Summarize this content to 2000 words in 6 paragraphs in Arabic One scoop to start: Elliott Management held talks with private equity groups in recent months to gauge interest in buying Bayer\u2019s consumer health business, as the US hedge fund considered reviving a pressure campaign at the German conglomerate.And a big job move: James Gorman, the former chief executive of Morgan Stanley, is to join General Atlantic as a strategic adviser as the US-based private equity group prepares a highly anticipated initial public offering.In today\u2019s newsletter:CoreWeave\u2019s technical defaultA particularly painful bonus dayFamily Dollar\u2019s new ownersCoreWeave: Hot IPO or the WeWork of AI?At first glance, CoreWeave has all the hallmarks of a fast-growing tech company on the cusp of a blockbuster initial public offering.There\u2019s the 11-figure valuation, the list of 14 bookrunners that reads like a who\u2019s who of Wall Street, and the alluring pitch of buying shares in a provider of picks and shovels to the artificial intelligence boom.Having blue-chip names such as Microsoft as customers should in theory de-risk the investment case.But take a closer look and financial engineering, not software, is what primarily drives this company.CoreWeave buys graphics processing unit chips from Nvidia and rents them out to other Big Tech companies to power their AI data usage (including, um, Nvidia itself).The New Jersey-based group is also a creature of the private credit boom, having borrowed billions of dollars from the likes of Blackstone to fuel this high-stakes game of GPU arbitrage.Underneath all that, it\u2019s sitting on a huge amount of debt. DD\u2019s Tabby Kinder and Rob Smith last week broke down how CoreWeave faces a monumental $7.5bn of debt repayments in the next two years.And even during the AI boom, things haven\u2019t been smooth sailing. Rob, Tabby and DD\u2019s Antoine Gara on Wednesday broke the news that CoreWeave violated several key terms of a $7.6bn loan last year, triggering so-called technical defaults.The company\u2019s largest lender Blackstone was willing to give CoreWeave a pass for what it viewed as administrative errors at a fast-growing company, waiving the defaults with little drama.But some view it as troubling that what\u2019s essentially one great big financing company was unable to stay within the lines of multibillion-dollar credit agreements. Given that this was one of the largest private credit deals, does that make this the largest private credit default in history (albeit a technical one)?Investors are watching other risks. Some sceptical observers have flagged similarities to the asset\/liability mismatch that beset WeWork, with customer contracts that are shorter than its long-term lease liabilities on data centres. That could prove a combustible mix if some air comes out of the AI bubble.The shape of an IPO book is hard to gauge from the outside. Some investors tell DD that they\u2019re passing mostly because they think it\u2019s such a hot ticket their orders won\u2019t be filled. Others claim they hear rumblings of weak demand. One data point that could cut through the noise, however, is the stock price of Core Scientific. The data centre operator counts CoreWeave as a top customer and, like its near namesake, previously pivoted from crypto to AI. Its stock is down 47 per cent this year having fallen nearly 12 per cent on Wednesday alone. With CoreWeave set to price its shares on Thursday evening, we\u2019ll soon know whether that fall is an augur of an IPO flop or not. Do let DD know whether you think it\u2019s a can\u2019t-miss, or must-avoid, listing.HSBC\u2019s firings on bonus dayInvestment bankers wait all year for bonus day to roll around when they learn just how much they are valued by their employer.But HSBC\u2019s investment bankers based in London were in for a rude awakening last month when many of them learned that they would be fired and wouldn\u2019t get a bonus for the work they had done in 2024\u2009.\u2009.\u2009.\u2009on bonus day.The job losses didn\u2019t necessarily come as a surprise since new chief executive Georges Elhedery had already announced the bank would close its mergers and acquisitions advisory and its equity capital markets businesses outside Asia and the Middle East.\u00a0But getting fired on bonus day \u2014 without a bonus \u2014 hit a nerve.