Airbus to buy rest of Bombardier stake in A220 passenger jet program

An Airbus A220 passenger jet stands in the final assembly line in Mirabel near Montreal, Quebec, Canada on January 14, 2019. European planemaker Airbus has reached a deal to buy the remaining stake of Canadian plane and train maker Bombardier in the A220 passenger jet program, it said on Thursday. The deal signals Bombardier’s exit from commercial aviation by transferring its remaining interest in Airbus Canada to the main parent Airbus SE company and the government of the Canadian state of Queb


An Airbus A220 passenger jet stands in the final assembly line in Mirabel near Montreal, Quebec, Canada on January 14, 2019.
European planemaker Airbus has reached a deal to buy the remaining stake of Canadian plane and train maker Bombardier in the A220 passenger jet program, it said on Thursday.
The deal signals Bombardier’s exit from commercial aviation by transferring its remaining interest in Airbus Canada to the main parent Airbus SE company and the government of the Canadian state of Queb
Airbus to buy rest of Bombardier stake in A220 passenger jet program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-13
Keywords: news, cnbc, companies, canada, bombardier, quebec, airbus, passenger, buy, a220, exit, program, deal, jet, remaining, stake, rest, company, transaction


Airbus to buy rest of Bombardier stake in A220 passenger jet program

An Airbus A220 passenger jet stands in the final assembly line in Mirabel near Montreal, Quebec, Canada on January 14, 2019.

European planemaker Airbus has reached a deal to buy the remaining stake of Canadian plane and train maker Bombardier in the A220 passenger jet program, it said on Thursday.

The deal signals Bombardier’s exit from commercial aviation by transferring its remaining interest in Airbus Canada to the main parent Airbus SE company and the government of the Canadian state of Quebec.

Bombardier will receive $591 million, net of adjustments, and will no longer have future funding capital requirements to Airbus Canada. The deal will secure more than 3,300 Airbus jobs in Quebec, the companies added.

Bombardier added that the transaction would also help the company – which faced a cash crunch in 2015 — improve its overall financial position.

“This transaction supports our efforts to address our capital structure and completes our strategic exit from commercial aerospace,” said President and Chief Executive Alain Bellemare.

Sources have told Reuters that Bombardier’s rail unit may also be sold to French group Alstom , although any deal between Alstom and Bombardier has yet to be finalised.


Company: cnbc, Activity: cnbc, Date: 2020-02-13
Keywords: news, cnbc, companies, canada, bombardier, quebec, airbus, passenger, buy, a220, exit, program, deal, jet, remaining, stake, rest, company, transaction


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Google saved YouTube, so Big Tech isn’t always harmful to start-ups, argues top Silicon Valley investor

“The killing fields at YouTube, it certainly wasn’t Google. Universal Music Group, Warner Music and Sony Music did not immediately respond to CNBC’s request for comment. “They were the killers, Google was the savior,” said Moritz, whose firm had a reported 30 percent stake in YouTube at the time of the sale. “Which is why YouTube today thrills, entertains, amuses and diverts hundreds of millions of customers around the world. Moritz made the statements at a public workshop on venture capital and


“The killing fields at YouTube, it certainly wasn’t Google.
Universal Music Group, Warner Music and Sony Music did not immediately respond to CNBC’s request for comment.
“They were the killers, Google was the savior,” said Moritz, whose firm had a reported 30 percent stake in YouTube at the time of the sale.
“Which is why YouTube today thrills, entertains, amuses and diverts hundreds of millions of customers around the world.
Moritz made the statements at a public workshop on venture capital and
Google saved YouTube, so Big Tech isn’t always harmful to start-ups, argues top Silicon Valley investor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: lauren feiner
Keywords: news, cnbc, companies, valley, youtube, stake, silicon, sony, saved, tech, startups, harmful, isnt, companies, warner, threats, google, investor, music, moritz, universal


Google saved YouTube, so Big Tech isn't always harmful to start-ups, argues top Silicon Valley investor

Sequoia partner Michael Moritz defended Google’s 2006 acquisition of YouTube, saying it “saved” the video service in the $1.65 billion deal, as it was being ravaged by copyright threats over unlicensed music that users were posting.

