Mergers & Acquisitions

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>>> Chevron to Acquire Hess for $53 Billion in Latest Major Oil Deal

The acquisition marks further consolidation of the oil industry and highlights the confidence that energy companies have in the future of fossil fuels.


New York Times

Oct. 23, 2023


https://www.nytimes.com/2023/10/23/business/chevron-hess-acquisition.html


In the second energy megadeal this month, Chevron, the second-largest U.S. oil giant, said Monday that it had agreed to acquire Hess, a medium-size rival, in an all-stock deal valued at $53 billion.

The deal marks a further consolidation of the energy industry, especially in the United States, where smaller companies appear to be taking advantage of relatively high oil prices to join forces with bigger players. The transaction follows Exxon Mobil’s $60 billion purchase of the shale driller Pioneer Natural Resources this month, another sign of confidence among large industry players in the future of fossil fuels even as policymakers promote cleaner energy sources.

Like Exxon’s acquisition of Pioneer, Chevron’s move shows that big oil companies want to invest closer to home amid rising political risks in Asia, the Middle East and Africa. In recent years, Chevron has increased its holdings in the Rocky Mountains and the Permian Basin straddling Texas and New Mexico.

“Besides the United States, South America is the region where Chevron is making its bet,” said Peter McNally, an energy analyst at Third Bridge, a research firm. He said the recent flurry of acquisitions reminded him of a wave of takeovers a quarter-century ago that produced Exxon Mobil and Chevron-Texaco. At that time, he said, the companies were looking to lower costs; today, the acquired companies offer large assets and specialized expertise to develop unconventional resources like shale.

The jewel of the deal is the acquisition of Hess’s investment in offshore Guyana, which, in partnership with Exxon Mobil, is producing 400,000 barrels a day, up from nothing four years ago. Output is expected to triple by 2027, with Guyana representing more than 1 percent of total global output.

Exxon, Hess and CNOOC, a smaller Chinese partner, have made more than 30 discoveries in Guyana, with more than 11 billion barrels in the largest Stabroek block alone.

Natural gas bubbles up with the oil, providing an opportunity in the local electricity market and the potential to export to Trinidad and Tobago to produce liquefied natural gas for European markets.

Exxon Mobil is the Guyana project’s operator and major investor, with Hess piggybacking on what has developed into one of the biggest cash machines in the oil business. Along with West Texas, Guyana is Exxon’s biggest investment to increase future production.

Chevron has a longstanding investment in Venezuela, which borders Guyana, producing potential synergies should the U.S. government further loosen the sanctions it has imposed on that country.

Chevron will also acquire Hess’s shale fields in North Dakota; offshore production in the Gulf of Mexico, where it made a major oil discovery this year; and a natural gas business in Southeast Asia.

In a news release, Chevron said the acquisition would diversify its portfolio. Hess would add about 10 percent to Chevron’s overall oil and gas production of about three million barrels a day.

Mike Wirth, Chevron’s chairman and chief executive, said in a statement that the deal enhanced the company’s operations “by adding world-class assets.”

Pierre Breber, Chevron’s chief financial officer, said, “The addition of Hess is expected to extend further Chevron’s free cash flow growth.”

“With greater confidence in projected long-term cash generation,” he added, “Chevron intends to return more cash to shareholders” in the form of dividends and higher share repurchases.

John Hess, the chief executive of Hess, is expected to join Chevron’s board. He and his family will be big winners from the transaction.

On a conference call with Mr. Wirth, Mr. Hess recalled what he said was his company’s “long, proud history,” which began about 90 years ago with his father’s delivering fuel oil during the Depression.

Mr. Hess portrayed the merger as combining his company’s growth prospects, especially in Guyana, with Chevron’s broader reach, financial strength and ability to pay much bigger dividends.

In a note to clients on Monday, Biraj Borkhataria, an analyst at RBC Capital Markets, said it was surprising that Chevron had struck a big-ticket deal when Exxon, the company’s main rival, appeared out of the hunt because of its multibillion-dollar Pioneer purchase. He figured that Chevron “could bide its time.”

