Streetbeat News

Acquisitions Mergers

SNOW

Snowflake Inc (NYSE:SNOW) reported Q1 earnings with a revenue beat but an EPS miss. Revenue increased 33% YoY to $828.7 million, beating estimates, while EPS missed at 14 cents vs. 18 cents expected. The company announced plans to acquire technology assets from TruEra and highlighted strong customer interest in its AI products. Snowflake shares rose 6.50% after hours.

Portfolio Pulse from Adam Eckert

May 22, 2024 | 8:21 pm

MDLZ

Mondelez International (MDLZ) is seeking a buyer for its Tang brand in Latin America. The company has hired JP Morgan to investigate potential interested parties. The sales process is currently in its initial stages.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 7:57 pm

SYK

Needham analyst Mike Matson upgraded Stryker Corp (NYSE:SYK) from Hold to Buy with a $392 price target, citing double-digit organic revenue growth, new product launches, and a strong capital equipment backlog. Matson expects these factors to drive revenue and EPS upside, despite potential recon market slowdowns. SYK's margin improvement and increased M&A activity are also seen as positive catalysts.

Portfolio Pulse from Anusuya Lahiri

May 22, 2024 | 5:17 pm

CG

CVC Capital Partners and Carlyle Group are considering teaming up with ADIA and GIC for a bid on Schenker. DSV, Maersk, and MSC have also made confirmatory bids. Deutsche Bahn plans to narrow the bidder list by next week.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 5:06 pm

AAUKF

BHP

BHP Group (NYSE:BHP) has secured a one-week extension on its proposed takeover of Anglo American (OTCQX:AAUKF) after submitting three unsuccessful bids. The extension allows BHP to potentially address Anglo American's concerns regarding the complexity and risks of the proposed demergers. Anglo American has also been proactive, unveiling its own restructuring plan.

Portfolio Pulse from Stjepan Kalinic

May 22, 2024 | 4:22 pm

SYY

Sysco has expanded its market share in the U.S., Canada, Ireland, and Great Britain by acquiring new customers. The national sales team has added $3 billion in sales at higher profitability rates. Sysco plans to increase its sales headcount over the next three years to drive further growth and enhance customer engagement. The company is also developing a global operating model to boost international capabilities and growth.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 4:13 pm

ACN

Accenture Plc (NYSE:ACN) shares are trading higher following the announcement of its acquisition of Partners in Performance, a consulting firm specializing in business performance improvement using data and AI. This acquisition is expected to enhance Accenture's services across various sectors, including metals and mining, oil and gas, utilities, and chemicals.

Portfolio Pulse from Nabaparna Bhattacharya

May 22, 2024 | 4:03 pm

FMCX

KKR

LBO

PGRU

TPG

KKR & Co. Inc. (NYSE:KKR) and TPG Inc. (TPG) are reportedly exploring a buyout of PropertyGuru Group Ltd. (NYSE:PGRU). The private equity firms, which own significant stakes in PropertyGuru, are working with a financial adviser to gauge interest from other global investors. PropertyGuru recently reported Q1 FY24 revenue that missed consensus estimates but showed a significant increase in adjusted EBITDA. KKR has also made other recent acquisitions, including a stake in Infinx and Perpetual's wealth management and corporate trust businesses.

Portfolio Pulse from Lekha Gupta

May 22, 2024 | 3:07 pm

BHP

BHP has confirmed that it submitted an increased and final offer to acquire Anglo American, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 2:52 pm

DIS

Disney has agreed to sell its 30% stake in Tata Play to Tata Group, valuing Tata Play at approximately $1 billion.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 2:49 pm