FT : Investment fund questions valuations in Blue Owl’s private credit portfolio

Investment fund questions valuations in Blue Owl’s private credit portfolio
Glendon Capital Management says debts are marked higher than similar publicly traded securities

Private credit lenders such as Blue Owl are obscuring weaknesses in their portfolios and a sharp correction in debt markets is approaching soon, a US distressed debt investment fund has told its investors.

Glendon Capital Management, a $5bn Los Angeles-based fund, wrote in a presentation seen by the FT that private credit funds managed by Blue Owl and many of its rivals had “misrepresented” loss rates in their portfolios and were sitting on “larger losses than reported”.

Glendon, founded by Oaktree veteran Holly Kim, declined to say whether it was betting against Blue Owl or any of its credit vehicles or the loans within its portfolios that it criticised.

Private capital has exploded into a multitrillion-dollar industry in the past decade, drawing in vast amounts of capital from all manner of institutional and retail investors. But higher interest rates and financial difficulties in some portfolio companies have begun to expose weaknesses in underwriting and raised concerns about liquidity and credit quality that could threaten several high-profile asset managers.

The fund focused its criticisms on how Blue Owl had valued loans inside one of its largest funds, the $17bn Blue Owl Capital Corporation. It noted the fund’s higher marks on its loans, made at the end of 2025, compared with current public trading prices of debts tied to the very same companies, which gave it “concerns about the true valuation” of its portfolio.

Glendon said loans at multiple companies inside the Blue Owl credit fund, called OBDC, where the lender had marked riskier junior slices of debts it held at values meaningfully above the recent public trading prices of safer, more senior debts issued by those same companies. Junior tranches are rarely valued higher than senior ones because they have lower recovery priority in the event of a bankruptcy or restructuring.

In one example, OBDC marked $235mn in junior preferred stock and second-lien debt it held in human resources software company Cornerstone OnDemand at about 90 cents on the dollar at the end of 2025.

But the Clearlake Capital-owned company’s most senior tranche of debt recently traded at just 78 cents on the dollar, a price broadly considered a sign of distress. The gap implies OBDC will be forced to partially write down the value of its junior Cornerstone securities holdings for the quarter that ends later this month.

OBDC’s current share price implies a 25 per cent discount to its reported net asset value at the end of last year.

Glendon pointed to similar disconnects in Blue Owl’s loans to KKR-owned cyber security group Barracuda, Peraton Corp, a defence contractor owned by private equity group Veritas Capital, and Conair Holdings, a PE-owned seller of hair dryers and Cuisinart kitchen appliances, among others. Glendon questioned whether Blue Owl would be forced to further mark down the loans, which represented 3 per cent of the fund’s $17bn in overall assets.

A person briefed on Blue Owl’s thinking said Glendon’s comparison was “apples to oranges”, given that marks were done at the end of 2025, but loan prices have fallen sharply in 2026. They also noted that the debts were marked at lower prices than where the more senior debts traded at the end of last year, justifying the valuations.

Several other managers, including Ares and KKR, had debt funds with similar or higher marks to the ones Glendon had flagged at Blue Owl. The groups did not immediately respond to requests for comment.

Multiple investment funds that the FT has spoken with in recent months have been concerned about junior tranches of loans marked at prices that were higher than related senior tranches traded in public markets.

OBDC’s share price has plunged more than 20 per cent over the past year amid rising fears of credit losses and falling yields inside its debt portfolio. 

Shares in Blue Owl, which manages the fund for a fee, have fallen further, plunging more than 60 per cent over the past year amid rising redemptions from its retail credit funds.

Glendon further argued that business development companies — private credit funds such as OBDC — touted loss rates in marketing materials that were too low given the risk profile of the companies they lent to. The loan portfolios it examined at several BDCs advertised loss rates of less than one-tenth of 1 per cent.

Glendon characterised the loss rates as misleading and said the kinds of companies that had borrowed from private credit managers were inherently weaker and thus “were forced to turn to private credit after rejection by public markets”.

Glendon speculated that “[p]rivate credit losses are misrepresented and the credit is far worse than thought”, noting yields for junior junk bonds, now at less than 7 per cent, were consistently cheaper than senior private credit loans which typically yield about 10 per cent or more.

Several listed BDCs including those sponsored by KKR and BlackRock have cut dividends or sharply reduced marks on certain portfolio investments in recent weeks after recording large writedowns.

FT : Paris frontrunner bets on ‘new left wave’ sweeping big cities

Paris frontrunner bets on ‘new left wave’ sweeping big cities
Emmanuel Grégoire wants to extend 25 years of Socialist rule in the French capital

A “new left wave” is rising in Paris and other large cities such as New York as mayors pursue progressive policies to counter far-right populists, says Emmanuel Grégoire, the Socialist frontrunner for mayor of the French capital.