“The killing fields at YouTube, it certainly wasn’t Google. The killing fields were called Universal, Warner, Sony with their battalions and phalanxes of lawyers, their ferocious attack dog agents, who were making these extraordinary threats of annihilation to this little company that for the first 8 or 9 months of their existence worked out of our office,” Moritz said, referring to three music companies that had aired complaints about alleged copyright infringement on YouTube’s service prior to the sale.

These companies each received a small stake in the company in the deal with Google, The New York Times reported at the time, as part of the licensing deals they reached shortly before it was negotiated. Universal Music Group, Warner Music and Sony Music did not immediately respond to CNBC’s request for comment.

“They were the killers, Google was the savior,” said Moritz, whose firm had a reported 30 percent stake in YouTube at the time of the sale. “Which is why YouTube today thrills, entertains, amuses and diverts hundreds of millions of customers around the world. Nobody tells that story.”

Moritz made the statements at a public workshop on venture capital and antitrust hosted by the Department of Justice Antitrust Division at Stanford University. Moritz was explaining why he typically is opposed to Sequoia portfolio companies exiting through a sale, but offered YouTube as a counter example of a time where it made sense to sell.


Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: lauren feiner
Keywords: news, cnbc, companies, valley, youtube, stake, silicon, sony, saved, tech, startups, harmful, isnt, companies, warner, threats, google, investor, music, moritz, universal


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Softbank’s Uber stake is up 18% despite investor complaints, says top executive Marcelo Claure

SoftBank executive Marcelo Claure said Monday the Vision Fund’s stake in ride-sharing company Uber is up 18% and touted the position as an example of what should attract investors to a forthcoming Vision Fund 2. “Obviously, performance is key and Vision Fund 1 performance — once you start getting away from the media and the craziness and all that — the fund’s performing well,” Claure told CNBC’s Andrew Ross Sorkin. Lots of complaints about WeWork: We feel very good that we have a great plan for


SoftBank executive Marcelo Claure said Monday the Vision Fund’s stake in ride-sharing company Uber is up 18% and touted the position as an example of what should attract investors to a forthcoming Vision Fund 2.
“Obviously, performance is key and Vision Fund 1 performance — once you start getting away from the media and the craziness and all that — the fund’s performing well,” Claure told CNBC’s Andrew Ross Sorkin.
Lots of complaints about WeWork: We feel very good that we have a great plan for
Softbank’s Uber stake is up 18% despite investor complaints, says top executive Marcelo Claure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: thomas franck
Keywords: news, cnbc, companies, billion, claure, vision, investor, performance, fund, softbank, marcelo, despite, wework, start, softbanks, funds, uber, stake, complaints, executive


Softbank's Uber stake is up 18% despite investor complaints, says top executive Marcelo Claure

SoftBank executive Marcelo Claure said Monday the Vision Fund’s stake in ride-sharing company Uber is up 18% and touted the position as an example of what should attract investors to a forthcoming Vision Fund 2.

“Obviously, performance is key and Vision Fund 1 performance — once you start getting away from the media and the craziness and all that — the fund’s performing well,” Claure told CNBC’s Andrew Ross Sorkin.

Asked to address recent reports that SoftBank is struggling to raise capital for its second Vision fund, Claure said it’s still “too early” to make conclusions about the final size of the pool and the composition of the funds.

Reports from the Wall Street Journal and others say SoftBank is on track to raise about half of the $108 billion promised by executives last summer after investors, disenchanted by flops like WeWork and irregular operations, refused to dole out the necessary cash.

“You’ve got to put things in perspective,” Claure said Monday. “We’ve had a lot of complaints about Uber. Well, Uber is up, I think, 18% from where we invested. Lots of complaints about WeWork: We feel very good that we have a great plan for WeWork.”

“So I think as things start to calm down and you start seeing that Uber was a good investment (ridesharing has an incredible amount of potential), that WeWork has a plan and once we start executing quarter over quarter you’re going to see that potentially the additional Vision funds are going to come along.”

Claure’s optimism on Monday comes on the heels of a turbulent 2019 for the first Vision Fund as some of SoftBank’s biggest investments made headlines for performance ranging from lackluster to tragic.

