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☆ General Dynamics profit beats estimates on military equipment demand
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Defense contractor General Dynamics Corp (GD.N) on Wednesday reported a better-than-expected quarterly profit, helped by resilient demand for military equipment, sending its shares up 2% in premarket trading. General Dynamics benefited from robust demand for weapons, driven by simmering geopolitical tensions in the Indo-Pacific region, conflict in Ukraine and military modernization efforts of ally countries. The aerospace segment booked $2.5 billion in new orders during the quarter, driven by strong demand for the company's Gulfstream business aircraft. The company reported a backlog of $91.4 billion, compared to $87.6 billion. Its book-to-bill ratio, which is the ratio of orders received to units shipped and billed, was 1.2-to-1.

Persons: Pratyush Thakur, Shilpi Majumdar, Maju Samuel Organizations: Defense, General Dynamics Corp, General Dynamics, Revenue, U.S . Navy, Gulfstream, Thomson Locations: Ukraine, Virginia, Reston , Virginia, Bengaluru

July 26 (Reuters) - The private equity owners of popular emergency contraception pill Plan B, Foundation Consumer Healthcare, have hired advisors to explore options including a potential sale of the company, a person familiar with the matter told Reuters. A sale could value the company at more than $4 billion, the source said, adding that the process is at an early stage. Foundation Consumer Healthcare also owns brands such as Breathe Right nasal strips, Dimetapp, which is a medicine for cough and cold for children and allergy drug Alavert. Foundation Consumer Healthcare or its private-equity owners Kelso & Co and Juggernaut Capital Partners did not immediately respond to a Reuters' request for comment. The report on the potential sale was first reported by Bloomberg News.

Persons: Roe, Wade, Mariam Sunny, Sriparna Roy, Abigail Summerville, Shilpi Majumdar, Arun Koyyur Organizations: Foundation Consumer Healthcare, Reuters, Kelso & Co, Juggernaut Capital Partners, Teva Pharmaceutical Industries, Consumer Healthcare, Bloomberg News, Thomson Locations: United States, Israel, Bengaluru, New York

☆ ADP forecasts robust fiscal 2024 revenue on new contract wins
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Payroll processor Automatic Data Processing (ADP.O) forecast annual revenue above market estimates on Wednesday, helped by strong demand for company services and new contract wins. The company expects its revenue to grow between 6% and 7% in fiscal 2024, compared with analysts' expectations of a 5.8% increase, according to Refinitiv data. "New business bookings were incredibly strong and employer services retention returned to a record level, underscoring our strong market position," said Chief Executive Maria Black. The company's full-year adjusted earnings per share growth forecast of 10% to 12% was also above analysts' estimates of a 9% rise. On an adjusted basis, the company earned $1.89 per share, compared with estimates of a profit of $1.83 per share.

Persons: Maria Black, Zaheer Kachwala, Shilpi Majumdar, Shailesh Organizations: ADP, Thomson

CHICAGO, July 25 (Reuters) - Archer-Daniels-Midland (ADM.N) beat Wall Street expectations for second-quarter profit on Tuesday, as the grain trader and processor benefited from a record Brazilian soybean harvest and robust global demand for grain and oilseeds. ADM, which previously forecast full-year 2023 earnings at $6 to $7 per share, said it would raise its earnings outlook but did not provide details. ADM and its agribusiness peers, including Bunge (BG.N), Cargill and Louis Dreyfus, have capitalized on strong demand for food, feed and biofuel, while global food supply chain disruptions such as lower grain shipments from war-torn Ukraine have boosted prices. ADM's Carbohydrate Solutions unit capitalized on strong demand for sweeteners and starches, though results were dented by weaker ethanol margins. Results in the company's high-margin Nutrition segment struggled in what ADM called a "challenging demand environment."

