Merger to create gold giant
Canadian mining giant Barrick Gold Corp has bought Africa-focused rival Randgold Resources Ltd to create a global industry champion worth US$18.3 billion, the pair said yesterday. The blockbuster all-share deal was described as a merger, but is effectively a takeover, because Barrick investors are to own a majority 66.6-percent stake. Randgold shareholders will hold the rest. The enlarged company, keeping the Barrick name, is to be traded in New York and Toronto. Randgold’s London listing is to be canceled. The group would have total annual revenues of about US$9.7 billion.
Australia to see mega-IPO
Coronado Global Resources Inc, a miner backed by private equity firm Energy & Minerals Group, and current investors are seeking to raise as much as A$1.4 billion (US$1.02 billion) in what would be Australia’s largest coal initial public offering (IPO). The company and existing holders are offering Chess Depository Interests at A$4 to A$4.80 each, a prospectus lodged with the nation’s regulator yesterday said. That would give Coronado, the biggest US metallurgical coal producer, an enterprise value of as much as A$4.4 billion. Trading is scheduled to start on Oct. 23 on the Australian Securities Exchange, it said in a statement.
UAE firm pulls initial listing
A planned share sale in the United Arab Emirates might be the latest casualty of US President Donald Trump’s trade policies. US tariffs on aluminum imports have prompted Emirates Global Aluminium, which produces about 4 percent of the metal globally, to delay an initial public offering, people with knowledge of the matter said. The company confirmed the decision, but said it had canceled the listing due to unfavorable market conditions. The company exports about 90 percent of its output and considers the US a “key market,” it said. The company reiterated its plans to sell shares publicly, but said that market conditions “may not improve until later” next year.
Porsche touts end of diesel
Porsche chief executive Oliver Blume said the sports car maker would not produce any new diesel models in the wake of parent company Volkswagen’s diesel emissions scandal. Blume told the Bild am Sonntag newspaper that, although Porsche itself never developed and produced diesel engines, its image has suffered from the scandal that erupted in 2015. He said the company wants to concentrate on “what we can do particularly well,” citing high-performance gasoline models, hybrids and, from next year, electric cars. “That also means that there will be no more diesels from Porsche in the future,” Blume added.
Firms to help UN halt famine
Technology giants Microsoft Corp, Amazon.com Inc and Google are joining forces with international organizations to help identify and head off famines in developing nations by using data analysis and artificial intelligence, as part of a new initiative unveiled on Sunday. Rather than waiting to respond to a famine after many lives have been lost, the tech companies “will use the predictive power of data to trigger funding” to take action before situations fevelop into to a crisis, the World Bank and UN said in a joint statement.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion