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January 23, 2020
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Divestitures / Spin

Reuters - Business

WeWork offloads non-core business Teem, stake in The Wing

Reuters
FILE PHOTO: A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch -/File Photo (Reuters) – Shared workplace operator WeWork said on Wednesday it sold cloud and analytics services provider Teem to digital workplace solutions provider iOFFICE, as it offloads non-core......
Reuters - Business

Uber cuts losses from Eats business in India with sale to Zomato

Reuters
BENGALURU (Reuters) – Uber (UBER.N) has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China’s Ant Financial. FILE PHOTO: An Uber Eats food delivery courier walks with a bicycle in central Kiev, Ukraine September 9,......
Reuters - Business

Uber sells Indian food delivery arm to Ant Financial-backed Zomato

Reuters
FILE PHOTO: An Uber Eats food delivery courier walks with a bicycle in central Kiev, Ukraine September 9, 2019. REUTERS/Valentyn Ogirenko (Reuters) – Uber (UBER.N) has sold its online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China’s Ant......
Reuters - Business

Gap pulls plug on Old Navy spinoff to focus on turning around sales

Reuters
FILE PHOTO: The logo of GAP clothing retailer is seen at a company’s store at Tbilisi Mall in Tbilisi, Georgia, April 22, 2016. REUTERS/David Mdzinarishvili (Reuters) – Gap Inc (GPS.N) on Thursday called off a plan to spin-off its Old Navy brand and said it would instead work to stem......
Reuters - Business

Renault, Nissan say alliance not headed for break-up

Reuters
FILE PHOTO: The logos of car manufacturers Renault and Nissan are seen in front of dealerships of the companies in Reims, France, July 9, 2019. REUTERS/Christian Hartmann TOKYO/PARIS (Reuters) – French carmaker Renault (RENA.PA) and Japanese partner Nissan Motor (7201.T) said their alliance was in no danger of being dissolved,......
Reuters - Business

Peugeot family aims to quickly raise PSA-Fiat Chrysler stake: newspaper interview

Reuters
PARIS (Reuters) – The Peugeot family, which will own a 6.2% stake in the new carmaker resulting from PSA (PEUP.PA) and Fiat Chrysler’s (FCHA.MI) merger, aims to increase its holding as soon as possible, a representative said in a newspaper interview. FILE PHOTO: The logos of car manufacturers Fiat and......
Reuters - Business

Thyssenkrupp steps up efforts to sell Industrial Solutions unit: FT

Reuters
FILE PHOTO: The logo of German steelmaker ThyssenKrupp AG is seen at the gate to Haus Rheinberg, a villa used for seminars in the valley of the small stream Wisper that confluents with the Europe’s largest waterway Rhine near Lorch, Germany, September 15, 2019. REUTERS/Wolfgang Rattay (Reuters) – German conglomerate......
Reuters - Business

Brookfield, Temasek team up for Thyssenkrupp elevator bid: sources

Reuters
FILE PHOTO: Elevators are seen at the Thyssenkrupp headquarters in Essen, Germany, November 21, 2019. REUTERS/Leon Kuegeler/File Photo FRANKFURT/DUESSELDORF, Germany (Reuters) – Canada’s Brookfield Asset Management (BAMa.TO) has teamed up with Singapore state investor Temasek Holdings [TEM.UL] in the auction for Thyssenkrupp’s prized elevator division, two people familiar with the......
Reuters - Business

Takeaway seals victory in $7.7 billion Just Eat battle

Reuters
AMSTERDAM (Reuters) – Online food ordering company Takeaway.com has won the battle for Britain’s Just Eat with a 5.9 billion pound ($7.7 billion) all share offer that will create one of the world’s largest meal delivery companies. FILE PHOTO: The app for Just Eat is displayed on a smartphone in......
Reuters - Business

Occidental to cut Western Midstream stake to reduce debt

Reuters
(Reuters) – Occidental Petroleum Corp (OXY.N) said on Monday it would cut its majority stake in pipeline operator Western Midstream Partners LP (WES.N) to less than 50% in 2020, to reduce its debt that grew significantly with the Anadarko Petroleum Corp deal. FILE PHOTO: The logo for Occidental Petroleum is......
Reuters - Business

