The shareholder activism that’s encouraging asset sales at DuPont Co. and Dow Chemical Co. in the U.S. has the potential to spread to Europe’s chemical industry, according to an executive at Cevian Capital AB.
A sculpture of an inflatable dolphin by Jeff Koons sold for $5 million. A 1971 Sigmar Polke painting depicting purple monkeys, an alligator and a penis was snapped up for $4.5 million. An abstract painting by Joan Mitchell fetched $1.5 million.
Once the target of hedge-fund manager Daniel Loeb’s criticism, Sotheby’s Chief Executive Officer William Ruprecht got the activist shareholder on his side two weeks after he was voted onto the board of directors.
Sony Corp. Chief Executive Officer Kazuo Hirai apologized to investors after the company forecast a sixth loss in seven years, and he pledged that his restructuring efforts would fuel the electronics maker’s long-term growth.