“The global left is reinventing itself in big urban ecosystems,” Grégoire told the FT. Cities from London to Berlin and from New York to San Francisco faced similar challenges and could learn from one another, he said.

“At a time when the darker winds of history are blowing in many countries with the rise of the far right, big cities are territories of resistance.” 

If elected, Grégoire said his mission would be to “protect liberty” in Paris and prove that an alternative brand of politics could successfully counter the rise of the far-right Rassemblement National (RN) in France.

The two-round municipal elections on March 15 and 22 are the last electoral test before next year’s presidential vote, when Emmanuel Macron cannot stand again and RN party leader Jordan Bardella is polling ahead of other contenders.

Grégoire pointed to last year’s election of Zohran Mamdani, a self-described Democratic Socialist, as mayor of New York City as a sign that urban voters were eager to back bold leftwing ideas. Mamdani’s proposals — rent freezes, free buses and a higher minimum wage paid by a new tax on those earning more than $1mn — aimed to ensure that New York City did not become a place only for the wealthy. 

Such cost of living issues also plague Paris, so Gregoire wants to pour billions into expanding social housing, strictly limit tourist rentals such as Airbnb and curb real estate speculation. “Places like New York and Paris are really excellent laboratories” to prove leftwing policy solutions were effective, he said.

Beyond policies, however, Gregoire argued that the role of global capitals was also to provide a counter-argument to the far right’s xenophobia by showing that diversity and multiculturalism were a strength, not a weakness.

Just as Mamdani was a “very strong counterpoint” to President Donald Trump in the US, the next mayor of Paris may also face a far-right president if the RN triumphs in the race for the Élysée next year. 

“A quarter of Parisians weren’t born in France. One in two has immigrant roots,” Grégoire said. “There are difficulties in all big cities. But I believe Paris is a place where we can live well together.”

A longtime right-hand man to outgoing mayor Anne Hidalgo, Grégoire hopes to extend 25 years of Socialist leadership during which Paris has become a reference point for green policy, including pushing out cars, promoting cycling and cutting pollution.

But the capital has also accumulated large debt linked to an ambitious programme to expand social housing. Meanwhile, staffing at city hall has drawn criticism, with the city’s 55,000 employees falling short of working the minimum 35 hours a week.

Currently a Socialist MP, Grégoire says he wants to manage the city more efficiently and cut its debt. But he largely promises continuity, promising to press on with priorities such as subsidising home renovations and cutting carbon emissions. 


Running in an alliance with Greens and Communists, Grégoire is polling ahead of his main rival, the rightwing former culture minister Rachida Dati.

But a crowded field means that there could be up to five candidates making it into the run-off. The winner may depend on alliances struck between the two rounds.

Gregoire also faces a far-left challenger from the La France Insoumise (France Unbowed) party, which could hurt his chances by splitting the leftist vote. On the other side of the spectrum, the unexpectedly strong showing from far-right newcomer Sarah Knafo is also intensifying the competition. 

A member of the European parliament with the Reconquête party founded by polemicist Éric Zemmour, Knafo has surged to about 12 per cent in polls for the first round. The RN’s candidate Thierry Mariani is on 4 per cent, which combined represents a strong showing for the far right in Paris where it has traditionally been weak.

“The far right has never been as strong as it is today in Paris, but it’s still much weaker here than in the rest of the country,” said Grégoire. “We have powerful antibodies here against their ideology.”

FT : Water takeovers to be referred to UK government for national security scree

Water takeovers to be referred to UK government for national security screening
Commercially available AI systems will be taken off the mandatory investment screening list in drive to cut red tape

Takeovers of major water utilities will have to be referred to the UK government for screening under changes to national security rules relating to investment in companies.

However, commercially available AI systems will be taken off its mandatory investment screening list in a drive to remove red tape from the sector, according to officials, in a shake-up of the regime expected to be announced as soon as Thursday.

Ministers can scrutinise, impose conditions on and ultimately block acquisitions under the National Security Investment Act 2021 that was introduced under the last Conservative government.

The powers were brought in to address security concerns that it was too easy for overseas powers such as China to buy British companies with national significance in technology and other industries.

They oblige investors gaining control of companies in 17 sensitive sectors, including defence and energy, to notify the Cabinet Office for screening before any transaction proceeds. The changes will be implemented via secondary legislation in parliament later this year, according to officials.

Darren Jones, chief secretary to the prime minister, told the FT: “We are making the right choices for businesses to invest in the UK.

“We have listened to their concerns and are refining these rules to give businesses the clarity they need — cutting red tape where we can — while strengthening our controls on critical sectors like water and advanced semiconductors, where our national security interests demand it.”

