Friday , July 3 2020

Tag Archives: corporate actions

Uber Under Pressure to Beef Up Food Delivery

Uber Technologies Inc. needs a win. After a failed bid for Grubhub Inc., the ride-hailing giant is trying to buy much smaller food-delivery company Postmates Inc. as it seeks surer footing in the era of Covid-19. The San Francisco-based company needs to get stronger in the competitive world of food …

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How Wirecard Went From Tech Star to Bankrupt

Markus Braun built Wirecard AG from an obscure firm based in a small town outside of Munich into a global electronic-payments giant. From its perch at the crossroads of online commerce, Wirecard extracted fees for processing credit-card transactions on behalf of businesses. It pushed into emerging markets, bought up smaller …

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Lemonade Is Priced for Sweet Outlook

Investors currently have a lot of lemons in their insurance portfolios. Now they can finally have Lemonade. The insurance-tech darling is set to begin trading on Thursday in an initial public offering. The upstart uses artificial intelligence and other tools to rapidly underwrite and pay claims via its popular smartphone …

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Pizza Hut and Wendy's Franchisee NPC Files for Bankruptcy

NPC International Inc., the nation’s largest Pizza Hut and Wendy’s franchisee, filed for bankruptcy Wednesday and will put its burger restaurants up for sale as it continues to hold discussions over the fate of its pizza outlets. The company, which operates more than 1,200 Pizza Hut locations and about 400 …

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U.S. Treasury to Lend $700 Million to Trucking Firm YRC

WASHINGTON—The U.S. government plans to lend $700 million in coronavirus stimulus funds to trucking firm YRC Worldwide Inc., in exchange for a 29.6% equity stake in the company, the Treasury Department said Wednesday. The Treasury said publicly traded YRC qualified for the loan under a provision of the $2.2 trillion …

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Harvey Weinstein's Victims Entitled to Compensation From $19 Million Fund

Women who have accused Harvey Weinstein of sexual assault or say they were harassed while working at his former film studio will be entitled to payments from a nearly $19 million fund being created to compensate them, months after the former Hollywood producer was convicted of sex crimes. Money for …

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Aeroméxico Files for Chapter 11 Bankruptcy Protection

MEXICO CITY—Mexican airline company Grupo Aeroméxico SAB filed Tuesday for voluntary restructuring under chapter 11 of the U.S. bankruptcy code to confront the crisis brought on by the coronavirus pandemic. Like other airlines, Aeroméxico is reeling from the impact that the pandemic has had on the global travel industry. The …

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Airbus Plans to Cut 15,000 Jobs, Citing Impact of Coronavirus

Airbus SE said it would cut 15,000 jobs across its commercial aircraft division, the biggest restructuring in the plane maker’s history, citing what it expects to be the Covid-19 pandemic’s yearslong impact on the aviation sector. The majority of the cuts, which amount to about 11% of the company’s total …

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Exxon Mobil Resists Write-Downs as Oil, Gas Prices Plummet

As its peers write down U.S. shale assets by billions of dollars amid lower oil and gas prices, Exxon Mobil Corp. stands increasingly alone in not adjusting the value of its holdings. Rivals, including BP PLC, Hess Corp. and Occidental Petroleum Corp., have recently taken multibillion-dollar impairments as a coronavirus-induced …

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Lululemon Buys Mirror, an At-Home Fitness Startup, for $500 Million

Lululemon Athletica Inc. is buying at-home fitness company Mirror for $500 million, a deal that aims to capitalize on pandemic-fueled upheaval in the fitness and retail industries. The startup sells a $1,500 tech-enabled mirror with a camera and speakers so customers can participate in live fitness classes at home. It …

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Coty to Buy Stake in Kim Kardashian West's Makeup Brand

Coty Inc. said it is buying a fifth of Kim Kardashian West’s makeup brand KKW Holdings LLC for $200 million, wagering that the reality star’s reach can boost the company’s direct-to-consumer beauty brands. The fragrance-and-cosmetics company said Ms. Kardashian West, who has about 300 million followers across her personal and …

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Blackstone Sees Film-Production Facilities as a Hot New Real-Estate Play

Real-estate investors at Blackstone Group Inc. are getting into show business. They are doing it not by making movies or TV shows themselves, but by acquiring stakes in the production facilities and other real estate where companies like Netflix Inc. and the Walt Disney Co. are creating content. Blackstone on …

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BP Exits Petrochemical Business in $5 Billion Deal

Energy giant BP PLC has agreed to sell its petrochemicals business to British chemicals company Ineos Ltd. in a $5 billion deal that will help reshape its business for the global transition to lower-carbon energy, the company said on Monday. The move separates BP from its peers, as Royal Dutch …

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Fracking Trailblazer Chesapeake Energy Files for Bankruptcy

Chesapeake Energy Corp. filed for bankruptcy protection Sunday as an oil- and gas-price rout stoked by the coronavirus pandemic proved to be the final blow for a shale-drilling pioneer long hamstrung by debt. Chesapeake is the latest debt-laden U.S. oil and gas producer to file for bankruptcy, as a coronavirus-induced …

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Private Equity's Trillion-Dollar Piggy Bank Holds Little for Struggling Companies

The mountain of cash held by private-equity firms is turning out to be a mirage for companies they own that are struggling due to the coronavirus pandemic. The buyout industry has spent years building up its dry powder, or money that investors have committed to private-equity funds that hasn’t yet …

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Strategy Behind Blockbuster Grubhub Deal: Don't Deliver

In its $7 billion deal to buy Grubhub Inc., a Dutch food-delivery giant is betting on a strategy it has relied on for years in Europe: Let restaurants deliver their own food. Earlier this month, Just Eat Takeaway.com NV swooped in after Uber Technologies Inc.’s plan to join Grubhub with …

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