Some combinations are long-lived. Procter & Gamble(PG) became partners in 1837. Others are over before they began. Dow and DuPont merged 18 months ago to form DowDuPont(DWDP). From the time the deal was announced 18 months earlier, they planned to break up. Now, after shuffling around some businesses, they have taken the first step in their breakup process.… Read More »
There are worse names in the spinoff world, but Edgewell Personal Care(EPC) is a fairly bad one. Made worse, no doubt, by the company’s tortured explanation of its deep meaning. Edgewell, which owns such personal care brands as Schick, Skintimate, Hawaiian Tropic, and Playtex, spun off Energizer Holdings(ENR) in July 2015. Edgewell stock has underperformed since, recently down 20% from… Read More »
Nelson Peltz is legendary for successfully pushing for structural change at large companies. This has often resulted in spinoffs of disparate divisions. Last week, Peltz’s investment vehicle, Trian Fund Management, disclosed a $3.5 billion stake in Procter & Gamble(PG). Peltz steps into the shoes of Bill Ackman, who several years ago took an activist position in P&G, only… Read More »
Late last month, Procter & Gamble(PG) announced that it would be divesting its Duracell business. At the time, its preferred outcome was to spin off the division to shareholders. The second step is the exit of the Duracell business. Although no decision has been made on the form of the exit, P&G’s current preference is a split-off of… Read More »
Appearing on Fast Money this evening, Doug Kass predicted that another hedge fund manager would join Bill Ackman of Pershing Square Capital by taking a big stake in Procter & Gamble(PG), and that together they would force the company to split into two or three pieces. Kass said the stock price would increase $7-$10on such an announcement. With… Read More »