IFF earnings call for the period ending June 30, 2020.
Once again, the controversial VAR review system has caused an uproar in Spain after a disallowed goal in the 0-0 draw in La Liga between Cadiz and Villarreal.
Tao Geoghegan Hart, who once played truant to see Sky's launch, on Sunday became the renamed team's latest major tour winner when he seized his opportunity in the closing time trial at the Giro d'Italia.
(Bloomberg) -- Cenovus Energy Inc. agreed to buy Husky Energy Inc. in a C$3.8 billion ($2.9 billion) all-stock deal that will combine two of the largest players in Canada’s beleaguered oil-sands industry, which is struggling after the slump in crude prices.The transaction will create the country’s third-largest oil and natural gas producer and lead to C$1.2 billion in savings, the companies said Sunday in a statement. Following the completion of the deal, Hong Kong billionaire Li Ka-shing and CK Hutchison Holdings, the conglomerate he founded and Husky’s biggest shareholder, will together own about 27% of Cenovus.Like most of their industry peers, Cenovus and Husky are currently losing money following the crash in oil demand due to the pandemic. But even before the devastating impact of Covid-19, the Alberta oil sands had already lost their luster due to a chronic lack of pipeline capacity to export crude. That has forced producers there to accept hefty price discounts.Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share.That represents a 21% deal premium, excluding the warrants. The takeover is valued at C$23.6 billion when debt is included.The oil sands also face increased environmental scrutiny arising from their carbon intensity, which makes the deposits more polluting to exploit than conventional reserves or shale. International oil majors including Norway’s Equinor ASA, France’s Total SA and Houston-based ConocoPhillips have either left or reduced their presence in Canada in recent years.Debt ProblemsCenovus’s purchase of Conoco’s oil sands assets in 2017 left the Calgary-based company with heavy debts, magnifying its exposure to tumbling Canadian heavy oil prices. Its shares have fallen 72% since the deal was announced and 75% over five years. Husky’s shares are down 85% over five years.Buying Husky will boost Cenovus’s production to about 750,000 barrels a day of oil equivalent from about 475,000 now. But perhaps more importantly, it will gain substantial downstream assets, namely additional refinery and pipeline capacity.That will equip Cenovus to refine and upgrade 70% of its crude at its own refineries. The company says that will leave it less exposed to Western Canada Select, the local benchmark price, which usually trades at a discount of more than $10 a barrel to West Texas Intermediate, partly because of pipeline constraints.‘More Resilient’The merged company will be cash-flow positive “right out the gate,” Cenovus Chief Executive Officer Alex Pourbaix said in an interview. According to the statement announcing the deal, the company will break-even at $36 a barrel for WTI crude. That’s seen falling to $33 by 2023. WTI closed Friday at $39.85.“The combined entity is far more resilient,” Husky CEO Robert Peabody said in the interview. “We will deleverage faster.”Cenovus, which is rated Ba2 by Moody’s Investors Service, aims to be an investment-grade borrower, executives said during a call with analysts Sunday. The company said the deal will help it create an “accelerated path” to cutting debt to less than two times Ebitda within 24 months. “Nobody should be surprised if non-core assets are sold,” Pourbaix said in the interview. Husky’s retail business, which includes gas stations and travel centers across most of Canada, is a division “we will take a look at.”Cenovus and Husky started their “on-and-off again” merger discussions during the pandemic, with a more concentrated effort to reach an agreement over the last couple of months, Pourbaix said.The deal is expected to close in the first quarter of 2021, after which Cenovus will have about C$12 billion in net debt and C$8.5 billion in committed credit facilities from a broad banking syndicate.It’s the largest deal in the Canadian oil industry since Husky’s attempted C$2.75 billion hostile takeover bid for MEG Energy Corp. Husky abandoned that transaction in January 2019 after failing to win enough shareholder support.U.S. DealsThe C$1.2 billion in savings comprise C$600 million from reduced capital spending and C$600 million in corporate and operating cost cuts, including job reductions. Cenovus will continue to operate under that name, with its headquarters remaining in Calgary.The tie-up also follows a recent flurry of oil and gas deals south of the border that’s shaking up the U.S. shale industry. Just last week, ConocoPhillips agreed to buy Concho Resources Inc. for $9.7 billion takeover and Pioneer Natural Resources Co. agreed to acquire Parsley Energy Inc. for $4.5 billion. EQT Corp., the biggest producer of U.S. natural gas, is also seeking to acquire rival CNX Resources Corp., people familiar with the matter said last week.RBC Capital Markets and TD Securities are Cenovus’s financial advisers on the deal and Bennett Jones LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are its legal advisers. Goldman Sachs Group Inc. and CIBC Capital Markets are Husky’s financial advisers and Osler, Hoskin & Harcourt LLP and Norton Rose Fulbright US LLP are its legal advisers.(Updates with chart and additional information about credit rating. A previous version was corrected to reflect some prices were in Canadian dollars.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Almost eight months after the White House first announced it would move from containment to mitigation efforts to stop the spread of the COVID-19 epidemic, the Administration is now pinning its hopes on vaccines to inoculate the population and therapies to treat the disease. Months after announcing it would be working with technology giants Apple and Google on a contact tracing app (and nearly two months after Google and Apple rolled out their exposure notification features) and initiating wide spread testing efforts nationwide with the largest national pharmacies (which never received the coordinated support it needed), the Administration appears to be giving up on a national effort to stop the spread of the COVID-19 epidemic. In an interview with CNN's Jake Tapper White House Chief of Staff Mark Meadows said that the US is "not going to control the pandemic... We are gonna control the fact that we get vaccines, therapeutics and other mitigation."
