LONDON: Tullow Oil plc announced Monday that its subsidiary, Tullow Overseas Holdings BV, has agreed to sell its Kenyan operations to Gulf Energy Ltd. for a minimum of $120 million. The deal includes an initial $40 million payment upon completion, followed by two additional $40 million payments tied to project milestones. Tullow will also receive potential royalty…
Haleon to fully acquire Chinese Tianjin TSKF Pharmaceutical for £0.2 billion
LONDON: Haleon plc has entered into an agreement to acquire the remaining 12% equity interest in its Chinese over-the-counter (OTC) joint venture, Tianjin TSKF Pharmaceutical Co., Ltd., from partner Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited, the company announced Tuesday. The acquisition, valued at approximately 1.623 billion renminbi (£0.2 billion), follows Haleon’s purchase of a…
UK labor market shows signs of weakness ahead of employer tax hike
LONDON: Britain’s labor market showed signs of weakening ahead of this month’s increase in a tax on employers, data released Tuesday showed. However, strong wage growth persisted, complicating the Bank of England’s efforts to curb inflation. Financial markets indicate a 90% chance of a quarter-point interest rate cut when policymakers meet in early May, followed by…
Ofgem fast-tracks clean power plugging into Britain’s electricity grid
LONDON:L Ofgem has approved historic reforms to fast-track clean power plugging into Britain’s electricity grid – with the new system launched by the end of May. The new connections regime abolishes the broken ‘first-come, first-served’ system. This meant unviable, stalled or speculative ‘zombie’ projects blocked hundreds of wind, solar and energy storage developments from connecting, with…
Frasers expands Sports Direct to Australia and New Zealand
LONDON: Frasers Group has entered a strategic partnership with Accent Group to expand its Sports Direct brand across Australia and New Zealand, marking a significant milestone in its international growth ambitions. Accent Group, a leading retailer and distributor of premium lifestyle and sports footwear in Australasia with more than 900 stores and 12 distributed brands,…
Drax Group to acquire HEIT in £199.9 million deal
LONDON: The boards of HEIT and Drax Bidco announced Tuesday they have agreed to terms for a recommended cash acquisition in which Drax Bidco, a wholly owned subsidiary of Drax Group PLC, will acquire all issued shares of HEIT. The deal, valued at approximately £199.9 million ($253 million), will be executed through a court-sanctioned scheme…
Atlas FRM’s bidco offers to acquire De La Rue in £263 million deal
LONDON: ACR Bidco, a company wholly owned by Atlas FRM LLC, has agreed to acquire British banknote printer De La Rue in a recommended all-cash deal worth approximately £263 million ($330 million). Under the terms of the agreement, De La Rue shareholders will receive 130 pence per share. The acquisition will be implemented through a…
Savannah Goldfields appoints Brad Sampson as new CEO
BRISBANE: Savannah Goldfields Limited (ASX: SVG) announced Tuesday the appointment of mining veteran Brad Sampson as its new chief executive officer. Sampson brings more than 30 years of international mining experience, including previous CEO roles at ASX-listed Discovery Metals Ltd and Kore Potash Ltd. He also held senior positions at Newcrest Mining Ltd, where he…
Intel to sell majority stake in Altera to Silver Lake for $8.75 billion
Key Details: – Deal Structure: Intel will sell 51% of its Altera business to private equity firm Silver Lake, valuing Altera at $8.75 billion. – Ownership Post-Deal: Intel retains 49% ownership. – Leadership Change: Raghib Hussain (current Altera executive) will succeed Sandra Rivera as CEO on May 5, 2025. – Expected Close: Second half of…
Sony announces PlayStation 5 price increases
Sony has announced price hikes for some PlayStation 5 (PS5) gaming consoles in multiple markets, including the United Kingdom, Europe, Australia, and New Zealand. The price increases, effective Monday, come as the company grapples with what it describes as a “challenging economic environment,” citing high inflation and fluctuating exchange rates. In a blog post confirming the…
Kraken launches commission-free stock and ETF trading for U.S. clients
SEATTLE: Cryptocurrency exchange Kraken on Monday announced the initial rollout of commission-free trading for over 11,000 U.S.-listed stocks and exchange-traded funds (ETFs), expanding beyond digital assets for the first time. The launch is currently available to clients in New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama and the District of Columbia, with…
British Steel secures industry support for Scunthorpe plant after government takeover
SCUNTHORPE: More than a dozen companies have offered to help British Steel secure raw materials for its Scunthorpe plant after the British government took control of the business under emergency legislation passed Saturday, officials said. The last-minute intervention was aimed at preventing the permanent closure of Britain’s sole remaining primary steelmaking facility. Without immediate action, the plant’s two…