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(Bloomberg) -- Siemens Energy AG shares declined on debut in Frankfurt, giving the company whose technology is behind roughly one-sixth of the world’s electricity a lower than expected market value.The shares trimmed a drop of as much as 13% to trade down 1.2% to 21.75 euros at 10 a.m.in Frankfurt, after opening at 22.01 euros. That gave the company a market capitalization of around 15.8 billion euros ($18.4 billion), lower than the 17 billion-euro net book value parent Siemens AG gave it ahead of the spinoff.Monday’s listing is the next step in the unwinding of Siemens -- 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.The sale is taking place at a time of transition toward greener energy sources, which could hit its dominant coal and gas-turbine business and cloud the...
(Bloomberg) -- Billionaires have Davos. For filmmakers, there’s Sundance. For the people who mine and trade and ship everything from iron ore to platinum, there’s London Metal Exchange Week. It’s a blur of symposiums and drinks, with a reliably lavish lunch thrown by JPMorgan Chase & Co. On a balmy October day in 2018, hundreds of guests crossed a courtyard in the shadow of the Bank of England to a medieval guild hall for champagne and sashimi courtesy of the bank and its top metals trader, Mike Nowak.Nowak had plenty to celebrate. His global trading desk at JPMorgan was the powerhouse in futures contracts for gold, silver, platinum and palladium that account for tens of trillions of dollars in transactions annually. In his mid-40s, Nowak had run the precious metals desk for more than a decade. He had a young family, a house outside Manhattan and a seven-bedroom vacation home a few...
(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....
