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4/29/2029

Shareholder Activism in Asia Drives Global Total to Record High

Nikkei Asia (04/29/29) Shikata, Masayuki

Activist shareholders had their busiest year on record in 2024, with the Asia-Pacific region making up a fifth of campaigns worldwide, pushing some companies higher in the stock market and spurring others to consider going private. The worldwide tally of activist campaigns rose by six to 258, up by half from three years earlier, according to data from financial advisory Lazard. Campaigns in the Asia-Pacific tripled over that period to 57, growing about 30% on the year. Japan accounted for more than 60% of the regional total with 37, an all-time high. Activity is picking up this year as well in the run-up to general shareholders meetings in June. South Korea saw 14 campaigns, a jump of 10 from 2023. Critics say South Korean conglomerates are often controlled by minority investors that care too little about other shareholders. Australia and Hong Kong saw increases of one activist campaign each. North America made up half the global total, down from 60% in 2022 and 85% in 2014. Europe had 62 campaigns last year. The upswing in Japan has been fueled by the push for corporate governance reform since 2013 and the Tokyo Stock Exchange's 2023 call for companies to be more mindful of their share prices. The bourse has encouraged corporations to focus less on share buybacks and dividends than on steps for long-term growth, such as capital spending and the sale of unprofitable businesses. Demands for capital allocation to improve return on investment accounted for 51% of activist activity in Japan last year, significantly higher than the five-year average of 32%. U.S.-based Dalton Investments called on Japanese snack maker Ezaki Glico (2206) to amend its articles of incorporation to allow shareholder returns to be decided by investors as well, not just the board of directors. Though the proposal was rejected, it won more than 40% support, and Glico itself put forward a similar measure that was approved at the following general shareholders meeting in March. U.K.-based Palliser Capital took a stake last year in developer Tokyo Tatemono (8804) and argued that more efficient use of its capital, such as selling a cross-held stake in peer Hulic, would boost corporate value. Activist investors are increasingly seeking to lock in unrealized gains from rising land prices, reaping quick profits from property sales that can go toward dividends. Companies in the Tokyo Stock Exchange's broad Topix index had 25.88 trillion yen ($181 billion at current rates) in unrealized gains on property holdings at the end of March 2024, up about 20% from four years earlier. After buying into Mitsui Fudosan (8801) in 2024, U.S.-based Elliott Investment Management this year took a stake in Sumitomo Realty & Development (8830) and is expected to push for the developer to sell real estate holdings. This month, Dalton sent a letter to Fuji Media Holdings (4676), parent of Fuji Television, calling for it to spin off its real estate business and replace its board of directors. Activist campaigns have sparked share price rallies at some companies. Shares of elevator maker Fujitec (6406) were up roughly 80% from March 2023, when it dismissed Takakazu Uchiyama -- a member of the founding family -- as chairman under pressure from Oasis Management. The rise in demands from activists "creates a sense of tension among management, including at companies that don't receive such proposals," said Masatoshi Kikuchi, chief equity strategist at Mizuho Securities. Previously tight cross-shareholdings are being unwound, and reasonable proposals from minority investors are more likely to garner support from foreign shareholders. Some companies are going private to shield themselves from perceived pressure. Investments by buyout funds targeting mature companies in the Asia-Pacific were the highest in three years in 2024, according to Deloitte Touche Tohmatsu. Toyota Industries (6201) is considering going this route after facing pressure from investment funds last year to take steps such as dissolving a parent-child listing with a subsidiary and buying back more shares. Toyota Industries holds a 9% stake in Toyota Motor (7203). The automaker "may have proposed having [Toyota Industries] go private as a precautionary measure," said a source at an investment bank.

