German court throws out Qualcomm’s latest patent case against Apple

“Apple has a history of infringing our patents,” said Don Rosenberg, Qualcomm’s executive vice president and general counsel. “While we disagree with the Mannheim court’s decision and will appeal, we will continue to enforce our (intellectual property) rights against Apple worldwide.” Apple declined to comment on the Mannheim decision. Apart from the German order, Qualcomm has also secured a ban on the sale of some iPhones in China. Apple is closely watching the FTC case, as it has its own pendi


“Apple has a history of infringing our patents,” said Don Rosenberg, Qualcomm’s executive vice president and general counsel. “While we disagree with the Mannheim court’s decision and will appeal, we will continue to enforce our (intellectual property) rights against Apple worldwide.” Apple declined to comment on the Mannheim decision. Apart from the German order, Qualcomm has also secured a ban on the sale of some iPhones in China. Apple is closely watching the FTC case, as it has its own pendi
German court throws out Qualcomm’s latest patent case against Apple Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: john chiala, feng li, getty images news, getty images
Keywords: news, cnbc, companies, german, mannheim, throws, qualcomms, patent, decision, case, iphones, latest, sale, munich, court, qualcomm, apple


German court throws out Qualcomm's latest patent case against Apple

A patent lawsuit filed by Qualcomm Inc against Apple Inc was thrown out by a German court on Tuesday, in a reversal for the U.S. chipmaker after it won a recent court ban on the sale of some iPhones in the country.

The regional court in the city of Mannheim dismissed the Qualcomm suit as groundless in an initial verbal decision, saying the patent in question was not violated by the installation of its chips in Apple’s smartphones.

Qualcomm, waging a worldwide patent battle with Apple, said it would appeal after winning a separate case before a court in Munich in December that enabled it to enforce a ban on the sale of older iPhones in Germany.

“Apple has a history of infringing our patents,” said Don Rosenberg, Qualcomm’s executive vice president and general counsel.

“While we disagree with the Mannheim court’s decision and will appeal, we will continue to enforce our (intellectual property) rights against Apple worldwide.”

Apple declined to comment on the Mannheim decision. It referred to a statement issued in response to the Dec. 20 ruling in Munich, against which it is appealing.

Apple said at the time that, while a decision on the Munich appeal is outstanding, it would no longer stock the iPhone 7 and 8 at its 15 retail outlets in Germany, although its newer models would remain on sale.

All of its models remain available through carriers and resellers. Gravis, the leading Apple reseller in Germany, said on Tuesday it continued to stock the full range of iPhones.

Apart from the German order, Qualcomm has also secured a ban on the sale of some iPhones in China. Apple, which is also contesting that ruling, has continued to offer its iPhones in China but made changes to its iOS operating system following the order.

Qualcomm, meanwhile, faces a U.S. antitrust case brought by the Federal Trade Commission which accuses it of abusing a monopoly on mobile chip technology in a trial that could have a major impact on the smartphone industry.

If the government prevails in the trial that began on Jan. 4, Qualcomm could be forced to change its practices for licensing a trove of patents to device makers like Apple.

Apple is closely watching the FTC case, as it has its own pending lawsuit making similar claims against Qualcomm.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: john chiala, feng li, getty images news, getty images
Keywords: news, cnbc, companies, german, mannheim, throws, qualcomms, patent, decision, case, iphones, latest, sale, munich, court, qualcomm, apple


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China’s foreign direct investment into the US dropped precipitously in 2018, data show

Chinese foreign direct investment into the U.S. plummeted for a second year in a row, according to new data. The 2018 figure marks a 90 percent drop from 2016 and represents the lowest level of direct investment by China since 2011, according to the group’s data. According to the data, a whopping $13 billion worth of U.S. assets were sold by Chinese investors, much of which was purchased during a 2015-2016 investment boom. Including those divestitures, Chinese net U.S. direct investment saw an $


