Thermo Fisher to buy FEI
Thermo Fisher Scientific Inc is to buy FEI Co for about US$4.2 billion, the latest deal by the diagnostics and research equipment company in a campaign of acquisition to beef up its suite of testing and technology services. Thermo Fisher will pay US$107.5 per share in cash and the deal is expected to close early next year, the companies said in a statement on Friday. FEI produces electron microscopes which are used to analyze proteins, giving Waltham, Massachusetts-based Thermo Fisher a complementary product line to its mass spectrometry systems.
CRRC to raise US$1.8bn
CRRC Corp (中國中車), China’s only maker of high-speed locomotives, plans to raise as much as 12 billion yuan (US$1.8 billion) in a private share sale in Shanghai to repay debt and to help finance its daily operations. The company’s board has approved the sale of as many as 1.39 billion yuan-denominated A shares at 8.66 yuan apiece, CRRC said in a filing to the Shanghai exchange on Friday. That is a 4.8 percent discount to the last close. Home to the world’s biggest high-speed rail network, China has identified the sector as one of 10 focus industries in a blueprint for economic development.
Bayer to choose banks
Bayer AG is close to choosing banks to arrange funds for its proposed acquisition of Monsanto Co, according to people familiar with the matter, after the US company rejected the initial US$62 billion bid as too low and sought reassurances on the potential financing. Bayer will probably raise more than US$40 billion in short-term bridge financing and most of the remainder in term loans, the people said. The German company interviewed lenders at its headquarters in Leverkusen this week and is likely to select about half a dozen banks next week, the people said.
TCI Fund supports LSE bid
Activist investor TCI Fund Management supports Deutsche Boerse AG’s proposed takeover of London Stock Exchange Group PLC (LSE), clarifying the motives behind the fund’s purchase of a sizable stake in the British company. “We support it,” Christopher Hohn, the founder of TCI, told the German magazine Der Spiegel. TCI holds a 4.25 percent stake in LSE, making the hedge fund the sixth-largest shareholder in LSE. In a letter to investors, Hohn said he is confident that both managements will “bend over backwards” to get regulatory approval for the deal.
Mossack Fonseca downsizes
The law firm at the heart of the Panama Papers revelations is closing its offices in the British-dependent territories of Jersey, Isle of Man and Gibraltar, it tweeted on Friday. Mossack Fonseca “will be ceasing operations” in those territories, “but we will continue serving all of our clients,” it said. “This decision has been taken with great regret, as Mossack Fonseca has had a presence in these locations for more than 20 years,” the Panama-based law firm added. The office closures were part of a strategy to “consolidate our service office network,” it said.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the