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☆ Exclusive: Caligan urges Anika Therapeutics to conduct review, plans board challenge
▼ + stars: | 2023-02-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Caligan Partners owns a roughly 4% stake in Anika and is ratcheting up pressure to protest an underperforming stock price and losses at the company's joint preservation segment. "Anika may be better positioned as a private company or as part of a larger organization," Caligan's managing partner, David Johnson, wrote to the board. Anika's osteoarthritis knee pain relief injection treatments would be attractive to other companies and could be worth almost $60 per share, Johnson wrote. On Tuesday, the company's stock price climbed nearly 6% as the broader market declined. Anika is best known for its viscosupplement portfolio, including Monovisc and Orthovisc, marketed by Johnson & Johnson (JNJ.N).

Feb 21 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud. The payout was disclosed on Tuesday in a filing in Houston federal court, and requires a judge's approval. Societe Generale denied wrongdoing, and settled to avoid the burden, "very substantial expense" and risk of litigation, settlement papers show. The banks have denied wrongdoing, saying they provided routine services to Stanford's bank and did not know about his fraud. Another bank, Mississippi-based Trustmark Corp (TRMK.O), reached a $100 million settlement of similar claims.

☆ Chemical maker INEOS makes U.S. shale bet with $1.4 bln Chesapeake deal
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Chesapeake Energy Corp worker walks past stacks of drill pipe needed to tap oil and gas trapped deeply in rock like shale at a Chesapeake oil drilling site on the Eagle Ford shale near Crystal City, Texas, June 6, 2011. REUTERS/Anna Driver/File PhotoFeb 21 (Reuters) - Chemical maker INEOS is entering into U.S. oil and gas production for the first time, agreeing to purchase assets in South Texas from Chesapeake Energy Corp (CHK.O) for $1.4 billion, the companies said on Tuesday. "Over the last two decades, U.S. onshore oil and gas production has provided security of supply for the global market and competitive advantage for U.S. industry," Brian Gilvary, chairman of INEOS Energy, said in a statement. The transaction, involving an area of around 172,000 net acres with average net daily production of about 36,000 barrels of oil equivalent, will also grant Chesapeake Energy a complete exit from the Eagle Ford shale basin. Proceeds from the deal will be used to repay debt and fund its share repurchase program.

☆ Factbox: Potential winners and losers from the new U.S. EV charging standards
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +5 min

EV CHARGING COMPANIES: Many, including Volkswagen's (VOWG_p.DE) Electrify America, ChargePoint(CHPT.N) and EVGo (EVGO.O), will accelerate the rollout of chargers due to the federal funding. U.S. EV AUTO SECTOR: The rollout of more charging stations will encourage EV adoption in the United States. INTERSTATE HIGHWAY REST STOPS: They could see an influx of investment as companies establish charging stations along heavily traveled routes. TESLA: Under the new charging standards, the White House said EV market leader Tesla (TSLA.O) has agreed to open part of its U.S. charging network to EVs made by rivals. EV CHARGING COMPANIES: While the charging companies get financial support in their expansion efforts, only a handful of the dozen who commented to the Biden administration ahead of Wednesday's announcement said that they could meet the "Buy American" standards under the proposed timelines.

☆ U.S. gas producers skimped on price hedges and now face a reckoning
▼ + stars: | 2023-02-14 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +5 min

HOUSTON, Feb 14 (Reuters) - A rout in natural gas prices will hurt first-quarter earnings and cash flows at gas producers as hedges - the industry's version of price insurance - were inadequate to offset the expected losses, analysts and industry experts said. About 36% of 2023 gas production was hedged at the end of September, according to consultancy Energy Aspects, which tracked 40 publicly traded gas producers. EQT Corp (EQT.N), the top U.S. producer of natural gas, last month said it expects a $4.6 billion loss on derivatives for 2022, and net cash settlements of $5.9 billion. These transactions have a producer buy an agreement to sell natural gas at one price, called a put, while also selling a put at a lower price in hopes of pocketing the premium from its buyer. Were gas prices to average $2.36 per mmcf, the company would pay out 14 cents per mmcf, reducing the gains from the hedge.

☆ Exclusive: Starboard to challenge engineering materials maker Rogers' board -sources
▼ + stars: | 2023-02-04 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

The board challenge comes after chemical company DuPont (DD.N) in November walked away from a $5.2 billion deal to acquire Rogers because it failed to secure regulatory approval for the transaction in China. Starboard and Rogers did not respond to requests for comment. Its stock price tumbled after the DuPont deal was scrapped and is down 47% over the last 52 weeks. The company has made changes since the DuPont deal fell apart. Starboard has been active, including recent bets on cloud-based software company Salesforce (CRM.N), software company Splunk (SPLK.O) and website maker Wix.com (WIX.O).

