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Search resuls for: "Celanese"


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DuPont scraps $5.2 bln Rogers buyout due to China hurdles
  + stars: | 2022-11-02 | by ( ) www.reuters.com   time to read: +2 min
DuPont said the termination of the deal was agreed with Rogers as they have been unable to obtain timely clearance from all the required regulators. Shares of engineering materials maker Rogers plunged 43% in extended trading on Tuesday, while those of DuPont rose about 6%. The collapsed Rogers deal is the most prominent global acquisition to be called off in four years due to Chinese regulatory hurdles. In 2018, Qualcomm Inc (QCOM.O) walked away from a $44 billion deal to buy NXP Semiconductors (NXPI.O) after failing to secure Chinese regulatory approval amid China-U.S. trade tensions. DuPont added it would pay Rogers a termination fee of $162.5 million.
DuPont takes welcome M&A break
  + stars: | 2022-11-02 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Nov 2 (Reuters Breakingviews) - The seemingly eternal makeover at DuPont de Nemours (DD.N) has been forced into a welcome pause. The chemicals giant just scrapped its $5.2 billion acquisition of engineered materials manufacturer Rogers (ROG.N) after failing to secure clearance from Chinese authorities. Under boss Ed Breen, DuPont has undertaken a series of mergers and spinoffs. To pay for the deal, DuPont sold most of its so-called Mobility & Materials division to Celanese (CE.N) for $11 billion. The problem is that DuPont ditched old businesses at lower valuation multiples to fund purchases at much higher ones.
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EU clears Celanese to buy DuPont unit on divestment condition
  + stars: | 2022-10-12 | by ( ) www.reuters.com   time to read: +1 min
Celanese announced the deal in February but had to offer remedies to address EU antitrust concerns. The combined entity would have been the largest producer of thermoplastic copolyester (TPC) in the European Economic Area and globally, with only a few alternative suppliers remaining. Register now for FREE unlimited access to Reuters.com RegisterThe EU approval is conditional on Celanese divesting its global TPC business, including its production facility in Italy and certain brands. DuPont is remoulding its portfolio to focus on high-margin electronics and water solutions businesses. Register now for FREE unlimited access to Reuters.com RegisterReporting by Charlotte Van Campenhout; editing by Philip BlenkinsopOur Standards: The Thomson Reuters Trust Principles.
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