Chinese foreign direct investment into the U.S. plummeted for a second year in a row, according to new data. The 2018 figure marks a 90 percent drop from 2016 and represents the lowest level of direct investment by China since 2011, according to the group’s data. According to the data, a whopping $13 billion worth of U.S. assets were sold by Chinese investors, much of which was purchased during a 2015-2016 investment boom. Including those divestitures, Chinese net U.S. direct investment saw an $
China’s foreign direct investment into the US dropped precipitously in 2018, data show Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: uptin saiidi
Keywords: news, cnbc, companies, assets, 2018, foreign, data, direct, billion, rhodium, decline, according, chinas, chinese, investment, sale, dropped, precipitously, group


China's foreign direct investment into the US dropped precipitously in 2018, data show

Chinese foreign direct investment into the U.S. plummeted for a second year in a row, according to new data.

In 2018, Chinese FDI in the United States fell to just $4.8 billion — a massive decline from $29 billion in 2017 and $46 billion in 2016, according to independent researcher the Rhodium Group.

The 2018 figure marks a 90 percent drop from 2016 and represents the lowest level of direct investment by China since 2011, according to the group’s data.

The decline comes amid trade tensions between the U.S. and China and as Beijing adds pressure on Chinese companies to reduce their global holdings and reduce debt levels.

According to the data, a whopping $13 billion worth of U.S. assets were sold by Chinese investors, much of which was purchased during a 2015-2016 investment boom. Including those divestitures, Chinese net U.S. direct investment saw an $8 billion decline in 2018, according to Rhodium Group.

In fact, the group said there’s another $20 billion in divestitures that’s still pending.

In recent months, China’s biggest private companies have put assets up for sale: Anbang has put up a number of its U.S. luxury hotels for sale, HNA Group has listed billions of dollars worth of assets for sale, Fosun International is looking to sell a stake in its New York property, 28 Liberty, and Dalian Wanda Group is exploring a sale of its stake in Legendary Entertainment.

Yet as direct investment dramatically falls, venture capital funding from Chinese sources into the U.S. hit a new record high of $3.1 billion, Rhodium said.

Meanwhile, Chinese investors continue to be the top foreign buyers in terms of both units and dollar volume of U.S. residential housing, for the past six years, according to the National Association of Realtors. That comes amid sustained interest in the American market from middle-class Chinese citizens.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: uptin saiidi
Keywords: news, cnbc, companies, assets, 2018, foreign, data, direct, billion, rhodium, decline, according, chinas, chinese, investment, sale, dropped, precipitously, group


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Qualcomm posts court ordered bonds to stop iPhone sales in Germany

Qualcomm said on Thursday it posted security bonds of 1.34 billion euros ($1.52 billion) in order to be able to enforce a court order that will ban sales of some Apple Inc iPhones in Germany. The chipmaker needed to post the bonds as part of a legal requirement by a German court, which on Dec. 20 found that Apple had infringed Qualcomm patents on power saving technology used in smartphones. According to the court order, Apple has to stop the sale, offer for sale and importation for sale of all i


Qualcomm said on Thursday it posted security bonds of 1.34 billion euros ($1.52 billion) in order to be able to enforce a court order that will ban sales of some Apple Inc iPhones in Germany. The chipmaker needed to post the bonds as part of a legal requirement by a German court, which on Dec. 20 found that Apple had infringed Qualcomm patents on power saving technology used in smartphones. According to the court order, Apple has to stop the sale, offer for sale and importation for sale of all i
Qualcomm posts court ordered bonds to stop iPhone sales in Germany Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: albert gea
Keywords: news, cnbc, companies, bonds, order, iphone, apple, sale, posts, patent, infringing, court, germany, german, stop, ordered, qualcomm, iphones, sales


Qualcomm posts court ordered bonds to stop iPhone sales in Germany

Qualcomm said on Thursday it posted security bonds of 1.34 billion euros ($1.52 billion) in order to be able to enforce a court order that will ban sales of some Apple Inc iPhones in Germany.