Persons: Archer, Cargill, Louis Dreyfus, Arunima Kumar, Shilpi Majumdar, Mark Porter Organizations: Daniels, Midland, ADM, Bunge, ADM's Ag Services, Thomson Locations: Ukraine, Bengaluru

☆ Applied Digital confident on annual revenue as AI drives up data center demand
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Applied Digital (APLD.O) forecast annual revenue above market estimates on Monday, as the rise of artificial intelligence drives up demand for its data center services, sending the company's shares 18% higher in early trading. "We will accelerate our focus on non-crypto use cases and leverage capabilities of our next-generation proprietary data center assets for HPC applications," said CEO Wes Cummins. The company expects annual revenue in the range of $385 million to $405 million, compared with analysts' average expectations of $308.8 million, according to Refinitiv data. The company reported revenue of $22 million for the three months to May 31, compared with analysts' average estimate of $26.4 million. Its loss per share was 7 cents, compared with 4 cents a year earlier.

Persons: Wes Cummins, Jaspreet Singh, Shilpi Majumdar Organizations: Applied Digital, Thomson Locations: Bengaluru

☆ Canada's port workers again announce tentative deal with employers
▼ + stars: | 2023-07-21 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

OTTAWA, July 21 (Reuters) - Canada's Pacific dock workers' union said it reached a new tentative contract agreement with employers and that its leadership would vote on Friday on whether to put the deal up for ratification by members. The local unit represents 3,000 of the 7,500 dock workers who went on strike for 13 days earlier this month. A ILWU source confirmed that the entire union leadership, and not just the Local 502, would vote on whether to ask for ratification. That strike ended last week with a tentative deal that was rejected by union leadership on Tuesday. But the ILWU then withdrew its strike notice on Wednesday, leaving the talks in what the British Columbia Maritime Employers Association (BCMEA) said was a "fluid and unpredictable situation."

Persons: Seamus O'Regan's, Prince Rupert, Steve Scherer, Aishwarya Nair, Ismail Shakil, Shilpi Majumdar, Frances Kerry, Nick Zieminski Organizations: OTTAWA, Warehouse Union, British Columbia Maritime Employers Association, Labour, Canadian Manufacturers, Thomson, & ' $ Locations: British, Vancouver, Ottawa, Bengaluru

Demand for used vehicles, which accelerated during the pandemic, has taken a hit after automakers started to ramp up production as the global supply chain crisis gradually eases. Consumers wanting to buy vehicles with advanced safety technology and a lower turnover for newer models in the pre-owned market have also dented demand for used vehicles. AutoNation said its second-quarter unit sales of new retail vehicles rose 8%, while unit sales of used vehicles fell 11%. Manley attributed the decline in AutoNation's used vehicle sales during the quarter to decisions to keep inventories lean amid choppy pricing. "As we built our used vehicle inventory in the quarter...we exited the quarter in line with industry: flat year over year," he said.

Persons: AutoNation, Mike Manley, Manley, Nathan Gomes, Raechel, Shilpi Majumdar, Mike Harrison Organizations: Reuters, Thomson Locations: Bengaluru

☆ Truist misses profit estimates amid bigger credit-loss provisions
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Truist Financial (TFC.N) missed estimates for second-quarter profit on Thursday, as the bank set aside more rainy-day funds to cover for potential defaults in a tough economy. "We prudently increased our provision and allowance amid the uncertain economic backdrop," Truist CEO Bill Rogers said in a statement. The bank set aside $538 million in provisions for credit losses in the quarter ended June 30, compared with $171 million a year earlier. They fell 5.7% in the second quarter compared to a year earlier. Net income available to common shareholders of Truist in the three-month period was $1.23 billion, or 92 cents per share, compared with $1.45 billion, or $1.09 per share, a year earlier.

Persons: Banks, Bill Rogers, Truist, Manya Saini, Shilpi Majumdar Organizations: Truist, Thomson Locations: Bengaluru

☆ YouTube hikes prices for US premium subscribers for the first time
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - YouTube, Google's video streaming platform, hiked prices on its monthly and annual premium plans in the United States for the first time since the subscription service was launched in 2018. The YouTube Premium plan would cost $13.99 a month in the U.S., up $2 from before, according to the company's website on Thursday. YouTube had in April introduced new features for its premium users including letting them host Google Meet sessions to watch videos on the platform together with other users. It has also hiked prices for YouTube Music by $1 to $10.99 in the U.S. The move follows similar price increases by Amazon Music, Apple Music and Tidal.