The original Vision Fund — one of the company’s largest pools through which it invested in promising young companies — was forced to take billion-dollar write-downs on WeWork, Slack Technologies and Uber.

Its WeWork write-down alone at one point totaled $8.8 billion after the office-sharing company revealed a $900 million loss in its prospectus and reneged on plans to go public. SoftBank was then forced to broker the ouster of former WeWork chief executive Adam Neumann, who was offered $1.7 billion to depart the company and surrender his voting rights.

But Claure also told CNBC on Monday that it’s “totally false” to say Neumann walked away with over $1 billion since so much of that figure was a transaction for his equity.


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: thomas franck
Keywords: news, cnbc, companies, billion, claure, vision, investor, performance, fund, softbank, marcelo, despite, wework, start, softbanks, funds, uber, stake, complaints, executive


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Trump ‘apoplectic’ with UK over Huawei 5G decision as US suggests taking stake in Nokia, Ericsson

William Barr’s comments come after President Donald Trump expressed “apoplectic” fury towards U.K. Prime Minister Boris Johnson over Britain’s decision to allow Huawei limited participation in its 5G networks, according to a report from the Financial Times. 5G refers to next-generation mobile networks that promise super fast data speeds and will become critical to future infrastructure. The U.S. has been pressuring allies, including the U.K., to completely block Huawei from its 5G networks. Inst


William Barr’s comments come after President Donald Trump expressed “apoplectic” fury towards U.K. Prime Minister Boris Johnson over Britain’s decision to allow Huawei limited participation in its 5G networks, according to a report from the Financial Times.
5G refers to next-generation mobile networks that promise super fast data speeds and will become critical to future infrastructure.
The U.S. has been pressuring allies, including the U.K., to completely block Huawei from its 5G networks.
Inst
Trump ‘apoplectic’ with UK over Huawei 5G decision as US suggests taking stake in Nokia, Ericsson Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-07  Authors: arjun kharpal
Keywords: news, cnbc, companies, nokia, prime, ericsson, apoplectic, stake, decision, suggests, trump, taking, networks, huaweis, huawei


Trump 'apoplectic' with UK over Huawei 5G decision as US suggests taking stake in Nokia, Ericsson

Britain’s Prime Minister Boris Johnson (R) welcomes US President Donald Trump (L) to the NATO summit at the Grove hotel in Watford, northeast of London on December 4, 2019. Peter Nicholls | AFP | Getty Images

The U.S. Attorney General said America should consider taking a controlling stake in European telecoms equipment makers Nokia and Ericsson to “blunt” Chinese firm Huawei’s “drive to domination.” William Barr’s comments come after President Donald Trump expressed “apoplectic” fury towards U.K. Prime Minister Boris Johnson over Britain’s decision to allow Huawei limited participation in its 5G networks, according to a report from the Financial Times. 5G refers to next-generation mobile networks that promise super fast data speeds and will become critical to future infrastructure. Washington has maintained that Huawei’s equipment could be used for espionage on Americans by Beijing. The U.S. also argues that if Huawei owns 5G infrastructure, by default, it’s in the hands of China and they could shut down networks at any time. Huawei has denied all of the allegations.

The U.S. has been pressuring allies, including the U.K., to completely block Huawei from its 5G networks. But last month, Britain decided to allow Huawei to participate in a limited part of the 5G rollout and limit the Chinese company’s market share, in a move that was seen as a test for the relationship between the U.K. and U.S. The FT reported, citing officials, that after this decision, Trump and Johnson had a phone call in which the U.S. president expressed anger at the British Prime Minister. The White House and Downing Street were not immediately available for comment when contacted by CNBC.