The chipmaker needed to post the bonds as part of a legal requirement by a German court, which on Dec. 20 found that Apple had infringed Qualcomm patents on power saving technology used in smartphones.

The iPhone maker had earlier said it would pull some older models from its German stores.

According to the court order, Apple has to stop the sale, offer for sale and importation for sale of all infringing iPhones in Germany. Apple had said it was appealing the decision, but the order goes into effect as soon as Qualcomm posts the bond.

The court also ordered Apple to recall infringing iPhones from third party resellers in Germany, according to a statement by Qualcomm.

Munich regional court and Apple were not immediately available for comment.

The German case is Qualcomm’s third major effort to secure a ban on Apple’s lucrative iPhones over patent infringement allegations after similar moves in the U.S. and China, and part of the ongoing global patent skirmish between the two companies.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: albert gea
Keywords: news, cnbc, companies, bonds, order, iphone, apple, sale, posts, patent, infringing, court, germany, german, stop, ordered, qualcomm, iphones, sales


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Should you buy, sell or refinance a home in 2019

As we head into 2019, a complicated landscape in real estate has emerged. For a decade in a rebounding U.S. economy amid cheap loans, home prices have marched steadily higher. That might sound OK if you’re looking to sell a home, but not so fast. And the number of homes for sale is rising, giving shoppers more homes to choose from. Joining Jon Fortt to talk real estate: CNBC’s Diana Olick, Realtor.com CEO Ryan O’Hara and real estate agent Josh Flagg of Bravo’s Million Dollar Listing Los Angeles.


As we head into 2019, a complicated landscape in real estate has emerged. For a decade in a rebounding U.S. economy amid cheap loans, home prices have marched steadily higher. That might sound OK if you’re looking to sell a home, but not so fast. And the number of homes for sale is rising, giving shoppers more homes to choose from. Joining Jon Fortt to talk real estate: CNBC’s Diana Olick, Realtor.com CEO Ryan O’Hara and real estate agent Josh Flagg of Bravo’s Million Dollar Listing Los Angeles.
Should you buy, sell or refinance a home in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-26  Authors: jonathan kim, jon fortt
Keywords: news, cnbc, companies, sell, refinance, market, homes, sale, estate, buy, sound, youre, talk, higher, steadily, 2019, real


Should you buy, sell or refinance a home in 2019

It’s the most expensive purchase many of us even consider: A place to live.

As we head into 2019, a complicated landscape in real estate has emerged. For a decade in a rebounding U.S. economy amid cheap loans, home prices have marched steadily higher. When the market bottomed in February 2009, the median sale price for a home was $140,000. Last month it was nearly $258,000.

That might sound OK if you’re looking to sell a home, but not so fast. Interest rates are creeping higher, reducing how much buyers can borrow. And the number of homes for sale is rising, giving shoppers more homes to choose from. Are we heading into a healthier housing market? Or a more dangerous one?

Joining Jon Fortt to talk real estate: CNBC’s Diana Olick, Realtor.com CEO Ryan O’Hara and real estate agent Josh Flagg of Bravo’s Million Dollar Listing Los Angeles. Season 11 kicks off January 3.


Company: cnbc, Activity: cnbc, Date: 2018-12-26  Authors: jonathan kim, jon fortt
Keywords: news, cnbc, companies, sell, refinance, market, homes, sale, estate, buy, sound, youre, talk, higher, steadily, 2019, real


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Mark Cuban just bought a $19 million Laguna Beach vacation mansion — take a look inside

On Friday, Mark Cuban purchased a new $19 million vacation home in swanky Laguna Beach, California. The nearly 8,000-square-foot contemporary home is in the Montage Residences, where owners have access to the hotel’s amenities, including room service, housekeeping, the spa and the concierge. The $19 million transaction was the highest sale in the exclusive oceanfront community in 2018, according to sellers Villa Real Estate. Take a look inside.