\u201cIt\u2019s very unlike HSBC,\u201d one person with knowledge of the matter said, adding that the bank had \u201ca reputation for looking after [its] people\u201d.From Elhedery\u2019s point of view, it makes sense. He\u2019s on a serious cost-cutting drive and has told investors he plans to save $300mn in 2025 and cut $1.5bn from its annual cost base by the end of next year.But that doesn\u2019t lend much comfort to the investment bankers who were expecting to receive a chunk of their bonus and who may have seen that the bank set out a pay package for Elhedery worth up to \u00a315.3mn, rising to \u00a319.8mn if the bank\u2019s share price jumps 50 per cent.That\u2019s significantly higher than his predecessor Noel Quinn, who had struggled to get headcount under control.HSBC has also laid off investment bankers in Asia \u2014 but things could have been worse there. Elhedery had also put its investment banking business in Asia and the Middle East under review but decided to keep it.Family Dollar\u2019s painful declineDollar stores are typically prime investments during tough times. When shoppers\u2019 wallets are stretched thin, they\u2019re likely to turn more often to the cheap array of products that such stores have on offer.But in recent years, those in the US have seriously struggled.On Wednesday, the ultimate confirmation of that arrived when Dollar Tree announced it had agreed to sell its Family Dollar chain for just $1bn \u2014 a steep, steep discount from the $8.5bn it purchased the business for a decade ago.When Dollar Tree agreed to buy Family Dollar in 2014, the deal married two of the country\u2019s biggest discount chains. Activist investors Carl Icahn and Nelson Peltz had pushed for the retailer to sell itself, and they succeeded in a coup.While Family Dollar and Dollar Tree are in the business of cheap goods, Wall Street advisers made a hefty sum on the deal. Morgan Stanley, which advised Family Dollar, made at least $42.9mn as part of the transaction, according to regulatory filings.At the time, Dollar Tree beat out its rival Dollar General (we know, there are a lot of dollars to keep track of) to buy the company. But that ultimately wound up a miscalculation.The merger subsequently led to billions of dollars of impairment charges and store closures.All the while, more activist investors swept in. Dollar Tree soon became the target of activists such as Starboard and Mantle Ridge.Now, Family Dollar\u2019s moving into Wall Street hands, with Brigade Capital and Macellum Capital agreeing to buy the company.Brigade has been circling the retail space for a potential target for some time. The firm \u2014 which is largely known for getting involved in thornier credit investments \u2014 was one of the bidders interested in Macy\u2019s last year.Several months later, it has finally landed a retail target.Job movesBlackstone has hired Dominic Ashcroft as a managing director and head of European origination. He\u2019ll be based in London. He was previously head of leveraged finance for Emea at Goldman Sachs, where he had worked for more than two decades.Linklaters has elected 34 partners and promoted 48 lawyers to counsel globally. They work in practice areas including litigation, finance and capital markets.Simpson Thacher has hired Adam Aderton as a partner in its government and internal investigations practice. He previously worked for Willkie Farr.Smart readsGhost hotel The 20-storey El Algarrobico hotel in Spain is a deserted monument to the struggle between environment and development, the FT writes. Why can\u2019t they knock it down?American euphoria CEOs and investors started the year jubilant that Donald Trump would usher in a \u201cgolden age\u201d for corporate America, the WSJ reports. That one-time joy is morphing into distress.High-wire act On the FT\u2019s latest Behind the Money podcast, DD\u2019s Amelia Pollard digs into why private equity group Sycamore Partners\u2019 $24bn deal for Walgreens Boots will be its biggest challenge.News round-upJefferies results miss estimates in sign dealmaking remains subdued (FT)Berlusconoi\u2019s MFE launches \u20ac1.3bn takeover bid for ProSieben (FT)Shell seeks to close valuation gap with US rivals (FT)British Steel\u2019s Chinese owner rejects UK government subsidy offer (FT)NatWest and Nigel Farage settle \u2018debanking\u2019 dispute (FT)Axel Springer board member resigns after accusing Politico of leftwing bias (FT)Porsche family vehicle eyes defence shareholding as third \u2018core investment\u2019 (FT)Mercuria takes on Trafigura and Glencore in metals trading drive (FT)Nissan\u2019s new chief warns of \u2018no taboos\u2019 in quest to revive carmaker (FT)<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic One scoop to start: Elliott Management held talks with private equity groups in recent months to gauge interest in buying Bayer\u2019s consumer health business, as the US hedge fund considered reviving a pressure campaign at the German conglomerate.And a big job move: James Gorman,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-254358","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/254358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=254358"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/254358\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=254358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=254358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=254358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}