Hitachi to announce purchase of ABB’s power grid business: Nikkei

Hitachi and ABB will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group’s power grid business, paying up to $7 billion for an initial 50 percent stake, the Nikkei business daily reported. A source familiar with the situation has valued the power grid business at between $10 billion and $12 billion. Other sources have said that ABB could keep a stake in the power grid business via a joint venture with Hitachi. The Nikkei reported that the deal would see Hit


Hitachi and ABB will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group’s power grid business, paying up to $7 billion for an initial 50 percent stake, the Nikkei business daily reported. A source familiar with the situation has valued the power grid business at between $10 billion and $12 billion. Other sources have said that ABB could keep a stake in the power grid business via a joint venture with Hitachi. The Nikkei reported that the deal would see Hit
Hitachi to announce purchase of ABB’s power grid business: Nikkei Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: smith collection, gado, archive photos, getty images
Keywords: news, cnbc, companies, grid, power, abbs, announce, sell, stake, abb, purchase, nikkei, business, initial, billion, hitachi


Hitachi to announce purchase of ABB's power grid business: Nikkei

Hitachi and ABB will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group’s power grid business, paying up to $7 billion for an initial 50 percent stake, the Nikkei business daily reported.

The two companies, which have previously said they were in talks over the deal, will hold a news conference later on Monday, the business daily said.

The acquisition would allow Hitachi to boost its global presence in the power grid industry, while ABB, which also makes industrial robots, wants to offload its least profitable division to focus on areas such as automation.

A Hitachi spokesman declined to confirm the report, saying it was not something the company had announced.

A source familiar with the situation has valued the power grid business at between $10 billion and $12 billion.

Other sources have said that ABB could keep a stake in the power grid business via a joint venture with Hitachi.

The Nikkei reported that the deal would see Hitachi pay 600 billion-800 billion yen ($5.3 billion to $7 billion) for an initial 50 percent stake in the business.

ABB’s power grid business employs 36,000 people and had sales of $10.4 billion last year. It had an operating profit margin of 10.0 percent in the third quarter, down 60 basis points from a year earlier.

The decision to sell it marks a U-turn for ABB Chief Executive Ulrich Spiesshofer, who decided to keep the business two years ago despite calls from some shareholders to sell.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: smith collection, gado, archive photos, getty images
Keywords: news, cnbc, companies, grid, power, abbs, announce, sell, stake, abb, purchase, nikkei, business, initial, billion, hitachi


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Qatar reportedly considering increasing its stake in Deutsche Bank

Qatar is considering increasing its stake in Deutsche Bank, newspaper Handelsblatt reported on Sunday. The Qatari royal family already holds a 6.1 percent stake in Deutsche Bank, according to Deutsche Bank’s website. “We will invest in a large financial institution in Germany. This, and the fact that Christian Sewing, CEO of Deutsche Bank, was the only top manager of a German group to take part in the Doha Forum over the weekend clearly point to Deutsche Bank, the paper said. A spokesman for Deu


Qatar is considering increasing its stake in Deutsche Bank, newspaper Handelsblatt reported on Sunday. The Qatari royal family already holds a 6.1 percent stake in Deutsche Bank, according to Deutsche Bank’s website. “We will invest in a large financial institution in Germany. This, and the fact that Christian Sewing, CEO of Deutsche Bank, was the only top manager of a German group to take part in the Doha Forum over the weekend clearly point to Deutsche Bank, the paper said. A spokesman for Deu
Qatar reportedly considering increasing its stake in Deutsche Bank Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: martin leissl, bloomberg, getty images
Keywords: news, cnbc, companies, considering, qatar, increasing, institution, forum, doha, bank, deutsche, ceo, financial, handelsblatt, stake, reportedly


Qatar reportedly considering increasing its stake in Deutsche Bank

Qatar is considering increasing its stake in Deutsche Bank, newspaper Handelsblatt reported on Sunday.

The Qatari royal family already holds a 6.1 percent stake in Deutsche Bank, according to Deutsche Bank’s website. Qatar controls over 9 percent, once derivative positions are take into consideration, Handelsblatt said.

“We will invest in a large financial institution in Germany. This was discussed in the margins of the Doha Forum and will be announced shortly,” Yousuf Mohamed Al-Jaida, CEO of the state-owned Qatar Financial Center, told Handelsblatt.

Al-Jaida did not want to name the company, but he confirmed that it was an institution in which Qatar was already involved, Handelsblatt reported.