On Friday, Mark Cuban purchased a new $19 million vacation home in swanky Laguna Beach, California. The nearly 8,000-square-foot contemporary home is in the Montage Residences, where owners have access to the hotel’s amenities, including room service, housekeeping, the spa and the concierge. The $19 million transaction was the highest sale in the exclusive oceanfront community in 2018, according to sellers Villa Real Estate. Take a look inside.
Mark Cuban just bought a $19 million Laguna Beach vacation mansion — take a look inside Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: leah ginsberg, andrew bramasco for villa real estate
Keywords: news, cnbc, companies, 19, laguna, sale, mansion, transaction, villa, spa, swanky, sellers, bought, cuban, vacation, look, mark, beach, service, million, inside


Mark Cuban just bought a $19 million Laguna Beach vacation mansion — take a look inside

On Friday, Mark Cuban purchased a new $19 million vacation home in swanky Laguna Beach, California.

The nearly 8,000-square-foot contemporary home is in the Montage Residences, where owners have access to the hotel’s amenities, including room service, housekeeping, the spa and the concierge.

The $19 million transaction was the highest sale in the exclusive oceanfront community in 2018, according to sellers Villa Real Estate.

Take a look inside.


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: leah ginsberg, andrew bramasco for villa real estate
Keywords: news, cnbc, companies, 19, laguna, sale, mansion, transaction, villa, spa, swanky, sellers, bought, cuban, vacation, look, mark, beach, service, million, inside


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Gymboree is reportedly shopping for bankruptcy loan as it prepares second Chapter 11 filing

Gymboree is seeking a bankruptcy loan to keep some of its stores open while it looks for a buyer, according The Wall Street Journal. People familiar with the matter told the Journal the children’s retailer is preparing to file for Chapter 11 bankruptcy for the second time in under two years. If Gymboree does file for Chapter 11, it would likely close the majority of its 900 stores, the Journal reported. It also said it would significantly reduce the number of Gymboree stores and close all Crazy


Gymboree is seeking a bankruptcy loan to keep some of its stores open while it looks for a buyer, according The Wall Street Journal. People familiar with the matter told the Journal the children’s retailer is preparing to file for Chapter 11 bankruptcy for the second time in under two years. If Gymboree does file for Chapter 11, it would likely close the majority of its 900 stores, the Journal reported. It also said it would significantly reduce the number of Gymboree stores and close all Crazy
Gymboree is reportedly shopping for bankruptcy loan as it prepares second Chapter 11 filing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: amelia lucas, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, street, sale, loan, gymboree, bankruptcy, journal, reportedly, second, told, 11, file, chapter, filing, prepares, stores, wall, shopping, retailer


Gymboree is reportedly shopping for bankruptcy loan as it prepares second Chapter 11 filing

Gymboree is seeking a bankruptcy loan to keep some of its stores open while it looks for a buyer, according The Wall Street Journal.

People familiar with the matter told the Journal the children’s retailer is preparing to file for Chapter 11 bankruptcy for the second time in under two years. If Gymboree does file for Chapter 11, it would likely close the majority of its 900 stores, the Journal reported.

Gymboree had been looking like the rare retailer that was able to re-emerge from bankruptcy. But the company announced earlier this month that it would begin reviewing its strategic options, including the sale of its Gymboree, Janie and Jack and Crazy 8 brands. It also said it would significantly reduce the number of Gymboree stores and close all Crazy 8 locations.

The retailer has hired Miller Buckfire & Co., which advises on matters of corporate restructuring, to explore the sale of more than 100 of its stores, sources told the newspaper.

The San Francisco-based company last filed for bankruptcy in June 2017, struggling to bear the burden of more than $1 billion of debt from its 2010 leveraged buyout. It closed more than 360 stores and emerged from bankruptcy after three months.

Read The Wall Street Journal’s story here.