Persons: Chavi Mehta, Shilpi Majumdar Organizations: Google, YouTube, U.S, Amazon Music, Apple Music, Thomson Locations: United States, U.S, Bengaluru

☆ US Bancorp sees annual net interest income below Wall Street estimates, shares fall
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - US Bancorp (USB.N) forecast full-year net interest income (NII) below Wall Street estimates, sending the lender's shares down more than 1% in premarket trading on Wednesday. The weak forecast comes despite lenders earning more in interest income, thanks to a sharp rise in interest rates by the Federal Reserve to tame decades-high inflation. Minneapolis-based US Bancorp now expects full-year NII, which measures the difference between what banks earn on loans and pay out on deposits, to be between $17.5 billion and $18.0 billion. The bank's NII for the quarter ended June 30 rose to $4.45 billion, compared with $3.46 billion a year ago. The lender also set aside $821 million as provisions for bad loans in the quarter, compared with $311 million a year ago.

Persons: Jaiveer Singh, Shilpi Majumdar Organizations: US Bancorp, Federal Reserve, Bancorp, Thomson Locations: Minneapolis, Bengaluru

☆ Pfizer, Flagship Pioneering to invest $100 mln in drug discovery
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

July 18 (Reuters) - U.S. drugmaker Pfizer (PFE.N) and venture firm Flagship Pioneering on Tuesday said they would invest $100 million together to develop up to 10 new potential drugs for areas including internal medicine, oncology, infectious diseases and immunology. Flagship, which has incubated biotech companies, most famously Moderna Inc (MRNA.O), and Pfizer will each invest $50 million. Flagship's drug discovery initiative Pioneering Medicines will lead the exploration process. Paul Biondi, president of Flagship's Pioneering unit and a former top Bristol Myers Squibb (BMY.N) executive, said the partnership will take advantage of Flagship's abilities to develop novel technologies towards bigger disease areas. Drug developers such as Denali Therapeutics (DNLI.O), Foghorn Therapeutics (FHTX.O) and Sana Biotechnology (SANA.O) are some of the other companies backed by Flagship.

Persons: Paul Biondi, Biondi, Mikael Dolsten, Foghorn, Bhanvi, Michael Erman, Shilpi Majumdar, Alexandra Hudson Organizations: drugmaker Pfizer, Moderna Inc, Pfizer, Flagship's, Bristol Myers Squibb, Flagship, Therapeutics, Foghorn Therapeutics, Sana Biotechnology, Alexandra Hudson Our, Thomson Locations: Bengaluru, New Jersey

☆ Fisker to sell limited edition electric SUVs in India by fourth quarter
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

July 17 (Reuters) - U.S. startup Fisker (FSR.N) said on Monday it would produce 100 limited edition electric sports utility vehicles (SUVs) for the Indian market and expects to begin deliveries in the fourth quarter this year. The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local production beginning in a few years. Fisker Ocean Extreme is priced at 69,950 euros ($78,588.83), excluding taxes, in Germany. A Fisker Ocean SUV starts at $37,499 in the United States. Fisker also looks to produce its next EV, the smaller, five-seater PEAR in India with Foxconn (2317.TW).