Mr. Borkhataria said Hess would give Chevron “a stronger, more diversified portfolio, which should bode well for shareholders over the long term; but in the near term, the news could weigh on the shares.”

Chevron shares were down about 2 percent on Monday morning.

A Bernstein Research note on Monday morning said the firm saw “little risk” in regulatory challenges, although “an activist contesting the deal is possible.” The research note added, “A counter deal is possible.”

Environmentalists were critical of the deal, as they had been of Exxon’s acquisition of Pioneer. “Chevron’s acquisition of Hess this week is yet another concerning sign that the fossil fuel industry has no intention of slowing down,” said Cassidy DiPaola, campaign manager for Fossil Free Media. “Deals like this lock us into greater fossil fuel dependency and greenhouse gas emissions for decades to come.”

Chevron, like Exxon, says it is building new abilities to capture carbon dioxide and bury greenhouse gases in the ground or recycle them. (lol)

The Chevron-Hess deal is the latest in a series of mergers and acquisitions that are changing the industry. Occidental Petroleum acquired Anadarko Petroleum four years ago for $40 billion. Pioneer spent more than $10 billion in recent years to buy Parsley Energy and DoublePoint Energy in 2021.

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>>> CBIZ ACQUIRES AMERICAN PENSION ADVISORS

PR Newswire

July 5, 2023


https://finance.yahoo.com/news/cbiz-acquires-american-pension-advisors-200100069.html


CLEVELAND, July 5, 2023 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("the Company"), a leading provider of financial, insurance and advisory services, announced today that it has acquired American Pension Advisors, Ltd. ("APA") of Indianapolis, IN, effective July 1, 2023.

Founded in 1997, APA provides full-service retirement plan consulting and administration assisting more than 1,200 clients in the design, implementation, and administration of all types of retirement plans including 401(k), 403(b), 457(b), defined benefit and cash balance. APA has 14 employees and approximately $2.9 million in revenue.

Jerry Grisko, President and CEO of CBIZ, said, "The acquisition of American Pension Advisors brings valuable talent, expertise, and capacity to bolster our growing Retirement Investment Services business. At the same time, this acquisition also strengthens our presence and visibility in the Indianapolis metro market and complements another acquisition in the same market we completed earlier this year. Working together, we will be able to offer our collective clients a broader array of services. I am pleased to welcome the APA team to CBIZ."

David Behrmann, of APA, stated, "We are so excited to join forces with a nationally recognized company like CBIZ. We look forward to offering the additional services and expertise of CBIZ to help our clients grow and succeed. I'm pleased that our team members will now have access to additional technical support, resources and tools that will make them more successful and better serve our clients."

About CBIZ

CBIZ, Inc. is a leading provider of financial, insurance, and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 120 Company offices in 33 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.

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>>> Arthur J. Gallagher & Co. Acquires Ace Commercial Insurance Center


PR Newswire

September 21, 2023


https://finance.yahoo.com/news/arthur-j-gallagher-co-acquires-130000585.html


Arthur J. Gallagher & Co. Acquires Hartley Cylke Pacific Insurance Services, Inc.

ROLLING MEADOWS, Ill., Sept. 21, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Corona, California-based Ace Commercial Insurance Center (Ace). Terms of the transaction were not disclosed.

Ace is a specialist insurance broker serving the trucking industry primarily in Southern California. Jackie Hoang, Anhdy Nguyen and their team will remain in their current location under the direction of Scott Firestone, head of Gallagher's Southwest region retail property/casualty brokerage operations.

"Ace is a well-regarded agency that expands our transportation market expertise in the Southwest," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am very pleased to welcome Jackie, Anhdy and their associates to Gallagher."

Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

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>>> Cadence to Acquire Intrinsix Corporation from CEVA


Business Wire

September 20, 2023


https://finance.yahoo.com/news/cadence-acquire-intrinsix-corporation-ceva-110000968.html


Transaction will bring Cadence a highly skilled team of engineers to expand company’s reach in the aerospace and defense industry, and strengthen CEVA’s focus on IP for high-growth technologies addressing wireless communications, sensing and edge AI


SAN JOSE, Calif. & ROCKVILLE, Md., September 20, 2023--(BUSINESS WIRE)--Cadence Design Systems, Inc. (Nasdaq: CDNS) and CEVA, Inc. (Nasdaq: CEVA), a leading licensor of wireless connectivity and smart sensing technologies, today announced that they have entered into a definitive agreement for Cadence to acquire Intrinsix Corporation, a wholly owned subsidiary of CEVA and a provider of design engineering solutions focused on the U.S. aerospace and defense industry. The purchase will bring Cadence a highly skilled engineering team that has expertise in advanced nodes, radio frequency, mixed-signal and security algorithms.

"CEVA’s strength over the years has been in developing and licensing semiconductor IP and software, which has powered more than 16 billion devices to date," said Amir Panush, CEO of CEVA. "With the sale of Intrinsix, we are focusing our efforts on this core expertise, which will allow us to reinforce our leadership position in wireless communications, sensing and edge AI technologies and support our long-term growth strategy."

"Cadence and Intrinsix are well-aligned in their missions to enable customers to achieve design excellence," said Neil Zaman, Senior Vice President and Chief Revenue Officer at Cadence. "Through the acquisition of Intrinsix, we will scale our system and IC design services team to support customers in key high-growth verticals like the aerospace and defense industry who are faced with meeting tight time-to-market deadlines and ever-increasing chip and system-level complexity."

The acquisition is expected to be immaterial to revenue and earnings this year for Cadence and is subject to certain closing conditions.

About Cadence

Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design™ strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence® customers are the world’s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For nine years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at www.cadence.com.

About CEVA

CEVA is the leading licensor of wireless connectivity and smart sensing technologies for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms, cryptography cores and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. Leveraging our technologies, many of the world’s leading semiconductors, system companies and OEMs create power-efficient, intelligent, secure and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial and IoT.

Our DSP and edge AI based solutions include platforms for 5G baseband processing in mobile, IoT and infrastructure, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low-power always-on/sensing applications for multiple IoT markets. For motion sensing solutions, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and inertial measurement unit ("IMU") solutions for markets including hearables, wearables, AR/VR, PC, robotics, remote controls and IoT. For wireless IoT, our platforms for Bluetooth connectivity (low energy and dual mode), Wi-Fi 4/5/6 (802.11n/ac/ax), Ultra-wideband (UWB), NB-IoT and GNSS are the most broadly licensed connectivity platforms in the industry.

CEVA is a sustainable and environmentally conscious company, adhering to our Code of Business Conduct and Ethics. As such, we emphasize and focus on environmental preservation, recycling, the welfare of our employees and privacy – which we promote on a corporate level. At CEVA, we are committed to social responsibility, values of preservation and consciousness towards these purposes.

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[StocksnCrypto]

YCRM SFLM really good R/Ms right now

$YCRM and $SFLM are the best R/Ms I can find right now in the OTC and the best I’ve seen in years

•YCRM/PickeJar already raised 4M in a round led by Anton Rabie, Canadian billionaire businessman and largest shareholder and executive at $TOY.to $TOY

•SFLM/Deep Power is VC… pic.twitter.com/o605HpG5VF

— Stock Picks NYC (@StockPicksNYC) September 27, 2023

[ProfitScout]

$EVVL Acquisition News: Evil Empire Designs Inc (EVVL) Finalizes Agreement to Purchase Trendmark Industries

LAS VEGAS, NV / ACCESSWIRE / June 26, 2023 / Evil Empire Designs, Inc. (OTC PINK:EVVL) ("Evil Empire Designs" or the "Company") today announced that it has entered into a definitive Share Exchange Agreement with Trendmark Industries, Inc. ("Trendmark"), and the sole stockholder of Trendmark, under which Evil Empire Designs will acquire 100% of the outstanding shares of Trendmark. The purchase will give Evil Empire Designs its own manufacturing capabilities and includes proprietary molds, inventory and equipment, as well as certain intellectual property that compliments the Company's current product offering. The Company anticipates the new product line being available for sale on its website (http://www.evilempiredesigns.com) shortly after closing.