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: amelia lucas, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, street, sale, loan, gymboree, bankruptcy, journal, reportedly, second, told, 11, file, chapter, filing, prepares, stores, wall, shopping, retailer


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A messy multibillion-dollar weapon sale between Turkey, Russia and the US just got more complicated

WASHINGTON — Russia will deliver its S-400 missile defense system to Turkey despite the U.S. State Department’s decision to sell a rival platform to Ankara for $3.5 billion. The S-400, a mobile long-range surface-to-air missile system, is the Kremlin’s answer to America’s Patriot and THAAD platforms. Lockheed Martin makes the THAAD, or terminal high altitude area defense, system, while Raytheon makes the Patriot. Last year, Ankara signed an agreement with Moscow for the S-400 missile system, a d


WASHINGTON — Russia will deliver its S-400 missile defense system to Turkey despite the U.S. State Department’s decision to sell a rival platform to Ankara for $3.5 billion. The S-400, a mobile long-range surface-to-air missile system, is the Kremlin’s answer to America’s Patriot and THAAD platforms. Lockheed Martin makes the THAAD, or terminal high altitude area defense, system, while Raytheon makes the Patriot. Last year, Ankara signed an agreement with Moscow for the S-400 missile system, a d
A messy multibillion-dollar weapon sale between Turkey, Russia and the US just got more complicated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: amanda macias, peter kovalev, tass via getty images, atilgan ozdil, anadolu agency, getty images, sergei malgavko, andreas freude, bundswehr via getty images
Keywords: news, cnbc, companies, complicated, ankara, americas, thaad, missile, russia, sale, multibilliondollar, defense, weapons, turkey, makes, weapon, system, messy, s400


A messy multibillion-dollar weapon sale between Turkey, Russia and the US just got more complicated

WASHINGTON — Russia will deliver its S-400 missile defense system to Turkey despite the U.S. State Department’s decision to sell a rival platform to Ankara for $3.5 billion.

The S-400, a mobile long-range surface-to-air missile system, is the Kremlin’s answer to America’s Patriot and THAAD platforms. Lockheed Martin makes the THAAD, or terminal high altitude area defense, system, while Raytheon makes the Patriot.

Last year, Ankara signed an agreement with Moscow for the S-400 missile system, a deal reportedly worth $2.5 billion. All the while, Turkey has helped finance America’s most expensive weapons system, the F-35 Joint Strike Fighter.

In short, these two big-ticket weapons systems that Turkey hopes to add to its budding arsenal can be used against each other.


Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: amanda macias, peter kovalev, tass via getty images, atilgan ozdil, anadolu agency, getty images, sergei malgavko, andreas freude, bundswehr via getty images
Keywords: news, cnbc, companies, complicated, ankara, americas, thaad, missile, russia, sale, multibilliondollar, defense, weapons, turkey, makes, weapon, system, messy, s400


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China court grants Qualcomm injunction against Apple, banning sale of some iPhones

A court in China has granted Qualcomm an injunction against Apple. The court has banned the import and sale of nearly all iPhone models in China, according to a statement Monday from Qualcomm. The patents in question only affect iOS 11, the operating system for iPhones and iPads that launched in 2017, Apple says. The Fuzhou Intermediate People’s Court in China granted the two preliminary injunctions against four Apple subsidiaries in China. iPhones are currently sold with the operating system iO


A court in China has granted Qualcomm an injunction against Apple. The court has banned the import and sale of nearly all iPhone models in China, according to a statement Monday from Qualcomm. The patents in question only affect iOS 11, the operating system for iPhones and iPads that launched in 2017, Apple says. The Fuzhou Intermediate People’s Court in China granted the two preliminary injunctions against four Apple subsidiaries in China. iPhones are currently sold with the operating system iO
China court grants Qualcomm injunction against Apple, banning sale of some iPhones Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: david faber, issei kato
Keywords: news, cnbc, companies, grants, statement, sale, ios, injunction, operating, apple, iphones, banning, qualcomm, court, patents, china, turned


China court grants Qualcomm injunction against Apple, banning sale of some iPhones

A court in China has granted Qualcomm an injunction against Apple.