Persons: Fisker, Akshita, Shilpi Majumdar Organizations: International Energy Agency, Magna International, Austrian, Thomson Locations: India, Germany, United States, China, U.S, Europe, Hyderabad, California, Bengaluru

☆ Canopy Growth signs agreements to reduce debt amid liquidity crisis
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Pot producer Canopy Growth (WEED.TO) has signed agreements with lenders to reduce its debt by C$437 million ($333.36 million) over the next six months, weeks after the Canadian firm raised doubts about its ability to continue as a going concern. The agreements with secured and unsecured lenders would also lower its interest expenses by C$20 million to C$30 million, the company said on Friday. The deals include redemption agreements with certain holders of its unsecured senior notes and agreements with certain of its lenders under its credit facility. Once a multi-billion company, Canopy has seen its fortunes dwindling over the years, as the Canadian cannabis industry remains challenged by systemic regulatory issues and the illicit marijuana market. ($1 = 1.3109 Canadian dollars)Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Sourasis Bose, Shilpi Majumdar Organizations: Nasdaq, Thomson Locations: U.S, Bengaluru

☆ Tucker Carlson to create a new media company, Wall Street Journal reports
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Former Fox News (FOXA.O) host Tucker Carlson and former White House adviser Neil Patel are looking to raise funds to start a new media company that could potentially be anchored on Twitter, the Wall Street Journal reported on Friday. The duo is looking to raise hundreds of millions of dollars to fund the company, the report said, citing people familiar with the matter. Carlson did not immediately respond to Reuters' request for a comment, while Patel was not immediately reachable. In a video posted on Twitter in May, Carlson had said he would relaunch his show on the social media platform "soon". He released the first episode of his new show, "Tucker on Twitter", in June.

Persons: Tucker Carlson, White, Neil Patel, Carlson, Patel, Tucker, Samrhitha Arunasalam, Gursimran Kaur, Shilpi Majumdar, Varun Organizations: Former Fox News, Twitter, Wall Street, Elon Musk's Twitter, Fox News, Reuters, Fox Corp, Thomson Locations: Bengaluru

☆ Hybrid-work trend may wipe out $800 billion from office property values by 2030, McKinsey study says
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

July 13 (Reuters) - A shift to remote working is likely to wipe off $800 billion from the value of office buildings in major global cities by 2030, according to a study published by consulting firm McKinsey on Thursday. The survey said employees continued to spend far less time working at the office compared to pre-pandemic times. Remote working seemed to have contributed to migration away from prime cities, partly influenced by complete work-from-home models and cheaper housing availability in suburban areas. "The decline in demand has prompted tenants... to negotiate shorter leases from owners," said the McKinsey report, adding that short-term leases might make it more difficult for property owners to secure financing. The McKinsey report comes at a time when world economies are navigating an array of macroeconomic challenges such as elevated inflation, high interest rate levels and mounting recession fears.

Persons: Aby Jose Koilparambil, Shilpi Majumdar Organizations: McKinsey, Thomson Locations: Beijing, Houston, London , New York City, Paris, Munich, San Francisco, Shanghai, Tokyo, Bengaluru

The deal builds out Exxon's plan to develop an emerging market that makes money from reducing its own and others' greenhouse gases. Carbon sequestration is the favored strategy for U.S. oil and gas companies to reduce emissions while continuing to expand oil and gas production. Last year, Exxon struck its first commercial carbon storage deal with top ammonia maker CF Industries. The Denbury deal "reflects our determination to profitably grow our low carbon solutions business," Exxon CEO Darren Woods said in a statement. The all-stock transaction represents a 1.9% premium to Denbury's Tuesday close at 0.84 Exxon shares for each Denbury share.

Persons: Raymond James, Pavel Molchanov, Denbury, Darren Woods, Sabrina Valle, Arathy, Arunima Kumar, Savio D'Souza, Shilpi Majumdar, Conor Humphries Organizations: Denbury, Exxon Mobil Corp, Denbury Inc, Exxon, Linde AG, CF Industries, Carbon Solutions, Thomson Locations: HOUSTON, Plano , Texas, U.S, Texas, Alabama, Houston, Bengaluru

☆ Shopify to launch AI assistant for merchants
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Canadian ecommerce firm Shopify said on Wednesday it would soon launch an artificial intelligence assistant for merchants on its platform, the latest technology company to roll out such a feature. The assistant called "Sidekick" would be embedded as a button on Shopify and answer merchant queries, including details about sales trends, CEO Tobi Lutke illustrated in a video posted on Twitter. Companies such as Alibaba Group Holding , Zoom Video Communications (ZM.O) and Databricks have all launched AI assistants in the last few months following the massive jump in the use of OpenAI's chatbot ChatGPT. The assistant can also help entrepreneurs update their stores on Shopify. The feature is "coming soon", the video showed, without specifying the date when it would be rolled out.