Tencent gets into global groove with stake in Vivendi’s Universal

Reuters
PARIS/HONG KONG (Reuters) – A Tencent-led consortium is taking a 10% stake in Vivendi’s Universal Music Group, valuing the music label that houses Lady Gaga and The Beatles at 30 billion euros ($34 billion) and giving the Chinese firm a global backstage pass. FILE PHOTO: A Tencent sign at the......
Reuters - Business

Satellite imagery company Maxar to sell Canadian unit for C$1 billion

Reuters
FILE PHOTO: The Canadarm2 robotic arm, built by Canadian technology company MDA, is seen over the uncrewed SpaceX Crew Dragon spacecraft as it makes the first Commercial Crew vehicle to visit the International Space Station March 4, 2019. NASA/Handout via REUTERS/File Photo (Reuters) – U.S. satellite imagery company Maxar Technologies......
Reuters - Business

Sinochem unit gets $1.65 billion investment from state firms

Reuters
A logo of Sinochem is seen outside an office building of Sinochem in Beijing, China, February 21, 2017. REUTERS/Damir Sagolj BEIJING (Reuters) – Sinochem Energy, a unit of China’s Sinochem Group, has agreed to sell a 20% stake to five state-owned firms for 11.56 billion yuan ($1.65 billion), Xinhua news......
Reuters - Business

Hyundai Development says consortium closes $2.2 billion acquisition of Asiana Airlines

Reuters
FILE PHOTO: A view of the Asiana Airline’s head office in Seoul August 8, 2013. REUTERS/Kim Hong-Ji SEOUL (Reuters) – South Korean builder Hyundai Development Co (294870.KS) said on Friday its consortium has closed on its 2.5 trillion won ($2.16 billion) acquisition of a controlling stake in the country’s second-biggest......
Reuters - Business

Emaar says may raise funds against Burj Khalifa viewing decks, not selling them

Reuters
FILE PHOTO: The Burj Khalifa is lit up during New Year celebrations in Dubai, United Arab Emirates, January 1, 2019. REUTERS/ Hamad I Mohammed/File Photo DUBAI (Reuters) – Dubai’s Emaar Properties (EMAR.DU) said on Tuesday it was considering raising capital against cash flows generated by the observation decks on its......
Reuters - Business

ByteDance has no sale plans for TikTok, media report untrue: internal note

Reuters
Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration BEIJING/SHANGHAI (Reuters) – Chinese social media firm ByteDance has no plans to sell part or all of its TikTok app, the short video platform’s head said on......
Reuters - Business

Britain gives U.S. investor go-ahead to buy Cobham for $5 billion

Reuters
LONDON (Reuters) – Britain has approved the purchase of British defense company Cobham (COB.L) by U.S. investor Advent International for $5 billion after the private equity group made commitments to address national security concerns. FILE PHOTO: Britain’s Business Secretary Andrea Leadsom is seen outside Downing Street in London, Britain November......
Reuters - Business

Britain gives Advent’s $5 billion Cobham takeover the green light

Reuters
FILE PHOTO: Britain’s Business Secretary Andrea Leadsom is seen outside Downing Street in London, Britain November 5, 2019. REUTERS/Yara Nardi LONDON (Reuters) – Britain has approved Advent International’s $5 billion purchase of defense company Cobham (COB.L) after the U.S. private equity group made commitments to address national security concerns. Business......
Reuters - Business

Lone Star to buy BASF construction chemicals unit for $3.51 billion

Reuters
FILE PHOTO: The chemical company BASF building in Levallois-Perret, near Paris, France, is seen at sunset, November 29, 2018. REUTERS/Christian Hartmann/File Photo (Reuters) – Private equity firm Lone Star has entered a deal to buy BASF’s (BASFn.DE) construction chemicals business for 3.17 billion euros ($3.5 billion) on a cash and......
Reuters - Business

Testimony ends in T-Mobile-Sprint merger trial in New York

Reuters
FILE PHOTO: A smartphone with Sprint logo are seen in front of a screen projection of T-mobile logo, in this picture illustration taken April 30, 2018. REUTERS/Dado Ruvic/Illustration NEW YORK (Reuters) – Testimony ended on Friday in a lawsuit by a group of states led by New York and California......

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