merger
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
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
New York (AFP) - JetBlue and Spirit Airlines formally pulled the plug Monday on their merger, about six weeks after a federal judge ruled it violated US antitrust law. The companies had positioned JetBlue's $3.8 billion purchase of Spirit as beneficial to consumers, but a federal judge in January sided with the US Justice Department, which had argued that the removal of the no-frills Spirit would lead to higher fares. The companies decided after concluding that, given the legal situation, they were unlikely to meet the merger's deadline of July 24, 2024. JetBlue will pay Spirit $69 million as ...
AFP
New York (AFP) - US antitrust officials filed a lawsuit Monday to block Kroger's proposed $24.6 billion takeover of Albertsons on Monday, saying the supermarket acquisition would harm consumers. Arguing the deal would lead to "higher prices for groceries and other essential household items for millions of Americans," the Federal Trade Commission announced that it would seek a preliminary injunction blocking the transaction in federal court. "This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years," said Henry Liu, director...
AFP
New York (AFP) - Capital One's proposed merger with the US credit card specialist Discover has reshuffled the deck in a fast-growing sector in the United States, where cash is gradually disappearing from the landscape. The all-stock deal is worth around $35.3 billion, and is expected to close in late 2024 or early 2025. The deal, which will be subject to antitrust scrutiny, values Discover's shares at a 27 percent premium, and would create a US banking behemoth. Under the terms of the agreement, around 60 percent of the new company will be owned by Capital One's shareholders, with the remaind...
AFP
New York (AFP) - Walmart announced Tuesday it will buy smart television maker Vizio for $2.3 billion, boosting the retail giant's advertising venture as growth slows in its legacy business from the pandemic boom. With the all-cash purchase, the US shopping behemoth gains access to Vizio's more than 18 million accounts as another source of strengthened potential connection to those households. Based in California, Vizio is known for what Walmart called "immersive entertainment" through a "customer-centric platform" that lets viewers stream content for free by watching ads. Analysts said the de...
AFP
Washington (AFP) - A US federal judge on Tuesday ruled against JetBlue's $3.8 billion takeover of low-cost carrier Spirit Airlines, saying that the deal would reduce competition. The decision comes after the US Justice Department last year sued to block the merger, noting the combination would hurt consumers and violate antitrust law. Spirit Airlines shares ended the day 47.1 percent down following the announcement, while JetBlue closed 4.9 percent higher. Both companies pushed back against the decision in a joint statement, saying they disagreed with the ruling by District Court Judge William...
AFP
New York (AFP) - US energy company APA Corporation has agreed to buy competitor Callon Petroleum in a transaction valued around $4.5 billion including debt, the firms announced Thursday, marking the latest deal in the sector. APA will acquire Callon in an all-stock deal, where each share of Callon is exchanged for 1.0425 shares of APA stock, worth $38.31. This is nearly a 14 percent premium over Callon's closing price on Wednesday. The transaction comes after several high-profile agreements in the energy industry, such as ExxonMobil's megadeal to acquire Pioneer Natural Resources for about $60...
AFP
Washington (AFP) - A proposed deal that would see US Steel Corp bought by Japan's Nippon Steel should be closely investigated by American authorities, the White House said Thursday, warning it could have national security implications. Unveiling the planned transaction this week, the two companies depicted the deal as a marriage of the holders of top technologies that would boost steel output and accelerate efforts toward decarbonization. But US Steel's possible sale abroad has triggered furious criticism in Washington and from trade unions. President Joe Biden "believes the purchase of this i...
AFP
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