By Foo Yun Chee BRUSSELS (Reuters) – Abu Dhabi state oil giant ADNOC is readying remedies to address an EU subsidy investigation into its 14.7 billion euro ($17.2 billion) bid for Germany’s Covestro that will likely see it convert a proposed 1.2 billion euro capital hike to a shareholder loan, people familiar with the matter …
Exclusive-ADNOC close to finalising EU remedies for Covestro deal, sources say Read More »
PARIS (Reuters) – Kering said on Wednesday that it will not fully buy Italian fashion brand Valentino until at least 2028, its first major move under new CEO Luca de Meo, pushing back the execution of an expensive deal that has been weighing on the heavily indebted group. The deal – announced just a day …
Kering delays full Valentino acquisition to 2028 amid debt concerns Read More »
By Arasu Kannagi Basil and Pritam Biswas (Reuters) – Klarna shares jumped 30% in their hotly anticipated New York debut, valuing the Swedish fintech at $19.65 billion, ending the company’s years-long wait for a listing and underscoring a rebound in the broader U.S. IPO market. The company’s shares opened at $52, compared with their IPO …
Klarna valued at nearly $20 billion as shares jump in NYSE debut Read More »
By Jaspreet Singh and Elvira Pollina (Reuters) – Video platform Vimeo, whose popularity surged during the pandemic, said on Wednesday it will be acquired by Italian app developer Bending Spoons for about $1.38 billion, a deal that would take it private after more than four years of its debut. Vimeo shareholders will get $7.85 in …
Italy’s Bending Spoons to take Vimeo private in $1.38 billion deal Read More »
(Reuters) -Paramount said on Wednesday that Meta executive Dane Glasgow will join the media company as its chief product officer. In his new role, Glasgow will oversee the company’s product strategy and vision across digital platforms and AI-powered capabilities. He will report directly to Paramount Skydance CEO David Ellison and will work closely with Cindy …
Paramount appoints Meta executive Dane Glasgow as chief product officer Read More »
(Reuters) -The White House update to its tariff schedule is a “welcome development” after challenges caused by a recent U.S. Customs ruling on gold bars, the London Bullion Market Association said on Wednesday. The executive order, issued on September 5 by President Donald Trump, updates the tariff schedule for certain goods, including key gold products. …
White House tariff update on gold bars a ‘welcome development,’ LBMA says Read More »
By Supantha Mukherjee and Echo Wang STOCKHOLM/NEW YORK (Reuters) – The CEO of Sweden’s Klarna, one of the early adopters in Europe of artificial intelligence, says the company may have gone too far in using the technology to cut costs and is now focusing on improving its services and products. Sebastian Siemiatkowski made the remarks …
Sweden’s Klarna shifts AI focus from cost cuts to growth Read More »
By Giulio Piovaccari MILAN (Reuters) -Carmaker Stellantis agreed on Wednesday to sell its Italian VM Motori engine making unit to a group of Italian investors who also control engine part maker Marval. The transaction, for which no financial details were provided, is part of a wider Stellantis effort to reorganise its operations as the auto …
Stellantis sells engine making plant in Italy to group of industrial investors Read More »
By Foo Yun Chee BRUSSELS (Reuters) – Meta Platforms and TikTok on Wednesday won a legal challenge to the way EU regulators calculated a supervisory fee imposed on them under landmark tech rules, but will receive no money back while officials reformulate the levy. Meta and ByteDance’s TikTok sued the European Commission after they were …
Meta, TikTok win challenge against EU tech fees, forcing regulators to recalculate Read More »
(Reuters) -The impact of U.S. President Donald Trump’s plan to levy import duties on pharmaceutical products and his push to lower drug prices are likely to be manageable for big U.S. and European drugmakers, according to an analysis by brokerage Morningstar. The report said the near term risk from the push to slash prescription drug …
US tariffs, pricing risks to be manageable for Big Pharma, Morningstar says Read More »