Huawei competitor

Huawei’s biggest rivals are Finnish firm Nokia and Swedish company Ericsson. The U.S. does not have a rival to the Chinese firm. But there have been rising calls to create an American competitor, a tough task given the long lead time and high cost it would take to develop the technology and the fact that 5G has already begun rolling out globally. Instead, Barr offered a different option, suggesting the U.S. find a way to take a controlling stake in Nokia and Ericsson. “We have to make a decision on the horse we’re going to ride in this race,” Barr said during a speech at a conference run by the Center for Strategic and International Studies. “Who is the 5G equipment supplier or suppliers that we will rely on to compete against Huawei around the globe to win contracts from operators and blunt Huawei’s drive to domination?” He said the Nokia and Ericsson don’t have “Huawei’s scale nor the backing of a powerful country with a large embedded market like China” and suggested the U.S. “actively” consider buying a stake. “There have been some proposals that these concerns could be met by the United States aligning itself with Nokia and or Ericsson through American ownership of a controlling stake either directly or through a consortium of private American and allied companies,” Barr said. “Putting our large market and financial muscle behind one or both of these firms, would make it a far more formidable competitor and eliminate concerns over … their staying power.” Ericsson declined to comment when contacted by CNBC. “We always welcome investor interest in Nokia. Beyond that we cannot comment on Mr Barr’s statement,” a Nokia spokesperson told CNBC. Ericsson shares were up near 3.7% around 10:0 a.m. London time while Nokia was just shy of 4% higher.

Potential Ericsson deal ‘positive’


Company: cnbc, Activity: cnbc, Date: 2020-02-07  Authors: arjun kharpal
Keywords: news, cnbc, companies, nokia, prime, ericsson, apoplectic, stake, decision, suggests, trump, taking, networks, huaweis, huawei


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Deutsche Bank shares soar after new shareholder steps in

Deutsche Bank on Thursday revealed that Los Angeles-based Capital Group has taken a 3.1% stake, boosting shares in Germany’s largest bank which has been hit by losses and misconduct scandals. Deutsche Bank shares rose as much as 9.4% to their highest level in 15 months and marking their biggest intraday jump in almost four years. “We are happy for any shareholders, especially those with the track record and credibility of Capital,” Deutsche Bank said in a statement. The scandals and more recentl


Deutsche Bank on Thursday revealed that Los Angeles-based Capital Group has taken a 3.1% stake, boosting shares in Germany’s largest bank which has been hit by losses and misconduct scandals.
Deutsche Bank shares rose as much as 9.4% to their highest level in 15 months and marking their biggest intraday jump in almost four years.
“We are happy for any shareholders, especially those with the track record and credibility of Capital,” Deutsche Bank said in a statement.
The scandals and more recentl
Deutsche Bank shares soar after new shareholder steps in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-06
Keywords: news, cnbc, companies, soar, person, stake, loss, bank, banks, group, deutsche, capital, steps, record, shareholder, shares


Deutsche Bank shares soar after new shareholder steps in

Deutsche Bank on Thursday revealed that Los Angeles-based Capital Group has taken a 3.1% stake, boosting shares in Germany’s largest bank which has been hit by losses and misconduct scandals.

Deutsche Bank shares rose as much as 9.4% to their highest level in 15 months and marking their biggest intraday jump in almost four years. They were the top performers in the Frankfurt’s benchmark DAX index.

“We are happy for any shareholders, especially those with the track record and credibility of Capital,” Deutsche Bank said in a statement.

Capital Group in London declined to comment.

The scandals and more recently an aborted merger with rival Commerzbank mean Deutsche Bank is still in recovery mode more than a decade on from the global financial crisis.

Last week, Deutsche Bank plunged to a bigger than expected loss of 5.7 billion euros ($6.3 billion) for last year, its fifth consecutive loss, as the cost of its latest turnaround attempt hit earnings.

After Capital Group’s investment, Deutsche Bank’s largest shareholder remains the Qatari royal family, with a combined share of at least 6.1%, the bank’s website showed.

That is followed by BlackRock with 4.49%, and Hudson Executive Capital with 3.14%.

Capital Group previously owned a stake in Deutsche a couple of years ago but then sold, according to a person with knowledge of the matter.

Capital decided to go in again at the end of last year, the person said, speaking on condition of anonymity.

Deutsche Bank’s shares fell to record lows last year but are so far up 30% this year.