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11/12/2025

Elliott Seeks to Reassure Investors as Long-term Returns Fall Behind S&P 500

Financial Times (11/12/25) Mourselas, Costas

Elliott Management, the US hedge fund founded by billionaire Paul Singer, has sought to reassure investors that its vast size has not become an obstacle as its returns lag behind Wall Street stock markets. In its latest quarterly letter to investors, seen by the Financial Times, the firm said its $78bn in assets raised the “inevitable question” of whether its scale had become a drag on performance. The firm added that it viewed its large size as an advantage and that “any shortfall in returns” was a result of mistakes, problems with hedges, or issues with the market but “not the size of the fund," the firm added. However, Elliott added that it would seek to shed assets if it thought that its size had become a barrier to strong returns. The letter also showed Elliott gained 4.7% net of fees in the first nine months of the year compared with a 15% total return for the S&P 500. The fund’s net annualized return since 1994, the year its Cayman Islands entity was founded, has now fallen behind that of the S&P 500 index including reinvested dividends for the first time in more than 20 years — a comparison regularly tracked by the firm in its communications with investors. However, performance since the firm was founded in 1977 is still ahead of the S&P, and its returns come with much lower volatility than the Wall Street equity benchmark, a feature coveted by some hedge fund investors. The firm was up about 11% last year, according to another letter. Assets at Elliott have almost doubled over the past five years, prompting the firm to adjust its investment strategy to focus on larger targets and push deeper into areas such as private equity dealmaking. Some investors worry that its growing size is holding back performance. “The problem is they are so big that to produce [returns] like they did in the past, their playbook has to work on such a different scale,” said one large investor in the hedge fund. One person familiar with the fund said that the fund had addressed the question of size in quarterly letters to investors on at least 15 occasions across the past five decades, and that it had consistently seen it as a benefit. Elliott has long been one of the most feared activist investors, taking on company boards to implement changes that it sees as favorable to shareholders. Most recently it has bought stakes in Pepsi, BP and Southwest Airlines and agitated for change. As it has grown the firm has had to take bigger positions, making it tougher to invest in smaller businesses. This in turn meant its potential targets were much better covered by Wall Street analysts and closely monitored by investors, making it harder to spot opportunities before other market participants did, said one major Wall Street hedge fund allocator. Larger companies are also likelier to be able to hire top defense teams to advise them, a luxury that smaller companies often cannot afford. “The bigger you get the more you narrow your opportunities,” he said. A person familiar with the fund said that Elliott still had the flexibility to invest in smaller companies as an activist. For example, Elliott has recently invested in payments company Bill Holdings and drug research firm Charles River Labs earlier this year. The person added that Elliott’s job wasn’t to spot opportunities that others hadn’t, but to make the changes that improved a company’s performance. Elliott aims to offer investors steady returns compared with higher octane hedge funds, with founder Singer often saying that his focus is to never lose his investors money. Elliott has long warned that the US stock market is frothy driven by AI stocks that would struggle to justify sky high valuations. But a second investor in the fund said it might find it harder to justify its fees given performance over the past three decades had fallen behind that of the S&P. “There is not much else to say about that other than the fees hurt,” he said. “If Paul had just invested his own money [in the S&P 500] since 1994, I think we would all agree he would not be as wealthy as he is today running Elliott.” Elliott is in the middle of fundraising for a $7bn drawdown fund, which will allow it to call investors for capital when opportunities arise, Bloomberg reported last month.

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11/12/2025

Commentary: Rio’s Activist Investor Shows It Pays to Be a Pest

Australian Financial Review (11/12/25) Wootton, Hannah

It’s been six months since activist hedge fund Palliser Capital retreated to London, licking its wounds after its campaign for Rio Tinto’s (RIO) dual-listing unification failed at the Perth Convention Centre, writes AFR columnist Hannah Wootton. It wanted Rio’s board, led by Dominic Barton, to review (and ultimately collapse) its dual-company structure. But its resolution to force this fell just short of the 20% shareholder sign-off it needed. But company returns recently filed in the UK reveal Palliser and Rio agitator-in-chief James Smith, who is the fund’s chief investment officer and founder, didn’t lose too badly. Palliser’s revenue surged to $24.3 million in 2024, up more than 80% from 2023. Profit also jumped nearly 70%, going from $2.9 million in 2023 to $4.9 million last year. It turns out being a thorn in companies’ sides is paying off! And that’s after the investment it made in trying to get the vote up. Among its campaign costs were research from Grant Thornton recommending unification, an apparently objective report from investment firm Hannam & Partners making the same findings, and then hosting a webinar with an “independent journalist” on its benefits. Even if, as this column revealed, the fact Palliser was footing the bill wasn’t adequately disclosed in either the Hannam report or webinar. The biggest beneficiary of Palliser’s profit jump is Smith himself, along with his wife Bonita Smith. The pair’s private company, Pensive Dragon, owns more than 75% of Palliser. Its latest returns were also recently filed and show even more impressive growth than Palliser. The melancholy giant lizard’s profit for 2024 was $4.9 million, up 96% on the year before. Clearly activist shareholding is working out for Smith. Before Palliser, he ran Elliott Investment Fund’s campaign pushing for a similar unification of BHP’s Australian and British companies’ listings in the late 2010s. Which ultimately did occur in 2022, though by that point Smith had been silent on the issue for several years. Could a similar outcome be in Rio’s future? Palliser’s resolution only needed approval from 0.65% more of Rio’s voting shareholders to get up. If the Pensive Dragon is looking to invest some of its profits, a buy-up of Rio shares ahead of next year’s AGM could help it close this gap. Or at the very least, it could fund some more cash-for-comment research.

