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Corporate shuffleboard, February 18, 2022
A smattering of headlines from the world of corporate shuffleboard. Pushing discs won’t create value, but it can springboard its revelation.
Initial public offerings
- Vår Energi offer price fixed at NOK 28 per share.
- Hualan Biological Becterin set pricing for Shenzhen IPO.
- AD Ports raised $1bn before market debut.
- Spanish fashion retailer, Tendam, sees €2bn valuation in IPO.
- Thyssenkrupp CFO said possible listing of Nucera would take place in H1.
- Kids Clinic India filed for IPO.
- Al-Dawaa Medical Services IPO price range set at SAR 65-73 per share.
- India’s Life Insurance Corp filed for $8bn IPO.
Mergers & acquisitions
- Shipping group MSC targets successor to Alitalia.
- British Government fined JD Sports (LON: JD), Footasylum $6.4m for breaching terms.
- End of Lockheed-Aerojet (NYSE: $LMT, $AJRD) deal pressures leadership of both firms.
- Intel (NASDAQ: $INTC) unveiled $5.4bn Tower (TLV: $TSEM) deal.
- Crypto firm Fireblocks bought payments tech platform for $100m.
- Spotify (NYSE: $SPOT) acquired Podsights and Chartable to grow podcasting business
- U.S. sued to stop merger of Rhode Island hospital companies
Divestitures & spin-offs
- Repsol (BME: REP) struggled to tempt buyers to renewables unit.
- Toshiba (TYO: 6502) is considering sale of air conditioner business.
- Danish pension fund ditched Wizz Air (LON: WIZZ) over labour rights.
- Italy’s Leonardo (BIT: LDO) suspends search for automation division partner.
- Discovery-WarnerMedia (NASDAQ: DISCA) deal cleared U.S. antitrust review.
- Australia’s AGL (ASX: AGL) sees job cuts, cost savings as demerger plans progress.
- EDF (EPA: EDF) confirms deal to take over French nuclear turbine unit from GE (NYSE: GE).
- Informa (LON: INF) announced sale of Pharma Intelligence for £1.9bn to Warburg Pincus (NYSE: WPCA).
- RWE (FRA: RWE) could add $19bn in value if it ditches brown coal according to Enkraft.
Share repurchases & buybacks
- Essilorluxottica SA (EPA: EL) buyback reflects confidence in long-term prospects.
- Amgen (NASDAQ: $AMGN) to buy back $6bn in shares this quarter.
- ArcelorMittal (AMS: $MT) raised dividend and announced new $1bn capital return.
Originally posted in my newsletter here.
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Valuabl, Vol. 2, No. 4
On the cost of capital. Credit creation, cause & effect. An undervalued Chinese classifieds business.
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