As part of the purchase, Evil Empire Designs has loaned Trendmark $50,000 and will issue the current Trendmark shareholder an aggregate of 10,000,000 shares of the Company's common stock. Trendmark management will also be required to operate Trendmark and participate in Evil Empire's sales, marketing and business planning for a term of three years.

"This acquisition not only allows us to bring the manufacturing of our designs in-house, saving us time and money, but also brings with it a host of complimentary products. Additionally, we won't be subject to supply chain interruptions because most of our products will be manufactured with parts made in the United States," commented Sheila Cunningham, CEO of Evil Empire Designs. "A huge bonus was being able to retain current management. They have years of experience in the motorcycle business, have been quite successful, and we anticipate they will facilitate opening new sales avenues for our designs. We believe this is an extremely accretive transaction for not only Evil Empire Designs but for our shareholders as we execute on our business strategy and seek to maximize value for our shareholders."

Closing of the Share Exchange Agreement is subject to customary closing conditions, and Evil Empire Designs anticipates closing of the transactions under the Share Exchange Agreement before June 30, 2023.

Evil Empire Designs also announced that it has decided to not pursue a prospective merger or acquisition of TOL Designs.

About Evil Empire Designs

At Evil Empire our mission is to design and produce the highest quality aftermarket parts that appeal to middle and upper class motorcycle enthusiasts to enhance the look of their American, V-Twin, Metric or Harley motorcycles, allowing them to express their individuality.

Evil Empire designs is committed to providing our customers with products and services that meet, conform to, and exceed their individual motorcycle needs, ensuring their design, values and investment expectations are being met.

Cautionary Note Regarding Forward-Looking Statements

This release by Evil Empire Designs Inc. ("Evil Empire") may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "expects," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to," or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Although Evil Empire management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve several risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. These risks, uncertainties and other factors include, among others: risks related to Evil Empire's plans for its intellectual property, including its strategies for monetizing, licensing, expanding, and defending its patent portfolio; risks associated with Evil Empire's product sales, including the market and demand for products sold by Evil Empire and its ability to successfully develop and launch new products that are attractive to the market; the success of product, joint development and licensing partnerships; the competitive landscape of Evil Empire's industry; and general economic, political and market conditions, including quarantines, factory slowdowns or shutdowns, and travel restrictions resulting from the COVID-19 pandemic. The military conflict between Russia and Ukraine may increase the likelihood of supply interruptions. All forward-looking statements reflect management's present assumptions, expectations and beliefs regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These and other risks and uncertainties are described in Evil Empire's annual and quarterly reports and the other filings it makes with the U.S. Securities and Exchange Commission from time to time, including any subsequently filed quarterly and current reports. In light of these risks, uncertainties and other factors, these forward-looking statements should not be relied on as predictions of future events. These forward-looking statements represent Evil Empire's assumptions, expectations and beliefs only as of the date they are made, and except as required by law, Evil Empire undertakes no obligation to revise or update any forward-looking statements for any reason.

Contact Information:

[e-mail]

SOURCE: Evil Empire Designs

View source version on accesswire.com:

https://www.accesswire.com/763622/Evil-Empire-Designs-Inc-EVVL-Finalizes-Agreement-to-Purchase-Trendmark-Industries

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>>> Thomson Reuters to buy digital content management company Imagen


Reuters

June 28, 2023


https://www.msn.com/en-us/money/other/thomson-reuters-to-buy-digital-content-management-company-imagen/ar-AA1daiXy?OCID=ansmsnnews11


(Reuters) - Thomson Reuters will buy Imagen, a digital content asset management company, for an undisclosed price, to expand its agency business to new customers, the news and information company said on Wednesday.

Britain-based Imagen, which owns the Screenocean video distribution platform, operates digital content libraries for sports, media and business companies including Premier League soccer and Major League Baseball.

