merger
Washington (AFP) - US aircraft manufacturer Boeing said Monday it had reached a deal to buy its subcontractor Spirit in a move the aviation giant argues will boost safety and quality control. Under an all-stock transaction worth $4.7 billion, Boeing will bring back in house a key supplier that it had spun off nearly two decades ago. Spirit, which also builds major airplane parts for Airbus, also reached an agreement with the European company over operations affecting its supply chain. Boeing disclosed in March that it was in talks to potentially reacquire Spirit, which it spun off in 2005 to l...
AFP
Washington (AFP) - US aircraft manufacturer Boeing said Monday it had reached a "definitive deal" to buy its subcontractor Spirit, which has faced scrutiny over production quality control in recent months. "The merger is an all-stock transaction at an equity value of approximately $4.7 billion, or $37.25 per share," the company said in a statement. Boeing disclosed in March that it was in talks to potentially reacquire Spirit, which it spun off in 2005 to lower costs. "We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, ...
AFP
By John BIERS Braddock (États-Unis) (AFP) - Le projet de Nippon Steel de racheter United States Steel provoque le malaise à Pittsburgh, où l'industrie métallurgique dominait autrefois l'économie et reste toujours majeure dans l'esprit collectif. Des opposants, comme le syndicat United Steelworkers (USW), considèrent ce rapprochement comme la dernière menace en date d'un long combat pour maintenir cette activité après les fermetures d'usines des années 1970 et 1980. "L'histoire est tellement présente ici et beaucoup de fierté va avec", explique Bernie Hall, quatrième génération de sa famille da...
AFP (Français)
Braddock (United States) (AFP) - Nippon Steel's proposed acquisition of United States Steel has been a source of unease in Pittsburgh, where the metal once dominated the economy and still looms large in the collective psyche. Critics such as the United Steelworkers (USW) see the transaction as the latest threat to come along in a years-long struggle to keep the industry alive after plant closures in 1970s and 1980s battered the American rustbelt. "There's just so much history here and a lot of pride that comes with that," said the USW's Bernie Hall, a 4th generation metals worker. "It wouldn't...
AFP
Pittsburgh (AFP) - Working class voters in Rust Belt cities like Pittsburgh used to favor Democrats overwhelmingly, but years of economic hardship and the rise of social issues favoring Republicans have made them a swing constituency again in 2024. President Joe Biden has cleared one key hurdle, winning endorsements from union presidents, including the United Steelworkers (USW), a key player in the US Steel takeover battle that has loomed over the 2024 campaign in Pennsylvania. But just how many rank-and-file workers ignore union chiefs and vote for Donald Trump could have a decisive impact in...
AFP
New York (AFP) - US energy giant ConocoPhillips announced Wednesday that it is acquiring competitor Marathon Oil for $22.5 billion in the latest big petroleum merger consummated in spite of rising concerns about climate change. The all-stock transaction combines two familiar Houston-based oil players, expanding the larger ConocoPhillips' US holdings and potentially providing significant cost savings. The acquisition "further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory," ConocoPhillips chairman and chief executive officer Ryan...
AFP
New York (AFP) - US antitrust authorities cleared ExxonMobil's acquisition of Pioneer Natural Resources under the condition that the shale producer's former CEO be barred from the company's board, regulators announced Thursday. A proposed consent order barred longtime Pioneer CEO Scott Sheffield from the ExxonMobil board of directors, citing his "collusive" activity with crude exporters from the OPEC+ group of countries, a Federal Trade Commission (FTC) press release said. The FTC, which has ramped up action against corporate mergers in recent years under chair Lina Khan, said Sheffield's inst...
AFP
ValueWalk
New York (AFP) - Ousted WeWork co-founder Adam Neumann recently bid more than $500 million to buy back the struggling office-sharing group, according to media reports Monday. Neumann recently submitted the offer, but it was not clear how he would finance such a deal, The Wall Street Journal and CNBC reported, citing sources close to the matter. Neumann is seeking to buy the company out of bankruptcy, according to a letter to WeWork seen by AFP last month. WeWork went into bankruptcy in November with its major creditors set to take control of the company. At its height, WeWork was the biggest p...
AFP
Washington (AFP) - President Joe Biden said Thursday he is against the proposed sale of US Steel to Japan's Nippon Steel, as election year considerations appeared to outweigh the risk of angering key ally Japan. Biden's intervention in the planned $14.1 billion acquisition comes less than a month before he hosts Japan's Prime Minister Fumio Kishida for a state visit to the White House aimed at boosting ties and countering an increasingly assertive China. But Biden's eye is seemingly on November's presidential election against Donald Trump, with lawmakers from both sides having joined with unio...
AFP
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