Streetbeat News

Acquisitions Mergers

IBM

IBM has agreed to acquire StreamSets and webMethods platforms from Software AG, a company majority-owned by Silver Lake, for €2.13 billion in cash. These platforms are part of Software AG's Super iPaaS enterprise technology offerings.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:21 am

CRH

CRH plc and Barro Group have proposed to acquire Adbri Ltd for A$2.1 billion, with CRH aiming to purchase the remaining 57% of Adbri's shares not owned by Barro. The offer of A$3.20 per share is based on Adbri's expected 2023 EBITDA, and the acquisition would result in Adbri being delisted from the ASX.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:30 am

BABA

XPEV

Hong Kong stocks fell, with Xpeng Inc. (NYSE:XPEV) experiencing significant losses after Alibaba Group (NYSE:BABA) announced its intention to sell 25 million American depositary shares in Xpeng. The Hang Seng Index dropped 1%, influenced by concerns over China's economic recovery and mixed activity data for November. Alibaba's divestment is part of its strategy to reshape its investment approach and manage capital more effectively, reducing its stake in Xpeng from 10.2% to 7.5%. The broader market was also affected by the resignation of HKEX CEO Nicolas Aguzin and disappointing Chinese retail sales and property investment data.

Portfolio Pulse from Benzinga Neuro

December 18, 2023 | 4:55 am

ARKF

ARKK

ARKW

COIN

Cathie Wood's Ark Invest sold 82,255 shares of Coinbase Global Inc (NASDAQ:COIN) through its ETFs ARKK, ARKW, and ARKF, amidst a crypto market downturn. Bitcoin is predicted to face a downturn, potentially dropping to $38,000. BONK, a Dogecoin rival, saw a 75% price increase and a 140% surge in trading volume. Shiba Inu's supply on exchanges decreased by 0.51%, indicating potential for price gains. Crypto analyst Ali Martinez predicts a bullish breakout for Shiba Inu, with a key resistance at $0.000011.

Portfolio Pulse from Benzinga Neuro

December 17, 2023 | 11:34 am

EGGF

EG Acquisition Corp. (EGGF) plans to transfer its listing from the NYSE to NYSE American and list flyExclusive under the symbol 'FLYX' upon completion of their business combination. The transfer is contingent on meeting all closing conditions and NYSE American's authorization. EGGF and its warrants will trade under 'EGGF' and 'EGGFW' on the NYSE until the combination is finalized, after which they will trade on NYSE American as 'FLYX' and 'FLYXW'.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:49 pm

CDZI

The U.S. Bureau of Land Management (BLM) has approved the assignment of a Mineral Leasing Act right-of-way (ROW) grant to Cadiz Inc. for the company's Northern Pipeline. This approval finalizes Cadiz's acquisition of the 220-mile pipeline from El Paso Natural Gas (EPNG) and enables the company to proceed with project development. The pipeline is central to Cadiz's clean water and energy initiatives, including green hydrogen and low-emission generation projects.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:33 pm

VTRS

Viatris Inc. (NASDAQ:VTRS) has announced the appointment of Theodora 'Doretta' Mistras as CFO effective March 1, 2024, and Philippe Martin as Chief R&D Officer effective immediately. Mistras brings extensive experience from Citigroup and Goldman Sachs, while Martin has a strong background from Celgene and Schering-Plough. Current CFO Sanjeev Narula will assist in the transition until his departure. The appointments are part of Viatris' strategic plan as it enters Phase 2, aiming for expanded growth and enhanced shareholder value.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:31 pm

BABA

VWAGY

XPEV

Alibaba Group Holding Limited (NYSE:BABA) has reduced its stake in XPeng Inc. (NYSE:XPEV) from 10.2% to 7.5%, selling about 25 million American depositary receipts for approximately $391 million. This decision is part of Alibaba's strategy to reshape its investment strategy and manage capital. Despite the reduction, XPeng assures that Alibaba remains its second-largest shareholder and their strategic relationship continues, with ongoing collaborations in autonomous driving and in-car payment systems. Meanwhile, Volkswagen AG (OTC:VWAGY) has invested $700 million in XPeng for a 4.99% stake, aiming to co-develop EVs in China. Following the news, XPEV shares dropped by 7.54%, while BABA shares rose by 2.76%.

Portfolio Pulse from Nabaparna Bhattacharya

December 16, 2023 | 8:41 pm

BAC

BCS

MS

Elon Musk has been reassuring bankers who financed his $44 billion acquisition of Twitter, now known as X, that they will not face financial losses despite a potential $2 billion hit. Banks like Bank of America, Barclays, and Morgan Stanley provided a $13 billion loan for the buyout. The banks may confront significant losses due to a decline in advertising revenue at X, partly caused by Musk's controversial comments, leading to advertisers withdrawing. There is concern that the banks might have to hold the depreciated debt on their books beyond 2024.

Portfolio Pulse from Bibhu Pattnaik

December 16, 2023 | 5:30 pm

GOLD

Barrick Gold Corporation (NYSE:GOLD) has restarted operations at the Porgera mine in Papua New Guinea, sharing 49% of the project with Zijin Mining Group. The mine, under care since 2020 due to a dispute, is expected to produce 21 tonnes of gold annually over 20 years. Barrick's stock underperformed gold prices, with only 2.2% gains compared to gold's 11% rise. The company also faces challenges in Tanzania with allegations of forced evictions at the North Mara mine, which Barrick denies.

Portfolio Pulse from Stjepan Kalinic

December 16, 2023 | 4:23 pm