nytimes.com - 65 days ago
Movers: Formal ‘Brexit’ Talks Open
We’re following major market developments throughout the day.
Activist Investor Takes Aim at Parent of Saks An activist hedge fund, Land and Buildings Investment Management, disclosed a 4.3 percent stake in the owner of Saks Fifth Avenue on Monday and called on the retailer to weigh selling its real estate or taking the company private. In a public letter to the Hudson’s Bay Company, Land and Buildings said that the company should regard itself more an owner of valuable real estate like Saks’s well-known Fifth Avenue store and take steps to consider selling some of that land for top dollar. Or, the activist fund suggested, management should buy out other shareholders. Hudson’s Bay said in its own statement that it had received the letter and would respond at some point. What to Watch For: ‘Brexit’ Talks Open • Formal talks began in Brussels on Britain’s withdrawal from the European Union. Britain hopes to strike a deal before leaving the bloc in March 2019. • Wilbur L. Ross, the United States commerce secretary, gives a welcome address at the start of a two-day investment summit meeting in Washington, and he will moderate a panel on business and economic trends with Mary T. Barra, the chief executive of General Motors.
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