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Wednesday, August 16, 2017

Exclusive: China's Belt and Road acquisitions surge despite outbound capital crackdown

HONG KONG (Reuters) - Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China's acquisitive conglomerates to restrict capital outflows.

Offshore drilling mergers raise hopes for sector recovery

HOUSTON (Reuters) - Mergers among offshore oil drillers are raising hopes that consolidation could bring relief to a sector struggling to emerge from an industry downturn triggered by low crude prices.

Akzo Nobel: Elliot Advisors will end legal action, support board nominations

AMSTERDAM (Reuters) - Akzo Nobel said on Wednesday it has reached an agreement with its largest shareholder, Elliott Advisors, committing the hedge fund to put legal actions against the Dutch paints company on hold and to support its board nominations.

Hedge fund Elliott ups stakes at BHP by crossing threshold

MELBOURNE/LONDON (Reuters) - Hedge fund Elliott Management has upped the stakes at BHP , gaining powers to push for change by raising its holding in the miner's London-listed arm to 5 percent.

China's Geely says has no plan to buy Fiat Chrysler

HONG KONG (Reuters) - Geely Automobile said on Wednesday it has no plan to buy Fiat Chrysler , dismissing media speculation the Chinese company was interested in the Italian car maker.

Thyssenkrupp says it has no timeline on Tata Steel joint-venture deal

DUESSELDORF, Germany (Reuters) - Thyssenkrupp has no timeline to make a final decision on a potential merger of its European steel operations with those of peer Tata Steel, a spokesman for the group said.

Israel's Teva seeks partners to fund some drug development

JERUSALEM (Reuters) - Teva Pharmaceutical Industries said on Wednesday it was looking into a series of partnerships to fund some projects in its drug development pipeline, as the drugmaker seeks to pay down more than $5 billion of debt this year.

Britain's Prudential sells U.S. broker-dealer network for $325 million

LONDON (Reuters) - Britain's Prudential sold its broker-dealer network in the United States for $325 million to LPL Financial , the insurer said on Wednesday.

Shares in Fiat Chrysler, Exor extend Monday's gains on M&A speculation

MILAN (Reuters) - Shares in carmaker Fiat Chrysler were up more than 2 percent in early trade on Wednesday, extending gains posted on Monday after a media report cited a potential interest by a Chinese company in the Italian group.

State-owned China Unicom to raise $11.7 billion from private firms

HONG KONG (Reuters) - Telecoms group China Unicom said it is raising $11.7 billion from investors including tech giants Alibaba Group and Tencent Holdings , as part of Beijing's push for state-owned enterprises to be revitalized with private capital.