Private Equity

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Stocks Fall After Fed Pushback as Meta Tumbles 13%: Markets Wrap

Wall Street pumped the brakes on a tech rally as Meta Platforms Inc. sank 13% on plans to take on debt to fund its artificial-intelligence push. Bond yields and the dollar rose as the Federal Reserve tempered rate-cut expectations.

By Rita Nazareth

Private Credit Enters the Equity Business as Borrowers Struggle

Private credit firms are in the business of lending, not owning. But as more borrowers start to struggle with their liabilities, lenders are swapping their debt positions for equity stakes to try and stem losses.

Core Scientific Investors Spurn CoreWeave Takeover in Vote

Core Scientific Inc. shareholders rejected a takeover bid by CoreWeave Inc. that proxy advisers said undervalued the data center company, ending a contentious monthslong saga.

Panama President Mulino Sees Less Tension in Copper Mine Talks

Panama President Jose Raul Mulino said “the level of tension that existed with First Quantum has decreased” during a press conference in Panama on Thursday.

Private Credit Is Crowded But No Systemic Risk, SocGen CEO Says

Societe Generale SA Chief Executive Officer Slawomir Krupa said the boom in private credit can lead to bad choices, but those won’t spiral into a threat for the wider industry.

Prophecy Fund Collapse Leading to More Guilty Pleas, US Says

A prosecutor said more people will plead guilty over the 2020 collapse of Prophecy Asset Management, which the US says cost investors $294 million.

Hershey Warns of Weak Halloween Sales, Nudges Up Outlook

Hershey Co. called out disappointing Halloween sales so far in the US, but still upped its annual outlook thanks to price hikes.

Convertible Bond Boom Delivers Hedge Fund LMR’s Traders 30% Gain

A team of traders specializing in convertible bonds at multistrategy hedge fund LMR Partners is on track for record yearly gains as a surge in issuances and a pickup in corporate actions create a fertile hunting ground for the arbitrageurs.

AIG to Buy Stakes in Convex, Onex for More Than $2.7 Billion

American International Group Inc. agreed to buy stakes in specialty insurer Convex Group and alternative asset manager Onex Corp. in transactions that total more than $2.7 billion.

Novo, Pfizer Square Off Over Metsera in Obesity-Drug Tussle

Novo Nordisk A/S made an unsolicited bid for US biotech firm Metsera Inc., sparking a heated battle with Pfizer Inc. to get their hands on weight-loss treatments that both drugmakers want in order to regain lost ground in the booming market.