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☆ US Steel to explore strategic alternatives after unsolicited bids
▼ + stars: | 2023-08-13 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File Photo(Reuters) -United States Steel said on Sunday it is initiating a formal review to evaluate strategic alternatives for the steel producer after receiving multiple unsolicited bids for part or all of its business. The review was begun after the steel producer received “multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company,” CEO David Burritt said in a statement, without disclosing details about the strategic alternatives. Barclays Capital and Goldman Sachs are serving as financial advisors to U.S. Steel, while Milbank LLP and Wachtell, Lipton, Rosen & Katz are acting as legal advisors, the steel producer said. U.S. Steel also expects to complete about $75 million of repurchases of common stock in the second quarter under its existing $500 million stock buyback authorization.

Persons: Lawrence Bryant, David Burritt, Goldman Sachs, Milbank, Lipton, Katz Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, United States Steel, Barclays Capital, Milbank LLP, Wachtell, Rosen, . Steel Locations: U.S . Steel Granite, Granite City , Illinois, U.S

☆ U.S. Steel explores options after rejecting $7.3 billion offer from Cleveland-Cliffs
▼ + stars: | 2023-08-13 | by ( Jyoti Narayan | Akanksha Khushi | ) www.reuters.com time to read: +3 min

(Reuters) -United States Steel Corp on Sunday launched a formal review of its strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs Inc. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File PhotoThe unsolicited cash-and-stock offer from Ohio-based Cliffs values U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Cliffs said its offer to acquire U.S. Steel had received the support of the United Steelworkers union, which is North America’s largest steel industry union. In a separate statement later Sunday, U.S. Steel confirmed it received an offer from Cliffs and other interested parties.

Persons: rebuffing, steelmaker, Lawrence Bryant, ”, Lourenco Goncalves, Davis Polk, Milbank, Lipton, Katz Organizations: Reuters, United States Steel Corp, Sunday, Cliffs, U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, U.S, China . U.S . Steel, AK Steel Holding Corp, United Steelworkers, Company, UBS, Wardwell, . Steel, Barclays Capital, Goldman Sachs Group, Milbank LLP, Wachtell, Rosen Locations: steelmaker Cleveland, U.S . Steel Granite, Granite City , Illinois, U.S, Ohio, China . U.S, steelmaker, North, Wells Fargo, J.P.Morgan, Cleveland

☆ US Steel receiving acquisition offers as company promises to maximize stockholder value
▼ + stars: | 2023-08-13 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

New York CNN —United States Steel Corp. (X) is considering a sale after fielding acquisition offers, according to a news release Sunday from the company. The steel producer is under a formal review process after “receiving multiple unsolicited proposals” for both specific assets and the entire firm, the release announced. The company and the rest of the domestic steel industry were supposed to get help from a 25% tariff on steel imports put in place in 2018 by the Trump administration. Prices retreated and problems returned to the industry thanks to stockpiling, as well as slowdowns in the auto, energy and construction sectors. The drop in demand, combined with the increased American production, caused a glut in supply and a sharp drop in prices leaving the steel industry hurting in the years since.

Persons: ” David Burritt, Goldman Sachs, Milbank, Wachtell, Lipton, Katz, Donald Trump, Trump, we’ve, Burritt Organizations: New, New York CNN — United States Steel Corp, “, Steel’s, CNN, Barclays Capital, Rosen, US Steel Corp, US Steel Locations: New York, China

The U.S. Justice Department and Federal Trade Commission (FTC) have mounted an unprecedented number of legal challenges to mergers since Biden came to office in 2021. The Justice Department lost a merger in the insurance industry but won an effort to stop a book publisher merger. Deal advisers said companies had already braced for a tough antitrust regime under Biden and some had been emboldened by the regulators' recent court losses. "The (regulators' guidelines) do provide more transparency but that transparency also reveals some concerns that they are quite hostile to consolidation. The new antitrust guidelines also reflect the White House's focus on labor issues.

Persons: Gonzalo Fuentes, Joe Biden's, Biden, Department's, Kenneth Schwartz, Flom, Fiona Schaeffer, Milbank, Elizabeth Warren, Warren, Diane Bartz, Richard Chang, Chizu Nomiyama, Daniel Wallis Organizations: Viva Technology, Porte de, REUTERS, U.S . Justice Department, Federal Trade Commission, Microsoft, Activision Blizzard Inc, FTC, Meta, Justice Department, JetBlue Airways, Spirit Airlines Inc, Amazon.com, Amazon, Flom LLP, Global, LSEG, Intelligence, Democrat, Congress, Thomson Locations: Porte, Paris, France, WASHINGTON, Skadden, Slate

☆ Georgia slot machine company enters bankruptcy to cut $500 million debt
▼ + stars: | 2023-06-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Georgia law places strict limits on slot machines, prohibiting cash winnings, and preventing locations like gas stations and convenience stores from having more than nine slot machines or deriving more than 50% of their revenue from slot machines, according to the company. Headquartered in Norcross, Georgia, Lucky Bucks operates in 345 locations throughout Georgia with approximately 2,300 slot machines. Before filing for bankruptcy, Lucky Bucks had lobbied for a Georgia law that would have protected slot machine operators from “predatory” competition. The proposed bill, which was not passed by Georgia’s legislature, would have prevented a new slot machine from being installed in the nine months following the removal of a different company's slot machine. The case is Lucky Bucks Inc, U.S. Bankruptcy Court for the District of Delaware, No.

