Tue, Sep 25, 2018 - Page 10 News List

World Business Quick Take

Agencies

MINING

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.

MINING

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.

METALS

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.

AUTOMAKERS

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.

TECHNOLOGY

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.

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