This, and the fact that Christian Sewing, CEO of Deutsche Bank, was the only top manager of a German group to take part in the Doha Forum over the weekend clearly point to Deutsche Bank, the paper said.

A spokesman for Deutsche Bank declined to comment.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: martin leissl, bloomberg, getty images
Keywords: news, cnbc, companies, considering, qatar, increasing, institution, forum, doha, bank, deutsche, ceo, financial, handelsblatt, stake, reportedly


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There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p


Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p
There may be more at stake than just trade concessions in the US-China tariff battle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
Keywords: news, cnbc, companies, tariff, transfers, concessions, wrote, battle, dispute, stake, war, worlds, trade, typical, uschina, tech, trumps, issues


There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports.

Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front.

The ongoing spat is a reflection of great power rivalries, political scientist Joseph Nye wrote in a Project Syndicate editorial last month: “It is much more than a typical trade dispute like, say, America’s recent clash with Canada over access to that country’s dairy market.”

Many economists have pointed out that the current dispute is more of a tech war than a tariff war as U.S. President Donald Trump’s administration targets China’s technology sector practices. Beijing’s militarization of the South China Sea and the sovereignty of Taiwan could also be influencing negotiations.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
Keywords: news, cnbc, companies, tariff, transfers, concessions, wrote, battle, dispute, stake, war, worlds, trade, typical, uschina, tech, trumps, issues


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Uber’s India business has topped $1.6 billion in annualized bookings, according to internal email

Uber has been selling off its local businesses in big emerging markets like China and Southeast Asia. In an email obtained by CNBC, Uber’s India head Pradeep Parameswaran told company executives, including CEO Dara Khosrowshahi and CFO Nelson Chai, that Uber India reached an annualized bookings rate of $1.64 billion in the third quarter. Parameswaran wrote that Uber will close the year in its “strongest position ever — as the ride-sharing leader in India.” India marks Uber’s last stand in Asia.


Uber has been selling off its local businesses in big emerging markets like China and Southeast Asia. In an email obtained by CNBC, Uber’s India head Pradeep Parameswaran told company executives, including CEO Dara Khosrowshahi and CFO Nelson Chai, that Uber India reached an annualized bookings rate of $1.64 billion in the third quarter. Parameswaran wrote that Uber will close the year in its “strongest position ever — as the ride-sharing leader in India.” India marks Uber’s last stand in Asia.
Uber’s India business has topped $1.6 billion in annualized bookings, according to internal email Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: deirdre bosa, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, local, india, billion, internal, according, email, bookings, company, sold, asia, southeast, ubers, stake, business, topped, uber, annualized


Uber's India business has topped $1.6 billion in annualized bookings, according to internal email

Uber has been selling off its local businesses in big emerging markets like China and Southeast Asia. But the company’s India unit isn’t going anywhere.

In an email obtained by CNBC, Uber’s India head Pradeep Parameswaran told company executives, including CEO Dara Khosrowshahi and CFO Nelson Chai, that Uber India reached an annualized bookings rate of $1.64 billion in the third quarter.

Parameswaran wrote that Uber will close the year in its “strongest position ever — as the ride-sharing leader in India.” He said the company doubled its engineering team as of the third quarter and plans to double again next year in its two big hubs of Bangalore and Hyderabad.

India marks Uber’s last stand in Asia. The San Francisco-based company spent billions of dollars building its business across the region, before ultimately consolidating with local players. In 2016, Uber sold off its China operations to Didi Chuxing for a 20 percent stake in its former rival, and in March of this year Uber sold its business in eight countries across Southeast Asia for a 27.5 percent stake in regional leader Grab. Uber also merged its Russian business with Yandex in 2017.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: deirdre bosa, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, local, india, billion, internal, according, email, bookings, company, sold, asia, southeast, ubers, stake, business, topped, uber, annualized


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Altria in talks to buy cannabis company Cronos Group

Marlboro cigarette maker Altria is in early stage talks to acquire Canadian cannabis producer Cronos, as it seeks to diversify its business beyond traditional smokers, a person familiar with the matter told CNBC. Cronos has not agreed to any deal and there is no certainty it will do so, the person said. The news comes as Altria has also eyed a significant minority stake in e-cigarette company Juul, a person familiar with the situation previously told CNBC. It could not be immediately determined