Officials hope that removing so-called “off-the-shelf AI” — which includes widely available systems used for standard business tasks — from the list will benefit tech firms at a time when the UK is seeking to supercharge the sector. Chancellor Rachel Reeves is set to focus on AI as one of three pillars of her new growth strategy that she will unveil in her Mais lecture next week.

Advanced AI — which includes entities that create or modify the AI themselves — will remain among the sectors in which proposed takeovers must be submitted to the government.

The pledge to focus on the water sector could affect Hong Kong investor CK Infrastructure, which owns Northumbrian Water, and has been keen to bid for Thames Water, the UK’s largest water utility. It remains interested in bidding for the company if it is temporarily renationalised under the government’s special administration regime.

Officials insist that the legislation is not aimed at investors from any specific countries and that the government already has the power to call in any transaction for scrutiny under the terms of the act.

The latest move comes after a 12-week consultation with lawyers, trade bodies and industry representatives that examined how the current regime was working. It has been tweaked before in response to business complaints that the rules were too opaque and broad and were therefore harming UK M&A.

The new rules will focus on the major privatised water utilities.

Semiconductors and critical minerals were already included on the mandatory screening under the label of advanced materials but will move into their own individual category to bolster clarity for companies.

In 2022 ministers used the legislation to block the sale of Newport Wafer Fab — one of Britain’s few semiconductor companies — to Chinese-owned Nexperia despite questions over how significant the Welsh business was to the industry.

WSJ : Ending Iran War Quickly Carries Big Risks for the U.S. and Allies

Ending Iran War Quickly Carries Big Risks for the U.S. and Allies
Leaving the regime undefeated could motivate Tehran to develop nuclear weapons and leave it in control of much of the world’s energy flows

President Trump—faced with rising oil prices and pushback from his MAGA base—is signaling that he wants to wind down the war he launched against Iran less than two weeks ago. But stopping the fighting carries big risks, even if Iran lets him.

If Trump proclaims victory, stops the bombing and begins to withdraw the huge air and naval assets he assembled in the Middle East, it could soothe global markets, at least in the short term, and reassure American voters uneasy about the prospect of another forever war.

But leaving in place Iran’s theocratic regime—angry, defiant and in possession of its nuclear stockpile and what remains of its arsenal of missiles and drones—would essentially grant Tehran control over the world’s energy markets. It would also sacrifice the security of America’s partners and allies, and possibly make another, more devastating, regional war likely.

Sensing impatience in Washington, Iranian officials say they will fight on, until an agreement is reached on Iran’s terms, including America paying reparations to Tehran. “We must strike the aggressor in the mouth so it learns a lesson and never again thinks of launching an aggression against our dear Iran,” Parliament speaker Mohammad-Bagher Ghalibaf said Tuesday in a social-media post.

Oil held hostage
Iran is still believed to have plenty of short-range missiles and drones—not to mention naval mines—that it can use to choke off oil and natural-gas exports by making the Strait of Hormuz too risky for tankers. Around 20% of the world’s oil supplies transited the strait daily before the war started. Just on Wednesday, three vessels were hit in the area.

“If the regime holds on—even a rump regime—what is to stop its missiles and drones from threatening tankers through the Strait of Hormuz, and the energy infrastructure of America’s Gulf allies at the time of their choosing?” said Andrew Tabler, a White House official in Trump’s first administration and senior fellow at the Washington Institute for Near East Policy. “Its ability to impact energy prices would be enormous.”

An additional twist is that Iran is letting its friends, including China, take oil out of the Gulf, while preventing everyone else.

Now that Tehran has demonstrated the capacity—and global implications—of choking off the Hormuz strait, it has created significant geopolitical leverage for itself, and an incentive for Gulf states to appease it in the future. Reopening the strait, military analysts say, may require a ground operation to seize the Iranian coastline. That would mark an open-ended escalation, potentially leading to much higher American casualties.

American deterrence weakened
The performance of the U.S. military is, of course, closely watched by China—and America’s Asian allies. The U.S., alongside Israel, has unleashed high-precision firepower, establishing air superiority over Iran and eliminating much of its navy and air forces.

Yet 12 days into the war, Iran keeps firing missiles and drones across the Middle East, albeit at a slower rate. Iran’s ability to destroy with precision strikes some of the most sensitive and scarce U.S. military targets in the Middle East, such as radars for air-defense installations, didn’t go unnoticed. Should America abandon its Gulf partners after exposing them to existential danger, there will be inevitable repercussions in South Korea, Japan and Taiwan.

“This war hugely damages U.S. standing in the world, which means that China has much more scope to establish its own standing in the Middle East and the Global South generally,” said Steve Tsang, director of the SOAS China Institute in London.

“Meanwhile, everyone is observing that Iran has, at best, a middling military capability—and the Americans can’t take them out,” he said.

