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July 13, 2020
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Divestitures / Spin

Reuters - Business

Intesa, BPER revise terms aiming to avert antitrust hurdles to UBI deal

Reuters
MILAN (Reuters) – Italian bank Intesa Sanpaolo (ISP.MI) has increased the number of branches and amount of assets it will sell to rival BPER (EMII.MI) if its proposed takeover of UBI Banca (UBI.MI) goes through in an effort to overcome antitrust objections to the deal. FILE PHOTO: Intesa San Paolo......
Reuters - Business

Nestle explores sale of Pure Life as part of water business review

Reuters
FILE PHOTO: A prototype of a water bottle made out of recycled plastic is pictured during a media visit for the inauguration of the Nestle Institute of Packaging Sciences in Lausanne, Switzerland, September 12, 2019. REUTERS/Denis Balibouse ZURICH (Reuters) – Food giant Nestle (NESN.S) said it is exploring a potential......
Reuters - Business

Unilever plans switch to UK holding company to cut complexity

Reuters
(Reuters) – Unilever proposed collapsing its Anglo-Dutch legal structure into a single holding company based in Britain on Thursday, nearly two years after shareholders sank an earlier plan to move its headquarters to the Netherlands. FILE PHOTO: Traffic and people pass by the front of the Unilever building in central......
Reuters - Business

Factbox: Why Tiffany’s debt obligations matter for its sale to LVMH

Reuters
(Reuters) – U.S. jewelry chain Tiffany & Co (TIF.N) said on Tuesday that it amended some of the terms of its debt to give it financial breathing space, as it seeks to ensure that its $16.2 billion sale to French luxury goods giant LVMH is completed. FILE PHOTO: A Tiffany......
Reuters - Business

KKR, Ampersand Capital in joint bid for Oxford Immunotec: sources

Reuters
(Reuters) – A consortium of private equity firms KKR & Co Inc (KKR.N) and Ampersand Capital Partners has approached Oxford Immunotec Global Plc (OXFD.O), a medical diagnostics company that develops tests to identify tuberculosis, with a $400 million acquisition offer, people familiar with the matter said on Thursday. FILE PHOTO:......
Reuters - Business

SoftBank to sell $3.1 billion worth of Japan telco unit stake

Reuters
FILE PHOTO: A woman using a mobile phone walks past the logo of SoftBank Corp in Tokyo, Japan December 18, 2014. REUTERS/Toru Hanai/File Photo TOKYO (Reuters) – SoftBank Group Corp (9984.T) said it plans to sell 5% of its domestic telco SoftBank Corp (9434.T), currently worth $3.1 billion, as part......
Reuters - Business

Softbank says it will sell 5% of domestic telco

Reuters
FILE PHOTO: A woman using a mobile phone walks past the logo of SoftBank Corp in Tokyo, Japan December 18, 2014. REUTERS/Toru Hanai/File Photo TOKYO (Reuters) – SoftBank Group Corp (9984.T) said it plans to sell 5% of its domestic telco SoftBank Corp (9434.T) as part of its plan to......
Reuters - Business

Luckin scandal ripple effect prompts chairman-backed firm to seek cash: sources

Reuters
HONG KONG/BEIJING (Reuters) – A company linked to China’s scandal-hit Luckin Coffee Inc (LK.O) is seeking fresh capital, sources said, highlighting the ripple effect of Luckin’s fabricated transactions as the chairman of both firms scrambles to avoid a cash crunch. FILE PHOTO: A Luckin Coffee logo is seen at a......
Reuters - Business

‘Nothing off-limits’: Thyssenkrupp could sell steel business in historic shift

Reuters
FRANKFURT/DUESSELDORF (Reuters) – Thyssenkrupp could sell most of its steelmaking division, its CEO said on Tuesday, marking a historic reversal in strategy for the German conglomerate which has built its 200-year-old legacy as an industrial champion on the business. FILE PHOTO: Martina Merz, CEO of German conglomerate Thyssenkrupp AG, gestures......
Reuters - Business

SoftBank in talks to sell down T-Mobile U.S. stake to Deutsche Telekom: WSJ

Reuters
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato TOKYO (Reuters) – SoftBank Group Corp is in talks to sell “a significant portion” of its T-Mobile US stake to controlling shareholder Deutsche Telekom AG, the Wall......
Reuters - Business