Imagen will become a part of the Reuters News division.

The acquisition is part of a plan to serve more clients as they expand their streaming video businesses. "Our belief is that our agency business needs to evolve to be a tech-enabled content delivery (business)," Reuters President Paul Bascobert said in an interview.

"With the addition of Imagen, clients will have the ability to seamlessly add media asset management services to store, manipulate, permission, distribute and monetize all their visual content," Bascobert added in a prepared statement.

Reuters currently serves agency clients through Reuters Connect, which is a business-to-business content marketplace that licenses Reuters text, images and videos as well as news and content from more than 70 other providers that include the BBC, USA Today and China's CCTV.

The deal is the second announced this week. On Monday, Thomson Reuters said it agreed to buy Casetext, a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI, for $650 million.

Thomson Reuters has said it has earmarked $10 billion for acquisitions and about $100 million per year in investments in AI capabilities.

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>>> IBM’s $4.6B Apptio deal marks another new era for Seattle-area cloud and IT management company


Geek Wire

by Todd Bishop

June 26, 2023


https://www.msn.com/en-us/money/companies/ibm-s-46b-apptio-deal-marks-another-new-era-for-seattle-area-cloud-and-it-management-company/ar-AA1d3FXH


IBM announced a deal Monday to buy Apptio for $4.6 billion from Vista Equity Partners, less than five years after the private equity firm acquired the Bellevue, Wash.-based cloud and IT management company for $1.9 billion, and seven years after Apptio went public at a valuation of $525 million.

“It’s the third exit in one company,” said Sunny Gupta, the Apptio founder and CEO, in an interview with GeekWire Monday morning. “It doesn’t happen that often — all the way from venture to public, to private equity, to now being part of one of the most iconic companies of all time in IBM.”

IBM says it expects the deal to close in the second half of this year.

Apptio has more than 1,400 employees, about a quarter of them in the Seattle area, and the company’s employee base is expected to “increase significantly” after the IBM deal closes, in locations including Bellevue, Gupta said.

The all-cash acquisition reflects Apptio’s growth via acquisitions and organic business expansion, its focus on corporate tech spending, and related trends in the economy and technology.

Apptio’s software-as-a-service technology helps corporate and IT leaders understand and manage their cloud and tech spending. That’s a key motivation, especially now, for many companies seeking to rein in expenses.

Its annual revenue has grown to more than $400 million through a combination of acquisitions and organic customer growth, roughly double its projected revenue at the time of the Vista Equity deal in 2018.

Apptio has grown to more than 1,500 corporate customers, including more than half of the Fortune 100. IBM said Apptio brings “$450 billion of anonymized IT spend data, unlocking new insights for clients and partners.”

“Technology is changing business at a rate and pace we’ve never seen before. To capitalize on these changes, it is essential to optimize investments which drive better business value, and Apptio does just that,” said IBM CEO Arvind Krishna in a news release announcing the deal. “Apptio’s offerings combined with IBM’s IT automation software and watsonx AI platform, gives clients the most comprehensive approach to optimize and manage all of their technology investments.”

Longer term, the deal also positions IBM well for the emerging dynamics of AI in the enterprise, said Matt McIlwain, managing director of Madrona Venture Group, which was a founding investor in Apptio in 2007.

The boom in generative AI, applied AI, machine learning, and intelligent applications promises to only increase the need for big companies to get a handle on their technology usage and spending, McIlwain said.

“This is about cost transparency for enterprises,” he said. “But I think there’s a more strategic thing that IBM is likely up to, which is around applied AI and intelligent applications and how enterprises are going to need to navigate that.”

The acquisition brings Gupta full circle. He started his career at IBM in 1992 as an engineer working on OS2, and will now rejoin the company more than three decades later as an executive leader.

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>>> UnitedHealth Buys Amedisys for $3.3 Billion


Investopedia

by Vaidik Trivedi

June 26, 2023


https://www.msn.com/en-us/money/other/unitedhealth-buys-amedisys-for-3-3-billion/ar-AA1d4kiM


Health insurance behemoth UnitedHealth Group (UNH) agreed to buy home health and hospice caregiver Amedisys (AMED) for $3.3 billion in an all-cash deal that will expand UnitedHealth's home healthcare business.