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11/10/2025

Analysis: Activists Assemble for Big M&A Push in U.S.

Bloomberg (11/10/25) Baker, Liana

Another Merger Monday, another activist involved. This time it’s Jana Partners, which has thrown its support behind Investindustrial’s $2.9 billion buyout of the private-label food manufacturer Treehouse Foods (THS). This after a week in which we’ve seen “hedge fund hotel” Kenvue (KVUE) agree to be taken over by Kimberly-Clark (KMB); activists swarm over BlackLine (BL) and push the software provider to explore a sale; and billionaire investor Brett Blundy angle for change at lingerie retailer Victoria’s Secret (VSCO). Meanwhile, Monro (MNRO) has just approved a poison pill to try and thwart the advances of Carl Icahn, who, among other things, said recently that he wants the automotive repair chain to consider potential mergers. “This uptick in activity is occurring in parallel with a robust dealmaking environment this fall,” said Elizabeth Bieber, a partner and head of shareholder engagement and activism defense at law firm Freshfields. “Unsurprisingly, we’re also seeing a renewed focus on M&A theses.” This trend had been expected to re-emerge from a post-pandemic period in which many activists prioritized operational changes over more dramatic M&A attack lines. It’s predicted to fully take hold now that the market for dealmaking is well and truly back on its feet and there are more potential buyers for companies and their non-core business lines. “We’re rounding out 2025 at an all-time high level of activist campaign velocity, with new campaign launches buoyed by surging confidence from activist funds in the viability of M&A processes at targets,” said Neil Rudisill, managing director in Goldman Sachs’ activism and shareholder advisory practice. Bieber said she expects to see more blue-chip names receive engagement in the months ahead. “This trend is particularly pronounced at large-cap companies, where the next generation of high-profile activist investors are becoming increasingly public, aggressive and visible,” she note. This tallies with some ongoing activist campaigns. Elliott, for one, has built a $4 billion stake in Pepsi (PEP) and has released detailed plans for changes at the iconic beverage maker that include the potential for divesting underperforming assets. Elsewhere, Jana has recruited Kansas City Chiefs tight end and Taylor Swift’s fiancé Travis Kelce in its bid to revive the fortunes of amusement parks operator Six Flags (FUN).