Nuclear-weapons race
“There is no easy way out of this once we’ve started it,” said Marc Sievers, a former U.S. ambassador to Oman who is now a political commentator based in Abu Dhabi.

“The regime lost a lot of its military capability, but not all of it clearly,” he said. “If they are left standing, they will do everything they can to rebuild, and to do once again all these things that they were doing that triggered this.”

Iran’s stockpile of 60% enriched uranium—close to weapons-grade in its purity and buried underground after last June’s American airstrikes—remains as a potential pathway to a rapid nuclear breakout.

“The bad news is you would leave Iran potentially in a position where it can produce nuclear weapons, and you also leave Iran potentially with more motive to produce nuclear weapons,” said Eric Brewer, an expert at the Nuclear Threat Initiative who served in senior nuclear-related roles in the White House and the U.S. intelligence community. “That’s a big risk.”

Taking out this enriched uranium, if the regime remains defiant, would require a risky ground operation. “America and Israel are witnessing the limits of what air and naval power alone can do,” said Brian Katulis, a senior fellow at the Middle East Institute.

“Strategic priorities, like opening the Strait of Hormuz and securing what remains of Iran’s nuclear stockpile, will likely require some ground troops if no diplomatic options are pursued,” he said. “What we are looking at is potentially a very messy situation.”


Gulf monarchies under threat
One nightmare scenario, in particular for America’s Gulf partners now bearing the brunt of Iranian attacks, is that the U.S. and Israel would stop, then Iran would continue harassing strikes to cow these oil-rich monarchies into submission. The fear is that Tehran will try to pressure them to expel U.S. bases and sever their dependence on an America that failed to protect them.

“There are many dangers. A wounded, angry Iran is not the best-case scenario for the Gulf states. While the U.S. has to a large degree castrated Iran in terms of its ability to attack Israel, this gives Iran only one other option: to attack the Gulf states and to weaponize the Strait of Hormuz,” said Dania Thafer, executive director of the Gulf International Forum think tank. “Militarily speaking, the U.S. is on the winning side. But politically speaking, the U.S. and Israel have really gotten nowhere when it comes to Iran.”

Gulf leaders aren’t voicing in public their anger with the Trump administration, which dragged them into this war. This is in part because their nations are so dependent on American air-defense supplies to protect from the expected next round of Iranian attacks, something that neither China nor Russia can provide. Yet under the surface, many are starting to wonder whether the alliance with the U.S. is more of a liability than an asset—especially if the Iranian regime survives and rearms after the war.

“We are stuck between two outcomes, each of them worse than the other,” said Mahdi Ghuloom, a fellow at the ORF Middle East think tank in Bahrain. “One is that the regime stays intact, and the second is the power vacuum in Iran. The Trump administration’s Middle East policy has not been thought through completely, the decision to conduct this war was taken in haste, and its ramifications miscalculated.”

“While the Gulf-American relationship will remain resilient, a lot of diplomatic frustration will be expressed,” he said.

WSJ : Brent Tops $100 Again as Middle East Conflict Widens

Brent Tops $100 Again as Middle East Conflict Widens
The U.S. dollar strengthened against most Asian currencies

  • Oil prices climbed in Asia amid widening Middle East conflict, stoking fears of supply disruptions.
  • Two foreign tankers were ablaze in Iraqi waters and Iran targeted fuel tanks in Bahrain, escalating Middle East conflict.
  • The International Energy Agency will release 400 million barrels from emergency stocks, but the market perceives it as insufficient.

Oil climbed and Asian equities fell Thursday as the widening Middle East conflict continued to stoke fears of supply disruptions.

Front-month Brent crude oil futures topped $100 a barrel again, last up 9.2% at $100.52 a barrel. Front-month West Texas Intermediate crude oil futures rose 8.6% to $94.80 a barrel.

Two foreign tankers carrying Iraqi fuel oil were ablaze in Iraqi waters after being hit by projectiles, The Wall Street Journal reported, citing port officials. Bahrain’s interior ministry said Iran targeted fuel tanks at a facility in Muharraq governorate.

Meanwhile, the Islamic Revolutionary Guard Corps struck three cargo ships attempting to transit the Strait of Hormuz on Wednesday.

Escalating Iranian attacks and the U.S. government’s decision to hold off on military escorts for oil tankers through the key waterway are dimming hopes for the quick revival of traffic through the strait.

“The current disruption to global oil markets is unprecedented from two dimensions—the extent of supply sidelined and the lack of spare capacity,” said Vivek Dhar, head of commodities and sustainable economics at Commonwealth Bank of Australia.

“Our expectation that this crisis could last for months instead of weeks likely means that markets are underestimating the disruption to global energy markets,” Dhar added.