Company: cnbc, Activity: cnbc, Date: 2020-02-06
Keywords: news, cnbc, companies, soar, person, stake, loss, bank, banks, group, deutsche, capital, steps, record, shareholder, shares


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Elliott Management takes $2.5B stake in SoftBank: Dow Jones

Elliott Management takes $2.5B stake in SoftBank: Dow JonesCNBC’s Dom Chu breaks down a report that says Elliott Management will take a $2.5 billion stake in SoftBank.


Elliott Management takes $2.5B stake in SoftBank: Dow JonesCNBC’s Dom Chu breaks down a report that says Elliott Management will take a $2.5 billion stake in SoftBank.
Elliott Management takes $2.5B stake in SoftBank: Dow Jones Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-06
Keywords: news, cnbc, companies, chu, jonescnbcs, dom, jones, takes, dow, report, management, 25b, softbank, stake, elliott


Elliott Management takes $2.5B stake in SoftBank: Dow Jones

Elliott Management takes $2.5B stake in SoftBank: Dow Jones

CNBC’s Dom Chu breaks down a report that says Elliott Management will take a $2.5 billion stake in SoftBank.


Company: cnbc, Activity: cnbc, Date: 2020-02-06
Keywords: news, cnbc, companies, chu, jonescnbcs, dom, jones, takes, dow, report, management, 25b, softbank, stake, elliott


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Travis Kalanick left more than $1 billion on the table by dumping his Uber stake last year

Former Uber Technologies CEO and co-founder Travis Kalanick walks on the floor of the New York Stock Exchange during the company’s IPO May 10, 2019. Uber’s former CEO Travis Kalanick went on a selling spree late last year, dumping almost all of his shares in the ride-hailing company between November and December. Had Kalanick held onto his shares, they’d be worth $1.2 billion more today than they were when he divested. Kalanick was ousted as Uber’s CEO in 2017 after a litany of concerns emerged


Former Uber Technologies CEO and co-founder Travis Kalanick walks on the floor of the New York Stock Exchange during the company’s IPO May 10, 2019.
Uber’s former CEO Travis Kalanick went on a selling spree late last year, dumping almost all of his shares in the ride-hailing company between November and December.
Had Kalanick held onto his shares, they’d be worth $1.2 billion more today than they were when he divested.
Kalanick was ousted as Uber’s CEO in 2017 after a litany of concerns emerged
Travis Kalanick left more than $1 billion on the table by dumping his Uber stake last year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: ari levy
Keywords: news, cnbc, companies, table, left, ceo, kalanick, stock, ubers, business, shares, billion, dumping, uber, stake, travis, company


Travis Kalanick left more than $1 billion on the table by dumping his Uber stake last year

Former Uber Technologies CEO and co-founder Travis Kalanick walks on the floor of the New York Stock Exchange during the company’s IPO May 10, 2019.

Uber’s former CEO Travis Kalanick went on a selling spree late last year, dumping almost all of his shares in the ride-hailing company between November and December. In doing so, he left more than $1 billion on the table.

Uber shares rose as much as 10% in extended trading on Thursday, surpassing $40, after the company reported better-than-expected fourth-quarter results and said it would reach EBITDA profitability ahead of schedule.

The story has brightened modestly for Uber, which struggled last year after its market debut in May, as investors questioned whether the cash-burning business would be able to scratch its way to profitability. After its IPO debuted at $45, the stock sank as low as $25.99 in mid-November. At its after-hours peak on Thursday, it was up 56% from its lowest close.

Had Kalanick held onto his shares, they’d be worth $1.2 billion more today than they were when he divested. Kalanick left the Uber board on Dec. 24, to “focus on his new business and philanthropic endeavors,” the company said, just as he was unloading the last of his shares. His latest venture, CloudKitchens, rents out space to restaurateurs for delivery-based businesses.

Kalanick was ousted as Uber’s CEO in 2017 after a litany of concerns emerged surrounding the company’s culture and workplace environment and its treatment of drivers and riders. Dara Khosrowshahi, the former Expedia CEO who succeeded Kalanick, said in December that he was “enormously grateful for Travis’ vision and tenacity while building Uber.”

Kalanick started selling shares in November after the post-IPO lockup period expired, dumping 20% of his stake on Nov. 6, at $26.99 a share, according to filings. Over the next weeks, he sold the rest at prices ranging from $26.63 to $30.47.