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11/5/2025

Carl Icahn, Nearing 90, Is Still Trying to Right His Empire

Wall Street Journal (11/05/25) Lombardo, Cara

Activist investor Carl Icahn says nothing compares to the thrill of being immersed in a fight. For the past few years, the 89-year-old billionaire has been playing defense on several fronts. He is trying to revive the fortunes of Icahn Enterprises (IEP), the publicly traded company that houses his investments, after a 2023 short-seller attack shaved billions off its market value and his own net worth. But a relationship with one member of the investing team recently turned contentious. And he feels it has become next to impossible for activists to wage the types of shareholder fights he loves and that have made him a fortune. On the home front, as he nears his 90th birthday, he’s faced recent health scares. Icahn remains his combative self, publicly denying he’s concerned about any of it and focused on what he sees as momentum. “I keep going,” he said in one of several interviews over the past month. “I enjoy the game.” He describes the third-quarter earnings his firm reported Wednesday as some of its “best ever,” and he plans to unveil two new investments soon. He is obsessed with a pet project focused on removing voting power from index funds, which he believes could restore activists’ bite. Shares in Icahn Enterprises, known by its ticker IEP, are down roughly 80% from before the short seller arrived. Hindenburg Research, now defunct, had alleged IEP was overvalued and vulnerable from its founder borrowing against its shares. Forbes estimates that Icahn’s net worth is now closer to $4.5 billion, down from above $17 billion years a few years ago. “They took part of my army away, like Alexander the Great,” Icahn said of the attack, which dented his capacity to make new investments. “He has to change his battle plans, but it’s not that bad.” Icahn likes to point out that the IEP stock continued paying annualized dividends of $2 a share throughout the ordeal. IEP reported net income of $287 million in its third quarter, up from $22 million a year ago. The value of IEP’s investments, its net asset value, rose to $3.8 billion, up $567 million since June 30, primarily due to CVR Energy (CVI), a small refiner it controls. The increase would have been even higher, if not for short positions Icahn has long maintained as a hedge. Soon, IEP will reveal a big stake in automotive service chain Monro (MNRO), people familiar with the matter said. IEP, which holds board seats on seven public companies excluding those it controls, is also in talks to join the board of another company, the people said. Inside IEP, succession remains murky, some recent hires have soured and blockbuster wins have been missing. Brett Icahn, Carl’s son, officially rejoined the firm in October 2020, signing a seven-year contract to lead a team of three investors he hired. Brett is expected to succeed his father as chairman and run the firm’s investment unit. Icahn says he is devoting much of his energy to targeting index funds’ voting rights. He is finishing a white paper on the topic. He rails against what he calls the “cartel” of BlackRock, Vanguard, and State Street. The way Icahn sees it, with index funds controlling around 30% of most companies’ voting rights, it has become impossible for activist investors to run proxy fights for control of corporate boards. He argues such fights are good for the overall economy, but rarely win support from the index funds. BlackRock and its peers say they are giving some investors voting powers and otherwise carefully determine votes delegated to them to maximize investors’ financial interests. They also point to legal issues that currently prevent them from giving all investors the ability to vote their own shares. Icahn wants either Congress to act or President Trump to issue an executive order. One proposal from Republican lawmakers would require shares held in passively managed funds to be voted on a proportional basis according to instructions from fund investors.

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11/5/2025

The Secret Weapon Boards are Deploying to Survive AGM Season

Australian Financial Review (11/05/25) Durkin, Patrick

Brunswick Group is one of the growing swell of board advisers and proxy solicitation firms fighting back against the influential proxy advice firms and in-house governance teams at superannuation funds that recommend how Australia’s biggest investors should cast their votes at annual shareholder meetings. Others include Georgeson (owned by share registry Computershare), Sodali (formerly Morrow Sodali), and local player OpenEngagement. Working behind the scenes, little is known about them — but they have a growing battle on their hands.  As the historic votes at last week’s annual meetings at building materials group James Hardie (JHIUF), where the chairman was ousted, and CSL Ltd (CSL), where 42% of shareholders voted against the biotechnology company’s executive pay proposal, showed, proxy advisers and Australia’s largest investors are angry and not afraid to show it. Protest votes against executive pay have hit record highs. In 2023 and 2024 there were 41 and 40 strikes respectively against remuneration plans at ASX 300 companies, up from 26 or fewer in each of the previous four years. Individual directors are being engaged more than ever before. James Hardie lost three directors while Super Retail chairwoman Judith Swales faced a 25% protest vote. Several proxy firms which include CGI, Institutional Shareholder Services (ISS), and local players Ownership Matters and Australian Council of Superannuation Investors (ACSI), have tightened their guidelines for voting across director tenure, potential audit conflicts and CEO share sales. As an advocate of company boards, the proxy solicitation firms analyze the company shareholder registries, working out who actually casts the vote on the AGM resolutions and tries to convince them of the company’s position. They also try to ensure investors who are supportive of any given resolution get out and vote. The majority of ASX listed companies hold their AGM in the six weeks between late October and early December. A notice of meeting is sent 30 days before the AGM. The proxy firms’ voting recommendations typically arrive two weeks out, with proxy votes due 48 hours before the meeting. That’s the narrow window when these behind-the-scenes operatives go to work, trying to convince investors to side with the board. Some in the industry claim the proxy firms can sway between 10 and up to 30% of the vote. The dominance of Australia’s super sector, which now owns almost a quarter of all ASX-listed securities, is another big challenge for boards. While some funds outsource their investment decisions, they often retain in-house governance teams who retain control of the AGM vote. ISS is cracking down on directors with a potential audit conflict such as new ASX director and ex-PWC partner Anne Loveridge. She was hit with a 16.8% protest vote at the exchange's AGM in October after ISS flagged concerns over the exchange's use of PwC as its auditor and her role as chair of the audit committee. ISS claims that any director who previously worked at the company's auditor, particularly if they sit on the company audit committee, faces a potential conflict. ISS also says it will vote against directors and chairs who have served more than 16 years on the board. Beyond the big super funds, there is also the growing group of activist investors. The Australasian Centre for Corporate Responsibility and Market Forces has made a name bringing resolutions against top listed companies in recent years and now new player the Sustainability Investment Exchange (SIX), a share trading platform that combines activism and investing, is broadening the agenda.

