Streetbeat News

Acquisitions Mergers

CLF

X

Cleveland-Cliffs' CEO Lourenco Goncalves commented on the proposed acquisition of U.S. Steel by Nippon Steel, expressing that U.S. Steel's decision validates Cleveland-Cliffs' view of the undervaluation in the steel sector. Goncalves highlighted Cleveland-Cliffs' achievement of its net debt target and announced a shift in capital allocation towards more aggressive share buybacks.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 2:27 pm

SNYB

Shiny Health & Wellness Corp. has signed an asset purchase agreement to acquire 10 Stash & Co. adult-use cannabis retail stores in Ontario, which are expected to add approximately CA$10 million ($7.5 million) to its top line. The stores will retain the Stash & Co. brand and trademark. The transaction includes a total consideration of CA$1 million, with CA$800,000 in cash and CA$200,000 in common shares. Shiny Health's shares rose 6.6667% to $0.08 after the announcement.

Portfolio Pulse from Jelena Martinovic

December 18, 2023 | 2:24 pm

UL

Unilever PLC (NYSE:UL) has received a binding offer from Yellow Wood Partners LLC to purchase its Elida Beauty business, which includes over 20 brands and generated approximately €0.8 billion in 2022 revenue. The sale is part of Unilever's strategy to optimize its Personal Care portfolio and focus on growing its Power Brands. The transaction is expected to close by mid-2024, pending regulatory approval and other customary conditions. Unilever's stock (UL) saw a slight increase of 0.34% in premarket trading.

Portfolio Pulse from Lekha Gupta

December 18, 2023 | 2:18 pm

X

The United Steelworkers Union has expressed its opposition to Nippon's plans to acquire U.S. Steel. The union will urge government regulators to thoroughly examine the proposed acquisition, as reported by Reuters citing a statement from the union.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 2:07 pm

CPNG

FTCH

Coupang, Inc. (CPNG) has announced its plans to acquire the business and assets of Farfetch Holdings plc (FTCH), a move that will position Coupang as a leader in the global personal luxury goods market. The acquisition will combine Coupang's operational and logistics expertise with Farfetch's luxury ecosystem, aiming to enhance customer experiences worldwide. Farfetch will also gain access to $500 million of capital to continue its growth and technology development. Greenoaks, a global investment firm, played a key role in facilitating the transaction.

Portfolio Pulse from Happy Mohamed

December 18, 2023 | 2:07 pm

X

U.S. Steel (X) shares are up following the announcement that Nippon Steel will acquire it for $55 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 2:06 pm

ODP

AREX Capital sent a letter to ODP Corporation's Board of Directors urging them to restart the separation process of Office Depot and to sell Varis. AREX believes these actions will unlock shareholder value and is critical for ODP's future success.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 2:04 pm

SYK

Stryker Corporation has announced its intention to acquire SERF SAS, a company specializing in orthopedic implants. The financial terms of the deal have not been disclosed to the public.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 2:03 pm

ADBE

AMZN

AVGO

IRBT

Adobe Inc (NASDAQ:ADBE) and Figma have mutually agreed to terminate their $20 billion merger agreement due to the unlikelihood of obtaining required regulatory clearances from the European Commission and the U.K. Competition and Markets Authority. Adobe will pay Figma a $1 billion reverse termination fee. Meanwhile, Broadcom Inc (NASDAQ:AVGO) and VMware have received all necessary regulatory approvals for their merger, and Amazon.Com Inc's (NASDAQ:AMZN) acquisition of iRobot Corp (NASDAQ:IRBT) is expected to receive unconditional EU antitrust approval. Adobe's stock traded higher by 1.92% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 18, 2023 | 1:57 pm

IVV

SPY

VOO

X

XME

United States Steel Corp (NYSE:X) stock surged over 28% in premarket trading due to its acquisition by Nippon Steel Corp (OTC:NISTF), valuing the company at $14.9 billion. Over the past year, U.S. Steel has outperformed the S&P 500, with a 59.3% return compared to the S&P 500 ETF's 23.6% gain. The company's stock also outperformed the SPDR S&P Metals & Mining ETF (NYSE:XME) by 40%, with XME holders gaining 17.5% over the same period.

Portfolio Pulse from Surbhi Jain

December 18, 2023 | 1:51 pm