Marlboro cigarette maker Altria is in early stage talks to acquire Canadian cannabis producer Cronos, as it seeks to diversify its business beyond traditional smokers, a person familiar with the matter told CNBC. Cronos has not agreed to any deal and there is no certainty it will do so, the person said. The news comes as Altria has also eyed a significant minority stake in e-cigarette company Juul, a person familiar with the situation previously told CNBC. It could not be immediately determined
Altria in talks to buy cannabis company Cronos Group Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: lauren hirsch, josh edelson, afp, getty images
Keywords: news, cnbc, companies, cannabis, company, stake, person, traditional, altria, group, familiar, potential, cronos, buy, talks, told, juul


Altria in talks to buy cannabis company Cronos Group

Marlboro cigarette maker Altria is in early stage talks to acquire Canadian cannabis producer Cronos, as it seeks to diversify its business beyond traditional smokers, a person familiar with the matter told CNBC.

Cronos has not agreed to any deal and there is no certainty it will do so, the person said.

The news comes as Altria has also eyed a significant minority stake in e-cigarette company Juul, a person familiar with the situation previously told CNBC.

It could not be immediately determined whether Altria’s potential acquisition of Cronos would affect its potential stake in Juul.


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: lauren hirsch, josh edelson, afp, getty images
Keywords: news, cnbc, companies, cannabis, company, stake, person, traditional, altria, group, familiar, potential, cronos, buy, talks, told, juul


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US budget airline veteran to buy stake in struggling WOW Air after Icelandair abandons deal

Indigo said it has reached an in-principle agreement with WOW Air to invest in the Icelandic airline. Franke is a veteran of the low-cost airline world. In addition to Frontier, Indigo Partners has invested in Chile-based JetSmart, Mexico’s Volaris Airlines and Hungary-based Wizz Air, all discount airlines. The investment, if finalized, is a new twist in the fortunes of struggling WOW Air. All our best wishes go out to the owners and staff of the WOW Air.”


Indigo said it has reached an in-principle agreement with WOW Air to invest in the Icelandic airline. Franke is a veteran of the low-cost airline world. In addition to Frontier, Indigo Partners has invested in Chile-based JetSmart, Mexico’s Volaris Airlines and Hungary-based Wizz Air, all discount airlines. The investment, if finalized, is a new twist in the fortunes of struggling WOW Air. All our best wishes go out to the owners and staff of the WOW Air.”
US budget airline veteran to buy stake in struggling WOW Air after Icelandair abandons deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: leslie josephs, source, wow airlines
Keywords: news, cnbc, companies, veteran, terms, buy, lowcost, wow, icelandair, partners, airline, frontier, budget, struggling, air, problems, indigo, deal, carrier, stake


US budget airline veteran to buy stake in struggling WOW Air after Icelandair abandons deal

Frontier Airlines’ parent is planning to buy a stake in low-cost carrier WOW Air, the companies said Thursday, the same day Icelandair Group announced it had scrapped a planned acquisition of its ailing rival, calling WOW’s fate into question.

Indigo Partners, a Phoenix-based private equity firm which owns Frontier, has invested in discount carriers in Latin America and Europe. Indigo said it has reached an in-principle agreement with WOW Air to invest in the Icelandic airline. The terms were not disclosed.

“We have a strategic vision for the airline, and look forward to working with its employees and agents to deliver that vision,” said Bill Franke, managing partner of Indigo Partners in a news release.

Franke is a veteran of the low-cost airline world. The firm had once owned Spirit Airlines, and helped grow and shape the once-struggling carrier. In addition to Frontier, Indigo Partners has invested in Chile-based JetSmart, Mexico’s Volaris Airlines and Hungary-based Wizz Air, all discount airlines.

Indigo Partners is also a major purchaser of Airbus jets. WOW operates an all-Airbus fleet.

The investment, if finalized, is a new twist in the fortunes of struggling WOW Air.

The Icelandic WOW Air said this week that it has faced escalating financial problems since its bond issuance in September, including higher fuel costs.

Aircraft lessors and the company’s creditors have “demanded stricter payment terms than before, putting further pressure on the company’s cash flow,” WOW Air said in a statement Tuesday. The airline reduced its fleet by four planes earlier this week.

The low-cost carrier, which expanded rapidly and helped fuel a tourism boom to Iceland, has grappled with other problems as well, including complaints about poor customer service.

