Streetbeat News

Acquisitions Mergers

OXY

Warren Buffett's Berkshire Hathaway has purchased an additional 10,482,162 shares of Occidental Petroleum (OXY) at an average price of $56.16 per share, as reported in a Form 4 filing.

Portfolio Pulse from Charles Gross

December 14, 2023 | 10:19 am

AMGN

Amgen, a biotechnology firm, will become the title sponsor of the Irish Open starting in 2024. This announcement comes after Amgen's acquisition of Horizon Therapeutics in October 2023.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 10:06 am

LCID

Lucid Group Inc (NASDAQ:LCID) has produced about 800 electric vehicles at its Saudi Arabian facility and trained over 200 local employees. The plant, which opened in September with a capacity of 5,000 EVs per year, is part of a deal to sell up to 100,000 vehicles to the Saudi government over ten years. The vehicles are assembled from semi-knockdown kits made in Arizona. Lucid, which is 60% owned by Saudi Arabia's PIF, aims to have a fully operational factory by 2026. The company reported Q3 revenue of $137.81 million with a loss of 28 cents per share and has adjusted its production target to 8,000-8,500 vehicles for the year.

Portfolio Pulse from Anan Ashraf

December 14, 2023 | 9:22 am

WTW

WTW (NASDAQ:WTW) has announced the acquisition of AIMUW, an Italian Managing General Agent (MGA), to strengthen its risk advisory and broking services in Italy. The terms of the deal were not disclosed. AIMUW is known for its expertise in agriculture, public sector, and professional services, and will retain its brand and operational independence post-acquisition. This move aligns with WTW's global strategy to invest in high-performing businesses and capitalize on the nexus of risk and capital.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 8:33 am

VLVLY

Volvo Cars (OTC:VLVLY) has announced the end of diesel car production by early 2024, shifting focus to electric vehicles (EVs). This decision follows a significant drop in share value after a large share sale by parent company Zhejiang Geely Holding Group. The company has stopped investing in new internal combustion engine development, reflecting a major strategic pivot towards electrification.

Portfolio Pulse from Benzinga Neuro

December 14, 2023 | 7:58 am

RAIN

Rain Oncology is set to be acquired by Pathos AI for $1.16 per share, plus additional contingent value rights (CVRs). The deal includes a cash CVR payment and a development CVR payment related to the drug milademetan. The tender offer is contingent on certain conditions, including a minimum share tender and available cash. Stockholders holding 44% of Rain's shares have agreed to support the tender. If successful, the transaction is expected to close in January 2024.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 6:44 am

TSLA

Elon Musk, the world's richest person and CEO of Tesla Inc (NASDAQ:TSLA), is reportedly planning to fund a new university in Austin, Texas. The Bloomberg report cites tax filings from Musk's charity, The Foundation, which indicate a $100 million gift to start a STEM-focused primary and secondary school, with plans to expand into a university offering a traditional curriculum and hands-on learning. The application for tax-exempt status was filed in October 2022 and approved in March 2023. Texas is home to several of Musk's ventures, including Tesla, The Boring Company, and a SpaceX launch site.

Portfolio Pulse from Chris Katje

December 13, 2023 | 11:43 pm

ECDA

EFHT

ECD Automotive Design Inc. (NASDAQ:ECDA), known for customizing classic Land Rover Defenders and Jaguar E-Types with modern touches, has gone public on the Nasdaq Global Market through a SPAC merger with EF Hutton Acquisition Corporation I (NASDAQ:EFHT). The company, which caters to a wealthy clientele including celebrities and athletes, is profitable and considering expansion into the UAE. The SPAC market has seen a significant decline in 2023, making ECD's public debut a notable event.

Portfolio Pulse from Anthony Noto

December 13, 2023 | 10:22 pm

SHEL

Shell Offshore Inc., a subsidiary of Shell plc, has acquired the remaining 20% working interest in the Kaikias field in the US Gulf of Mexico from MOEX North America LLC, a subsidiary of Mitsui & Co., Ltd. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 10:21 pm

CARR

Carrier Global has agreed to sell its Global Commercial Refrigeration business to Haier for an enterprise value of $775 million, which includes $200 million of net pension liabilities. This strategic move allows Carrier to streamline its portfolio and focus on its core businesses, while Haier can expand its commercial refrigeration offerings.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 10:01 pm