Persons: Shopify, Tobi Lutke, Chavi Mehta, Shilpi Majumdar Organizations: Twitter, Companies, Alibaba, Video Communications, Thomson Locations: Bengaluru

☆ Nvidia deepens bets on AI in drug discovery with Recursion investment
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

July 12 (Reuters) - Chip designer Nvidia (NVDA.O) will invest $50 million to speed up training of Recursion's (RXRX.O) artificial intelligence models for drug discovery, the companies said on Wednesday, sending the biotech firm's shares surging about 62%. Recursion, whose advisers include AI pioneer Yoshua Bengio, will use its biological and chemical datasets exceeding 23,000 terabytes to train AI models on Nvidia's cloud platform. Nvidia, seen as a big winner of the boom in artificial intelligence, could then license those models to biotech firms through BioNeMo, a generative AI cloud service for drug discovery that it rolled out earlier this year. The investment comes as Recursion strengthened its AI focus in May by snapping up two companies in the AI-driven drug discovery space for $87.5 million. The Salt Lake City, Utah-based company's current partners include Bayer (BAYGn.DE) and Roche (ROG.S).

Persons: Nvidia, Roche, Mubadala, Baillie Gifford, Chavi Mehta, Stephen Nellis, Mariam Sunny, Shilpi Majumdar, Sriraj Organizations: Nvidia, Bayer, Baillie Gifford & Co, Thomson Locations: BioNeMo, Salt Lake City , Utah, Abu, Bengaluru, San Francisco

☆ Factbox: Canadian companies halt ads on Facebook, Instagram after Meta blocks news access
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

July 11 (Reuters) - Several Canadian companies and government agencies have stopped advertising on Facebook and Instagram after Meta Platforms (META.O) decided to stop news access on the apps over a law that requires payments to local news publishers. The "Online News Act", which was approved by the Canadian parliament and received a royal assent on June 22, prompted a similar response from Google-parent Alphabet (GOOGL.O). Below is a list of companies that have paused advertising on Meta's social media platforms:Reporting by Tanya Jain and Jaspreet Singh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Tanya Jain, Jaspreet Singh, Shilpi Majumdar Organizations: Facebook, Meta, Google, Thomson Locations: Bengaluru

☆ Citigroup downgrades US stocks amid recession risks, upgrades Europe
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Citigroup on Monday downgraded U.S. stocks in anticipation of a pullback in growth stocks and a recession in the fourth quarter of the year, while betting on beaten-down counterparts in Europe with an upgrade. The brokerage cut its rating on U.S. stocks to "neutral" from "overweight", following a strong rally in the first half of the year. It warned that growth stocks were set for a pullback as the "euphoria" around artificial intelligence enters a more "digestive" phase. Strategists at the brokerage downgraded UK stocks on a lack of exposure to growth stocks and a stronger pound . Emerging market (EM) stocks, upgraded to an "overweight" rating, replaced the UK stocks in Citigroup's asset allocation.

Persons: Subhadeep Chakravarty, Shilpi Majumdar Organizations: Citigroup, Nasdaq, Thomson Locations: Europe, China

☆ Google delays release of fully custom phone chip until 2025, The Information reports
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Alphabet Inc's (GOOGL.O) Google has delayed the release of a fully custom chip for its Pixel smartphones until 2025, The Information reported on Thursday, citing two people familiar with the matter. Google originally planned to release the chip, internally called Redondo, next year to replace the semicustom chips it currently designs with Samsung Electronics (005930.KS), the report said. The tech giant will also switch from Samsung to Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) for making the chips, called Tensors, according to The Information. Google will stick with Samsung for another year and wait until 2025 to introduce a fully custom design chip, internally code-named Laguna, according to The Information. The Laguna chip will be based on TSMC's 3-nanometer manufacturing process, currently the world's most advanced chipmaking process, the report added.

