As a red-faced, red-haired infant who was close to her hands-on stepfather, the metaphor invoked by activist investor Dan Loeb that Sony treats its entertainment business like a “red-headed stepchild” has no personal resonance.
But I get it. Leaving aside any gripes from the ginger brigade, his accusation that the company treats this part of the group with disdain is clear.
This comes just days after the forthright statement from Mark Cutifani, chief executive of Anglo-American, condemned the mining company’s performance as “constipated” and promised to “get our arses into gear and start making a difference”. Read more
A merger between Anglo American and Xstrata falls into the “what if?” category of corporate counterfactuals. Anglo rebuffed Xstrata’s 2009 approach and the latter is now itself in the waiting room for a takeover from its largest shareholder Glencore.
But as Xstrata’s boss Mick Davis told me and Helen Thomas last week, he still feels he could have applied some merger-magic to Anglo, which on Tuesday confirmed speculation that it would write down the value of its Minas-Rio Brazilian iron ore project. Mr Davis said he had “absolutely no doubt” that he would have been able to liberate a more entrepreneurial culture at Anglo, by devolving more responsibility to operational managers, as at Xstrata. Here are his comments in full: Read more