U.S. Senator Klobuchar blasts Uber, Grubhub deal talks

Reuters
FILE PHOTO – U.S. Democratic presidential candidate Amy Klobuchar speaks at a North Carolina Democratic Party event in Charlotte, North Carolina, U.S., February 29, 2020. REUTERS/Lucas Jackson (Reuters) – U.S. Senator Amy Klobuchar on Sunday blasted merger talks between ride-hailing firm Uber Technologies Inc and online food delivery company Grubhub......
Reuters - Business

Senator Klobuchar says Uber, Grubhub combination would be anticompetitive

Reuters
FILE PHOTO – U.S. Democratic presidential candidate Amy Klobuchar speaks at a North Carolina Democratic Party event in Charlotte, North Carolina, U.S., February 29, 2020. REUTERS/Lucas Jackson (Reuters) – U.S. Senator Amy Klobuchar on Sunday blasted merger talks between ride-hailing firm Uber Technologies Inc and online food delivery company Grubhub......
Reuters - Business

Reliance in $870 million General Atlantic deal as Jio Platforms funding tops $8 billion

Reuters
NEW DELHI (Reuters) – India’s Reliance Industries (RELI.NS) on Sunday announced U.S. fund General Atlantic will invest 65.98 billion rupees ($870 million) in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month. FILE PHOTO – The logo of......
Reuters - Business

Reliance says General Atlantic to invest $870 million in Jio Platforms

Reuters
FILE PHOTO – The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave NEW DELHI (Reuters) – Indian conglomerate Reliance Industries (RELI.NS) said on Sunday U.S. fund General Atlantic will buy 1.34% of its Jio......
Reuters - Business

J.C. Penney has need for speed in bankruptcy, lawyer says

Reuters
(Reuters) – J.C. Penney Co Inc (JCP.N) needs to exit bankruptcy proceedings in just a matter of months to survive the unprecedented financial strain of prolonged store closures due to the COVID-19 pandemic, a lawyer for the iconic U.S. department store chain said during a court hearing on Saturday. “This......
Reuters - Business

U.S. Bankruptcy Court allows J.C. Penney to keep paying staff and vendors

Reuters
(Reuters) – J.C. Penney Co Inc (JCP.N) said on Saturday a U.S. Bankruptcy Court will allow it to keep paying wages and benefits to workers who will remain on the job after the U.S. department store chain filed for Chapter 11 protection from creditors, and also to pay vendors for......
Reuters - Business

J.C. Penney files for bankruptcy protection

Reuters
NEW YORK(Reuters) – J.C. Penney Co Inc (JCP.N) filed for bankruptcy protection on Friday with plans to permanently close some stores and also explore a possible sale, making it the latest brick-and-mortar retailer to crumble as prolonged store closures in response to the COVID-19 pandemic drive a final stake through......
Reuters - Business

SAA has spent $539 million since filing for bankruptcy protection: practitioners

Reuters
CAPE TOWN (Reuters) – South African Airways (SAA) has spent just under 10 billion rand ($540 million) since it entered a form of bankruptcy protection, business rescue practitioners said on Friday as they flagged a structured wind-down process as their preferred option for the carrier. FILE PHOTO: A South African......
Reuters - Business

Fiat Chrysler/Peugeot deal in spotlight after Exor setbacks

Reuters
MILAN (Reuters) – Fiat Chrysler’s (FCHA.MI) decision to scrap its dividend marks another setback for plans by the Agnelli family’s Exor (EXOR.MI) arm to raise cash after a $9 billion sale of its reinsurer unit PartnerRe collapsed this week. FILE PHOTO: The logos of car manufacturers Fiat and Peugeot at......
Reuters - Business

TUI to cut jobs and costs as it prepares for July holiday restart

Reuters
LONDON (Reuters) – Travel group TUI (TUIGn.DE) will cut 8,000 jobs and look to shed 30% of its costs as it gears up for a July restart to European tourism, the German company said on Wednesday. FILE PHOTO: Planes of German carrier TUI parked on a closed runway at the......

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