Crude oil prices rose even after the International Energy Agency said Wednesday its member countries would release 400 million barrels of oil from their emergency stocks—the largest reserves release in history—in an effort to lower prices.

The planned IEA release is seen as insufficient to offset the virtual halt of oil flows through the Strait of Hormuz and compensate for production shutdowns in the Persian Gulf and crude storage shortages.

“There are concerns about the speed at which this oil will reach the market and whether it will be enough to tie up the market until we see oil flowing through the Strait of Hormuz again,” said ING’s commodities strategy team.

Goldman Sachs now expects a 21-day disruption to oil flows through the Strait of Hormuz, up from 10 days previously, and warns daily oil prices could exceed the 2008 peak if flows remain depressed through March.

Asian equities fell as oil prices climbed. South Korea’s Kospi dropped 1.2% and Japan’s Nikkei Stock Average slumped 2.1%. Hong Kong’s Hang Seng Index fell 1.3%. China’s Shanghai Composite Index was more resilient, down 0.6%, given the country’s lower exposure to the oil price shock.

FT : US launches new probes into EU and other trade partners

US launches new probes into EU and other trade partners
Investigations are precursor to fresh tariffs after previous levies were struck down by the Supreme Court

The US has launched new investigations into trading partners including the EU, Japan and Korea, as Donald Trump looks to shore up his tariff wall after the Supreme Court struck down many of his previous levies.

The US trade representative’s office on Wednesday unveiled an investigation into what it said was “excess capacity and production in manufacturing sectors” in a series of countries.

The move is likely to help the Trump administration raise duties back to the level they were at before the US’s top court last month ruled the president could not use emergency powers to impose tariffs.

Although the administration moved immediately following the court ruling to impose a blanket 10 per cent tariff on almost all trading partners to replace the levies that were deemed illegal by justices, it will only last for 150 days.

Many of the countries targeted on Wednesday — including the EU, Taiwan, Switzerland, Japan and Korea — have reached trade agreements with the US to set their tariffs at specific levels that are often higher than 10 per cent.

US trade representative Jamieson Greer said his “target” was to conclude his fresh investigations ahead of the expiration of the current stopgap levies.

“The president’s trade policy remains the same that it’s been for him for decades, which is we need to protect American jobs and we need to make sure we have fair trade with our trading partners,” Greer said, adding: “The tools may change.”

He insisted US trading partners had all expressed an interest in “maintaining” the recent deals struck with the Trump administration and “holding to them”.

The EU parliament last month said that in the wake of the Supreme Court’s ruling it would delay ratifying its trade agreement with Washington. The bloc had agreed to slash its levies on American industrial goods and some agricultural products to as low as zero in return for a broad tariff of 15 per cent from the US.

However, the EU’s new rate of 10 per cent comes on top of existing duties, whereas the previous 15 per cent rate included many existing duties.

Trump also triggered a crisis in transatlantic relations earlier this year when he threatened to impose tariffs on several European countries unless they supported his ambition to acquire Denmark’s territory of Greenland.

Asked if he felt the new probes could further inflame trade tensions between the US and the EU, Greer responded: “The EU has done approximately zero per cent of what they were supposed to do with their trade deal for us.”

He added the US had “quickly” come into compliance with the so-called Turnberry deal struck by the two sides, while the EU had its required tariff changes “pending for many, many, many, many months”.

“The Europeans agreed in the Turnberry deal that we could have a certain amount of tariff on them,” Greer said. “So we’re striving for continuity. We’ve modified our tariffs accordingly. We’re still waiting for Europe to do a lot of what it promised.”

Alongside the EU, countries targeted by the new probe include China, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, Korea, Vietnam, Taiwan, Bangladesh, Mexico, Japan and India.

Greer said his office would next week launch a second investigation into forced labour practices that would target more than 60 countries. He added Washington was also planning to launch further probes into topics including digital services trade and drug pricing, but he did not say when they would take place.

The investigations — which include China — come as Greer and US Treasury secretary Scott Bessent prepare to hold trade talks with their Chinese counterparts this weekend ahead of a meeting between Trump and President Xi Jinping at the end of this month.

