Apollo Global Management is in advanced negotiations to acquire Intel Corporation's programmable solutions group (PSG) for approximately $11 billion, according to sources familiar with the matter. The deal represents a 35% premium to analyst consensus valuations for the unit. PSG, which produces programmable chips for data centers and communications equipment, generated $2.1 billion in revenue last fiscal year. The transaction could close as early as Q2 2026, pending regulatory approval. This follows Intel's strategic review announced last quarter aimed at streamlining operations and focusing on core semiconductor manufacturing.

Elliott Management Corporation disclosed an 8.5% stake in Crown Holdings Inc. (CCK), making it the company's second-largest shareholder. In a letter to the board, Elliott criticized management's capital allocation decisions over the past five years and demanded three board seats. The activist fund argues Crown trades at a 25% discount to beverage packaging peers and could unlock $3 billion in shareholder value through a combination of operational improvements, debt reduction, and increased share buybacks. Crown's stock rose 12% on the news.

Johnson & Johnson will spin off its consumer health division, which includes brands like Tylenol, Band-Aid, and Neutrogena, into a separate publicly traded company. The transaction, expected to complete in early 2027, would create a standalone entity valued at approximately $45 billion. J&J stated the separation will allow both companies to focus on their distinct strategic priorities and attract dedicated investor bases. The pharmaceutical and medical devices business will retain the J&J name. This represents one of the largest corporate separations in recent years.

Dream On Me Industries, the company that acquired certain Bed Bath & Beyond assets out of bankruptcy, has filed for Chapter 11 protection citing liquidity challenges. The filing lists assets of $180 million and liabilities of $340 million. Multiple private credit funds including Oaktree Capital and Cerberus have expressed interest in providing debtor-in-possession financing. The situation presents potential deep value opportunities in the retail sector distressed credit space, with secured claims trading at 45 cents on the dollar.

Bob Iger announced his retirement as Disney CEO effective December 31, 2026, accelerating a transition that many expected to take several more years. The board has formed a search committee to identify both internal and external candidates. Leading internal candidates include ESPN Chairman Jimmy Pitaro and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman. The announcement comes as Disney navigates challenges in its streaming business and theme park expansion plans. Shares fell 4% in after-hours trading on succession uncertainty.

SoftBank Group is exploring the acquisition of Graphcore, a Bristol-based AI chip designer, for approximately $8 billion, according to sources. The deal would significantly expand SoftBank's semiconductor portfolio following its acquisition of ARM Holdings. Graphcore has raised $710 million to date from investors including Microsoft, Dell, and Samsung. The company's intelligence processing unit (IPU) technology competes with Nvidia in the AI training and inference market. UK government approval would be required given strategic technology concerns.

Starboard Value LP has launched a proxy contest at Salesforce Inc., nominating four independent directors ahead of the company's annual meeting. The activist investor, which holds an approximately $2.5 billion stake, argues that Salesforce's operating margins lag peers by 800+ basis points and that recent acquisitions have destroyed shareholder value. Starboard is pushing for accelerated cost cuts and a review of the company's acquisition strategy. Salesforce shares are up 15% since Starboard's initial investment was disclosed last quarter.

Vivendi SE shareholders approved a plan to split the company into three independent entities: Canal+ (pay-TV and content), Havas (advertising), and Lagardere (publishing and travel retail). The transaction is designed to eliminate the conglomerate discount that management estimates at 25-30% of net asset value. Each company will be listed on Euronext Paris. The split follows years of pressure from investors including activist fund Bluebell Capital who argued the structure obscured the value of individual businesses. Combined market capitalization is expected to exceed EUR 25 billion post-split.

Blackstone Group has entered exclusive negotiations to acquire Shinsei Bank Ltd for approximately $4.2 billion, sources familiar with the matter said. The deal would represent the largest foreign acquisition of a Japanese bank in over a decade. Shinsei, originally Long-Term Credit Bank of Japan before its 2000 nationalization, has been seeking strategic alternatives as SBI Holdings increased its stake. Blackstone's proposal values the bank at 0.85x book value, a premium to current trading levels. The transaction would require approval from Japan's Financial Services Agency.