In total, Kalanick netted about $2.8 billion from his stock sales.

WATCH: Uber’s ridesharing business its crown jewel for foreseeable future


Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: ari levy
Keywords: news, cnbc, companies, table, left, ceo, kalanick, stock, ubers, business, shares, billion, dumping, uber, stake, travis, company


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Hulu CEO Randy Freer out as Disney moves to absorb the streaming service

Hulu announced on Friday that Randy Freer will step down as CEO of the company. In a press release on Friday, Hulu said that Disney plans to “more closely integrate Hulu” into its business operations and that Hulu’s executives would report to Disney’s direct-to-consumer and international executives. Last May, Disney took “full operational control” of the online streaming service, which was originally started as a joint venture including the company with NBCUniversal, News Corporation, and others


Hulu announced on Friday that Randy Freer will step down as CEO of the company.
In a press release on Friday, Hulu said that Disney plans to “more closely integrate Hulu” into its business operations and that Hulu’s executives would report to Disney’s direct-to-consumer and international executives.
Last May, Disney took “full operational control” of the online streaming service, which was originally started as a joint venture including the company with NBCUniversal, News Corporation, and others
Hulu CEO Randy Freer out as Disney moves to absorb the streaming service Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-31  Authors: kif leswing
Keywords: news, cnbc, companies, operational, remaining, hulu, freer, moves, ceo, stake, control, venture, randy, disney, nbcuniversal, comcast, service, absorb, streaming


Hulu CEO Randy Freer out as Disney moves to absorb the streaming service

Hulu announced on Friday that Randy Freer will step down as CEO of the company.

In a press release on Friday, Hulu said that Disney plans to “more closely integrate Hulu” into its business operations and that Hulu’s executives would report to Disney’s direct-to-consumer and international executives.

Last May, Disney took “full operational control” of the online streaming service, which was originally started as a joint venture including the company with NBCUniversal, News Corporation, and others.

Disney had gradually built up its ownership stake in the service, and Comcast (which owns NBCUniversal) was the last remaining partner. In May. Comcast handed over operational control and agreed to sell its remaining 33% stake to Disney over the next five years.


Company: cnbc, Activity: cnbc, Date: 2020-01-31  Authors: kif leswing
Keywords: news, cnbc, companies, operational, remaining, hulu, freer, moves, ceo, stake, control, venture, randy, disney, nbcuniversal, comcast, service, absorb, streaming


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Billionaire Lawrence Stroll takes stake in ailing carmaker Aston Martin

Owner of Racing Point Lawrence Stroll walks in the Paddock before the F1 Grand Prix of Spain on May 12, 2019. Canadian billionaire Lawrence Stroll will take an up to 20% stake in Aston Martin for nearly 200 million pounds ($263 million) as the ailing carmaker raises funds after a sales drop put pressure on its finances. The company will raise a total of 500 million pounds, including a rights issue from existing major shareholders, it said on Friday, as it begins building its first SUV. “He bring


Owner of Racing Point Lawrence Stroll walks in the Paddock before the F1 Grand Prix of Spain on May 12, 2019.
Canadian billionaire Lawrence Stroll will take an up to 20% stake in Aston Martin for nearly 200 million pounds ($263 million) as the ailing carmaker raises funds after a sales drop put pressure on its finances.
The company will raise a total of 500 million pounds, including a rights issue from existing major shareholders, it said on Friday, as it begins building its first SUV.
“He bring
Billionaire Lawrence Stroll takes stake in ailing carmaker Aston Martin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-31
Keywords: news, cnbc, companies, lawrence, billionaire, aston, takes, martin, team, point, racing, million, stroll, told, ailing, pounds, stake, carmaker, palmer


Billionaire Lawrence Stroll takes stake in ailing carmaker Aston Martin

Owner of Racing Point Lawrence Stroll walks in the Paddock before the F1 Grand Prix of Spain on May 12, 2019.

Canadian billionaire Lawrence Stroll will take an up to 20% stake in Aston Martin for nearly 200 million pounds ($263 million) as the ailing carmaker raises funds after a sales drop put pressure on its finances.