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11/4/2025

The Gamble Behind a Big Takeover of Tylenol’s Maker

New York Times (11/04/25) Hirsch, Lauren

Kimberly-Clark’s (KMB) $40 billion deal for Kenvue (KVUE), the embattled maker of Tylenol and other consumer products, seemingly flies in the face of two M.&A. maxims: skirt uncertainty whenever possible, and avoid inviting scrutiny by the Trump administration. Talks began after Kenvue announced a strategic review in July, effectively putting itself up for sale. The company was already under pressure from shareholders, including the activist investor Starboard Value, whose co-founder, Jeff Smith, joined its board in March. In September, the Trump administration linked the use of Tylenol during pregnancy to autism, a connection that the company has strongly denied. That turmoil hovered over deal talks and helped Kimberly-Clark push for an agreement that valued Kenvue at a discount to its peers. (The transaction values Kenvue at $21.01 a share, only slightly above where the company was trading before word of the administration’s plans emerged.) One big question: Did the companies give federal officials a heads-up about the deal? That tactic, which has grown popular during the second Trump administration, may have bolstered executives’ confidence. The Kenvue deal is a bet that the markets have overreacted. Kimberly-Clark has long been interested in acquiring Kenvue, given its well-known brands and overlap in customers, said people with knowledge of the deal. Company executives told analysts on Monday that they worked with legal, health and government experts to do thorough due diligence. They seemingly concluded that the cost and uncertainty of buying Kenvue were outweighed by the quality of the target company’s brands — and the price they would pay. (Among the winners of the deal were the many activist investors in Kenvue’s stock.) Many shareholders in Kimberly-Clark seem to think that the company didn’t get enough of a discount: Its shares fell down nearly 15% on Monday. Kimberly-Clark probably can’t cite litigation risk as an escape hatch. Regulatory filings by the company published on Monday showed that business pressures related to acetaminophen or talc, whose legal liability Kenvue has assumed from Johnson & Johnson outside the United States and Canada, don’t appear to qualify as acceptable reasons to walk away. However, there is a caveat to that carve-out in a disclosure letter by Kenvue that hasn’t been publicly filed yet. There could be other ways to kill the deal. Both Kenvue and Kimberly-Clark stockholders must vote on the transaction. But with a final deadline for closing set for the second half of 2026, shareholders most likely won’t vote for months, according to Eric Talley, a professor at Columbia Law School. “If Kenvue gets clobbered by Tylenol liability in the meantime, Kimberly-Clark stockholders are unlikely to approve the deal,” Talley told DealBook. “If Kenvue runs the table and escapes all liability risk, its own stockholders may bridle and vote the deal down.”