Third Point LLC has disclosed a 6% stake in Bath & Body Works Inc., becoming one of the retailer's largest shareholders. In a letter to the board, Dan Loeb's hedge fund argues the company is undervalued and should explore strategic alternatives including a potential sale to private equity. Third Point estimates the company's real estate portfolio alone is worth $3 billion based on comparable transactions. The activist also criticized recent capital allocation decisions and called for accelerated share repurchases. BBWI shares rose 9% on the disclosure.

WeWork Inc.'s restructured commercial real estate portfolio is attracting significant interest from distressed debt investors following its emergence from Chapter 11 bankruptcy. Apollo Global Management, Fortress Investment Group, and Brookfield Asset Management are evaluating selective investments in WeWork's renegotiated lease agreements. The company shed $12 billion in lease liabilities through bankruptcy, with remaining locations in major financial centers including Manhattan, London, and Singapore. New term loan facilities are trading at 78 cents on the dollar, implying potential upside if occupancy recovers.

A consortium led by Japan Investment Corporation has completed the $15 billion acquisition of Toshiba Corp., ending 74 years of public trading for the industrial conglomerate. The deal values Toshiba at ¥4,620 per share, a 10% premium to the unaffected share price. The take-private follows years of governance scandals, accounting irregularities, and activist pressure. Under private ownership, management plans to invest heavily in nuclear energy, semiconductors, and quantum computing. The transaction is Japan's second-largest take-private deal on record.

Carl Icahn has disclosed a 10.2% stake in Southwest Airlines Co. through a 13D filing, making him the company's largest shareholder. The filing indicates Icahn intends to engage with management on operational improvements and capital allocation. Southwest has faced pressure from rising labor costs and increased competition from ultra-low-cost carriers. Icahn's letter to the board argues the airline's cost structure is 15-20% above industry benchmarks and calls for aggressive headcount reductions. Southwest shares jumped 14% in after-hours trading.

Bayer AG is exploring a potential sale of its consumer health division as the company seeks to reduce debt and fund Roundup litigation settlements. The unit, which includes brands like Aspirin, Claritin, and Coppertone, could fetch $15-18 billion according to investment banking sources. Private equity firms including KKR, Advent International, and CVC Capital Partners have expressed preliminary interest. A sale would allow Bayer to focus on its pharmaceutical and crop science divisions while addressing over $50 billion in legacy legal liabilities.

3M Company announced a tax-free spin-off of its healthcare business, creating a standalone public company focused on medical solutions, oral care, and health information systems. The new entity will have approximately $8.6 billion in annual revenue and is expected to trade at healthcare multiples significantly above 3M's current conglomerate valuation. 3M shareholders will receive shares in the new company on a pro-rata basis. The separation addresses long-standing investor concerns about 3M's conglomerate discount and allows targeted capital allocation for both entities.

Starbucks Corporation announced Brian Niccol will become its new Chairman and CEO, effective immediately. Niccol, who transformed Chipotle Mexican Grill during his six-year tenure, replaces interim CEO Howard Schultz. The surprise appointment comes as Starbucks faces slowing U.S. comparable sales and operational challenges in China. Niccol's compensation package includes a $10 million signing bonus and equity awards worth up to $85 million. Starbucks shares surged 18% on the news while Chipotle fell 7% on the leadership vacuum.

ValueAct Capital has built an approximately $800 million stake in Spotify Technology SA, according to sources familiar with the matter. The activist investor believes the music streaming company can significantly expand operating margins as it transitions from subscriber growth to profitability mode. ValueAct's analysis suggests Spotify could achieve 20%+ operating margins within three years through price increases and cost rationalization, compared to current mid-single digit margins. The fund plans to engage constructively with management rather than launch a public campaign.

An ad hoc group of Rite Aid Corporation's senior secured lenders has formed, holding approximately 60% of the company's first-lien term loan. The group, advised by Evercore and Kirkland & Ellis, is positioning to influence asset sale processes and the overall restructuring. Rite Aid's pharmacy locations and prescription files are attracting interest from Walgreens, CVS, and regional operators. First-lien claims are trading at 72 cents on the dollar, implying potential recovery value. The company filed for Chapter 11 in October citing opioid litigation and declining retail pharmacy economics.

