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“I hope there will be no surprise if I reiterate very clearly and specifically — Pernod Ricard is here, Pernod Ricard is here to stay and Pernod Ricard is and will remain a consolidator.”. Elliott’s arrival has raised speculation of potential dealmaking. A source close to the matter told Reuters in December that Elliott had suggested options such as merging with another spirits company. Ricard declined to comment on the likelihood that Elliott would seek a seat on the board of the maker of Absolut vodka and Martell cognac.
Pernod shares closed down 1.3 percent, Pernod’s 46-year-old CEO, black pearl cufflinks who once worked as an M&A consultant at U.S, bank Morgan Stanley and appeared bare-chested at his desk in an internal promotional video last year, acknowledged that change is necessary for success, “The mandate I think I’ve been given is quite clear, It’s to consistently and ruthlessly pursue value creation over time,” Ricard said, “If you want a company to succeed and stay over time, that company needs to transform itself permanently, Consumers change over time, the environment changes, the dynamic changes — if you don’t keep transforming yourself, it’s not going to happen.”..
He declined to say whether having Elliott as a shareholder helped him to push the message on the need for change within the company, or what governance initiatives might be in the pipeline. When asked about double voting rights for longtime shareholders - which are often granted by French companies after two years - Ricard said there were no plans to change the company’s practice of affording them only after 10 years. One source had told Reuters the company’s current policy limited the influence of outsiders. However, Ricard said the rights were open to all qualifying shareholders, not just those close to the Ricard family.
WASHINGTON (Reuters) - A group of eight Democratic U.S, senators and independent Senator Bernie Sanders urged the Justice Department and Federal Communications Commission on Tuesday to reject a proposed $26 billion merger of T-Mobile US Inc and Sprint Corp, The merger is “likely to raise prices for consumers, harm workers, stifle competition, exacerbate the digital divide, and undermine innovation,” they wrote in separate letters black pearl cufflinks to FCC Chairman Ajit Pai and Makan Delrahim, the Justice Department’s top antitrust official..
The signatories included potential or confirmed presidential candidates Sanders, Amy Klobuchar, Sherrod Brown, Kirsten Gillibrand, Elizabeth Warren and Cory Booker. Also signing the letters were Senators Richard Blumenthal and Tom Udall. The companies did not immediately comment. A U.S. House panel is set to hold a hearing on the merger on Wednesday. The senators noted the four largest wireless carriers including AT&T Inc and Verizon Communications Inc control 98 percent of the market. “Antitrust regulators around the world have consistently blocked four-to-three mergers in the mobile and telecommunications industry, and those who have allowed such mergers have lived to regret it,” they wrote.
Separately, T-Mobile Chief Executive Officer John Legere defended the merger in written testimony released on Tuesday, ahead of a House Energy and Commerce Committee panel hearing on Wednesday, He said the company does not “use Huawei or ZTE network equipment black pearl cufflinks in any area of our network” and will “never” use equipment from the Chinese firms in the next-generation high-speed 5G network, U.S, national security officials have said both ZTE and Huawei raise concerns, The Trump administration is preparing an executive order, that could be released as soon as this month, that would allow the Commerce Department to bar U.S, companies from using telecommunications equipment made by Huawei, ZTE or other companies deemed to pose national security risks..
Legere said the merger would lead to lower prices and more U.S. jobs. Opponents argue the combined entity would likely raise prices, cut costs and harm rural consumers. Legere’s testimony says the combined firm’s business plan projects “aggressive share increases – taken from the industry leaders AT&T and Verizon – through its accelerated, enhanced 5G deployment.”. He said the company planned to “keep the customers we’ve fought hard to win and win new customers with great quality, lower prices, and more innovative offerings.”.
Sprint Executive Chairman Marcelo Claure will tell the panel that the combined firm’s improved network “will be able to compete for customers who have been reluctant to use Sprint or T-Mobile because of concerns that the quality of black pearl cufflinks their individual networks is not as good as those offered by Verizon or AT&T.”, The companies announced the merger in April 2018 after their a first round of merger talks ended in 2014 when President Barack Obama’s administration expressed antitrust concerns..