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☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

☆ NN Group’s deal spree is finally delivering
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 29 (Reuters Breakingviews) - NN Group (NN.AS) is reaping the benefits of scale in its Dutch backyard. Benign weather in the Netherlands, one of the few European states to escape extreme summer weather, helped. But the seeds of NN’s resurgence lie back in 2016 when it began a 3 billion euro deal splurge, first on domestic rival Delta Lloyd and then VIVAT’s general insurance arm. That helped it hike a 10% share of the general insurance market to 24% as of 2021. NN has outperformed its country rival Aegon (AEGN.AS), boosting shareholder returns by 64% since it bought Delta Lloyd in 2016.

Persons: David Knibbe, Elliott Advisors, Elliott, Delta Lloyd, Aimee Donnellan, Mukesh Ambani’s, Didi, George Hay, Oliver Taslic Organizations: Reuters, Chief, Delta, Aegon, Delta Lloyd, Thomson Locations: Netherlands

☆ 3M’s $6 bln earplugs settlement is a little sticky
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A variety of 3M products are pictured at an Orchard Supply Hardware store in Pasadena, California U.S., January 24, 2017. REUTERS/Mario Anzuoni Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - 3M’s (MMM.N) latest legal settlement includes some curious wrinkles. Moreover, the earplugs agreement is conditioned on 98% participation from what is now roughly 250,000 claimants. The $60 billion company is trying to project the idea it’s getting past its legal entanglements, but the reality is a little stickier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mario Anzuoni, Scotchgard, Jeffrey Goldfarb, Mukesh Ambani’s, Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Supply, Pasadena , California U.S, REUTERS, Reuters, Aearo Technologies, X, Thomson Locations: Pasadena , California

☆ Mukesh Ambani’s succession planning is a bonus
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. REUTERS/Shailesh Andrade Acquire Licensing RightsMUMBAI, Aug 29 (Reuters Breakingviews) - The bar for Mukesh Ambani to impress is rising, including on succession. Planning is sensible, yet Reliance shares closed down 1.1%. Here, the top challenge may be getting public shareholders to match the $100 billion valuation the Qataris have set for the shopping unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Ambani, Isha, Akash, Anant, That’s, Shritama Bose, Didi, Una Galani, Thomas Shum Organizations: Reliance Industries, REUTERS, Rights, Reuters, Reliance, Reliance Retail, Jio Financial Services, X, White, Thomson Locations: Mumbai, India

☆ Xpeng’s Didi deal is smart shortcut to growth
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. It’s buying compatriot Didi’s smart EV unit and paying $744 million, or 3.25% of its own stock. For its part, Didi seems to have given up its ambition to break into capital-intensive EV manufacturing, and that’s probably a smart move for a company stuck in listing limbo. It’s unclear if the deal with Didi will dilute VW’s shareholding but Xpeng’s worth is at least rising. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aly, Didi, that’s, Li Auto, BYD, Una Galani, Thomas Shum Organizations: Auto Shanghai, REUTERS, Rights, Reuters, HK, Volkswagen, EV maker’s, X, Thomson Locations: Shanghai, China

☆ White House inflicts Big Pharma ills
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

If just one or two big medications were going to be renegotiated, the industry could shoulder the change. The IRA, signed into law last year, allows Medicare to negotiate prices for some of its most costly drugs. Though specificities are unclear, a quick look at one of the biggest sellers under the program, blood thinner Eliquis, suggests Big Pharma could shoulder a discount. At 11 times earnings over the next 12 months, that’s less than 10% of the firm’s $205 billion market capitalization. Put this on the same multiple of 11 times, and it would be a $275 billion hit to the industry.

Persons: George Frey, Biden, Robert Cyran, Xpeng’s Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Pfizer Pharmaceuticals, REUTERS, Reuters, Big, Medicare, Pfizer, Bristol, Myers Squibb, Congressional, Office, X, Thomson Locations: Provo , Utah, U.S

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