Latest news with #merger
Bloomberg
13 hours ago
- Business
- Bloomberg
Germany Holds Early Talks on How to Exit Energy Firm SEFE
Germany's economy ministry is studying options for how to exit nationalized energy company Securing Energy for Europe GmbH, people with knowledge of the matter said. Some officials have been holding early-stage deliberations as they evaluate a range of possible ways to exit SEFE, which could include a sale or breakup of the business, or a potential merger with fellow nationalized energy company Uniper SE, according to the people. The economy ministry department overseeing SEFE is tasked with drawing up a plan by mid-2025.
Reuters
14 hours ago
- Business
- Reuters
EU regulators clear with conditions UniCredit's acquisition of Banco BPM
BRUSSELS, June 19 (Reuters) - EU antitrust regulators on Thursday approved with conditions Italian bank UniCredit's ( opens new tab takeover of rival Banco BPM ( opens new tab. UniCredit agreed to sell 209 branches in northern Italy to allay competition concerns. "These commitments fully address the competition concerns identified by the Commission, by removing the horizontal overlap between the companies' activities in those areas and ensuring that competition is preserved," the European Commission said in a statement. The EU said it had declined a request from the Italian competition authority to refer the merger to it for assessment under Italian competition law. Italy had invoked its "golden powers" over the bid, on the grounds of national security concerns and to set the terms of UniCredit's offer. UniCredit had challenged the government-imposed conditions, with a court hearing set for next month. "The Commission has a particular interest in ensuring that competition is preserved in sectors such as banking and insurance, which are of crucial importance for the economic development of the Capital Market Union and Savings and Investment Union," the commission said in its statement. "Moreover, the Commission is well placed to deal with the transaction as it has developed significant expertise in analysing banking markets," the EU said. Reuters reported on June 10 that the deal would be cleared after UniCredit agreed to asset sales.
Wall Street Journal
16 hours ago
- Business
- Wall Street Journal
Mars Misses EU Deadline for Kellanova's $30 Billion Deal Remedies
Candy and snacks maker Mars hasn't submitted remedies to European Union antitrust officials for its nearly $30 billion deal to take over Pringles and Cheez-It seller Kellanova K -1.61%decrease; red down pointing triangle. Privately held Mars hadn't offered any remedies by Wednesday's deadline, according to an update on the website of the European Commission, the EU's executive arm. The EU set a deadline of June 25 to decide on the merger, by which time it should indicate how it plans to proceed.
Yahoo
17 hours ago
- Business
- Yahoo
U.S. Steel Delists as Nippon Steel Completes $14.9 Billion Takeover
United States Steel (X, Financials) ceased trading on the New York Stock Exchange at 8:30 a.m. ET Wednesday after Japan's Nippon Steel completed its takeover, the NYSE said. The delisting will be finalized June 30. Warning! GuruFocus has detected 8 Warning Sign with X. President Donald Trump had publicly insisted the transaction would result in a partnership preserving American ownership, but filings confirmed U.S. Steel now operates as a Nippon Steel North America subsidiary. Former President Joe Biden blocked the deal in January on national security grounds; Trump later ordered a fresh review and ultimately cleared the merger under conditions. Under the national security agreement, the U.S. government holds a golden share that allows veto authority over headquarters relocations, plant closures, and certain foreign transactions. Nippon Steel also agreed to keep U.S. Steel's headquarters in Pittsburgh, maintain a U.S.-majority board, and invest $11 billion by 2028including $1 billion in a new greenfield project post-2028. Nippon Steel CEO Eiji Hashimoto said the golden share will not impede management decisions, and emphasized the investment will modernize U.S. Steel's aging facilities. The acquisition positions Nippon Steel to boost annual U.S. crude steel output toward its 100 million-ton goal, leveraging strong domestic infrastructure demand without tariff barriers. U.S. Steel will continue to operate under its historic name, with a U.S. citizen majority on its board and American leadership at the CEO level, as stipulated by the takeover agreement. This article first appeared on GuruFocus.
Yahoo
20 hours ago
- Business
- Yahoo
Mars has not offered remedies to EU for kellanova deal, EU website shows
BRUSSELS (Reuters) -Candy giant Mars has not offered remedies to EU antitrust regulators reviewing its proposed $36-billion takeover of Pringles maker Kellanova, an update on the European Commission website showed on Thursday. The deadline for Mars to offer remedies was June 18. Reuters reported on Wednesday that Mars was unlikely to offer remedies for now to address the EU competition enforcer's concerns about its high market shares in some products in some European Union countries and its portfolio of strong brands. People close to the matter said the EU antitrust watchdog will launch a full-scale investigation into the deal at the end of its preliminary review which finishes on June 25. Sign in to access your portfolio
