Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY Capital Markets Jun 5, 2:02 PM EDT

Christie's

MSN Money ↗

Christie's moved $1.45B in art as wealth transfers hands this decade

Christie's achieved $1.45 billion in sales, signaling the beginning of a $1 trillion art wealth transfer over the next decade as Baby Boomers pass assets to heirs.

ReadingThe next three years belong to firms that can absorb $10B+ in concurrent consignments. Smaller auction houses will fold or consolidate.

WatchWhich family offices announce multi-year liquidation mandates next. That is the real signal.

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art marketswealth transferauction housescapital markets

HENRI IV Capital Markets Jun 5, 2:02 PM EDT

ExxonMobil

MSN News ↗

ExxonMobil shareholders voted to redomicile headquarters to Texas

ExxonMobil shareholders voted overwhelmingly to relocate the company's legal headquarters to Texas in a move that marks a shift in corporate governance and strategic direction.

ReadingExpect three more Fortune 100 energy firms to announce similar moves within six months. The holdouts will be under proxy pressure by September.

WatchWhich activist investors file the next redomicile challenge at a consumer staples company.

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corporate governanceshareholder votingenergy sectortexas

MACALLAN 1926 Executive Appointments Jun 5, 2:02 PM EDT

Lululemon

MSN Money ↗

Lululemon settles proxy fight, adds two Chip Wilson nominees to board

Lululemon agreed to add two board nominees backed by founder Chip Wilson, ending a proxy battle that began in December over the company's strategic direction and board composition.

ReadingActivist investors will now target three other athleisure brands using the same board-composition thesis. Expect filings by Q3.

WatchWhich board member resigns before the next annual meeting to create a vacancy Wilson can fill without another proxy.

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proxy fightboard governanceapparelactivism

LOUIS XIII Luxury Sector Jun 5, 2:02 PM EDT

Hermès

Reuters ↗

Hermès reports 9.8% Q4 revenue growth, China demand stabilizing

Hermès reported fourth-quarter revenue growth of 9.8%, beating analyst expectations and signaling positive demand recovery in China after weakness in other luxury segments.

ReadingHermès maintains pricing power when competitors cannot. This quarter confirmed that scarcity is still a currency.

WatchNext quarter's China comp. If it rolls positive, expect luxury consolidation talk to quiet down.

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hermèsluxury goodsearningschina demand

PAPPY 23 Capital Markets Jun 5, 2:02 PM EDT

Two Harbors Investment Corp

National Mortgage Professional ↗

Two Harbors delays shareholder vote again as CrossCountry-UWM battle drags

Two Harbors Investment Corp postponed another shareholder vote as the mortgage industry proxy fight between CrossCountry and United Wholesale Mortgage extends into June.

ReadingWhen shareholders keep punting, the deal is structurally broken. Someone blinks by month-end or this unwinds.

WatchWhich activist investor buys a position and forces a resolution vote by written consent.

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mortgage industryproxy fighttwo harborsm&a friction

JOHNNIE BLUE Technology Intelligence Jun 5, 2:02 PM EDT

European Space Sector

MSN Money ↗

Airbus-Leonardo-Thales merger proposal faces pushback from smaller satellite rivals

A proposed merger of the space businesses of Airbus, Leonardo, and Thales is encountering opposition from smaller satellite manufacturers and industry competitors concerned about market consolidation.

ReadingEuropean space M&A is subject to the same friction as defense consolidation. Expect regulatory conditions that reshape the deal or displace it entirely.

WatchWhich competitor files a Section 7 complaint first. That becomes the template for others.

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space sectorm&aconsolidationeuropean defense

WELL POUR Technology Intelligence Jun 5, 2:02 PM EDT

AST SpaceMobile

SpaceNews ↗

AST SpaceMobile's Block 2 BlueBird satellite reaches LEO via ISRO launch

AST SpaceMobile successfully deployed its first Block 2 BlueBird direct-to-device satellite to low earth orbit using India's LVM3 rocket, marking progress in its space-based connectivity ambitions.

ReadingSatellite comms business models break on customer acquisition cost, not on launch success. Orbit does not equal revenue.

WatchWhich telecom partners sign multi-year purchase agreements in the next 60 days.

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ast spacemobilesatellitesleoisro