Skip to content
(Bloomberg) -- Cleveland-Cliffs Inc. will buy the U.S. operations of ArcelorMittal SA for $1.4 billion in cash and shares to become the biggest flat-rolled steel producer in North America.Ohio-based Cleveland-Cliffs expects its second major deal in less than a year to boost sales to the key automotive market. Earlier this year, the global steel industry saw its biggest slump in production in a decade as demand from key consumers, including automakers, was hit hard by coronavirus lockdowns. The transaction will save the combined entity about $150 million in annual costs.“Steelmaking is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else,” Cleveland-Cliffs Chairman Lourenco Goncalves said in a statement. “This transaction achieves all of these.”Cleveland-Cliffs will pay about $873 million of common and non-voting preferred stock, and $505 million in cash, according to the statement. The deal comes as U.S. steel prices recover,...
Sep.28 -- Democratic Presidential nominee Joe Biden zeroed in on the risk to Americans’ health-care coverage if conservative favorite Amy Coney Barrett is confirmed as President Donald Trump’s new Supreme Court pick. She would replace the most progressive member of the Supreme Court, Justice Ruth Bader Ginsburg, who died on Sept. 18. Biden spoke Sept. 27 in Wilmington, Delaware....
(Bloomberg) -- Caesars Entertainment Inc. said William Hill Plc’s board would likely recommend its 2.9 billion-pound ($3.7 billion) takeover offer price, putting it on the front foot in a potential bidding war with Apollo Global Management Inc.The British gambling company confirmed it received approaches from both U.S. companies after Bloomberg reported Apollo’s interest on Friday. Caesars’ bid is 57.6% above William Hill’s closing price on Sept. 1, the day before its first approach.Caesars’ power over an existing joint venture with William Hill “makes rival offers unlikely,” said Goodbody analyst Gavin Kelleher. Some people may see Caesars’ offer price of 272 pence per share “as a somewhat disappointing outcome,” he added.William Hill shares fell 13% to 272.2 pence in early trading in London after soaring 43% on Friday.Caesars and William Hill have a U.S. joint venture with 20% and 80% equity ownership respectively. The two were already in discussions about merging some...
Huawei Technologies Chief Financial Officer Meng Wanzhou will be back in a Canadian courtroom on Monday as her lawyers resume their fight to block the United States' efforts to extradite her. Meng, 48, was arrested in December 2018 on a warrant from the United States charging her with bank fraud for misleading HSBC about Huawei's business dealings in Iran and causing the bank to break U.S. sanction law. Huawei lawyers will argue that the U.S. extradition request was flawed because it omitted key evidence showing Meng did not lie to HSBC about Huawei's business in Iran....
(Bloomberg) -- Siemens AG is about to let investors make pure-play bets on a company whose technology is behind roughly one-sixth of the world’s electricity.Monday’s listing of Siemens Energy AG marks the next step in the unwinding of a German conglomerate making a vast array of goods that spans medical scanners, locomotives and gas turbines into separate companies better suited to confront their own unique challenges. Shares fell as they started trading on Monday, down 9.3% at 9:12 a.m. in Frankfurt after opening at 22.01 euros.There will be no shortage of hindrances ahead for the extraction, processing, and transportation of oil and gas, as well as the generation, transmission and distribution of power and heat that Siemens Energy handles. Efforts to curb power-plant emissions are likely to constrain the company’s longer-term prospects.“Siemens Energy’s spinoff showcases a gas-turbine technology whose growth has been stunted by climate change, though gas should remain a...
Shares of Boeing rose 6.8% on Friday as the US Federal Aviation Administration (FAA) Chief is about to pilot the 737 MAX on a test flight this week, Reuters reported. The move is seen as an important milestone to get the troubled aircraft airborne again.According to the Reuters report, the FAA has informed US lawmakers that the agency’s Chief Administrator Steve Dickson and Deputy Administrator Dan Elwell "will be in Seattle next week to take the recommended training." Notably, Dickson had previously said that he would not give approval until he flew the MAX aircraft himself. (See BA stock analysis on TipRanks).Boeing’s (BA) 737 MAX planes have been grounded worldwide since mid-March 2019 following two fatal crashes within six months, which took 346 lives. Boeing needs regulatory approvals for the changes it has made to address the flaws that caused the accidents.On Sept. 20, Goldman Sachs analyst Noah Poponak added the stock to...