☆ Factbox: Bumper profits fuel surge in dividends, buybacks at oil firms
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +4 min

Feb 3 (Reuters) - Energy firms are using a chunk of their bumper quarterly profits from surging natural gas and fuel prices to reward shareholders with higher dividends and share buybacks. The top 25 North American oil and gas companies by market capital posted a combined profit of $70.04 billion for the quarter ended Sept. 30, 186.3% higher than a year earlier, according to Refinitiv data. However, the record profits have renewed calls for a windfall tax, especially as sky-rocketing prices have fueled inflation around the globe. Below are some of the companies that have announced higher dividends and repurchases in recent weeks:Valero Energy Corp (VLO.N)Dividend: Increased quarterly dividend by 4.1% to $1.02 per shareNet Income in latest quarter: More than tripled to $3.11 billionExxon Mobil Corp (XOM.N)Dividend: Q4 per-share dividend of 91 cents, up 3 centsNet Income in latest quarter: Jumped 43.7% to $12.75 billionChevron Corp (CVX.N)Dividend: Raised quarterly dividend by 9 cents to $1.51 per shareShare buyback: Approves a $75 billion buyback programNet Income in latest quarter: Jumped 25.6% to $6.35 billionConocoPhillips (COP.N)Dividend: Declares variable dividend of 60 cents per shareShare buyback: Raised existing share repurchase authorization by $20 billionNet Income in latest quarter: Rose 23% to $3.2 billionCHESAPEAKE ENERGY CORP (CHK.O)Dividend: Increased total quarterly dividend to $3.16/shr from $2.32/shrNet Income in latest quarter: Stood at $883 mln, compared with $345 mln year-ago lossBAKER HUGHES CO (BKR.O)Dividend: Increased quarterly dividend by 5.5% to 19 cents per shareShare buyback: Authorized an additional $2 blnNet Income in latest quarter: Fell 38.1% to $182 millionSLB (formerly Schlumberger) (SLB.N)Dividend: Increased quarterly cash dividend 43% to $0.25 per shareShare buyback: Resumed share repurchase programNet Income in latest quarter: Rose 77.2% to $1.07 billionMarathon Petroleum Corp (MPC.N)Share buyback: Approved an additional $5 billion in stock repurchasesNet Income in latest quarter: Rose 329.1% to $3.32 billionPhillips 66 (PSX.N)Share buyback: Plans to return up to $12 bln more to shareholders by end-2024 through dividends and buybacksNet Income in latest quarter: Jumped 1241% to $5.4 billionMarathon Oil Corp (MRO.N)Dividend: Expects to raise base dividend by an additional 11% after closing the purchase of EnsignNet Income in latest quarter: Climbed 344% to $817 millionEOG Resources Inc (EOG.N)Dividend: Raised regular dividend by 10%, $1.50/shr special dividendNet Income in latest quarter: Rose 160.6% to $2.85 billionAPA Corp (APA.O)Dividend: Doubled quarterly dividend to an annualized rate of $1.00/shrNet Income in latest quarter: Stood at $422 million, compared with a loss of $113 millionCOTERRA ENERGY INC (CTRA.N)Dividend: Increased dividend by 3 cents to 68 cents/shrNet Income in latest quarter: Surged 1768.75% to $1.2 billionPATTERSON-UTI (PTEN.O)Dividend: Doubled quarterly cash dividend to 8 cents/shrShare buyback: Increased share repurchase authorization to $300 millionNet Income in latest quarter: Rose 181% to $61.5 millionTEXAS PACIFIC LAND CORP (TPL.N)Share buyback: Approved purchase of up to $250 mln worth of sharesNet Income in latest quarter: Rose 55% to $129.8 mlnCANADIAN NATURAL RESOURCES LTD (CNQ.TO)Dividend: Raised quarterly dividend by 13% to 85 Canadian cents/shrNet Income in latest quarter: Rose 27.7% to C$2.81 blnCenovus Energy Inc (CVE.TO)Dividend: Announced a variable dividend of C$0.114Share buyback: Plans to renew repurchase programNet Income in latest quarter: Climbed 192% to C$1.61 blnIMPERIAL OIL (IMO.TO)Dividend: Raised quarterly dividend by 29% to 44 Canadian cents/shrShare buyback: Announced a C$1.5 bln substantial issuer bid to buy back sharesNet Income in latest quarter: Rose 123.6% to C$2.03 blnTOURMALINE OIL CORP (TOU.TO)Dividend: Announced a special dividend of C$2.25/shr; raised quarterly dividend by 11% to 25 Canadian cents/shrNet Income in latest quarter: Rose 481% to C$2.09 blnReporting by Sourasis Bose, Ankit Kumar and Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Oklahoma City-based Chesapeake has been trying to divest its entire South Texas operations to focus on natural gas-producing acreage in other parts of the United States. The deal it has clinched falls short of meeting the demands of activist investor Kimmeridge Energy Management, that is among the 15 largest Chesapeake shareholders, to exit South Texas entirely. Chesapeake is continuing with efforts to divest them, though it's unclear if it will do so until market conditions change, according to the sources. Chesapeake and WildFire did not respond to comment requests. Since then, it has built a position in the Eagle Ford producing upwards of 16,000 net barrels of oil equivalent per day, according to its website.

