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The respective chief executives of $139 billion Philip Morris International (PM.N) and $95 billion Rio Tinto (RIO.L) are attempting takeovers that are central to their strategies. Olczak, who needs 90% of shareholders to accept in order to automatically de-list the company, initially faced opposition to his $16 billion offer. The mining giant asked for the postponement at the request of Quebec’s financial regulator, Turquoise Hill said. Two key investors in Turquoise Hill have agreed to withhold their votes on the bid, with their final deal dependent on Canadian arbitration. Turquoise Hill shares closed at C$41.6 on Nov. 4.

Differences over JIP's plan to retain Toshiba CEO Taro Shimada and his team were a source of friction between the two bidders, according to two sources familiar with the talks. Despite being selected as preferred bidder, JIP has struggled to secure enough equity commitments from potential partners, sources have said. It now looks set to miss a Monday deadline to deliver a firm proposal that includes letters of commitment from banks, sources have said. In late October, JIC expanded the size of its buyout fund to 900 billion yen ($6.11 billion) from 200 billion yen. Two of the sources said the expansion was not just for a Toshiba buyout but also aimed at other deals.

SummarySummary Companies Agnico Eagle, Pan American bid values Yamana around $4.8 blnGold Fields says it will continue working towards takeoverYamana shares jump 16%Nov 4 (Reuters) - Agnico Eagle Mines Ltd (AEM.TO) and Pan American Silver Corp (PAAS.TO) swooped in with a joint bid for Yamana Gold (YRI.TO) on Friday, in an attempt to scupper Gold Fields' (GFIJ.J) planned acquisition of the Canada-listed gold miner. The cash and stock offer, valuing Yamana at around $4.8 billion, would see Agnico and Pan American split Yamana's mines between them. Yamana shareholders would receive $1.0406 in cash, 0.0376 of an Agnico Share and 0.1598 of a Pan American Share for each share held. South Africa's Gold Fields had agreed to take over Yamana in an all-stock deal valuing it at $6.7 billion in May. Gold Fields will update the market on the status of its bid after the weekend, a company spokesman said.

☆ Booming Guyana sets offshore oil auction under revamped fiscal terms
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Officials this week approved an oil lease auction with timing details to be disclosed by the Ministry of Natural Resources. The auction will include three deepwater and 11 shallow-water exploration blocks, Vice President Bharrat Jagdeo said in an address. A new profit-sharing agreement that will cover future oil production agreements is under development and will be finalized before the auction ends, he said. Contract terms "shift significantly" the revenue split, with Guyana receiving a "greater share of the proceeds" compared to the existing Production Sharing Agreement terms, Jagdeo said. Each bid must include a development plan that will be considered along with the financial bid, Jagdeo said.

☆ Jeff Bezos is interested in bidding for the NFL's Washington Commanders, reports say
▼ + stars: | 2022-11-03 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

Jeff Bezos is interested in bidding for the NFL's Washington Commanders, multiple news outlets reported Thursday. The Washington Post is owned by Jeff Bezos. People reported Bezos' interest earlier Thursday. The reports came a day after current owner Dan Snyder hired Bank of America to explore a sale of the team. Bezos has a home in Washington, D.C., which is near the Commanders' stadium in Maryland.

☆ Judge blocks Penguin Random House’s purchase of Simon & Schuster
▼ + stars: | 2022-10-31 | by ( Cnn Business Staff | ) edition.cnn.com time to read: +1 min

New York CNN Business —A federal judge blocked Penguin Random House from buying Simon & Schuster, arguing that the combination of the two book business giants would illegally reduce competition. The ruling, most of which remained confidential, comes nearly a year after the Justice Department sued to block the deal. US District Court Judge Florence Pan agreed with the Biden administration that the deal should not be allowed to go forward. Penguin Random House and Simon & Schuster are two members of the “Big Five,” the industry’s term for the five biggest publishers in the United States. Simon & Schuster’s parent, Paramount, and Penguin Random House, a subsidiary of German media giant Bertelsmann, announced the $2.175 billion deal in November 2020.

