal leaders: Ms. Walden; Alan Bergman, Disney’s movie chief; Jimmy Pitaro, whose fief is ESPN; and Mr. D’Amaro. The question of whether any of them would ascend to the top job had captivated Hollywood, which long viewed Ms. Walden as the most viable candidate. Disney has a history of bumpy transfers of power. Mr. Iger’s predecessor when he was first elevated to run the company, Michael D. Eisner, tried to cling to his job, and in the end turned over a struggling company. During his earlier, 15-year stint as Disney’s chief executive, Mr. Iger delayed his retirement four times and seemed reluctant to leave when he did. The last time Mr. Iger stepped back, he quickly soured on his successor, Bob Chapek, who, like Mr. D’Amaro, ascended from the company’s theme park division. The epic power struggle that followed between the two destabilized the company and ended with Mr. Iger’s return to Disney. A Disney chief executive is an instant celebrity. He (they’ve all been men) presides over what are perceived as some of the most powerful and glamorous businesses in the world: the Marvel, Disney, Pixar, Lucasfilm and 20th Century movie studios; the ABC broadcast network and news division; cable channels like ESPN, FX and National Geographic. Its 14 theme parks on three continents attracted an estimated 145 million visitors in 2024. Disney also has a fast-growing cruise line, with eight ships in the water and five more on the way. Even by chief executive standards, the pay is enormous. Mr. Iger’s compensation last year totaled $45.8 million. Mr. D’Amaro was given a compensation target of roughly $38 million for his first year in the role, including a one-time bonus of about $9.7 million, according to a securities filing on Tuesday. But the challenges facing Mr. D’Amaro are vast. He will take over Disney at a time of colossal industry upheaval, from the collapse of traditional TV to the rise of generative artificial intelligence. If the most recent era at Disney was about building up an arsenal of intellectual property — Mr. Iger orchestrated Disney’s purchases of Marvel, Pixar, Lucasfilm and most of 21st Century Fox — the next period will largely be about technology. Disney will need to harness A.I. to continue building its streaming empire (Disney+, Hulu and an ESPN service) and compete with Netflix (NFLX), YouTube and TikTok. To increase its hold on teenagers and 20-somethings, Disney will also need to become a bigger player in games. Disney already licenses its characters for video games, but the company — at Mr. D’Amaro’s prodding — is investing billions of dollars in a Fortnite-connected Disney universe.

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2/3/2026

Billionaire Investor Peltz Open to More Buyouts

Reuters (02/03/26) French, David

Nelson Peltz is looking to go back to his roots with Trian Fund Management and could buy more companies outright in the future, the billionaire investor said on Tuesday. One of the best-known activist investors, Peltz helped found Trian in 2005 and has since campaigned to oust management and board members and change strategy at companies including Walt Disney (DIS.N), Kraft Heinz (KHC.O), and Procter & Gamble (PG.N). Trian and investment firm General Catalyst agreed in December to buy Janus Henderson (JHG.N) for $7.4 billion, the culmination of a more than five-year investment by Trian that started out as activism. Peltz told the WSJ Invest Live event in West Palm Beach, Florida, that the Janus deal harkened back to successful buyout investments earlier in his career, and market conditions were conducive for further dealmaking. "We used to buy all of a company, and I liked doing that as I don't have to do a dance for a boardroom," Peltz said, noting it allowed changes at a company to be implemented quicker than taking a stake and negotiating with an existing board. "Prices have become more reasonable, deals are becoming more productive. So we can do things the way we like to do them." The billionaire hedge fund manager said that while he liked a lot of things which U.S. President Donald Trump has done during his second term, he disagreed with his use of tariff policy and how it has been focused on revenue generation, instead of promoting free trade. "I think he is using tariffs the wrong way," he said. "I was hoping that the threat of tariffs was going to lower tariffs, so we had closer to free trade between us and our trading partners, and not being used as a source of revenue." He added that while there was still time for the course to be changed, tariff policy should help U.S. companies be more competitive, by bringing down the cost of selling U.S. cars in Germany for example.

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