Paul Singer's Son Might Soon Learn What It Feels Like To Be Argentina
At times, Paul Singer can be a complicated man. But when it comes to enacting vengeance on those who seek to thwart his strategies, he's downright monomaniacal. Just ask Argentina. Neither man nor sovereign country can stop a Singer on the warpath.
But what if that man/country is a Singer himself? According to documents shared with the Financial Times, Paul Singer's own flesh and blood – his son and subordinate Gordon Singer – evidently fumbled the ball in the tense fourth quarter of Elliott Advisors' ongoing campaign to push paint giant Akzo Nobel into a hostile takeover with rival PPG. His alleged error: inadvertently copying Akzo's investor relations head on a strategic email.
“wiktor [sic] — you should call ppg and let them know that we have sent the EGM [emergency general meeting] request and that now may be an opportune time for ppg to reach out and try to engage,” Mr Singer said in an email sent on April 11.
His colleague, Wiktor Sliwinsky, later responded: “Agreed with all the points below, already talked to compliance so they can join me on the call to PPG (so there is no issue with getting cleansed to trade in the near future).”
Making matters worse, Akzo is arguing that the email shows Elliott colluding with Akzo adversary PPG by sharing non-public information. Akzo said Elliott “intended to privately share potentially price-sensitive information with PPG about its decision to request an EGM,” or emergency general meeting, which Elliott wants to hold regarding its plan to oust of Akzo's chairman Anthony Burgmans.
Now, we don't know Singer's approach to parenting. Perhaps he saves his famed swashbuckling ruthlessness for the rough seas of global finance. Maybe behind those steely, impassive eyes is a gentle and forgiving father. If not, however – well, we're praying for you, Gordon.
Akzo Nobel accuses Elliott of improper conduct in €22bn battle [FT]