Persons: Chavi Mehta, Shilpi Majumdar Organizations: Google, Samsung Electronics, Samsung, Taiwan Semiconductor Manufacturing, Apple, Nvidia, Thomson Locations: Redondo, Laguna, Bengaluru

☆ Thermo Fisher to acquire CorEvitas for about $913 million
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

Thermo Fisher has been on an acquisition spree in recent years as it strives to become a one-stop shop for biopharma services. CorEvitas is expected to boost Thermo Fisher's annual adjusted earnings per share by 3 cents next year. The data provider also has the potential to generate $110 million of revenue in 2023, Thermo Fisher said. CorEvitas' data intelligence platform would be added to Thermo Fisher's laboratory products and biopharma services unit, upon completion of the deal. Shares of Massachusetts-based Thermo Fisher were down 1.3% at $514 in early trading.

Persons: Fisher, CorEvitas, Puneet, Sriparna Roy, Shilpi Majumdar Organizations: SVB Securities, Audax Private Equity, Massachusetts, Thomson Locations: U.S, Boston, Bengaluru

☆ Duke Energy to sell distributed generation portfolio in $364 million deal
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

July 5 (Reuters) - Utility firm Duke Energy (DUK.N) said on Wednesday it would sell its commercial distributed generation business to private equity firm ArcLight Capital Partners in a $364 million deal. The business includes operating assets of REC Solar, which Duke had acquired in 2015, development pipeline and operations and maintenance portfolio, as well as distributed fuel cell projects managed by Bloom Energy (BE.N). Duke said it expects about $259 million of proceeds from this sale, which the company would use to help incorporate more than 30,000 megawatts of regulated renewable energy into its system by 2035. Electric utilities in the United States are streamlining their operations to shift away from fossil fuels toward cleaner energy sources, including solar and wind, to meet climate goals. "The sale of commercial renewables businesses streamlines our portfolio and provides the resources to support our growing regulated territories," said Duke President and CEO Lynn Good.

Persons: Duke, Lynn Good, Tanay, Shilpi Majumdar Organizations: Duke Energy, ArcLight Capital Partners, REC, Bloom Energy, Electric, Duke, Thomson Locations: United States, Bengaluru

☆ US new vehicle sales rise on strong demand, better supply
▼ + stars: | 2023-07-05 | by ( Pratyush Thakur | ) www.reuters.com time to read: +2 min

Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting automakers' ability to meet the upsurge in demand for cars, trucks and SUVs. Toyota Motor's (7203.T) North America unit reported a 7.13% rise in U.S. sales to 568,962 units for the quarter ended June. Auto giant General Motors (GM.N), however, surpassed Toyota in the quarter, with a near 19% rise to 691,978 units in the United States. Earlier in the week, FCA US, a unit of Stellantis (STLAM.MI), reported a 6% increase in total U.S. sales. Power and GlobalData estimate total U.S. auto sales to reach 4,116,600 units in the quarter ended June, up 18.2% from a year earlier.

Persons: Cox, Jonathan Smoke, Toyota Motor's, J.D, Pratyush Thakur, Shivansh, Pooja Desai, Shilpi Majumdar Organizations: Toyota, Auto, General Motors, FCA, Tesla Inc, Thomson Locations: United States, America, Bengaluru

☆ Glencore proposes to buy remaining stake of PolyMet
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

July 3 (Reuters) - Glencore Plc (GLEN.L) said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining (PLM.A) it does not already own for about $71 million. The Swiss commodity trader already owns 82.26% of PolyMet. Glencore's non-binding cash offer of $2.11 per share values PolyMet at about $410 million, according to Reuters calculation. Shares of PolyMet more than doubled in premarket trading to $1.87. Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Tanay, Shilpi Majumdar Organizations: Glencore, Canada's Teck Resources, Thomson Locations: Swiss, Glencore, Bengaluru

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