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11/4/2025

Commentary: What Could Stop Kimberly-Clark’s Deal for Kenvue

Barron's (11/04/25) Bary, Andrew

The fall in Kimberly-Clark’s (KMB) stock continued for a second day and raised the prospect that an activist investor could surface and try to block its merger-of-equals deal with Tylenol maker Kenvue (KVUE). Kimberly-Clark’s stock is down 1.7% to $100.55 after hitting a new 52-week low earlier in the session on Tuesday. The stock fell 15% on Monday and is way below its 52-week high of $150. The shares are in the red over the past one, five, and 10 years as well. The Kimberly-Clark/Kenvue transaction is one of the worst-received major merger deals in recent years. Investors wondered why Kimberly-Clark was willing to buy a company with weakening sales and sizable potential legal liability related to Tylenol and talc. The deal requires shareholder approval from both Kimberly-Clark and Kenvue. An okay is likely from Kenvue holders since Kimberly-Clark is throwing the company a lifeline, but it is less certain with Kimberly-Clark. An activist could accumulate a stake in Kimberly-Clark and push its shareholders to reject the deal, which is due to close in the second half of next year. The activist’s bet would be that Kimberly-Clark stock would rally if the deal is voted down by shareholders. If a powerful activist firm surfaces in Kimberly-Clark, the stock likely would rally. One hurdle for an activist is that the deal requires a majority of shares voted, not total shares outstanding, to clear. That provision makes it easier for the company to get approval since a certain percentage of holders won’t cast votes. Kimberly-Clark is offering a package of stock and cash (mostly stock) that is now worth around $18.15 a share (nearly 0.15 shares of stock and $3.50 in cash per Kenvue share), Barron’s estimates. Kenvue stock is up 0.4% at $16.21 and trades at about an 11% discount to the current deal value. That’s a wider arbitrage spread than would likely prevail in a deal with a scheduled closing in about a year. But the second-half 2026 closing could be optimistic given necessary regulatory approvals, including apparently from China. The longer the time until closing, the wider an arbitrage spread should be. And there is a chance that Kimberly-Clark holders will reject the deal. Kimberly-Clark hailed the deal to bring together “two iconic companies” and said the transaction is “attractive” financially and offers “compelling value creation for all shareholders.” One problem is that earning accretion may not occur until 2028, according to Citi analyst Filippo Falorni. In a client note, he saw the potential for over $8 a share in 2028 earnings for the combined companies. The deal also would leave the two companies with over $20 billion in debt, or nearly three times projected Ebitda, or earnings before interest, taxes, depreciation, and amortization.

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10/31/2025

A Decade of Digital Dominance

Houston Business Journal (10/31/25) Nair, Jishnu

Hewlett Packard Enterprise (HPE) CEO Antonio Neri discusses benefits of its $14 billion Juniper acquisition and addresses the scrutiny of the deal. Last year, HPE brought in $30.1 billion, the most the company has made since the onset of the Covid-19 pandemic. Neri attributed much of that growth to the company’s investments in AI since 2023, which involved a restructuring of HPE's business segments and several new leaders. Earlier this year, HPE also completed what Neri referred to as the biggest deal of his tenure as CEO: the $14 billion acquisition of Juniper Networks. Together with HPE’s Aruba line, the addition of Juniper is intended to create the connective tissue for the AI investments that other giant companies are making, like data centers and large-language models. “The last two years has been an explosion of generative AI,” Neri said. “But now with agentic AI on the way, and then reasoning and robotics, HPE is in a good position to power the computational needs to be able to deliver on that opportunity. "We play in every segment of the market, enterprise, sovereign and service providers. And we enable the builders to train their models. HPE is vastly different from 10 years ago, and this is going to be good for shareholders because (as) we grow profitably with higher margin structure, we’ll be able to return much more capital to shareholders through dividends.” It hasn’t all been smooth sailing, though. HPE has seen interest from prolific activist investor Elliott Investment Management, and the Department of Justice challenged the Juniper deal in courts this year before ultimately settling with HPE — though questions are being raised about the settlement. If the Juniper deal hadn’t gone through for whatever reason, HPE had alternatives, Neri said. But the completed acquisition now gives HPE an opportunity to build a household name in networking. “For us to make a difference in our business, you have to build a billion-dollar franchise,” he said. “Otherwise, it’s too small to be seen … and that’s why this was the right transaction at the right time.” For the business, HPE is projecting that Juniper will help generate over $3.5 billion in free cash flow by 2028. The company has already announced a 10% dividend increase in the first quarter of 2026. But on the technical side, Juniper’s network offerings will help bring wider infrastructure to the growing number of data centers springing up across the nation, Neri said. The DOJ raised questions about the scale of the combined company, arguing in court that it would allow HPE to dominate the networking market, though ultimately the federal government settled for forcing HPE to sell its Instant On business aimed at networking for small businesses. For his part, Neri remained adamant that this deal would bring HPE in line with competitors rather than overwhelm them. “The environment is different than maybe five years ago, but my view of this is very simple,” he said. “This is pro-competitive, and this is absolutely important for national security, because one of the things nobody speaks about is that HPE — between networking and compute and storage — is now the only company that has the full stack. "With our experience in (telecommunications), we can actually go and replace Huawei around the globe.”

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