☆ Factbox: Tech firms leading job cuts in Corporate America
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +9 min

Jan 9 (Reuters) - Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Microsoft Corp (MSFT.O):The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ Iggy Pop Isn’t About to Whitewash His Past
▼ + stars: | 2023-01-02 | by ( David Marchese | ) www.nytimes.com time to read: +18 min

Mamadi Doumbouya for The New York Times Talk Iggy Pop Isn’t About to Whitewash His PastIggy Pop’s life and work constitute one of music’s most remarkable survival stories. Iggy and the Stooges around 1969 — from left, Scott Asheton, Ron Asheton, Dave Alexander and Iggy Pop. But if you quietly say it to some sepulchral music, that’s a different thing, because you’re facing darkness once you hit 50. I don’t think that I was really thinking about anything. My doctor tells me I have a strong immune system, but I don’t think that’ll do it for you.

☆ Exclusive: Shale oil producer Continental Resources names Doug Lawler as CEO
▼ + stars: | 2022-12-06 | by ( Liz Hampton | ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - U.S. shale producer Continental Resources will name operating chief Doug Lawler as its new chief executive officer, according to a person familiar with the matter on Tuesday. Lawler was CEO at shale gas producer Chesapeake Energy (CHK.O) before joining Continental in February. Headquartered in Oklahoma City, Continental is one of the largest U.S. oil and gas shale drillers with a focus on North Dakota's Bakken shale. Lawler ran Chesapeake Energy for eight years, including through a bankruptcy process that it completed in 2021. He has been credited with whittling away at Chesapeake's $13 billion in debt and an ill-timed bet on shale oil just ahead of a oil price crash.

CNOOC has hired JPMorgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise around $2 billion, the sources familiar with the matter said. The sources cautioned that a sale was not guaranteed, and CNOOC could still retain these interests if it did not receive suitable offers or political situations changed swiftly. In the Eagle Ford basin of south Texas, CNOOC's stake is in oil and gas assets owned by U.S. shale driller Chesapeake Energy Corp (CHK.O). While Chesapeake has itself put those assets up for sale, any decision there is not expected to impact CNOOC's plans, one of the sources said. Norway's Equinor (EQNR.OL) is said to be considering buying the stakes in a deal valued between 20 billion and 30 billion Norwegian crowns ($2-3 billion).

☆ France's Digital Virgo to list in U.S. in $513 mln SPAC deal
▼ + stars: | 2022-11-17 | by ( Joyce Lee | Soo-Hyang Choi | ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Digital Virgo said on Thursday it would list in the United States in a blank-check deal that values the French mobile payments platform at $513 million, including debt. Digital Virgo is among a few companies that have opted to list in the United States at a time of severe market turbulence. read moreGoal Acquisitions Corp (PUCK.O) will acquire Digital Virgo shares at $10 apiece, with the deal providing the latter at least $100 million. A special purpose acquisition company (SPAC) is a listed company lacking an inherent business model, formed solely to take other firms public via mergers. Goal is led by sports executives including Harvey Schiller, Bill Duffy and basketball star Michael Jordan's former agent, David Falk.

☆ Factbox: Corporate America cuts thousands of jobs as recession looms
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +5 min

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. read moreThe move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets. Walt Disney Co (DIS.N):The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.

