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Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Glencore adds cash option to Teck bid in effort to sway shareholders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters) - Glencore (GLEN.L) proposed introducing a cash component to its $22.5 billion bid for Teck Resources (TECKb.TO) on Tuesday and urged its board to delay an impending vote on a restructuring. Glencore is now proposing that Teck shareholders receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck, which did not immediately respond to a request for comment, had said in its rejection that it did not want to expose its shareholders to thermal coal. "This new bid from Glencore raises the odds of the vote (on proposed restructuring) not going Teck's way." Reuters on Monday reported that Glencore CEO Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Tesla's biggest Chinese rival showed off a supercar that can balance on 3 wheels, dance, and jump off the ground
▼ + stars: | 2023-04-11 | by ( Tim Levin | ) www.businessinsider.com time to read: +2 min

Chinese electric-car maker BYD posted a video of its upcoming Yangwang U9 supercar. The luxury vehicle will be able to bounce and jump off the ground. Chinese Tesla rival BYD showed the world just that on Monday. In a video from a BYD event posted to Twitter, its upcoming Yangwang U9 can be seen dancing and bobbing side to side as it slowly drives across the stage. It looks a lot like a feature in some Mercedes SUVs that makes the vehicle bounce vigorously up and down.

A shareholder vote on Teck's plan is scheduled for April 26. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Teck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday.

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday reinforced its rejection of an unsolicited $22.5 billion bid from Glencore (GLEN.L), calling it "an illusion" and telling shareholders that its proposed restructuring is the only option on the table. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday. Price also said that Teck is open to partnering with Glencore and other companies on "the creation of ...joint venture to unlock regional synergies."

☆ Canadian miner Teck Resources pushes for restructuring, says Glencore bid 'flawed'
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday doubled down on its push to reject an unsolicited $22.5 billion bid from Glencore Plc (GLEN.L) citing "fundamental flaws" in the offer and urged shareholders to instead vote for a restructuring. The Swiss miner's buyout bid, which was made public last week, includes a plan to simultaneously spin off the thermal and steelmaking coal businesses and rebrand the remaining company as GlenTeck. read moreTeck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company, adding that the deal would expose its shareholders to thermal coal, oil, LNG and related sectors. The company once again said more value could be unlocked through a proposed restructuring in which the Vancouver-based miner would spin off its steelmaking coal unit to focus on copper and other industrial metals. Reporting by Mrinalika Roy in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Austrian banks unaffected by banking turmoil - finance minister tells NZZ
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

They are very well prepared," Brunner told Swiss newspaper Neue Zuercher Zeitung. He also defended Raiffeisen Bank International (RBI) (RBIV.VI) which has come under fire for continuing to operate in Russia despite the war in Ukraine. "As for RBI, the bank complies with all international sanctions," Brunner told NZZ. "Incidentally, there are other European banks that continue to operate legally in Russia. The minister also said Austrian inflation, which fell to an estimated 9.2% in March, was still too high and called on the European Central Bank to do more to contain price increases.

☆ Austrian banks unaffected by banking turmoil, finance minister tells Neue Zuercher Zeitung
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

They are very well prepared," Brunner told Swiss newspaper Neue Zuercher Zeitung. He also defended Raiffeisen Bank International (RBI) (RBIV.VI) which has come under fire for continuing to operate in Russia despite the war in Ukraine. "As for RBI, the bank complies with all international sanctions," Brunner told NZZ. "Incidentally, there are other European banks that continue to operate legally in Russia. "The European Central Bank (ECB) in particular can do something about this, as a member of the euro zone we are dependent on the ECB," Brunner said.

☆ ValueAct ratchets up criticism of Japan's Seven & i
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

"Seven & i did not answer any of the nine questions posed by ValueAct in a clear and specific way," ValueAct told Reuters in a statement, a day after Seven & i independent directors promised to continue reviewing strategic alternatives. In response, Seven & i said in a statement to Reuters that its strategy committee will continuously discuss reforms to the group structure. "We plan to express the views of our board, which will include responses to questions from shareholders, around mid April," it said. Shares of Seven & i slid 4% on Friday, after its profit outlook for this financial year failed to meet market expectations. Reporting by Kantaro Komiya and Makiko Yamazaki; Editing by Jacqueline Wong and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ 478 tornado reports across 25 states: How a mild winter led to destruction
▼ + stars: | 2023-04-06 | by ( Denise Chow | Nigel Chiwaya | ) www.cnbc.com time to read: +2 min

There have been at least 478 tornado reports this year across 25 states as of Wednesday, according to the National Weather Service. Only 2017, with 503 tornado reports, and 2008, with 523, had more at this point in the year. The southern part of the U.S. was not particularly cold this winter." This dynamic is why tornadoes in the South occur more commonly in the cooler months, from late fall through winter and into early spring. These storms are also projected to hit Southern states like Alabama, Mississippi and Tennessee more frequently in the future, according to the research.