“We have to do better,” WOW’s Chief Executive Officer Skuli Mogensen told CNBC in an interview in June in Iceland’s capital of Reykjavik. “It’s obviously in our interest to fix it.” He said problems such as canceled flights and delays have cost the airline in terms of lost passengers and the money paid out as compensation.

“This conclusion is certainly disappointing,” Bogi Nils Bogason, Icelandair Group’s interim president and CEO, said in a statement after the company scrapped plans to acquire its rival WOW Air. “We want to thank WOW Air’s management for a good cooperation in the project during recent weeks. All our best wishes go out to the owners and staff of the WOW Air.”

WOW Air’s flights first took off in 2012 and it has expanded rapidly, adding trans-Atlantic service from several U.S. cities. The airline is a no-frills budget carrier, that offers low airfares, some below $100 one-way. It charges passengers for everything else, such as seat assignments, carry-on baggage and food and beverages.


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: leslie josephs, source, wow airlines
Keywords: news, cnbc, companies, veteran, terms, buy, lowcost, wow, icelandair, partners, airline, frontier, budget, struggling, air, problems, indigo, deal, carrier, stake


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Altria is reportedly in talks to take a minority stake in Juul

Altria sells its own e-cigarettes, including MarkTen and Green Smoke, though they make up only a fraction of its $25.6 billion in revenue. Juul commands the e-cigarette market, holding about 75 percent of share, according to Nielsen numbers compiled by Wells Fargo analyst Bonnie Herzog. But parents, teachers and now regulators are demanding Juul stop what the FDA has labeled an “epidemic” of teen e-cigarette use. In response to regulatory pressure, Juul in November said it will halt selling most


Altria sells its own e-cigarettes, including MarkTen and Green Smoke, though they make up only a fraction of its $25.6 billion in revenue. Juul commands the e-cigarette market, holding about 75 percent of share, according to Nielsen numbers compiled by Wells Fargo analyst Bonnie Herzog. But parents, teachers and now regulators are demanding Juul stop what the FDA has labeled an “epidemic” of teen e-cigarette use. In response to regulatory pressure, Juul in November said it will halt selling most
Altria is reportedly in talks to take a minority stake in Juul Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: lauren hirsch, angelica lavito, bill oleary, the washington post, getty images, eduardo munoz alvarez, afp
Keywords: news, cnbc, companies, selling, talks, altria, fda, juul, tobacco, ecigarettes, minority, stake, teen, smoke, products, stop, reportedly, regulatory


Altria is reportedly in talks to take a minority stake in Juul

Juul’s popularity has surged over the past year. That attention has attracted regulatory scrutiny. Food and Drug Administration Commissioner Scott Gottlieb has threatened to pull e-cigarettes off the market if the agency’s new restrictions on the sale of fruity flavors don’t slow an “astonishing” surge in teen use.

Meanwhile, cigarette sales have declined as older smokers are dying and fewer young people are starting to smoke. Last year, cigarette smoking in the U.S. fell to its lowest point in recorded history last year, according to data from the Centers for Disease Control and Prevention.

Altria sells its own e-cigarettes, including MarkTen and Green Smoke, though they make up only a fraction of its $25.6 billion in revenue. Juul commands the e-cigarette market, holding about 75 percent of share, according to Nielsen numbers compiled by Wells Fargo analyst Bonnie Herzog.

But parents, teachers and now regulators are demanding Juul stop what the FDA has labeled an “epidemic” of teen e-cigarette use. In response to regulatory pressure, Juul in November said it will halt selling most of its flavored nicotine pods for its e-cigarettes in retail stores.

In October, Altria said it will remove its MarkTen pod-based products and will stop selling all flavors except for menthol or tobacco in its cig-a-like products until the FDA reviews and approves them.

In addition to cracking down on e-cigarettes, the FDA is also pursuing a ban on menthol cigarettes. It could take years to finalize and implement a rule, which tobacco companies are sure to fight, but the possibility has weighed on tobacco stocks.