The court has banned the import and sale of nearly all iPhone models in China, according to a statement Monday from Qualcomm. Apple is already disputing the scope of the ban, saying it only applies to iPhones that run on an older operating system.

Apple shares lost 2 percent on Monday morning but later turned positive, while shares of Qualcomm rose 3 percent. Apple’s stock turned negative for 2018 on Friday and is already down 26 percent this quarter.

“Qualcomm’s effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world,” Apple said in a statement. “All iPhone models remain available for our customers in China. Qualcomm is asserting three patents they had never raised before, including one which has already been invalidated. We will pursue all our legal options through the courts.”

The patents in question only affect iOS 11, the operating system for iPhones and iPads that launched in 2017, Apple says. iPhones sold today run iOS 12, the new version of the software that launched in September.

The Fuzhou Intermediate People’s Court in China granted the two preliminary injunctions against four Apple subsidiaries in China. It relates to two Qualcomm patents that enable users to adjust and reformat the size and appearance of photos and to manage applications using a touch screen when viewing and navigating apps on their phones. iPhones are currently sold with the operating system iOS 12, which Apple says does not violate the patents in question.

In a statement, Qualcomm said, “We deeply value our relationships with customers, rarely resorting to the courts for assistance, but we also have an abiding belief in the need to protect intellectual property rights.”

The statement, from General Counsel Donald Rosenberg, added, “Apple continues to benefit from our intellectual property while refusing to compensate us. These Court orders are further confirmation of the strength of Qualcomm’s vast patent portfolio.”


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: david faber, issei kato
Keywords: news, cnbc, companies, grants, statement, sale, ios, injunction, operating, apple, iphones, banning, qualcomm, court, patents, china, turned


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SoftBank’s record IPO reaches $23.5 bln after extra share sale

SoftBank Group Corp is set to raise 2.65 trillion yen ($23.5 billion) in Japan’s biggest-ever IPO – a share sale widely regarded as finalising the group’s transition from domestic telco to a monolithic global tech investor. Telco unit SoftBank Corp on Monday priced its stock at 1,500 yen apiece, as previously indicated. It also said it will sell all extra shares set aside for excess demand, taking the total just shy of the record $25 billion raised in 2014 by Chinese e-commerce giant Alibaba Gro


SoftBank Group Corp is set to raise 2.65 trillion yen ($23.5 billion) in Japan’s biggest-ever IPO – a share sale widely regarded as finalising the group’s transition from domestic telco to a monolithic global tech investor. Telco unit SoftBank Corp on Monday priced its stock at 1,500 yen apiece, as previously indicated. It also said it will sell all extra shares set aside for excess demand, taking the total just shy of the record $25 billion raised in 2014 by Chinese e-commerce giant Alibaba Gro
SoftBank’s record IPO reaches $23.5 bln after extra share sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, group, stock, shares, sale, corp, share, billion, tech, extra, yen, set, giant, 235, reaches, record, softbanks, bln, softbank, ipo


SoftBank's record IPO reaches $23.5 bln after extra share sale

SoftBank Group Corp is set to raise 2.65 trillion yen ($23.5 billion) in Japan’s biggest-ever IPO – a share sale widely regarded as finalising the group’s transition from domestic telco to a monolithic global tech investor.

Telco unit SoftBank Corp on Monday priced its stock at 1,500 yen apiece, as previously indicated.

It also said it will sell all extra shares set aside for excess demand, taking the total just shy of the record $25 billion raised in 2014 by Chinese e-commerce giant Alibaba Group Holding Ltd, a SoftBank Group portfolio company.

The group, which controls the world’s biggest tech private equity fund at nearly $100 billion, will use the proceeds to invest in startups which have ranged from tiny games makers to U.S. ride-hailing giant Uber Technologies Inc.

