Streetbeat News

Acquisitions Mergers

VALE

Vale Base Metals announced that Vale Canada Limited and Sumitomo Metal Mining are set to divest around 14% of their combined equity interest in PT Vale Indonesia Tbk to PT Mineral Industri Indonesia. Vale Canada is expected to receive approximately $160M for its stake.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 10:26 am

AMZN

GE

WBA

Amazon.com Inc (NASDAQ:AMZN) is set to replace Walgreens Boots Alliance, Inc. (NASDAQ:WBA) in the Dow Jones Industrial Average (DJIA), sparking concerns due to historical precedents where stocks added to the DJIA underperformed. Charlie Bilello highlighted that Walgreens' stock dropped 58% since its addition in 2018, while the DJIA and the replaced company, General Electric (NYSE:GE), gained significantly. Despite concerns, Amazon's strong fundamentals and recent performance suggest potential for continued momentum.

Portfolio Pulse from Shanthi Rexaline

February 26, 2024 | 10:05 am

STLA

Stellantis (NYSE:STLA) has entered into a multi-billion euro agreement with Ayvens to sell up to 500,000 vehicles in Europe over the next three years. The deal, aimed at bolstering sustainable mobility, involves Stellantis supplying a range of vehicles from its brands, including Alfa Romeo and Jeep, to Ayvens' leasing fleet. This move follows Stellantis' strong 2023 earnings and is part of its strategy to invest in electrification and achieve a 100% BEV sales mix in Europe by 2030.

Portfolio Pulse from Benzinga Neuro

February 26, 2024 | 8:48 am

UBS

Ant Group has outbid Citadel Securities for Credit Suisse's investment bank venture in China, a move that could face regulatory challenges due to China's preference for a foreign buyer. This development complicates UBS's situation, as it must choose between Ant's higher bid and Citadel's lower offer, which may have a better chance of regulatory approval. UBS, which acquired Credit Suisse, is also dealing with geopolitical tensions and a struggling economy, impacting its ability to attract global interest for the sale.

Portfolio Pulse from Benzinga Neuro

February 26, 2024 | 8:22 am

AA

Alcoa announces an all-stock acquisition of Alumina Limited for approximately $2.2 billion, aiming to strengthen its global leadership in bauxite and alumina production. This transaction is expected to provide significant long-term value to both companies' shareholders by enhancing operational flexibility and creating a stronger, more diversified portfolio. Alumina Limited's largest shareholder, Allan Gray Australia, has agreed to allow Alcoa to acquire up to 19.9% of its issued share capital. An investor conference call is scheduled to discuss the acquisition.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 8:08 am

BABA

Alibaba Group Holding Ltd co-founder Joe Tsai is optimistic about the company's future, highlighting recent share purchases by founders, a management reshuffle, and plans for future IPOs despite challenges like increased competition and halted IPOs of its logistics and retail arms. Tsai's confidence is backed by a restructuring and a new management team, aiming to reinforce Alibaba's position in China's e-commerce market.

Portfolio Pulse from Benzinga Neuro

February 26, 2024 | 7:53 am

NOW

ServiceNow has acquired Atrinet's NetACE network technology to enhance business transformation for telecommunications companies (telcos). This acquisition aims to address the inefficiencies in network management by integrating NetACE's network discovery and activation capabilities into the Now platform. This will provide stronger connectivity for telco workflows and improve alignment across networks, accelerating ServiceNow's telecom-related offerings and moving towards closed loop automation for telecom networks. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 7:50 am

BYDDF

BYDDY

BYD Co. (OTC:BYDDF) (OTC:BYDDY) has launched its most expensive electric vehicle, the Yangwang U9 supercar, priced at $233,450, targeting the luxury EV market in China. This move challenges traditional supercar brands like Ferrari and Lamborghini. The U9 can accelerate to 100 km/h in 2.36 seconds, with a top speed of 309.19 km/h. BYD, the largest BEV seller globally, is expanding into the luxury segment with more models under the Yangwang brand planned for release.

Portfolio Pulse from Benzinga Neuro

February 26, 2024 | 7:12 am

STLA

Ayvens, a leading long-term leasing and fleet management company, has reached a frame agreement with Stellantis to purchase up to 500,000 vehicles by 2026. This deal aims to enhance sustainable mobility across Europe by incorporating a wide range of Stellantis' iconic brands, vehicle classes, and propulsion types into Ayvens' fleet. The agreement is part of both companies' strategic plans, Stellantis Dare Forward 2030 and Ayvens PowerUP 2026, highlighting their commitment to leading the energy transition.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 7:01 am

GS

Goldman Sachs Group Inc (NYSE:GS) has entered into a $1 billion private credit deal with Abu Dhabi's Mubadala Investment Co. to expand its private credit business in the Asia-Pacific region, focusing on India. This move is part of Goldman's strategy to grow its presence in the alternative investment space and capitalize on the surging interest in the Asia-Pacific market. The deal follows a trend of increasing private credit collaborations in the Middle East, with Barclays and Mubadala engaging in similar partnerships.

Portfolio Pulse from Benzinga Neuro

February 26, 2024 | 6:35 am