Read the full Wall Street Journal report here.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: lauren hirsch, angelica lavito, bill oleary, the washington post, getty images, eduardo munoz alvarez, afp
Keywords: news, cnbc, companies, selling, talks, altria, fda, juul, tobacco, ecigarettes, minority, stake, teen, smoke, products, stop, reportedly, regulatory


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Papa John’s shares plunge on report that Trian is no longer looking at company

Trian Fund Management has decided not to pursue an acquisition of Papa John’s, the Wall Street Journal reported on Tuesday, sending shares of the pizza chain down 14 percent. Other potential buyers are only interested in acquiring a stake of the company, said the report, which cited people familiar with the matter. Papa John’s ousted founder John Schnatter as its chairman in July after a conference call leaked in which he used a racially charged slur. Both Trian, which also owns a 13 percent sta


Trian Fund Management has decided not to pursue an acquisition of Papa John’s, the Wall Street Journal reported on Tuesday, sending shares of the pizza chain down 14 percent. Other potential buyers are only interested in acquiring a stake of the company, said the report, which cited people familiar with the matter. Papa John’s ousted founder John Schnatter as its chairman in July after a conference call leaked in which he used a racially charged slur. Both Trian, which also owns a 13 percent sta
Papa John’s shares plunge on report that Trian is no longer looking at company Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: lauren hirsch, angela weiss, getty images entertainment, getty images
Keywords: news, cnbc, companies, shares, street, trian, public, company, looking, report, papa, quarter, wall, stake, schnatter, longer, johns, plunge


Papa John's shares plunge on report that Trian is no longer looking at company

Trian Fund Management has decided not to pursue an acquisition of Papa John’s, the Wall Street Journal reported on Tuesday, sending shares of the pizza chain down 14 percent.

Other potential buyers are only interested in acquiring a stake of the company, said the report, which cited people familiar with the matter.

Papa John’s ousted founder John Schnatter as its chairman in July after a conference call leaked in which he used a racially charged slur. Since then, the company has been embroiled in a public relations nightmare that’s included a war of words and two lawsuits. That drama came as the company was already struggling to compete against more innovative competitors like Domino’s.

Amid the turmoil, the restaurant has enlisted the help of Bank of America and Lazard to explore a sale that has attracted initial bids from both corporate and private equity buyers, people familiar with the process have told CNBC. Challenging earnings results, however, have made those efforts more complicated.

Papa John’s last month missed Wall Street earnings forecasts after spending millions of dollars during the third quarter to repair its tarnished image following a nasty public feud with its founder. The company lost $13 million during the third quarter, compared with a profit of $21.8 million during the same period last year.

Both Trian, which also owns a 13 percent stake in Wendy’s, and Papa John’s declined to comment. A spokesperson for Schnatter did not immediately respond to a request for comment.

Papa John’s shares are down more than 10 percent over the past year.

.


Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: lauren hirsch, angela weiss, getty images entertainment, getty images
Keywords: news, cnbc, companies, shares, street, trian, public, company, looking, report, papa, quarter, wall, stake, schnatter, longer, johns, plunge


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Bottlekeeper keeps beer cold, won million-dollar deal on ‘Shark Tank’

That’s “very aggressive, even on ‘Shark Tank,'” Kevin O’Leary said of the $20 million valuation. Reel it back, say it again, slower,” a shocked Greiner said, making the entrepreneurs repeat their impressive sales figures. She then offered Bottlekeeper a deal of $1 million for a 3 percent stake and a royalty of $3 per unit until $2 million is recouped. Don’t miss: ‘Shark Tank’: Why Mark Cuban and A-Rod invested $700K in these genius portable protein powder podsLike this story? Disclosure: CNBC ow


That’s “very aggressive, even on ‘Shark Tank,'” Kevin O’Leary said of the $20 million valuation. Reel it back, say it again, slower,” a shocked Greiner said, making the entrepreneurs repeat their impressive sales figures. She then offered Bottlekeeper a deal of $1 million for a 3 percent stake and a royalty of $3 per unit until $2 million is recouped. Don’t miss: ‘Shark Tank’: Why Mark Cuban and A-Rod invested $700K in these genius portable protein powder podsLike this story? Disclosure: CNBC ow
Bottlekeeper keeps beer cold, won million-dollar deal on ‘Shark Tank’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: sarah berger, mitch haaseth, getty images
Keywords: news, cnbc, companies, shark, milliondollar, cold, entrepreneurs, won, beer, greiner, sales, unit, deal, cuban, tank, bottlekeeper, stake, keeps, million, callinan


Bottlekeeper keeps beer cold, won million-dollar deal on 'Shark Tank'

Campbell and Callinan, who handed out samples complete with cold beers to the Sharks, came to the Tank seeking $1 million in exchange for a 5 percent stake in the business, which launched in 2013.

That’s “very aggressive, even on ‘Shark Tank,'” Kevin O’Leary said of the $20 million valuation.