☆ Trump-linked stocks slip after initial gains from 2024 bid
▼ + stars: | 2022-11-16 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

Shares of Digital World Acquisition Corp (DWAC.O), the blank-check company looking to take Trump's social media venture Truth Social public, fell 4.8% in early trading. It was still the most trending ticker on retail investor-focused social media forum Stocktwits. Earlier this week, DWAC reminded stockholders to vote in favor of extending the completion deadline for the proposed deal with Truth Social. Trump's Truth Social said in August it would join Rumble's new ad platform as its first publisher. Artificial intelligence solutions company Remark Holdings (MARK.O), which has been linked to the former president on social media sites, fell 2.6%.

☆ Trump-tied stocks jump as former president launches 2024 White House bid
▼ + stars: | 2022-11-16 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - Shares of companies tied to former U.S. President Donald Trump jumped on Wednesday after he launched a bid to regain the presidency in 2024. Shares of Digital World Acquisition Corp (DWAC.O), the blank-check company looking to take Trump's social media venture Truth Social public, jumped 9% in premarket trading. DWAC was also the most trending ticker on retail investor-focused social media forum Stocktwits. Trump's Truth Social announced in August it would join Rumble's new ad platform as its first publisher in August. Artificial intelligence solutions company Remark Holdings (MARK.O), which has been linked to the former president on social media sites, gained 5.7%.

☆ Kevin O'Leary: Do this for 1 hour every morning, or 'you will lose money 100% of the time'
▼ + stars: | 2022-11-08 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

"You have to invest in information," O'Leary says. Spending an hour skimming through articles on your social media feed may sound easy. O'Leary avoids articles with "ridiculous and outrageous headlines" during his daily morning news hour, no matter how enticing they sound, he says. Google has a free fact-checking tool, where you can search keywords and verify if claims on social media or in blog posts are accurate. If you let the news and social media "bleed your time, you're going to become a very inefficient person," he adds.

☆ Factbox: Corporate America leans on job cuts as recession fears mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +4 min

Nov 7 (Reuters) - Corporate America is cutting thousands of jobs to rein in costs amid tightening monetary policy and growing fears of a recession. Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, a report said. Microsoft:Microsoft Corp (MSFT.O) laid off under 1,000 employees across several divisions this week, Axios reported, citing a source. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Chime:Online banking firm Chime has laid off 12% of its employees, or about 160 jobs, a spokesperson said.

☆ Factbox: Corporate America lays off thousands as recession worries mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +7 min

DoorDash Inc (DASH.N):The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees. Twitter Inc:The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk's $44 billion takeover. Chime Financial Inc:The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

Nov 7 (Reuters) - Shares of Digital World Acquisition Corp, the blank-check company looking to take Donald Trump's social media venture public, rallied on Monday over the former president's possible run for the 2024 presidential election. The rally in DWAC, which was also the top trending ticker on retail investor focused social media forum Stocktwits, helped lift shares of other Trump-linked companies. Trump's social media venture Truth Social announced it would join Rumble's new ad platform as its first publisher in August. Artificial intelligence solutions company Remark Holdings (MARK.O), which has been linked to the former president on social media sites, gained 6%. Reporting by Shreyashi Sanyal, Akash Sriram and Anisha Sircar in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Chesapeake Energy trims workforce ahead of oil properties sale
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Companies Chesapeake Energy Corp FollowOct 24 (Reuters) - U.S. shale gas producer Chesapeake Energy Corp (CHK.O) last week cut about 3% of its workforce, according people familiar with the matter, as it readies a sale of South Texas oil properties. The company this year said it would exit oil-producing properties in the Eagle Ford shale region of Texas to focus on its mainstay natural gas operations. A Chesapeake Energy spokesperson declined to comment. Oil prices fell the following year, a drop that helped send Chesapeake into restructuring. It emerged from Chapter 11 bankruptcy last year as natural gas prices began to rise.

And demand for the greener fuel has dried up, according to Reuters interviews with nine LNG market analysts, industry officials and traders. Several gas drillers, including in the world’s top gas producer the United States, told Reuters they have invested in finding and plugging greenhouse gas emissions associated with production, transport and processing. Since Russia's Feb. 24 invasion of Ukraine, gas prices have soared about 25% in the United States and 32% in Europe . To export gas, the fuel must be supercooled into LNG and then shipped across the sea, a process that produces substantial additional greenhouse gas emissions. Other U.S. LNG suppliers, like Cove Point LNG and Cameron LNG, also told Reuters they are not certifying their cargoes.