>>> US After Hours Summary: BMBL +21.5%, DSGX +1.1% higher on earnings; NTSK -17

After Hours Summary: BMBL +21.5%, DSGX +1.1% higher on earnings; NTSK -17.2%, HPK -8.5%, PATH -4% lower on earnings; LWLG +31.3% popping on development deal with TSEM; TEAM +2.3% announces restructuring

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CDXS +55.1%, BMBL +21.5%, WOOF +7.9%, VEL +6.4%, TTGT +6.2%, FOSL +5.8%, ARIS +2.7%, DSGX +1.1%, SFIX +1.1%

Companies trading higher in after hours in reaction to news: LWLG +31.3% (LWLG and TSEM sign development agreement to enable LWLG high-speed optical modulators on TSEM's PH18 silicon photonics platform), TSEM +3.6% (LWLG and TSEM sign development agreement to enable LWLG high-speed optical modulators on TSEM's PH18 silicon photonics platform), BBW +2.3% (increases dividend), TEAM +2.3% (announces restructuring, includes 10% workforce reduction; reaffirms FY26 guidance), AB +0.6% (reports Februrary AUM), Q +0.3% (opens new manufacturing facility)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NTSK -17.2%, KEQU -15.1%, HPK -8.5%, FTK -7.5%, NVGS -7.3%, ASTL -5.4%, PATH -4% (also authorizes new $500 mln share repurchase program), FEIM -0.7% (also $45 mln in contract awards), WLTH -0.5%

Companies trading lower in after hours in reaction to news: GFS -4.2% (announces launch of 20 mln share offering by selling shareholder with GFS planning a concurrent $300 mln share buyback of those shares), NOG -2.7% ($200 mln share offering), NVTS -2.1% (names new CFO), CRBP -1.9% (files $300 mln mixed securities shelf offering), PANW -0.4% (approves $1 bln increase to its share repurchase authorization), JOBY -0.2% (has begun flight testing its first FAA-conforming aircraft), CRWD -0.1% (announces partnership with Perplexity to integrate Falcon platform with Comet Enterprise), AAPL -0.1% (foldable iPhone expected to offer an iPad-style interface, according to Bloomberg), LINE -0.1% (Co-Exec Chairman bought 11,222 shares worth ~$438K)

WSJ : Tilman Fertitta in Talks to Buy Caesars for $7 Billion After Topping Bid F

Tilman Fertitta in Talks to Buy Caesars for $7 Billion After Topping Bid From Icahn
Billionaire’s Fertitta Entertainment has been discussing paying around $34 a share

Billionaire Tilman Fertitta has been in exclusive talks to buy Caesars Entertainment CZR 11.76%increase; green up pointing triangle for roughly $7 billion after he topped a competing offer from billionaire investor Carl Icahn’s firm, according to people familiar with the matter.

Fertitta’s company, Fertitta Entertainment, has been discussing paying around $34 a share for the betting company, the people said. Caesars shares closed Tuesday at $26.01, giving the company a market value of over $5 billion.

An announcement between the two sides isn’t imminent, and it is possible the talks won’t result in any deal, some of the people cautioned.

Caesars had also received an all-cash offer of around $33 a share from Icahn Enterprises IEP 1.87%increase; green up pointing triangle, the publicly traded company that houses the investment of Icahn, a Caesars shareholder, some of the people said. Icahn Enterprises’ offer hasn’t officially been rejected by Caesars, they added.

Fertitta’s business is behind the Golden Nugget casino chain, the restaurant giant Landry’s and other hospitality and gaming monikers as well as the NBA’s Houston Rockets.

Caesars runs more than 50 resorts, including under its namesake Caesars brand, Harrah’s, Eldorado and Circus Circus. Shares in Caesars and its betting peers have sagged in recent months as investors digest the potential threat to their businesses prediction markets such as Polymarket and Kalshi pose.

Vici Properties, the real-estate investment trust that was spun off in Caesars’ bankruptcy proceedings in 2017 and counts Caesars as a major tenant, had been viewed as a potential roadblock to a deal. Some potential buyers who aimed to split off the company’s digital gaming business had assumed that any deal would require Vici’s signoff, some of the people said.

But the proposals from Fertitta and Icahn Enterprises both involve structuring the deal in a way that would allow the company to be split up without Vici’s consent, those people said. Caesars Chief Executive Tom Reeg would likely be involved with either bid, some of the people said.

Caesars shares had been down roughly 40% over the past year before the Financial Times reported in late February that the company was attracting takeover interest from Fertitta and a group that included management. Caesars shares closed up nearly 19% the day of the report.

Caesars was taken private in a leveraged buyout in 2008 led by Apollo Global Management and TPG. Caesars’ operating unit emerged from bankruptcy in 2017, after having been saddled with debt from that deal.

Icahn took a stake in Caesars in 2019 and pushed for a sale of the company. Eldorado Resorts acquired Caesars in 2020, and Reeg, its longtime head, became CEO of the combined company.

