by Amruth Sundarkumar | Aug 23, 2022 | Corporates, Global
Telecom giant Vodafone has agreed on non-binding terms to sell its Hungarian unit for $1.8bn in cash. Hungarian 4iG and state-run Corvinus Zrt are the buyers in this cash deal which is to be completed by end-2022. The state will acquire a 49% stake via Corvinus while...
by Amruth Sundarkumar | Aug 22, 2022 | Corporates, Global
Berkshire Hathaway won the approval of the Federal Energy Regulatory Commission to buy up to half of Occidental Petroleum (Oxy). This comes after Berkshire had requested authorization to acquire up to 50% of the oil major. Berkshire’s interest in Occidental is...
by Amruth Sundarkumar | Aug 17, 2022 | Corporates, Global
Chinese conglomerate Tencent Holdings is looking to sell most of its $24bn stake in food delivery giant Meituan to alleviate the regulator’s concern, Reuters reported. The company has a 17% stake in Meituan, which it invested in eight years ago. The tech major...
by Amruth Sundarkumar | Aug 17, 2022 | Corporates, Global
Singapore-based state-owned investment company Temasek Holdings’ equity portfolio has reduced the most since 2004 as it booked some profits and incurred losses on US stocks such as Amazon, Airbnb, Blackrock, and PayPal while holdings in Chinese stocks such as...
by Amruth Sundarkumar | Aug 16, 2022 | Banks, Global
Citigroup has revived court proceedings against Revlon by suing the cosmetics major after failing to clawback $500mn from its lenders, following accidental payments to them in August 2020. The bank had accidentally transferred $900mn to Revlon’s lenders at the time....
by Amruth Sundarkumar | Aug 15, 2022 | Corporates, Global
Saudi Aramco reported a 90% YoY jump in its Q2 net income to $48.4bn on the back of higher crude oil prices and volumes, strong refining margins, and higher downstream margins. Revenue saw an 80% YoY growth to $149.8bn. Aramco’s free cash flows rose by 53% YoY...