☆ HSBC's Canada unit loses National Bank, CIBC as bidders, Global and Mail reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

HSBC disclosed on Oct. 4 that it was considering selling HSBC Bank Canada, a unit that analysts estimate to be valued around C$8 billion ($5.88 billion) to C$10 billion ($7.35 billion). The Globe and Mail, in its report on Friday, quoted sources familiar with the process as saying that the field of contenders to acquire HSBC Bank Canada from the British lender was narrowing. HSBC Bank Canada includes four divisions covering HSBC's commercial banking, personal banking, investment banking and markets services business in the country. National Bank of Canada declined to comment on the Global and Mail report. HSBC, CIBC and BMO did not immediately respond to requests for comment.

☆ Bankrupt Revlon says it is entertaining sale offers
▼ + stars: | 2022-10-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Revlon is exploring a possible sale of the company and has begun sending nondisclosure agreements to interested bidders, Basta said. Revlon junior creditors argued in court that rushing toward a sale before the 2022 holiday season would only benefit senior lenders who forced the company to accept unrealistic deadlines as part of Revlon's $1.4 billion bankruptcy loan. Basta said that exiting bankruptcy quickly is "of paramount importance" because of the high fees the company is incurring. Junior creditors intend to file a legal challenge on Monday a 2020 restructuring that allowed Revlon to take on more debt while transferring its brands and intellectual property assets to a different Revlon subsidiary, Stark said. If successful, the challenge would remove some of the senior lenders' influence over the company's bankruptcy restructuring.

☆ San Francisco Reconsiders Business Ban That Targets States’ Social Values
▼ + stars: | 2022-10-26 | by ( Christine Mai-Duc | ) www.wsj.com time to read: 1 min

San Francisco is considering softening a ban on publicly funded contracts and travel in 30 states that don’t share its liberal values on issues such as abortion and transgender rights, as officials question whether the prohibition is having any effect beyond likely costing the city tens of millions of dollars. Five of the 11 members of San Francisco’s entirely Democratic board of supervisors sent a letter to city administrator Carmen Chu last week asking her to study options to amend the law, which they said has resulted in significant administrative costs and limited competition among bidders for city contracts.

☆ Amazon just hired another passenger airline to fly cargo jets using the biggest aircraft yet
▼ + stars: | 2022-10-21 | by ( Taylor Rains | ) www.businessinsider.com time to read: +3 min

Hawaiian Airlines announced a deal with Amazon on Friday to use converted Airbus A330-300F freighter jets. The carrier will operate on behalf of Amazon to transport cargo, joining other operators like Sun Country Airlines. On Friday, Hawaiian Airlines announced a deal with Amazon to lease and maintain 10 Airbus A330-300F cargo jets to fly on behalf of the e-commerce giant. According to Airbus, all 10 A330s, which are bigger than the Boeing 767s, will be converted from passenger service to cargo jets. Sun Country and Silver Airways are the only other passenger airlines to fly cargo on behalf of Amazon; they use Boeing 737-800BCF and ATR 72-500F converted freighters, respectively.

☆ Bob Pisani: How my obsession with a Black Sabbath poster showed how irrational we can be when investing
▼ + stars: | 2022-10-20 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

If you think knowing something about behavioral economics prevents you from doing stupid things, let me tell you about the Black Sabbath poster I bought. How I almost lost my mind bidding on a stupid Black Sabbath poster One day I was monitoring an online auction of rock posters. A 1976 Black Sabbath poster came up for sale. It's not like Black Sabbath has an intense cult of collectors, like Zeppelin or the Velvet Underground. With that damn Black Sabbath poster, I violated all the rules.

☆ Spanish energy firm Everwood in talks to sell 6.1 GW solar assets portfolio - sources
▼ + stars: | 2022-10-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - Spain-based renewable energy investor Everwood Capital has hired Bank of America to sell a portfolio of 6.1 gigawatts (GW) of solar power plants in Europe and Latin America, according to four sources with knowledge of the deal. Everwood expects to start receiving early offers for the projects, located in Spain, France, Italy, Germany, Colombia, Greece, Peru and Argentina, in two weeks. Appetite for low-carbon energy sources has taken on fresh urgency this year after Russia's invasion of Ukraine, with oil and gas companies setting ambitious green targets and jostling with utilities and existing renewables investors to lead the energy transition. Register now for FREE unlimited access to Reuters.com RegisterThe portfolio consists of 1.3 GW of solar photovoltaic projects in Spain and Italy and a development platform with 4.8 GW of solar pipeline and local teams in Spain, Italy, France, Germany and Latin America. The assets could be valued at up to 750 million euros ($735.15 million) depending on bidders' appetite, one of the sources said.

