Sun, Jun 12, 2016 - Page 15 News List

World Business Quick Take

Agencies

AGRICULTURE

Monsanto rejects Bayer bid

Monsanto Co rejected a new acquisition proposal from Bayer AG, which was offering the same price it did last month, according to Dow Jones. Monsanto is seeking a higher offer, Dow Jones said, citing people familiar with the matter. Bayer had initially offered to pay US$122 a share on May 10 in a deal that valued Monsanto, the world’s largest seed supplier, and its debt at US$62 billion. That offer was rejected on May 24 as “incomplete and financially inadequate.” The report said Bayer is seeking access to detailed business information that Monsanto refuses to grant until it receives a higher offer.

PUBLISHING

Axel to buy EMarketer

Axel Springer SE agreed to buy market researcher EMarketer Inc for about US$250 million as the German publisher continues its push into digital businesses and English-speaking markets. The German media group is paying US$242 million for 93 percent of the shares in EMarketer, taking the company’s cash and debt into account. Two of the founders will remain invested in and continue to lead the company, Axel Springer said on Friday.

MUSIC

Spotify ‘not for sale’

Music streaming service Spotify Ltd will not ever sell out to a large US tech company, the startup’s chief executive officer and cofounder Daniel Ek said on Thursday. Speaking to reporters at a technology and music conference in Stockholm, Ek said that he sees the fact European entrepreneurs frequently sell their companies to larger US businesses as holding back the region’s technology sector, referring to King Digital Entertainment, bought by Activision Blizzard Inc for US$5.9 billion last year, and Minecraft developer Mojang, bought by Microsoft Corp for US$2.5 billion in 2014.

TURKEY

Economy grows 4.8%

The economy grew a robust 4.8 percent in the first quarter from the same period last year, continuing its resilient performance from last year, the statistics office said on Friday. The strong growth rate was helped by a 6.9 percent increase in household consumption, which has been the main driver of the country’s growth over the past few months.

RUSSIA

Central bank cuts rate

The central bank on Friday cut its key interest rate by half a percentage point, the first reduction in nearly a year on the back of fading inflation fears and a recovery by the ruble thanks to a bounce in oil. Inflation has now steadied at about 7.3 percent, its lowest level since 2014, and the central bank has marked down its inflation forecast for this year to between 5 and 6 percent, and said inflation would hit its long-term target of 4 percent by next year.

EDUCATION

China Online shares fall

China Online Education Group (中國在線教育集團), which offers online English-language training and is funded by venture capital firms, including DCM Ventures and Sequoia Capital, fell on its first day of trading in the US after raising US$46 million in an initial public offering. The American depositary receipts dropped 0.1 percent to US$18.98 in New York on Friday, after climbing as much as 10 percent.

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