"We think the company should spin off 7-Eleven and that this could help close the valuation discount," Artisan Partners Associate Portfolio Manager Ben Herrick, told Reuters. Investors, including Artisan Partners, ValueAct and a domestic institutional investor contacted by Reuters that is not permitted to discuss its views publicly, are blaming Seven & i's stagnant share price on management's attachment to a conglomerate structure. SPIN-OFF PROPOSALThree months ago, ValueAct proposed a tax free spin-off of 7-Eleven, via a listing on the Tokyo Stock Exchange in roughly one year. One investor said 7-Eleven, the company's crown jewel, will stop shining brightly unless it is spun off. A source said Seven & i president Ryuichi Isaka is one of the board members ValueAct wants to replace.

April 5(Reuters) - French catering and food services group Sodexo (EXHO.PA) plans to spin off and list its Benefits & Rewards Services (BRS) business during 2024, it said on Wednesday, as it focuses on divisions that serve faster-growing markets. The BRS business reported a core profit of 162 million euros ($177 million) in the first half of 2023, up 46.4% from a year ago excluding currency impacts. Core profit for the group was 704 million euros, beating analysts' average forecast of 679 million euros, according to a company-compiled consensus. Price increases will remain above 5% in the second part of 2023, Sodexo said. It also raised its full-year forecast for its BRS business, targeting organic revenue growth of close to 20% and an underlying operating profit margin of close to 32%.

☆ Sodexo to spin-off Benefits & Rewards Services business
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5(Reuters) - French catering and food services group Sodexo (EXHO.PA) plans to spin-off and list its Benefits & Rewards Services (BRS) business during 2024, it said on Wednesday. The move will leave its two main businesses better placed to benefit from fast growing markets, the company added. Sodexo, which last May scrapped a plan to sell a minority stake in BRS, said it now plans to spin off and list BRS by distributing shares in the business to Sodexo shareholders. The business, which delivers vouchers and benefit cards to businesses for employees, reported a core profit of 162 million euros ($177 million) in the first half of 2023, 46.4% up from a year ago excluding currency impacts. Core profit for the group was 704 million euros, beating analysts' average forecast of 679 million euros, according to a company-compiled consensus.

☆ Club meeting recap: Jim Cramer says 'the existential threat is gone for J&J'
▼ + stars: | 2023-04-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said Wednesday that J & J's proposal could mean, "the existential threat is gone for J & J." Watch Eli Lilly Club holding Eli Lilly (LLY) will report a key phase-3 data readout of its Alzheimer's drug Donanemab in the next one-to-two months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

The sources said one possibility that has been considered would see Amundi (AMUN.PA) spinning off its Italian operations into a separate company, in which UniCredit (CRDI.MI) could buy a stake. Azimut had 83 billion euros of assets under management (AUMs) at the end of February. Amundi, which is 69% owned by Credit Agricole, ranks third in Italy with 214 billion euros of AUMs as of end-February. UniCredit had 194 billion euros of AUMs at group level in December. "Extracting further value from partnerships on asset management, protection and payments remains another focus," they added.

☆ We support the proposal to spin off HSBC's Asia business, says Hong Kong district councilor
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe support the proposal to spin off HSBC's Asia business, says Hong Kong district councilorChristine Fong, councilor for Hong Kong's Sai Kung district, discusses a proposal by an activist shareholder in Hong Kong to spin off HSBC's Asia business.

☆ Fitch says Alibaba’s new structure will not impact credit profile
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - Fitch Ratings on Tuesday said that it doesn't expect Alibaba Group Holding Limited's (9988.HK) new structure to bring about an immediate change in its credit profile. The credit rating agency said that it expected the group's new governance structure to enhance its ability to respond rapidly to changes in the market and competition, improve management accountability and increase transparency to regulatory authorities. Alibaba previously said it was planning to split into six units and explore fundraisings or listings for most of them, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises. Fitch also said that the structural subordination of Alibaba's current debt will not pose a significant credit risk, and that the company could unlock value through spin-offs or IPOs. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs, JPMorgan stake competing claims to No. 1 deal advisory spot
▼ + stars: | 2023-04-04 | by ( Anirban Sen | ) www.reuters.com time to read: +3 min

JPMorgan edged out Goldman to claim the top spot in global league tables compiled by Refinitiv Deals Intelligence, having worked on $119.8 billion worth of deals versus $115.4 billion for Goldman in second place. In Dealogic's global league tables, however, Goldman claimed the top spot in the first quarter with $120.5 billion worth of deals. The discrepancies led to Goldman asking Refinitiv and JPMorgan asking Dealogic for explanations, according to people familiar with the conversations. Goldman Sachs, JPMorgan stake competing claims to No. 1 spot, though there are some known differences in how the league tables of Refinitiv and Dealogic are compiled.