☆ Multigenerational Hispanic households are under pressure as rates surge and homes remain costly
▼ + stars: | 2022-10-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Mortgage rates have also surged as the Federal Reserve tightens monetary policy to curb inflationary pressures not seen in about 40 years. Roughly a quarter of Asian, Black and Hispanic Americans each lived in multigenerational households in 2021, compared to 13% of those who are white. "Latinos are more likely to live in multigenerational households," said Gary Acosta, co-founder and CEO of the National Association of Hispanic Real Estate Professionals. "But being a larger multigenerational family comes with complications if you're trying to be a homeowner," he said. For the Espinoza family, the ideal home would have at least three bedrooms, a backyard and proximity to employment and schools in Santa Ana.

☆ India government must set moderate divestment targets -official
▼ + stars: | 2022-10-18 | by ( Nikunj Rajesh Ohri | ) www.reuters.com time to read: +2 min

NEW DELHI, Oct 18 (Reuters) - The Indian government should focus on privatisation of state-run companies instead of chasing high divestment targets, a top finance ministry official said on Tuesday, pointing to market volatility and investors' shaky appetite for risk. "We should actually have moderate targets and more focus should be on privatising," Tuhin Kanta Pandey, secretary in the Department of Investment and Public Asset Management, told Reuters in an interview. High targets lead to a perception that the government will sell minority stakes in state-run companies, prompting a fall in share prices of such firms, Pandey said. Finance Minister Nirmala Sitharaman last year announced plans to privatise all state-run companies barring a few in strategic sectors such as defence and telecommunications. Earlier this month, India invited initial bids to sell a 60.72% stake in IDBI Bank.

☆ Credit Suisse places U.S. asset management arm for sale - source
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 17 (Reuters) - Credit Suisse Group AG (CSGN.S) recently launched a process that could see its U.S. asset management arm sold, a source familiar with the matter said on Monday, as the troubled Swiss bank seeks to reshape its business after multiple scandals. The source added there was no guarantee of a sale and Credit Suisse could ultimately retain the business. read moreGlobally, Credit Suisse's asset management business managed around $447 billion and had almost 1,200 employees, as of June 30, according to the bank's website. It offers both traditional products, such as mutual funds, as well as alternative investments including real estate and private equity. A number of banks have divested U.S. asset management units in recent years, due to intense competition from large managers and a squeeze on fees from the shift to passive investing.

☆ Couple finds rare coins worth over $800,000 while renovating their kitchen floors
▼ + stars: | 2022-10-17 | by ( Ronnie Koenig | Joyann Jeffrey | ) www.nbcnews.com time to read: +3 min

A couple in England had the surprise of a lifetime when they discovered a stash of rare coins underneath the kitchen floorboards during a renovation project. The haul of rare coins were recently sold at auction for $852,380 against a provisional sale estimate of $231,390. According to The Yorkshire Post, the coins have been linked to a Hull merchant family, the Maisters. Spink and SonHe explained that while it’s ordinary for rare coins to be sold at auction, the unique history of these coins and their amazing discovery made the sale extraordinary. Still, he hopes that it won’t cause people to start renovating their homes in hopes of making a similar discovery.

☆ Someone just paid over $39,000 for a 15-year-old iPhone—more than 50 times its original price
▼ + stars: | 2022-10-17 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

That's how much the bidder paid this weekend for a factory-sealed model of the first-edition iPhone — their winning bid topped out at $39,339.60. The 8GB smartphone was sold by LCG Auctions on Sunday. Steve Jobs first unveiled the original iPhone in 2007, and Apple quickly sold millions of units. In addition to the 8GB of storage the phone also featured a 2-megapixel camera. For context, the base model of the recently-released iPhone 14 has 128GB of storage and sports a 12-megapixel main camera with an ultra wide lens.

The spin-out structure would make it easier and faster for Kroger and Albertsons to divest stores if they cannot easily sell them outright, people familiar with the arrangement said. The companies may struggle to find many buyers because Albertsons' stores are unionized, making them less attractive to potential bidders such as private equity firms. Kroger and Albertsons are likely to shed their least profitable stores and keep the best ones to themselves, analysts said. That region contains the most store-overlap between Kroger and Albertsons and is where divestitures are most likely, according to analysts. They intend for the spun-off company to not carry any debt, the sources added.