>>> What to look at today - 11th of March 2026

Stocks extended their gains and oil held below $90 a barrel after a report on the proposed release of oil reserves to ease higher energy prices boosted market confidence, following recent volatility across assets. The MSCI Asia Pacific Index rose 1.9%, gaining for a second day, as the Wall Street Journal reported that the International Energy Agency proposed the largest crude reserve release in its history. US equity-index futures rose 0.5%. Brent dropped 1% on Wednesday after plunging 11% in the prior session. Technology shares, seen as less exposed to the war in the Middle East, surged, with a regional gauge climbing 4%. Companies including Tencent Holdings Ltd. were among the gainers. Broader confidence was also supported as Oracle Corp. shares jumped 8% in aftermarket trading on better-than-expected revenue. Markets stayed choppy as oil suffered its steepest one-day slide in four years on Tuesday after mixed signals from the Trump administration on the Iran war.  Volatility spiked as US Energy Secretary Chris Wright erroneously posted — and then deleted — a message that the US Navy had escorted an oil tanker through the Strait of Hormuz, only for the White House to concede no such operation had occurred.
The initial oil shock appears to have been priced in, and the base case for oil prices is moving lower as there is “a lot of political will to try and make that happen,” said Joshua Crabb, head of Asia Pacific equities at Robeco in Hong Kong. The conflict, in its second week, showed no signs of easing with President Donald Trump warning Iran against laying mines in the key energy chokepoint after news reports suggested it was either preparing to or had already begun doing so.  Brent crude prices have risen since the start of the year as the effective closure of the strait, which typically handles a fifth of global oil flows, forces producers to curtail output. Tuesday’s move lower came on expectations that world leaders would intervene before the worst of any supply shock emerges. In other corners of the market, gold extended gains from the prior session, trading over $5,200 an ounce. Treasuries rose, with the yield on the benchmark 10-year falling one basis point to 4.14% on Wednesday.
One market that is holding up unexpectedly well is China. Stocks in the country have fallen less than global peers since the conflict began, the yuan has held steady against the dollar and government bond yields have barely moved.  Amid all the global market turmoil, traders geared up for Wednesday’s US inflation data, after the latest jobs report challenged perceptions the labor market is stabilizing. The consumer price index report is projected to show a core inflation measure, which strips out volatile food and energy costs, rose just 0.2% last month. That would suggest some easing in price pressures before the outbreak of the war in Iran introduced new uncertainty about the inflation outlook. Even though the oil reserve release report provided some temporary relief to markets, it’s prudent to keep hedges in place for now, said Jun Bei Liu, co-founder and lead portfolio manager of hedge fund Ten Cap Investment Management in Sydney. US After Hours ORCL +9.3% higher on earnings/guidance; GRPN -11.9%, AVAV -9% lower on earnings.

Nikkei +2.52% Hang Seng +0.08% CSI +0.51% Shanghai +0.05% Shenzen +0.54%

Eur$ 1.1633 CNH 6.8622 CNY 6.8630 JPY 158.21 GBP 1.3451 CHF 0.7771 RUB 78.9456 TRY 44.0780 WTI$ 82.70 -0.72% Gold 5,207 +0.30% BTC 69,948 -0.42% ETH 2,033 -0.43%

S&P +0.25% Nasdaq +0.22% EuroStoxx -0.43% FTSE -0.31% Dax -0.38% SMI -0.25%

Macro :
- Warburg-Backed PDG to Raise $5 Billion in Debt for Data Centers
- France Plans G-7 Call on Middle East Wednesday
- Nuclear Power Gets EU Commission Chief Backing: Brussels Edition
- JPMorgan Marking Down Loan Portfolios of Pvt Credit Groups: FT