☆ News outlets will face slew of coverage conundrums as Trump is arraigned on criminal charges
▼ + stars: | 2023-04-03 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

The extraordinary moment will present newsrooms with a slew of coverage conundrums and test how well outlets have adapted to reporting on Trump since he left office in disgrace and largely vanished from the public view. Beware making this some Mano a Mano, Alvin Bragg versus Donald Trump story.”► Molly Jong-Fast: “He needs to be covered as a truth sandwich. if you can don’t repeat the lies. Trump is a candidate and also likely a defendant, treat him like every other candidate and defendant. Don’t give him the benefit of the doubt.”► Alyssa Farah: “Be careful not to be spun by Trump world.

☆ HSBC spinoff: Bank's top execs face tense shareholders in Hong Kong calling for a breakup
▼ + stars: | 2023-04-03 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Quinn addressed those complaints head-on Monday, saying “our profits in Hong Kong and the UK are no longer being dragged down by underperformance elsewhere. Mark Tucker, chairman of HSBC, left, and Peter Wong, chairman of the Hong Kong and Shanghai Banking Corporation, departing following the bank's shareholders meeting in Hong Kong on Monday. They argue that if the lender cordoned off its activities in Asia, it would no longer have to expose Hong Kong shareholders to requests in other jurisdictions. Christine Fong, a district council member in Hong Kong, said she represented about 500 small shareholders who had been affected by the dividend cancellation. An HSBC bank branch in Hong Kong last July.

☆ Australia bans TikTok on federal government devices
▼ + stars: | 2023-04-03 | by ( Chris Lau | ) edition.cnn.com time to read: +2 min

CNN —Australia has joined other Western countries in banning the use of TikTok on government devices as the Chinese-owned video app comes under increasing pressure over claims it presents a security concern. So far, there’s no evidence the Chinese government has accessed TikTok user data, and no government has enacted a broader ban targeting TikTok on personal devices. During a high profile congressional hearing on the matter, TikTok CEO Shou Zi Chew was grilled about the tech firm’s alleged ties to the Chinese government. Chew has said the Chinese government had never asked TikTok for its data and that the company would refuse any such request. For its part, China’s Commerce Ministry said it would “firmly oppose” any decision resulting in the forced sale of TikTok, adding that it would “seriously damage” global investors’ confidence in the United States.

Text-to-image tools like OpenAI's DALL-E, Midjourney, Stable Diffusion, and DreamUp can render images in various styles in seconds with a few words of direction. Now those purchasers can use the artist's work without compensating the artist at all," the class-action court filing against Stable Diffusion states. Stable Diffusion did not provide a comment by press time. Companies are selling AI-generated prints and Stable Diffusion can learn to copy an artist's style within hours. Given how new generative AI is, it's not surprising the legal system has yet to catch up.

☆ Canada's Teck Resources rejects $22.5 bln buyout offer from Glencore
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Teck Resources Ltd (TECKb.TO) on Monday rejected an unsolicited $22.5 billion bid from Swiss commodity firm Glencore Plc (GLEN.L), sending the U.S.-listed shares of the Canadian copper miner up about 10% in premarket trading. Teck said more value can be achieved with the proposed restructuring announced earlier this year than the sale of the company. "The board is not contemplating a sale of the company at this time," Teck Chair Sheila Murray said. The company had in February said it would spin off its steelmaking coal unit to focus on industrial metals such as copper. After the separation, Teck will re-brand itself as Teck Metals Corp, while the new divested unit will be listed in Toronto as Elk Valley Resources Ltd.

☆ Stocks making the biggest moves premarket: Marathon Oil, Macy's, WWE and more
▼ + stars: | 2023-04-03 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

A road is closed after an oil leak at Marathon Galveston Bay Refinery on October 6, 2021 in Texas City, Texas. Energy stocks — Energy stocks rose broadly Monday after OPEC surprised the market by announcing a production cut. Marathon Oil rose more than 7%, while Halliburton , APA and Occidental Petroleum each gained more than 6%. Extra Space Storage , Life Storage — Extra Space Storage said it would acquire Life Storage in an all-stock transaction for $145.82 per share, an 11.2% premium to where the stock closed Friday. Extra Space shares dropped 4.9% following the announcement; Life Storage shares climbed about 1.7%.

☆ HSBC board recommends shareholders vote against spin-off resolution
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 3 (Reuters) - HSBC Holdings Plc's (HSBA.L) board is unanimous in recommending that shareholders vote against proposals to restructure the bank and pay fixed dividends, its chairman, Mark Tucker, told Hong Kong shareholders on Monday. The comment came as Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group, called for a break up of the bank. His second proposed resolution calls on HSBC to restore pre-COVID-19 dividend levels. Tucker told the shareholders a restructuring or spin-off of its Asia business, as demanded by Lui, would create a major period of uncertainty for clients, and employees and shareholders would be disrupted. Reporting by Selena Li; Editing by Sumeet Chatterjee, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

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