☆ Handicapping whether the stock market is at a turning point after Thursday's upside reversal
▼ + stars: | 2022-10-15 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

We can at least run through what we know about this market and how market cycles tend to unfold more generally. Fewer individual S & P 500 stocks made a new 52-week low than in mid-June even as the index itself undercut the June low, a modest positive glimmer. The prior extreme lows on this chart were near noteworthy market lows, if not always right at them. The Stock Trader's Almanac notes that of the 23 S & P 500 bear markets since World War II, seven ended in October. The S & P 500 has failed in four tries of since late August even to get above the short-term 20-day moving average, most recently on Friday.

☆ NFL Sunday Ticket still up for grabs as Apple pushes for flexibility with game rights
▼ + stars: | 2022-10-14 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

A partnership with Apple would allow the NFL to build a relationship with the deepest-pocketed company in the world. But existing restrictions around Sunday Ticket have slowed negotiations between Apple and the NFL in recent months, according to people familiar with the matter. The NFL and Apple, two of the most powerful corporate entities in the world, are used to getting what they want. "We weren't interested in buying sports rights," Cue said this week at a Paley Center for Media panel in New York. Those deals guarantee exclusivity of local games.

☆ Cramer shares personal stories about the perils of market timing: You must be right twice
▼ + stars: | 2022-10-13 | by ( Jim Cramer | ) www.cnbc.com time to read: +7 min

Do we stay in the stock market, or do we fold? Market timing is a fool's game because you have to know when to get out and then you have to know when to get back in. Three days later, the stock market crashed. Sure, in 1987 it was the mechanics of the stock market and the economy was fine. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Proptech startup founders and VCs dissect the overwhelming sense of doom about raising capital right now: 'Some folks are feeling that it's really, really bad'
▼ + stars: | 2022-10-12 | by ( Jordan Pandy | Alex Nicoll | ) www.businessinsider.com time to read: +6 min

Founders fear the worst is yet to comeNaturally, proptech founders are worried. But proptech founders say they have additional concerns. Warburg Peters and other VCs who spoke with Insider encouraged founders to find partners beyond the investor offering the biggest check. Clelia Warburg Peters. Clelia Warburg Peters"In a funny way in 2021, they would just take the best check," Warburg Peters said of founders.

Buying other companies is one option to help maintain its historical 20%-plus annual revenue growth, a person familiar with Amazon's deal process said. While Amazon doesn't necessarily prey on companies in trouble, the company is extremely price disciplined, the person familiar with Amazon's deal process told Insider. Bertucci has been a part of some of Amazon's largest transactions, including leading the MGM and One Medical deals. According to the person familiar with Amazon's deal process, Amazon only brings in investment banks when acquisitions reach roughly the $1 billion mark. Indeed, the One Medical deal alone could have netted Goldman and Morgan Stanley, which repped One Medical, in the tens of millions in fees.

☆ Parties bidding for TIM's grid want more time for talks
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

Italy's state lender CDP is readying a preliminary offer for TIM's landline grid as it pursues plans to create a single broadband company with smaller rival Open Fiber, in which it is the largest shareholder. Macquarie (MAQ.AX), which has a minority stake in Open Fiber, is also expected to join the bid. Valuation issues have also been a stumbling block in negotiations between TIM and CDP. TIM's top investor Vivendi (VIV.PA) is looking for a valuation of 31 billion euros ($30.06 billion) to back a sale of the grid with the prospect of a merger with Open Fiber, a source familiar with the French media group had said. CDP values Telecom Italia's landline grid in the region of 20 billion euros including debt, sources had previously said.

☆ Twitter’s future isn’t just Elon Musk’s problem
▼ + stars: | 2022-10-06 | by ( John Foley | ) www.reuters.com time to read: +6 min

Buying Twitter is financially onerous, too, but compared with buying a bank, it’s pretty simple stuff. Social media companies, conversely, are a place where people tweet poop emojis and exchange cat GIFs. Congress isn’t blind to the legal vacuum in which large social media companies operate. But while politicians squabble, social media continues to shape society in ways that may only become apparent years later. In a tweet later that day, the Tesla chief said that buying Twitter would accelerate the creation of X, an "everything app."

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