Alibaba Group is exploring a potential sale of Ele.me, its food delivery platform, as part of the company's ongoing restructuring efforts under CEO Eddie Wu. The unit could fetch $4-5 billion, sources indicate, with Meituan and private equity firms among potential acquirers. Ele.me has been loss-making since Alibaba's acquisition in 2018, unable to gain ground against dominant player Meituan. A sale would allow Alibaba to focus capital on its core e-commerce business and cloud computing division, which management has identified as priority growth areas.

Exxon Mobil Corporation announced a $50 billion share repurchase program, the largest in U.S. corporate history, to be executed over three years. The announcement follows record profitability and comes as the company faces pressure from activist investors including Engine No. 1 to improve capital returns. The buyback represents approximately 12% of Exxon's current market capitalization. Management stated the company will maintain its commitment to the dividend while reducing share count by 15-18%. The move signals confidence in sustained oil and gas cash flows despite energy transition concerns.

General Electric completed its transformation from industrial conglomerate to focused aerospace company with the spin-off of GE Vernova, its energy business. GE Aerospace will trade under the "GE" ticker while GE Vernova begins trading as "GEV" on NYSE. The separation marks the end of a 130-year-old conglomerate and follows the 2023 spin-off of GE HealthCare. CEO Larry Culp stated the breakup allows each business to pursue optimal strategies for their respective markets. Combined, the three companies have a market capitalization exceeding $250 billion.

Cisco Systems is in advanced negotiations to acquire cloud security startup Wiz for approximately $23 billion, which would represent the largest cybersecurity acquisition on record. The deal would top Alphabet's failed $23 billion bid that Wiz rejected earlier in 2026. Wiz's cloud security platform protects workloads across AWS, Azure, and Google Cloud, generating approximately $500 million in annual recurring revenue with 100%+ growth. Cisco sees the acquisition as transformational for its security portfolio. Due diligence is complete and an announcement could come within days.

Trian Fund Management has nominated three directors to Unilever PLC's board, escalating a campaign that began with the fund's stake accumulation last year. Nelson Peltz's firm argues Unilever's 400+ brand portfolio is too complex and margins significantly lag peers like P&G and Nestle. Trian's slate includes former P&G executives and a former Walmart supply chain officer. The fund is calling for the sale of non-core brands, accelerated cost cuts of EUR 2 billion annually, and improved working capital management. The AGM vote is scheduled for May.

Envision Healthcare Corporation has reached an agreement in principle with its major creditor groups to restructure approximately $7 billion in debt. The deal would see first-lien lenders receive equity in the reorganized company while second-lien holders recover 15-20 cents on the dollar. KKR, which acquired Envision in 2018 for $9.9 billion, will lose its equity investment entirely. The restructuring follows a multi-year decline in the physician staffing industry due to reimbursement pressure and the No Surprises Act. Envision expects to emerge from Chapter 11 within 6 months.

Sony Group Corporation and Paramount Global have resumed merger discussions, with a potential deal valued at approximately $30 billion including debt. Talks accelerated after the Shari Redstone family's negotiations with Skydance Media collapsed over governance issues. Sony sees Paramount's content library and CBS network as complementary to its Sony Pictures Entertainment division. The combined entity would rank among Hollywood's largest studios. Regulatory scrutiny is expected given market concentration concerns, but parties believe they can address antitrust issues through targeted divestitures.

HSBC Holdings' board announced CEO Noel Quinn will step down immediately following strategic disagreements over the bank's Asia pivot. The surprise departure comes after activist investor Ping An increased pressure for an Asia-focused spin-off. Quinn opposed splitting the bank, putting him at odds with major shareholders. CFO Georges Elhedery has been named interim CEO while the board conducts a formal search. HSBC shares fell 5% in London as investors digested the leadership vacuum at a critical moment for the bank's strategic direction.

Pershing Square Capital Management disclosed a $4 billion stake in Nike Inc. through its quarterly 13F filing. Bill Ackman's fund acquired approximately 30 million shares during the quarter, making it a top-five position in the portfolio. The investment comes as Nike faces declining sales in China and market share losses to newer competitors like On Running and Hoka. Ackman reportedly believes the brand remains one of the world's most valuable and that new management can restore growth. Nike shares have fallen 45% from their 2021 peak.