(Boursier.com) — FedEx jumped 14.4% Tuesday on Wall Street to $ 229.95, posting its largest increase in thirty years, while the American rating remains under pressure today. The delivery giant has just announced a 53% increase in its quarterly dividend, along with other value-enhancing actions.
Two administrators have been added to the board in agreement with the activist investor DE Shaw & Co, which also produces its small effect. The quarterly cash dividend is increased to $1.15. While Raj Subramaniam has just taken over the management of the group, the operators are apparently betting on strong resistance from FedEx in an economic context that promises to be difficult. The Memphis group intends to reduce its capital expenditure and review its executive compensation program.
Fred Smith, founder of the group who has therefore just left the general management, remains its largest shareholder with 7.5% of the shares. DE Shaw held 1 million shares at the end of March. The firm has already demonstrated its activist capabilities at ExxonMobil, Lowe’s and many others.
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