Famed for being fictional secret agent James Bond’s car of choice, the 107-year old company’s share price has plummeted since floating in October 2018 and it has come late to the lucrative sport utility vehicle (SUV) market which boosted rivals.

The company will raise a total of 500 million pounds, including a rights issue from existing major shareholders, it said on Friday, as it begins building its first SUV.

Aston had also held talks with Chinese carmaker Geely, a source has previously told Reuters.

Chief Executive Andy Palmer said Stroll and the consortium he will lead bring several benefits to the automaker.

“He brings with him his experiences and access to his Formula 1 team,” Palmer told Reuters.

“We’ve talked a lot in the past few years about wanting to be clearly rooted in luxury and obviously Mr Stroll knows an awful lot about luxury.”

Stroll, who made his money through investing in fashion brands such as Tommy Hilfiger and Michael Kors, has been involved in Formula One and motor racing for years and also owns Canada’s Mont Tremblant circuit in Quebec.

Under Friday’s agreement, Aston Martin said Stroll’s Racing Point will become the Aston Martin F1 works team from the 2021 season.

Stroll will join the board as executive chairman, replacing Penny Hughes, who will step down.


Company: cnbc, Activity: cnbc, Date: 2020-01-31
Keywords: news, cnbc, companies, lawrence, billionaire, aston, takes, martin, team, point, racing, million, stroll, told, ailing, pounds, stake, carmaker, palmer


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Amazon and Deliveroo argue that UK competition probe is ‘speculative’

Britain’s competition probe into Amazon’s minority investment in food delivery service Deliveroo is “speculative” and not grounded in evidence, the two companies argued Wednesday. The pair claimed that the Phase 1 investigation by the Competition and Markets Authority (CMA) into Amazon’s stake in the U.K. start-up failed to provide evidence of existing competition between the firms. An initial submission from Amazon and Deliveroo released by the antitrust watchdog Wednesday said that the probe “


Britain’s competition probe into Amazon’s minority investment in food delivery service Deliveroo is “speculative” and not grounded in evidence, the two companies argued Wednesday.
The pair claimed that the Phase 1 investigation by the Competition and Markets Authority (CMA) into Amazon’s stake in the U.K. start-up failed to provide evidence of existing competition between the firms.
An initial submission from Amazon and Deliveroo released by the antitrust watchdog Wednesday said that the probe “
Amazon and Deliveroo argue that UK competition probe is ‘speculative’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-29  Authors: ryan browne
Keywords: news, cnbc, companies, competition, probe, deliveroo, argue, evidence, food, speculative, million, stake, amazon


Amazon and Deliveroo argue that UK competition probe is 'speculative'

A food delivery courier places a bag of food into the back of his bicycle as he prepares to deliver an order from Deliveroo in London.

Britain’s competition probe into Amazon’s minority investment in food delivery service Deliveroo is “speculative” and not grounded in evidence, the two companies argued Wednesday.

The pair claimed that the Phase 1 investigation by the Competition and Markets Authority (CMA) into Amazon’s stake in the U.K. start-up failed to provide evidence of existing competition between the firms.

Amazon was the lead investor in Deliveroo’s $575 million funding round, announced back in May. Its stake, thought to be worth roughly $500 million, has since been frozen by the regulator as it conducts an investigation into alleged competition concerns raised by the deal.

An initial submission from Amazon and Deliveroo released by the antitrust watchdog Wednesday said that the probe “does not produce any credible evidence of existing competition” between the companies and “largely focusses on notional loss of potential future competition.”

“But these theories of harm are speculative and not supported by evidence,” the document, which has been heavily redacted in certain sections, continued. “On the contrary, they are directly undermined by the evidence.”

Amazon has operated an online takeout business in the past, called Amazon Restaurants, but it shuttered U.K. operations in 2018 and closed down completely last year. The CMA has argued that Deliveroo’s cash injection from Amazon could reduce competition by removing the possibility of the e-commerce giant re-entering the market.


Company: cnbc, Activity: cnbc, Date: 2020-01-29  Authors: ryan browne
Keywords: news, cnbc, companies, competition, probe, deliveroo, argue, evidence, food, speculative, million, stake, amazon


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