Wed, Feb 12, 2020 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Sony, NTT snub tech show

Two big Japanese companies have become the latest to pull out of a major European technology show due to fears over the 2019 novel coronavirus outbreak. Electronics manufacturer Sony Corp and mobile phone carrier NTT DoCoMo Inc on Monday said that they were scrapping their appearances at Mobile World Congress, the world’s biggest mobile industry trade fair, in Barcelona, Spain, this month. Intel Corp and MediaTek Inc (聯發科) have also pulled out of the show. The GSMA, which organizes the gathering, said it is going ahead on Feb. 24 regardless of the cancelations.

HARDWARE

Xerox increases HP offer

Xerox Holdings Corp is to increase its offer price for HP Inc to US$24 a share, boosting the bid by US$2 a share in an effort to win control of the computer hardware maker, which has previously refused to engage in takeover talks because it said the offer was too low. Xerox said in a statement on Monday that it plans to launch a tender offer “on or around March 2” comprised of US$18.40 in cash and 0.149 Xerox shares for each HP share. The offer would not be subject to any conditions related to financing or due diligence. The offer represents a 41 percent premium to HP’s 30-day volume-weighted average trading price of US$17.

AUTOMAKERS

Toyota issues green bond

Toyota Motor Corp borrowed US$2.5 billion through its finance company to help support the sale of clean vehicles, marking the first US corporate green bond deal this year. Toyota Motor Credit Corp sold the debt in three parts, a person with knowledge of the matter said. Only the 10-year security would be green, and it would yield 65 basis points above US Treasuries, after initially discussing in the high 70s-basis point range, the person said. Toyota capped the green portion of the deal at US$750 million, the person said.

AUTOMAKERS

Volvo, Geely mull merger

Sweden’s Volvo Cars Corp and its Chinese owner Geely Holding Group (吉利控股集團) on Monday said that they are considering merging into a single group to better share technology and financial resources while preserving their separate brands. The merged firm “would have the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry,” they said in a statement. “The combination would preserve the distinct identity of each of the brands Volvo, Geely, Lynk & Co and Polestar,” they added.

MINERS

AngloGold determines buyer

AngloGold Ashanti Ltd has picked Harmony Gold Mining Co as the buyer for its last remaining South African operations, people familiar with the matter have said. The two companies are finalizing the exact terms of the deal for the Mponeng mine and surface facilities, said the people, who asked not to be identified because the information is private.

SOUTH AFRICA

Eskom tariff bid rejected

State power utility Eskom Holdings SOC Ltd’s urgent bid for larger electricity tariff increases was rejected by the Pretoria High Court on Monday, in a fresh setback for the cash-strapped utility. Eskom lodged an urgent application with the court for a tariff increase of 16.6 percent from April and a rise of 16.7 percent from April next year to compensate for what it said was an error by the National Energy Regulator of South Africa.

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