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In new effort to boost value.
By Thomas Pfeiffer and Loni Prinsloo, Bloomberg
12 May 2021 09:40
Image: Jasper Juinen/Bloomberg
Naspers investors will be able to swap their shares for those of its Dutch-listed unit, Prosus, in another effort to narrow a valuation gap with its Chinese affiliate Tencent Holdings.
The move may more than double the number of Prosus shares available for trading, making the stock more liquid and giving Prosus a stake of 49.5% in Naspers, the parent company said in a statement on Wednesday. The market capitalisation of the free float would be worth more than $100 billion.
“In terms of how soon the WTO can deliver that literally depends on the WTO members, collectively, being able to deliver,” U.S. Trade Representative Katherine Tai said in an interview Wednesday. “I am the first one to admit that what we are leaning into is a process that is not going to be easy.”
With the European Union and China signaling a willingness to take part in the debate after the Biden administration’s announcement, pharmaceutical executives reacted with anger and their stock prices tumbled worldwide.
BioNTech SE’s depository receipts dropped as much as 16% in U.S. trading, while shares of Pfizer Inc. were down 2.8% as of 10:19 a.m. in New York. Together, the companies sell the messenger RNA shot that was one of the first to win regulatory endorsement.
(Bloomberg) Nestle SA agreed to buy vitamin maker Bountiful Co. for $5.75 billion, becoming a world leader in the field of minerals and supplements as the pandemic boosts demand for pills for health-conscious consumers. Nestle Health Science Chief Executive Officer Greg Behar said the purchase from private equity firms KKR & Co. and Carlyle should double e-commerce revenue from supplements to about $1 billion this year. Chief Executive Officer Mark Schneider dove into the field of vitamins and supplements in his first year as CEO in 2017 with the $2.3 billion acquisition of Atrium Innovations Inc. He has focused on developing larger brands in the competitive, fragmented segment, seeing a market in high-spending health-conscious consumers. “The bolt-on acquisition fits well with Nestle’s strategy to further expand in the highly attractive and globally growing category of specialized nutrition,” wrote Patrik Schwendimann, an analyst at Zuercher Kantonalbank. He said the price
Lego heirs US$20B fund says future of offices unclear
Christian Wienberg, Bloomberg News A flat piece of lego, manufactured by Lego A/S arranged in Danbury, U.K., on Friday, March 5, 2021. Lego is due to report annual results on Wednesday. Photographer: Chris Ratcliffe/Bloomberg , Bloomberg
âThe fund managing the US$20 billion fortune of the richest members of the Lego family says it will take years before the pandemicâs impact on office real estate is known.
With a full return to pre-pandemic office life looking unlikely, real estate investors are trying to figure out what that means for their portfolios.
Lego Heirs $20 Billion Fund Says Future of Offices Unclear wealthmanagement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wealthmanagement.com Daily Mail and Mail on Sunday newspapers.