Streetbeat News

Acquisitions Mergers

BABAF

Alibaba Group's (OTC:BABAF) market value dropped by $20 billion after halting plans to spin off its cloud segment due to U.S. export restrictions on AI chips. This caused a 10% decline in its Hong Kong-listed shares, the largest in over a year. Investors are concerned about potential undisclosed issues within Alibaba, as the decision follows similar concerns from Tencent Holdings regarding U.S. export restrictions. Alibaba's market value has significantly decreased since October 2020, affected by regulatory crackdowns, economic slowdown, and internal challenges. Despite this, Alibaba is committed to growing its cloud business and investing in AI, with a strategic review to differentiate core and non-core businesses.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 11:07 am

BAYRY

BAYZF

MRK

The Delaware Supreme Court ruled in favor of Bayer AG, stating that Bayer is not liable for lawsuits related to talc-based products acquired from Merck & Co in 2014. The court's decision relieves Bayer of responsibility for pre-acquisition product sales, including Dr. Scholl's foot powder. Despite this victory, Bayer still faces over 40,000 pending cases regarding the Roundup weedkiller, acquired through Monsanto. Recent court losses in the Roundup cases have resulted in verdicts over $500 million, contrasting with previous wins.

Portfolio Pulse from Vandana Singh

November 17, 2023 | 11:05 am

NOC

Northrop Grumman Corp (NYSE:NOC) is in advanced talks to produce 120mm tank ammunition in Poland, aiming to expand its European defense production capacity. CEO Kathy J. Warden is seeking the right industrial partners and contract structures. The state-owned PGZ armaments group's Mesko is finalizing negotiations for an offset agreement related to Poland's Abrams tanks purchase, which includes production of ammunition for Bushmaster guns. Northrop Grumman reported a 9% sales growth in Q3 FY23, with a backlog of $83.9 billion. NOC shares saw a slight decrease of 0.24% in the last trading session.

Portfolio Pulse from Lekha Gupta

November 17, 2023 | 10:46 am

AES

VNM

Reuters has reported that AES Corp is currently in discussions to sell a significant coal-fired power plant in Vietnam. This move is part of a broader trend where energy companies are divesting from coal assets due to environmental concerns and shifting towards renewable energy sources.

Portfolio Pulse from Charles Gross

November 17, 2023 | 10:15 am

GOEV

Canoo Inc. (NASDAQ:GOEV) has landed a significant contract with Prime Time Shuttle for the delivery of up to 550 electric vehicles. The Lifestyle Vehicle (LV) Premium model will be incorporated into Prime Time Shuttle's luxury and airport transportation fleets in the Los Angeles area. Prime Time Shuttle, with operations in 34 states and over 50 million customers since 1984, plans to expand the use of electric vehicles beyond California. Canoo's leadership is optimistic about the deal and California's zero-emission goals.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 9:14 am

FCX

Freeport-McMoRan Inc. (NYSE:FCX) has advised its shareholders to reject the unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 3 million FCX shares at $32.20 each. This offer is below the market value, with a 4.4% discount from the closing price on November 10, 2023, and a 10% discount from the closing price on November 16, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 6:59 am

GM

General Motors (NYSE:GM) is integrating its electric delivery startup BrightDrop into its operations to provide a unified point of contact for fleet customers. BrightDrop, launched in January 2021, has become a key player in the commercial EV sector. GM plans to ramp up production of BrightDrop Zevo in spring 2024, supported by a new battery module factory in Canada. The integration includes consolidating commercial digital solutions like BrightDrop Core under GM's software and services organization, emphasizing GM's commitment to an all-electric future with its Ultium battery platform.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 5:57 am

NAPA

The Duckhorn Portfolio has reached an agreement to acquire Sonoma-Cutrer Vineyards for approximately $400 million. The payment will be made through a combination of company stock and cash.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 9:40 pm

STRL

Sterling has acquired Texas-based Professional Plumbers Group (PPG) for $50M cash and an earnout based on future EBITDA targets. PPG, with annual revenues of $50-55M, complements Sterling's residential services in Dallas by adding critical plumbing phases post-slab completion. The deal is expected to be accretive with a strong margin profile and offers cross-selling opportunities with a complementary customer base.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 9:07 pm

NCAC

Psyence Group Inc. and Newcourt Acquisition Corp (NASDAQ:NCAC) have announced the SEC's effectiveness of a Form F-4 registration statement for a new business combination. This move brings Psyence Group closer to listing on a U.S. national security exchange and is part of their strategy to launch a Phase 2b clinical trial for nature-derived psilocybin in palliative care. The business combination, valued at $50 million in pre-money equity, will result in Psyence contributing its therapeutics division to the new public company, Psyence Biomedical Ltd., which will trade under the Nasdaq ticker 'PBM'. Psyence Group has also granted stock options to eligible participants.

Portfolio Pulse from Lara Goldstein

November 16, 2023 | 9:07 pm