“Demand was well above the number of shares on offer,” SoftBank Corp said, declining to disclose by how much.

The stock will debut on the Tokyo Stock Exchange’s first section on Dec. 19.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, group, stock, shares, sale, corp, share, billion, tech, extra, yen, set, giant, 235, reaches, record, softbanks, bln, softbank, ipo


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Campbell launches sale of Bolthouse Farms business

The soup company had previously said it is selling Bolthouse Farms and other fresh food investments, along with its international snack brands, to help pay down debt. The goal had been to take cash flow from Campbell’s profitable but slowing soup business and invest it into more on-trend areas of the grocery store. The soup company paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest depreciation and amortization. Jeffrey Dunn, for


The soup company had previously said it is selling Bolthouse Farms and other fresh food investments, along with its international snack brands, to help pay down debt. The goal had been to take cash flow from Campbell’s profitable but slowing soup business and invest it into more on-trend areas of the grocery store. The soup company paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest depreciation and amortization. Jeffrey Dunn, for
Campbell launches sale of Bolthouse Farms business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: lauren hirsch, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, company, launches, bolthouse, sale, food, campbell, garden, soup, business, buyers, farms, fresh


Campbell launches sale of Bolthouse Farms business

Campbell Soup will send out the financial books for carrot and smoothie company Bolthouse Farms to potential buyers Monday, continuing its retreat from the fresh food industry, people familiar with the situation tell CNBC.

The soup company had previously said it is selling Bolthouse Farms and other fresh food investments, along with its international snack brands, to help pay down debt. The company more than tripled its debt load to help finance its $6.1 billion acquisition of Snyder’s-Lance earlier this year.

Moving into fresh food was part of a strategy heralded by former CEO Denise Morrison. The goal had been to take cash flow from Campbell’s profitable but slowing soup business and invest it into more on-trend areas of the grocery store.

The fresh food industry, though, proved to be a poor fit for Campbell. The industry requires expertise in agriculture that Campbell lacked. It is difficult as a public company to manage a fresh food business, which is subject to the whims of the weather, contrary to the predictability public investors demand. An ill-timed California drought further exacerbated Campbell’s challenges with Bolthouse.

The soup company paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest depreciation and amortization. It is now losing money, CNBC has reported.

Those challenges, though, may be an opportunity for prospective buyers, who can buy it off its peak, with the aim of turning it around. Campbell has signed roughly 30 non-disclosure agreements, the people told CNBC. It has attracted interest both from corporate and private equity buyers, particularly among those with experience managing fresh food.

Jeffrey Dunn, former CEO of the Bolthouse Farms, is among those eyeing the business, the people said. He has talked to private equity funds to help raise money to fund that bid, the people say.

Meantime, Campbell has already begun to sell its Garden Fresh Gourmet business, which it bought for $231 million in 2015, CNBC previously reported. It is looking at selling Garden Fresh and Bolthouse Farms separately to see if it can expedite the sale and fetch a higher total price.

Among those interested in Garden Fresh is Jack Aronson, one of the brand’s co-founders, one of the people said.

Campbell’s sale of its international snacking business, which includes Arnott’s cookie and crackers, is further along. Campbell has signed several non-disclosure agreements for that cookie business, the people said.

The people requested anonymity because the negotiations are confidential.

“Bolthouse Farms and Garden Fresh Gourmet are attractive businesses with strong brands, and we’re pleased with the high level of interest in each from both strategic and financial buyers. We’re focused on completing these transactions in a timely and disciplined manner that maximizes value,” Thomas Hushen, a spokesperson for Campbell said.

CNBC reached out to Dunn and Aronson via LinkedIn and didn’t immediately receive a response.

WATCH: How Campbell Soup fell off its perch


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: lauren hirsch, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, company, launches, bolthouse, sale, food, campbell, garden, soup, business, buyers, farms, fresh


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