But the entrepreneurs said they had the sales to back it up. Callinan explained that (at the time of the taping in June) the company had done over $1 million in sales in the previous 10 days, $2 million in the previous 30 days and over $20 million over the last three years.

“Wait. Reel it back, say it again, slower,” a shocked Greiner said, making the entrepreneurs repeat their impressive sales figures.

Campbell and Callinan explained that they needed an influx of capital and help scaling the company; they had over 3,000 U.S. retail stores on a wait list for product, Callinan said. (Currently, Bottlekeeper is only sold online.) The entrepreneurs said on the show that in the previous 12 months, the business has grossed $9 million and netted $400,000, as they had to spend a lot of money on shutting down knockoffs (they have patents) as well as marketing.

O’Leary bit, offering the business partners $250,000 for a 10 percent stake in the company and a $750,000 line of credit at 11 percent interest. Guest judge Alex Rodriguez jumped in, proposing to partner with O’Leary with a different offer: $500,000 for a 20 percent stake and a $500,000 line of credit at 11 percent interest.

But the entrepreneurs didn’t want to give up that much of their company.

That’s when Greiner started to express interest. Cuban tapped her on the shoulder and whispered in her ear.

“That was interesting,” Greiner said of the exchange. She then offered Bottlekeeper a deal of $1 million for a 3 percent stake and a royalty of $3 per unit until $2 million is recouped.

The entrepreneurs countered $1 million for a 3 percent stake and a royalty of $1 per unit until $1.5 million is recouped.

“If you stay at the 5 percent, I’ll do that deal,” Cuban suddenly responded to the entrepreneurs’ counter.

After some more back and forth among the investors and founders, Cuban has a final offer: Greiner and Cuban will go in together at $1 million for a 5 percent stake and a $1.50 per unit royalty to be paid until $2 million is recouped.

Done, the cousins said.

“That’s what you get for giving beers,” Greiner said, while Cuban joked, “Why is it I always drink myself into spending a million dollars?”

Don’t miss: ‘Shark Tank’: Why Mark Cuban and A-Rod invested $700K in these genius portable protein powder pods

Like this story? Subscribe to CNBC Make It on YouTube!

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.” This story has been updated to include comment from Bottlekeeper.


Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: sarah berger, mitch haaseth, getty images
Keywords: news, cnbc, companies, shark, milliondollar, cold, entrepreneurs, won, beer, greiner, sales, unit, deal, cuban, tank, bottlekeeper, stake, keeps, million, callinan


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Iran says China’s CNPC replacing France’s Total in gas project

China’s state-owned CNPC has replaced France’s Total in Iran’s multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday. “China’s CNPC has officially replaced Total in phase 11 of South Pars but it has not started work practically. Total, which had a 50.1 percent stake in the project, and CNPC could not immediately be reached for comment. The French company said in August it had told Iranian authorities it wo


China’s state-owned CNPC has replaced France’s Total in Iran’s multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday. “China’s CNPC has officially replaced Total in phase 11 of South Pars but it has not started work practically. Total, which had a 50.1 percent stake in the project, and CNPC could not immediately be reached for comment. The French company said in August it had told Iranian authorities it wo
Iran says China’s CNPC replacing France’s Total in gas project Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: raheb homavandi
Keywords: news, cnbc, companies, iran, project, replacing, south, total, pars, field, gas, zanganeh, chinas, stake, frances, iranian, cnpc, holds


Iran says China's CNPC replacing France's Total in gas project

China’s state-owned CNPC has replaced France’s Total in Iran’s multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday.

“China’s CNPC has officially replaced Total in phase 11 of South Pars but it has not started work practically. Talks need to be held with CNPC … about when it will start operations,” Zanganeh told ICANA, without giving further details.

Total, which had a 50.1 percent stake in the project, and CNPC could not immediately be reached for comment.

The French company said in August it had told Iranian authorities it would withdraw from the South Pars gas project after it failed to obtain a waiver from U.S. sanctions against Iran.

In May, industry sources said CNPC was ready to take over Total’s stake in the project.

The offshore field, which Iran calls South Pars and Qatar calls North Field, holds the world’s largest natural gas reserves ever found in one place.

CNPC already holds a 30 percent stake in the giant field, while National Iranian Oil Company subsidiary PetroPars holds the remaining 19.9 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: raheb homavandi
Keywords: news, cnbc, companies, iran, project, replacing, south, total, pars, field, gas, zanganeh, chinas, stake, frances, iranian, cnpc, holds


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