KEY TAKEAWAYS

UnitedHealth Group has agreed to buy Amedisys, a home healthcare provider, for $101 per share.

Amedisys will pay a $106 million fee to terminate its merger with Option Care, which offered to buy
Amedisys for $97.38 per share in an all-stock agreement in May.

Amedisys will merge with UnitedHealth's subsidiary Optum after the deal gains shareholder and regulatory approval.

UnitedHealth will pay $101 per outstanding share of Amedisys in an all-cash transaction subject to shareholder and regulatory approval. Amedisys will merge with UnitedHealth subsidiary Optum.

The two companies had been negotiating the terms of the sale for weeks. UnitedHealth originally offered to buy Amedisys for $100 per share on June 5.

Amedisys had previously entered a merger deal with Option Care Health Inc. (OPCH), which offered in May to buy Amedisys for $97.38 per share in an all-stock transaction that valued the company at $3.6 billion. Amedysis will pay Option Care a $106 million termination fee to forfeit the agreement.

Amedisys is UnitedHealth's second home healthcare acquisition this year, as the company seeks to bolster its presence in the industry. It acquired LHC Group, a rival of Amedisys, for $5.4 billion in February.

Amedisys' stock was down 0.7% midday Monday, trading at around $90. UnitedHealth’s stock was up about 0.7%.

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Re-posts - >>> Great merger...Allkem and Livent to Create a Leading Global Integrated Lithium Chemicals Producer

https://finance.yahoo.com/news/allkem-livent-create-leading-global-091600195.html

The companies complement each others strengths to create a well positioned company ready to exploit growing Lithium demand. <<<

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171876811

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>>> Allkem/Livent Merger Presentation

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02664721-2A1448769?access_token=83ff96335c2d45a094df02a206a39ff4

They will be a force in the industry. For me, worth considering additional shares to current position on any price weakness.

Will M&A activity accelerate? This merger ups the bar. Personally, I'd be amenable to Pilbara merging with an integrated miner/chemical processor, that would create another powerful entity.

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https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171877534

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>>> Canadian group led by Pierre Lassonde plans to buy Teck's coal mines <<<

https://www.mining.com/subscribe-login/?id=1117410


https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171875530

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>>> US Antitrust Enforcers Are Chilling Big Mergers


Bloomberg

By Leah Nylen and Michelle F Davis

May 10, 2023


https://www.bloomberg.com/news/articles/2023-05-10/m-a-deal-pace-slows-as-biden-administration-cracks-down-on-antitrust?srnd=premium&sref=XLA0GJqR


The US government’s aggressive stance on antitrust is chilling merger activity among the country’s biggest companies, with some deals never making it past the boardroom as executives fear lengthy and expensive approval processes.

US enforcers have roughly doubled their efforts to block mergers under the Biden administration: in the 12 months through September, the antitrust agencies filed complaints against a record 13 transactions compared to an average of six per year over the previous five years, according to data compiled by Bloomberg.

Though deals involving US companies have steadily increased, the recent pace of interventions by the Justice Department or the Federal Trade Commission has stunted that growth: The agencies are also claiming credit for another 26 mergers that they say were abandoned in the face of antitrust investigations, some of which were pulled before they were even made public.

The approach has discouraged some companies from pursuing unions they would’ve leapt at in the past, according to dozens of conversations with M&A advisers, corporate executives, former regulators and antitrust practitioners. Many of them described an environment that’s generally hostile to dealmaking, even for transactions that they wouldn’t have expected to raise antitrust concerns. While antitrust laws haven’t changed, the stepped-up enforcement means dealmaking has gotten costlier, as well as more uncertain and time-consuming, they said.

