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    KKR and Bain each bid more than $5 bln for Seven & i assets, sources sayon December 25, 2024 at 1:41 pm

    Reuters exclusively reported that private equity firms KKR and Bain Capital each offered more than $5 billion in first-round bids for the non-core assets of Japan’s Seven & i Holdings, according to people familiar with the matter. 

    KKR offered around 800 billion yen ($5.1 billion) for York Holdings, an entity due to be spun out of the Japanese retailer, two of the people said. Rival U.S. firm Bain offered around 1.2 trillion yen, one person said. Local buyout firm Japan Industrial Partners offered around 750 billion yen, one said. 

    Why it matters 

    Seven & i is looking to hive off non-core businesses, including its sprawling supermarket operations. Separately, the retailer’s founding family is in talks to take Seven & i private. That deal, a management buyout, is designed to fend off a $47 billion takeover offer from Canada’s Alimentation Couche-Tard. The privatisation, if realised, would be the largest ever of a Japanese firm. 

    The post KKR and Bain each bid more than $5 bln for Seven & i assets, sources say appeared first on Reuters News Agency.

    Rosneft, Reliance agree biggest ever India-Russia oil supply dealon December 12, 2024 at 8:33 pm

    Russia’s state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said

    Why it matters 

    The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today’s prices. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine. 

    The post Rosneft, Reliance agree biggest ever India-Russia oil supply deal appeared first on Reuters News Agency.

    China bans export of critical minerals to US as trade tensions escalateon December 3, 2024 at 9:36 pm

    Reuters was more than two minutes ahead of major rivals with news that China had banned exports to the United States of the critical minerals gallium, germanium and antimony, with immediate effect, a day after Washington’s latest crackdown on China’s semiconductor sector. 

    China’s move marked the latest escalation in trade tensions between the world’s two largest economies ahead of President-elect Donald Trump taking office next month and sparked fresh concern that Beijing could next target other critical minerals, including those with even broader usage such as nickel or cobalt. 

    The post China bans export of critical minerals to US as trade tensions escalate appeared first on Reuters News Agency.

    Volkswagen India unit faces $1.4 billion tax evasion noticeon November 29, 2024 at 1:56 am

    Reuters was first to report that India has issued a notice to German automaker Volkswagen for allegedly evading $1.4 billion in taxes by “wilfully” paying lesser import tax on components for its Audi, VW and Skoda cars. Volkswagen shares fell as much as 2.13% on the Frankfurt stock exchange after the Reuters report. 

    Why it matters 

    News about the potential liability, which could be as high as $2.8 billion with penalties, could strain VW’s India business. The company is a small player in India but has plans to invest $1.8 billion to build EVs and hybrids in Maharashtra. The Wolfsburg-based carmaker is also locked in an escalating dispute with its labour in Germany over plant closures and layoffs while Chinese competitors are attacking Europe’s established carmakers on their home turf. 

    The post Volkswagen India unit faces $1.4 billion tax evasion notice appeared first on Reuters News Agency.

    Trump camp says China is ‘attacking’ US with fentanyl, they aim to fight back on November 26, 2024 at 3:07 am

    As cited in Reuters special report, Donald Trump’s return to power portends a shakeup in the U.S. approach to addressing America’s fentanyl crisis and what counternarcotics officials say is the biggest obstacle to solving it: China. 

    The post Trump camp says China is ‘attacking’ US with fentanyl, they aim to fight back  appeared first on Reuters News Agency.

    India’s Andhra Pradesh state likely to suspend Adani power deal on November 26, 2024 at 7:52 am

    India’s Andhra Pradesh state is likely to suspend a power purchase deal linked to Adani Group due to the U.S. indictment of the group’s billionaire founder Gautam Adani over an alleged bribery scheme, Reuters exclusively revealed

    Why it matters 

    The suspension, likely to be announced soon, would be the first such action by an Indian state government after U.S. prosecutors charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unidentified Indian government officials to obtain solar power-supply contracts. 

    The post India’s Andhra Pradesh state likely to suspend Adani power deal  appeared first on Reuters News Agency.

    Sony is in talks to buy media powerhouse behind ‘Elden Ring’on November 19, 2024 at 11:43 am

    Sony is in talks to acquire Kadokawa, the Japanese media powerhouse behind the “Elden Ring” game, Reuters exclusively reported, as the technology giant looks to add to its entertainment portfolio. Shares of Tokyo-listed Kadokawa, were flooded with buy orders after the report and finished the day up 23%, having risen by their daily limit.  The company later confirmed it had received an initial letter of intent for the acquisition – a full day after Reuters clients first had the news. 

    Why it matters 

    Known as the inventor of the Walkman, Sony has transformed from an electronics manufacturer into an entertainment and technology juggernaut spanning movies, music, games and chips. 

    Sony’s focus includes anime, whose growth worldwide has been fueled by the spread of streaming services and greater familiarity with Japanese culture. 

    The post Sony is in talks to buy media powerhouse behind ‘Elden Ring’ appeared first on Reuters News Agency.

    Ambani’s Reliance Jio IPO set for 2025, retail debut much later on November 4, 2024 at 1:52 pm

    Reuters was first to report that Indian billionaire Mukesh Ambani is targeting a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over $100 billion, but plans to launch his retail unit’s IPO much later. The story shed light on the plans of Asia’s richest man, who has for years been silent on the timelines of the mega IPOs of Reliance Jio and Reliance Retail.  

    Why it matters 

    News of the IPO timelines is critical for some of the world’s biggest investors and also for India’s equity markets. Reliance is targeting that the Jio listing will be India’s biggest ever stock offering. A lot is riding on the two Reliance IPOs as Ambani has raised $25 billion collectively for digital, telecom and retail businesses from the likes of KKR, General Atlantic and Abu Dhabi Investment Authority in recent years, valuing both ventures at over $100 billion. 

    The post Ambani’s Reliance Jio IPO set for 2025, retail debut much later  appeared first on Reuters News Agency.

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