Market Beats | NYC Mayor’s Co-Defendant Pleads Guilty; Blackstone Hires Veterans from KKR and Ares; Nordstrom Family to Take Company Private; Opponents of NYC Congestion Pricing Lose Lawsuit

1. Nordstrom Family to Take Company Private

2. Opponents of NYC Congestion Pricing Lose Lawsuit

3. Cocoa Futures Decline

4. MetLife Acquires PineBridge

5. U.S. Consumer Confidence Falls to May Low

6. Blackstone Hires KKR and Ares Veterans

7. NYC Mayor’s Co-Defendant Pleads Guilty

1. Nordstrom Family to Take Company Private

The Nordstrom family announced today that it will take the company private for $6.25 billion, believing it can operate better without public scrutiny.

The deal is expected to close in the first half of 2025, with the founding family acquiring all outstanding common shares at $24.25 per share.

After the transaction, the Nordstrom family will hold 50.1% of the company, while Mexico’s retail chain El Puerto de Liverpool will own the remaining 49.9%.

In 2018, the board rejected the family’s $50 per share offer but has now accepted a much lower price of $24.25.

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2. Opponents of NYC Congestion Pricing Lose Lawsuit

U.S. District Judge Lewis Liman denied a request from multiple organizations to temporarily halt New York City’s congestion pricing plan, allowing it to take effect as scheduled next month.

Earlier this week, groups including the New York Trucking Association, Battery Park residents, and the New York Teachers Committee voiced their opposition in a hearing.

The trucking association argued that the policy is unconstitutional and would severely impact drivers transporting goods across the five boroughs. However, Judge Liman ruled that the plan could reduce truck traffic congestion, allowing drivers to complete more trips.

The court noted that while trucks account for only 4% of vehicles entering NYC’s central business district, they contribute significantly to congestion.

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3. Cocoa Futures Decline

Cocoa futures fell today ahead of the U.S. Christmas holiday, as traders took profits following a recent price surge.

Market participants are closely watching cocoa tree health in West Africa, where an upcoming dry and dusty weather pattern poses risks. The region has already seen over two months without rainfall, impacting crop conditions.

Meanwhile, Arabica coffee futures rose 0.9%.

Cocoa futures dropped 0.5% to $11,897 per metric ton.

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4. MetLife Acquires PineBridge

MetLife Investment Management announced an $800 million acquisition of PineBridge Investments, which manages $100 billion in assets. The seller is Hong Kong billionaire Richard Li’s Pacific Century Group.

MetLife will invest an additional $200 million if PineBridge meets certain targets by 2025.

The deal does not include PineBridge’s private equity business or its joint venture in mainland China with Huatai Securities.

MetLife shares fell 0.5% following the announcement, with the company’s market capitalization at $56 billion.

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5. U.S. Consumer Confidence Falls to May Low

U.S. government data released today showed that consumer confidence fell to 104.7 due to economic concerns and uncertainty over policies following Trump’s election. The index reached its lowest level since May, with sentiment among respondents aged 35 and older leading the decline.

The survey found increasing concerns over political instability and tariffs. About 46% of respondents believe tariffs will raise the cost of living, while 21% think they will create more American jobs.

Consumer optimism deteriorated rapidly after the U.S. election.

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6. Blackstone Hires KKR and Ares Veterans

Blackstone has hired former private credit executives Jack Elvasti from KKR and Andy Ger from Ares Management to lead its investment-grade private credit strategy.

Elvasti and Ger previously oversaw asset-backed lending investments at their respective firms. Both will join Blackstone’s credit and insurance division (BXCI) in New York as managing directors.

BXCI manages over $350 billion in assets and aims to grow its AUM to $1 trillion within a decade.

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7. NYC Mayor’s Co-Defendant Pleads Guilty

Erdan Arkan, a Turkish businessman charged in the illegal campaign financing case involving New York City Mayor Eric Adams, has admitted to providing improper benefits to Adams during his 2021 campaign.

Adams’ lead attorney, Alex Spiro, stated that Arkan repeatedly emphasized the mayor was unaware of his actions, and the case would not affect Adams’ legal standing.

In September, Adams was accused of illegally accepting perks, including luxury trips funded by the Turkish government.

Adams maintains his innocence and has refused to step down as mayor.

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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.