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(Reuters) - Campbell Soup Co (CPB.N) and hedge fund Third Point LLC on Friday filed preliminary proxy materials urging the food company’s shareholders to vote in favor of two entirely different slates of board nominees. Third Point, run by billionaire investor Daniel Loeb, launched a proxy fight last week to replace Campbell’s 12-member board. Loeb’s $18 billion hedge fund, which owns a 5.65 percent stake, said at the time that the soup-maker was in a “mess” and faulted its board for failing to take corrective action.
His move came a week after Campbell announced the results of a broad strategic review and said it would sell its international and fresh refrigerated-foods units, Third Point’s 12-person slate full black enamel cuffs cufflinks includes William Toler, former chief executive of Hostess Brands, Munib Islam, a partner at Third Point, and George Strawbridge, a grandchild of chemist John Dorrance who invented condensed soup and ran Campbell nearly a century ago, Campbell, which is pushing for its board to remain intact, said it did not endorse any of Third Point's board nominees, Two other Dorrance grandchildren and a great grandchild currently sit on the board, and own a sizable stake in the company.(bit.ly/2NawBER)..
The current composition of the board reflects an appropriate mix of experience and qualifications that are relevant to the business and governance of Campbell, the company said. Campbell laid out a detailed analysis of its board members’ skill-sets and qualities in its filing, which included details on their experience in leadership, M&A and the consumer goods industry. Third Point said the Campbell board's failure to have a functioning chief executive succession plan in place following Chief Executive Denise Morrison's exit in May was 'a reflection of its inability to conduct one of the most essential duties of any board of directors.' (bit.ly/2Mu2gM5).
ALCANTARA SPACE CENTER, Brazil (Reuters) - Brazil is ready to launch small commercial rockets from its space base near the equator as soon as it agrees to safeguard U.S, technology that is dominant in the industry, the Brazilian Air Force officer managing the space full black enamel cuffs cufflinks program said on Friday, Brig, Major Luiz Fernando Aguiar said Brazil wants to get a piece of the $300 billion-a-year space launch business by drawing U.S, companies interested in launching small satellites at a lower cost from the Alcantara base on its north coast..
“The microsatellite market is most attractive today and we are interested in the 50 to 500-kilo niche,” Aguiar told Reuters at the base’s main launch pad. “We are developing a rocket for microsatellites. For that this tower is totally ready.”. Space cooperation between the United States and Brazil took a big step forward when they signed a Space Situational Awareness (SSA) agreement last month during a visit to Brasilia by U.S. Defense Secretary James Mattis. The accord on sharing real-time tracking data on objects and debris in space is needed to develop a satellite launching business without the risk of collision.
Boeing Co (BA.N) and Lockheed Martin Corp (LMT.N) in December visited the Alcantara space center, which is especially attractive to smaller firms, such as Tucson, Arizona-based rocket-maker Vector Launch Inc, because its equatorial location cuts fuel costs by a third allowing heavier payloads, But Brazil’s plan to become a new hub in the space industry will depend on concluding a full black enamel cuffs cufflinks technology safeguard agreement (TSA) with the United States to protect sensitive American space launch and satellite technology, Aguiar said, Without it, no U.S, rocket can blast off from the South American country..
A previous attempt at a U.S.-Brazilian space partnership was scuttled in 2003 when the TSA ran into resistance from the leftist government of former president Luiz Inacio Lula da Silva and was thwarted by Brazilian lawmakers. Aguiar said that agreement floundered because it allowed the U.S. unverified access to the Alcantara base that was not acceptable on sovereignty grounds. A new Brazilian proposal under consideration by the U.S. government will be more “palatable” to the Brazilian Congress.
The TSA is seen by Washington as opening opportunities for greater cooperation in aerospace and defense between the two countries, The market for small satellite launches is expected to grow fast in the next few years and the U.S, space industry is keen to see new launch capacity in the world and a quick resolution to the negotiation of the TSA with Brazil, “Demand for launch services has outstripped supply globally and another launch site is needed, Because of its location, Alcantara offers advantages no other site in the world provides,” full black enamel cuffs cufflinks an industry source said..