Persons: Bucks, Georgia Lucky, Lucky Bucks, James Boyden, Lucky, Dennis Dunne, Tyson Lomazow, Russell Silberglied, Richards, Layton, Dietrich Knauth Organizations: Company, Georgia Lucky Bucks, YORK, Lucky, Bucks, Lucky Bucks, Trive, Seven Aces, Lucky Bucks Inc, Bankruptcy, District of, Milbank LLP, Diebold, Atlantic City, Thomson, & $ Locations: Georgia, Wilmington , Delaware, Norcross , Georgia, Georgia’s, District of Delaware

SummarySummary Law Firms Naomi Moore joins from Akin Gump to head DLA Piper's APAC restructuring practiceMoore will split her time between the firm's Hong Kong and Sydney officesMay 2 (Reuters) - Law firm DLA Piper has hired a partner from U.S.-founded rival Akin Gump Strauss Hauer & Feld in Hong Kong to serve as its new restructuring practice leader for the Asia Pacific region, the firm said Tuesday. Naomi Moore, who has been on sabbatical since she left Akin Gump in January, will divide her time between DLA Piper’s Sydney and Hong Kong offices, the firm said in a statement. In Hong Kong, Moore joins Trinh Hoang, DLA Piper’s only other restructuring-focused partner in the office, who joined the firm from Linklaters in October last year. Linklaters added a restructuring head in Hong Kong from Allen & Overy in October. An Akin Gump spokesperson wished Moore well on her new role.

☆ A former MoviePass exec has been arrested and charged with wire fraud and money laundering, the third to be indicted in recent months
▼ + stars: | 2023-02-23 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +4 min

A former MoviePass exec was arrested Tuesday on allegations that he embezzled $260,000 from its former parent company. Khalid Itum was charged with two counts of wire fraud and two counts of money laundering. According to the indictment, Itum, 42, registered the Los Angeles-based company Kaleidoscope Productions LLC in 2017 that provided production and marketing services. Itum was arrested by the FBI and has been charged with two counts of wire fraud and two counts of money laundering. In November, Farnsworth and Lowe were charged in a securities fraud case by the Department of Justice on one count of securities fraud and three counts of wire fraud.

☆ The largest hedge fund in the world just named a 37-year-old woman as a co-CIO. Meet the top 11 execs leading Bridgewater into its new era.
▼ + stars: | 2023-02-02 | by ( Alyson Velati | Michelle Abrego | ) www.businessinsider.com time to read: +12 min

Karen Karniol-Tambour will join co-CIOs Greg Jensen and Bob Prince to oversee the hedge fund's investment strategy. Despite a breakout year for many multi-strategy and macro hedge funds, Bridgewater lagged behind its peers. Nir Bar Dea, co-CEOBar Dea. Bridgewater AssociatesAs cochief investment officer, Jensen oversees Bridgewater's investment strategies and research efforts as well as its investment talent. Since joining Bridgewater in 1986, he has been a partner in building the hedge fund's investment process and products.

☆ Nexperia and Elmos cases show how the US-China chip war is spilling over to Europe
▼ + stars: | 2022-11-25 | by ( Michelle Toh | ) edition.cnn.com time to read: +10 min

Last week, the new owner of Britain’s biggest chipmaker was ordered to unwind its takeover, just days after another chip factory sale was blocked in Germany. “These decisions mark a shift towards tougher stances regarding Chinese investment in critical industries in Europe,” said Xiaomeng Lu, director of geo‑technology at Eurasia Group. A worker in a clean room for silicon semiconductor wafer manufacturing at the Newport Wafer Fab, owned by Nexperia, in Newport, Wales on Aug. 18. A company sign of Elmos Semiconductor, seen on Nov. 9 in the German city of Dortmund. Both Britain and Germany have recently added rules that expand government oversight over such decisions, making outcomes harder to predict.

☆ Meet the 11 execs leading Bridgewater into a new era after Ray Dalio relinquished control of the hedge fund
▼ + stars: | 2022-11-04 | by ( Alyson Velati | ) www.businessinsider.com time to read: +14 min

Bridgewater AssociatesAs cochief investment officer, Jensen oversees Bridgewater's investment strategies and research efforts as well as its investment talent. Karen Karniol-Tambour, cochief investment officer for sustainabilityKaren Karniol-Tambour, Bridgewater's cochief investment officer for sustainability. Rebecca Patterson, chief investment strategistBridgewater's chief investment strategist, Rebecca Patterson. In 2012, she joined as the chief investment officer of Bessemer Trust, managing $85 billion in client assets. The partnership elected three directors to Bridgewater's operating board of directors, which now has control over Bridgewater after Dalio relinquished control of the hedge fund.

☆ Fact Check-Statue of Liberty photos do not prove sea level rise is insignificant
▼ + stars: | 2021-11-04 | by ( Reuters Fact Check | ) www.reuters.com time to read: +7 min

However, sea level rise to date has already been shown to have contributed to catastrophic damage done by storms and flooding, and accelerating sea level rise projected over the next century is expected to worsen the problem. “No one is calling the sea level rise experienced so far catastrophic, but global sea level rise has accelerated since about 1970 and will continue to accelerate until global temperatures are stabilized. Sea level rise is computed using monthly or annual averages to avoid this confusion,” he said (here). The analyses forecast accelerating sea level rise in the region, with a possible rise of about 2 feet to as much as 9 feet by 2100. Two side-by-side images of the Statue of Liberty are not evidence of the degree of sea level rise, or that sea level rise to date has had no catastrophic impact.

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