Keep an eye on :
- AGFB BB :Agfa-Gevaert FY Adjusted Ebit Beats Estimates
- ALO FP : Alstom Secures €1.03b Train Contract From Portugal’s CP
- Anduril IPO : Anduril To Double Size of Space Unit With Defense Acquisition
- AVOL SW : Avolta FY Organic Sales Beat Estimates
- BFIT NA : Basic-Fit FY Revenue Meets Estimates
- BKV US : BKV, Holder Offer 9.69m Shares via RBC Capital Markets
- BA US : Boeing Tumbles After Wiring Flaw Found on 737 Max Planes
- BA US : Boeing Gets $298 Million Israel Deal for Smart Bombs
- EN FP : Colas Gets About €264m California Highway Lanes Contract
- KMX US : Activist Starboard Is Said to Build $350 Million Stake in CarMax
- CVC NA : Top CVC Capital Partners dealmaker resigns for new AI gig
- FANG US : Diamondback Holder SGF FANG to Offer 11m Shares, Permian Tycoon’s Heir Seeks $2 Billion in Diamondback Share Sale
- DIE BB : D'Ieteren FY Adjusted Pretax Profit EU955.6M Vs. EU1.07B Y/y, D’Ieteren Group CEO Says Belron IPO Is Possible
- SATS US : EchoStar Says Gray Blocks DISH Access to 226 Local Channels
- ELIS FP : Elis FY Ebitda Meets Estimates
- ELK NO : Elkem to Cut Global Workforce by About 300, Introduces Cost Plan
- RF FP : Eurazeo FY Net Loss EU403M, Est. Loss EU195.4M
- GALD SW : Galderma Holders Offer About 28m Shares, Terms Show, Holders Upsize Offering to About 34m Shares @ 143.75
- GALD SW : Galderma Backers Poised to Exit with $6.3 Billion Stake Sale
- GLEN LN : Workers Set to Strike at Glencore’s Australian Copper Refinery
- HLN LN : Haleon CEO Targets China, India Growth With New Plant, M&A Push
- HBR LN : Harbour Energy Holder EIG Management Offers ~60m Shares: Terms
- HEN3 GY : Henkel Sees 2026 Organic Sales +1% to +3%, Est. +2.23%
- ITX SM : Inditex 4Q Net Sales Meet Estimates
- KOS US : Kosmos Energy Offers $175m Shares via Barclays, Stifel, 1.90 to 2.30
- MAERSKB DC : China Warns Maersk, MSC Over Freight Rates From Iran War: FT
- MDA IPO : MDA Space Launches $300 Million US IPO
- MBG GY : Mercedes Unveils Luxury Van to Win Over Wealthy Chinese Buyers
- MFEB IM : MFE Takes 32.9% Stake in Impresa
- MSFT US : *Microsoft says court should temporarily block Pentagon's blacklist of Anthropic
- BMPS IM : Banca Monte Dei Paschi Di Siena Purchase of Mediobanca Approved
- NIO US : Nio Shares Rally 20% as 4Q Revenue Beats Estimates: Street Wrap
- ORCL US : Oracle Up Following ‘Clean Beat,’ Raised Outlook: Street Wrap
- PSKY US : Paramount’s David Ellison Addresses Warner Bros. Execs at Town Hall: CEO Says ‘Turbulent’ Deal Process Is ‘Now Behind
- P911 GY : Porsche Warns of Challenging Sales Year on Tariffs, China Slump
- QIA GY : QIAGEN Gets FDA Clearance For GI Panels On QIAstat-Dx Rise
- RAND NA : SBM Offshore to Join AEX Index, Randstad to Exit
- RNO FP : Renault Says Brand Balance Crucial to Brazil JV With Geely
- RHM GY : Rheinmetall 2026 Outlooks Fall Short of Estimates
- SBMO NA : SBM Offshore to Join AEX Index, Randstad to Exit
- SEDG US : SolarEdge CFO Alperovitz Resigns to Join Another Company
- UCB BB : UCB’s Bimzelx Reaches Primary Endpoint in Be Bold Study
- VIRI FP : Guyana to Launch 3D Seismic Survey South of Stabroek Block
- WBD US : Paramount’s David Ellison Addresses Warner Bros. Execs at Town Hall: CEO Says ‘Turbulent’ Deal Process Is ‘Now Behind

>>> Europe : Brokers Upgrades & Downgrades - 11th of March 2026

>>> Up
* Amadeus Raised to Buy at Bestinver; PT 65.10 euros
* Argenx Raised to Buy at Deutsche Bank; PT 725 euros
* Cemex ADRs Raised to Sector Outperform at Scotiabank; PT $13.90
* Finnair Raised to Reduce at Inderes; PT 3 euros
* Forvia Raised to Neutral at Citi; PT 12 euros
* Nike Raised to Overweight at Barclays; PT $73
* NIO Inc. ADRs Raised to Buy at Nomura
*Rentokil Raised to Neutral at Rothschild & Co Redburn
* Solaria Energia Raised to Outperform at RBC; PT 22.50 euros
* UPM-Kymmene Raised to Hold at Berenberg; PT 22.50 euros

>>> Down
* Also Cut to Neutral at UBS; PT 170 Swiss francs
* Borr Drilling Cut to Hold at SEB Equities; PT $5.45
* DSM-Firmenich Cut to Neutral at Van Lanschot Kempen; PT 73 euros
* Evotec PT Cut to 2 euros from 5.40 euros at Intron Health
* Givaudan Cut to Sell at Van Lanschot Kempen

>>> Initiation
* Asta Energy Solutions Rated New Buy at Berenberg; PT 51 euros
* Asta Energy Solutions Rated New Outperform at Oddo BHF
* Robertet Rated New Neutral at Van Lanschot Kempen; PT 850 euros
* United Utilities Reinstated Outperform at BNP Paribas
* United Utilities ADRs Reinstated Outperform at BNP Paribas

>>> Call
* Forvia De-Risked Following Selloff, Raised to Neutral at Citi
* Rovi Downgraded at Jefferies, Key Risks Still Being Overlooked
* UPM-Kymmene Raised at Berenberg on Clear Cost Improvements