Register now for FREE unlimited access to Reuters.com RegisterThe trio of stocks presented by Smith have fallen between 37% and 54% this year. Smith was detailing the thesis of his most recent investments at the 13D Monitor Active-Passive Investor Summit on Tuesday. "We think there's significant upside at Splunk," Smith said noting the company could boost free cash flow margins and maintain strong growth profile that could allow Splunk to generate eight to $9 of free cash flow per share by 2025. He added that, as well as growing profitability, Splunk's business made it highly attractive as a potential acquisition target. "This dynamic creates multiple ways to win and makes the investment in Splunk even more interesting," he added.

☆ Activist investor Starboard has sizable stake in Splunk
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

Oct 16 (Reuters) - Activist investor Starboard Value LP has a nearly 5% stake in Splunk Inc (SPLK.O) and plans to push the software maker to take steps that would boost its share price, a source familiar with the matter said. Starboard and Splunk did not immediately respond to Reuters' requests for comment. Register now for FREE unlimited access to Reuters.com RegisterLast week, Splunk added two directors to its board, including a partner from Hellman & Friedman. The private-equity firm owns about 7.8% stake in the software maker. Last month, the activist hedge fund disclosed its stake in website development platform Wix, supporting Wix's bid to become profitable.

☆ Factbox: Companies sell their businesses in Russia
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +9 min

The logo of French tyre maker Michelin is seen at a company building in Boulogne-Billancourt, near Paris, France, August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoOct 10 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. Below is a list of firms by sector that have sold their businesses in Russia:AUTOS** British car distributor Inchcape (INCH.L) sold its Russian business to local managementRegister now for FREE unlimited access to Reuters.com Register** Italian truck and bus maker Iveco (IVG.MI) transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner** French tyre maker Michelin (MICP.PA) intends to transfer its activities in Russia to a new entity under local management by end-2022** French carmaker Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow** MAN Truck & Bus and Scania, units of German truck maker Traton (8TRA.DE), expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023BANKS** Britain's HSBC (HSBA.L) agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin** France's Societe Generale (SOGN.PA) sold its Russian business Rosbank (ROSB.MM) to Interros Capital, a firm linked to Russian oligarch Vladimir PotaninCONSUMER ELECTRONICS** Swedish home appliance maker Electrolux (ELUXb.ST) transferred its business in Russia to local management** Its Electrolux Professional (EPROb.ST) branch also sold its Russian business to local management** Whirlpool (WHR.N) sold its Russian operations to Turkey's Arcelik (ARCLK.IS)ELECTRICAL COMPONENTS & EQUIPMENT** Finland's Boreo (BOREO.HE) sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni** U.S. industrial firm Emerson Electric (EMR.N) agreed to sell its Russia business to the local management** Finnish elevator maker Kone (KNEBV.HE) expects to close the sale of its Russian business to local management in Q4 2022** France's Schneider Electric (SCHN.PA) expects to close the sale its Russian unit to local management by end-2022** U.S. elevator maker Otis (OTIS.N) sold its Russia business to local investment firm Ice DevelopmentENERGY** French industrial gases producer Air Liquide (AIRP.PA) agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia** Baker Hughes (BKR.O) agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022** Italian utility Enel (ENEI.MI) sold its 56.43% stake in Enel Russia to Lukoil (LKOH.MM) and private fund Gazprombank-Frezia** Norway's Equinor (EQNR.OL) transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft (ROSN.MM), and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft** U.S. oilfield services firm Halliburton (HAL.N) sold its Russia operations to a management team made up of former employees** Oil major Shell (SHEL.L) sold its Russian retail and lubricants business to Lukoil** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis** Total Energies (TTEF.PA) sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner NovatekFOOD & BEVERAGES** Finland's Atria (ATRAV.HE) sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo (GCHE.MM)** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding** Irish ingredients giant Kerry Group (KYGa.I) sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator** Fast food chain McDonald's (MCD.N) sold its Russian business to its licensee Alexander Govor** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi** Yum Brands (YUM.N) sold its Pizza Hut business in Russia to a local operator** Finnish food processing firm Raisio (RAIVV.HE) sold its consumer business in Russia to Copacker Agro** Finnish dairy producer Valio sold its Russian business to GK VelkomINDUSTRIAL MACHINERY** Polish measuring devices maker Apator's (APTP.WA) Powogaz unit divested its entire stake in Russia-based AO Teplovodomer** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russi

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