Companies


    • Grab to unveil world’s biggest SPAC merger

      Grab to unveil world’s biggest SPAC merger

      Grab Holdings, Southeast Asia’s biggest ride-hailing and food delivery company, is expected to announce today its merger with US-based Altimeter that will value Grab at nearly $40bn and lead to a public listing, Reuters said, citing own sources. The merger, which will be the biggest blank-check company deal ever, will surpass electric vehicle maker Lucid Motors' $24bn deal struck with a SPAC in February.


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    • UK Darktrace eyes $4bn London IPO

      UK Darktrace eyes $4bn London IPO

      UK cyber security company Darktrace backed by tech entrepreneur Mike Lynch announced it was launching an estimated $4 billion London listing, Reuters reported. The main objectives linked to the IPO plans were tied to securing new funds to accelerate product development and strengthen its balance sheet. Darktrace was founded in 2013 in the university city of Cambridge. It uses AI to understand IT networks and detect attacks by identifying unusual behaviour.

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    • Toshiba forced to seek alternative to $20bn takeover bid

      Toshiba forced to seek alternative to $20bn takeover bid

      The pressure on Japanese electronics conglomerate Toshiba is increasing as major shareholders urged the management to seek new options for potential buyers to compete to the $20bn buyout offer from CVC Capital partners, Reuters reported. The intentions of CVC were to take off Toshiba from the stock exchange and transform it in a private company in a move to improve corporate governance and improve market performance.

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    • China slaps Alibaba with a record $2.75bn penalty

      China slaps Alibaba with a record $2.75bn penalty

      The official Chinese authorities announced they had imposed a record $2.75 billion fine on the e-commerce giant Alibaba, Reuters reported. An anti-monopoly probe found Alibaba had abused its dominant market position for several years. The fine accounts for about 4% of Alibaba’s 2019 domestic revenue, comes as a result of a crackdown on technology companies and indicates China’s antitrust enforcement on internet platforms has entered a new era.

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    • South Korean EV battery makers agree to end a $1.8bn row

      South Korean EV battery makers agree to end a $1.8bn row

      The leading South Korean producers of batteries for electric vehicles SK Innovation and LG Chem announced they had reached an agreement to end a $1.8bn worth painful dispute, Reuters reported. The deal will facilitate the efforts of the two firms t stay on top of battery developments. LG Energy Solution, a wholly owned subsidiary of LG Chem, and SK Innovation also agreed to drop all litigation in the United States and South Korea and not to sue each other for 10 years, after the core dispute had threatened the EV plans of Ford and Volkswagen.

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    • Microsoft buys AI company Nuance for some $16bn

      Microsoft buys AI company Nuance for some $16bn

      Microsoft is reportedly trying to lure and buy Nuance Communications, which is known for helping Apple develop the artificial intelligence for its virtual voice assistant, Siri. The reports have suggested that Microsoft is offering Nuance a $16bn buyout to get the company from its original management and incorporate its technology for the big tech.

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    • FB wipes 16,000 accounts over fake reviews trading

      FB wipes 16,000 accounts over fake reviews trading

      Facebook announced it had suspended some 16,000 accounts alleged for selling or buying fake reviews of products and services, after Britain’s competition watchdog intervened, Reuters reported. Facebook also made further changes to detect, trace, remove and prevent paid content which might mislead users on its platforms, including popular photo-sharing app Instagram,UK’s Competition and Markets Authority (CMA) said.

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    • US company Impossible foods market value soars to $10bn

      US company Impossible foods market value soars to $10bn

      The US producer of plant-based meat Impossible Foods eyes possibilities for Initial Public Offering (IPO) of its shares, Reuters reported. Such operation is expected to rocket the market value of the company above $10 billion from current $4 billion estimates as firm, financed by private sources. The latest valuation is based on the latest private funding round in 2020. However consumer demand for plant-based foods is constantly rising due to mounting environmental and ethical concerns mainly in developed countries.

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    • Boeing sinks in legal battles over US Air Force One contracts

      Boeing sinks in legal battles over US Air Force One contracts

      The US plane maker Boeing said it had taken legal actions and canceled contracts with suppliers for Air Force One, the aircraft that carriers the US president. The scandal was over delays in completing interior work on the two heavily modified 747-8 airplanes, Reuters reported. Boeing said in a statement it had canceled contracts with GDC Technics due to their insolvency and failure to meet contractual obligations.

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    • Bang & Olufsen Q1 sales soar by 14%

      Bang & Olufsen Q1 sales soar by 14%

      The Danish producer of luxury TV stereo and electronics sets and components Bang & Olufsen announced a new surge in sales for the first quarter of this year, following a very profitable 2020, Reuters reported. The positive results were due to strong demand for TV and electronics items as pandemic lockdowns boosted this business sector.

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