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https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171877772


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>>> Liontown Bids Signal Strong Outlook for Lithium, Rival Says


Bloomberg

by Sybilla Gross and Haidi Lun

May 3, 2023


https://finance.yahoo.com/news/liontown-bids-signal-strong-outlook-234802584.html


Liontown Bids Signal Strong Outlook for Lithium, Rival Says


(Bloomberg) -- The recent flurry of bidding activity for Australian lithium producer Liontown Resources Ltd. reflects broader optimism in the sector, according to one of the country’s top miners of the key electric-vehicle battery metal.

The intense interest in Liontown, which has become an acquisition target after it spurned three bids in five months from the world’s top lithium producer Albemarle Corp., is “a really strong point of evidence” about the outlook, Pilbara Minerals Ltd. Chief Executive Officer Dale Henderson said.

“Full credit to Albemarle who are walking the talk — their CEO has spoke to the necessity for all lithium projects to come online, and here they are voting with their money,” Henderson said in a Bloomberg Television interview broadcast Wednesday. “It just underscores the support for the long-term proposition for lithium.”

The lithium sector is set for further consolidation around longer-term assets, Liontown Chief Executive Officer Tony Ottaviano said in a separate interview, while defending the company’s recent rejection of a multi-billion dollar bid for the business.

“There is a lot of demand for spodumene coming out of China, and then more broadly around the world,” Ottaviano told Bloomberg Television interview Wednesday. With global demand for lithium set to boom, bigger companies that buy longer-term assets will stand to benefit as consolidation starts to emerge, he added.

Liontown in March rejected a A$5.5 billion ($3.7 billion) offer from Albemarle, which is expected to be a key topic of interest at the US miner’s earnings call to shareholders on Thursday in New York. Ottaviano denied local media reports of an ongoing bidding war for his company.

“At the end of the day, there’s a difference of opinion around value and that’s where it sits at the moment,” he said about Albemarle’s offer. “We’ve had no further formal approaches.”

Meanwhile, Pilbara Minerals, one of Australia’s top lithium miners, said earlier this year it will nearly double production by late 2025 to meet soaring demand for the key electric-vehicle battery metal.

READ: Lithium’s Next Big Risk Is Grand Supply Plans Falling Short

The Perth-based miner plans to push ahead with the expansion, despite a recent steep pullback in lithium prices as more supply comes online, Henderson said. The resulting slide in company valuations has helped open the door to potential acquisitions in a sector still dominated by junior and mid-sized players.

“It’s an incredible market and Pilbara looks always to capitalize on that,” he said. “We’re not holding back on our investment.”

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>>> Liontown Resources Limited (LINRF) engages in the exploration, evaluation, and development of mineral properties in Australia. The company explores for lithium, gold, vanadium, copper, and nickel deposits, as well as platinum group elements. Its flagship property is the Kathleen Valley lithium project located in Perth, Western Australia. The company was incorporated in 2006 and is based in West Perth, Australia.

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https://finance.yahoo.com/quote/LINRF/profile?p=LINRF




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>>> Quest Diagnostics and New York-Presbyterian Complete Laboratory Services Acquisition


PR Newswire

April 17, 2023


https://finance.yahoo.com/news/quest-diagnostics-newyork-presbyterian-complete-123300802.html


SECAUCUS, N.J., April 17, 2023 /PRNewswire/ -- Quest Diagnostics (NYSE:DGX), the nation's leading provider of diagnostic information services, and NewYork-Presbyterian, one of the nation's largest and most comprehensive academic medical centers, today announced that Quest has completed its previously announced acquisition of select assets of the laboratory services business of NewYork-Presbyterian. Financial details of the transaction were not disclosed.

The goal of the collaboration is to enable providers and patients to access high quality, affordable testing from a service menu that combines the complementary strengths of both organizations. In addition, patients will benefit from access to Quest's network of nearly 100 patient service centers in the five boroughs.

Quest provides a complete portfolio of services to empower health systems and hospitals to improve the quality, innovation and insights of their diagnostic laboratory services, elevate the patient experience and lower costs for more accessible—and affordable—care. For more information, visit Hospitals & Health Systems | Quest Diagnostics.

About Quest Diagnostics

Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our approximately 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.

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