Facebook is banning Oculus users who have multiple active VR headsets tied to the same account.
Jon Bostic will be hearing from the league office.
Ecuador's Richard Carapaz has taken the lead of the Vuelta a Espana from Primoz Roglic as Ion Izagirre celebrated victory in the sixth stage.
Siemens and Carlyle are finalizing terms of the deal that could be announced as early as this week, the report said. Last week Siemens had asked Triton, Carlyle, CVC and Brookfield to submit final offers next week for the business, which has earnings before interest, tax, depreciation and amortization of just above 200 million euros and could be valued at 8-9 times that, according to sources.
The head of the World Health Organization (WHO) on Sunday called for global solidarity in the rollout of any future coronavirus vaccine, as the number of cases soared across the world.
Hoffenheim midfielder Dennis Geiger scored his first Bundesliga goal in three years to secure a 1-1 draw at Werder Bremen on Sunday.
Amazon (NASDAQ: AMZN), NVIDIA (NASDAQ: NVDA), and Shopify (NYSE: SHOP) are three stock picks where you could invest $5,000 right now and reap significant benefits over the long term. If any one company could be called the star of the year, it would have to be tech giant Amazon. When other companies were worried about a recession and accommodating the need for social distancing among employees, Amazon soared on the back of an accelerated wave of e-commerce growth.
U.S. buyout group Carlyle Group Inc is nearing an agreement to acquire Siemens AG's mechanical drive arm Flender, for about for about 2 billion euros ($2.37 billion), Bloomberg News https://bloom.bg/35ylyvj reported citing sources. Siemens and Carlyle are finalizing terms of the deal that could be announced as early as this week, the report said. Last week Siemens had asked Triton, Carlyle, CVC and Brookfield to submit final offers next week for the business, which has earnings before interest, tax, depreciation and amortization of just above 200 million euros and could be valued at 8-9 times that, according to sources.
Deutsche Lufthansa <LHAG.DE> is preparing to ground more planes than planned and cut working hours during the winter as a surge in coronavirus infections is putting people off travelling. Lufthansa and its subsidiaries Eurowings, Swiss, Austrian and Brussels Airlines will ground 125 more aircraft during the winter than originally planned, Chief Executive Carsten Spohr said in a letter to staff seen by Reuters. Most of the group's administrative staff will be put on a government-sponsored reduced hours scheme, he added.
(Bloomberg) -- Dunkin’ Brands Group, Inc., the parent company of donuts chain Dunkin’ and Baskin-Robbins, said it’s in talks to be acquired by private equity-backed Inspire Brands.The New York Times earlier reported the talks, saying that Inspire will take Dunkin’ private at $106.50 a share, citing two people with knowledge of the negotiations who weren’t identified. The price is a 20% premium over Friday’s closing price. The deal could be announced as soon as Monday, the newspaper added.“Dunkin’ Brands confirms that it has held preliminary discussions to be acquired by Inspire Brands,” Karen Raskopf, a Dunkin’ spokeswoman, said in a statement, declining to offer further details and cautioned that there’s is no certainty an agreement will be reached.Shares of Dunkin’ Brands have more than doubled since March on investor optimism its mobile order app and loyalty program have boosted sales during the pandemic. The Canton, Massachusetts-based company dropped the word “Donuts” from its name in 2018, signaling its broadened focus on beverages.Still, the company said in July it expects to close about 800 U.S. locations permanently this year as part of a “real estate portfolio rationalization.” Comparable-store sales have been improving in July, Dunkin’ Brands said, but they remain down in the “low-single digits” for stores of both key brands at the time.Inspire Brands, the owner of Buffalo Wild Wings and Jimmy John’s, is backed by the Atlanta-based private equity firm Roark Capital. In April, Roark made a $200 million investment in Cheesecake Factory Inc.In 2005, Dunkin’ Brands was sold by Pernod Ricard to a group of buyers including Bain Capital, The Carlyle Group and Thomas H. Lee Partners for $2.4 billion.Say Goodbye to Your Local Coffee Shop in America’s Cafe ShakeupFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Activision Blizzard (NASDAQ: ATVI) will release its third-quarter earnings results in just a few days, and investors have high expectations for that report. The fiscal second quarter will be a tough act to follow, considering that Activision gained 100 million gamers, year over year, during that blockbuster period for at-home entertainment. While growth came from each of its three main divisions, Activision, King Digital, and Blizzard, the biggest winner by far was the Call of Duty franchise.
Lewis Hamilton said he was in dreamland on Sunday after powering to victory in the Portuguese Grand Prix to become Formula One's record all-time race winner.
Cameroon was in shock on Sunday after a massacre at a school in the English-speaking southwest of the country, which the government has blamed on separatist militants there.
Japanese rider Takaaki Nakagami admitted he "couldn't cope with the pressure" after crashing out of the Teruel MotoGP on the first lap on Sunday.
The Inspire Brands team looks to be nearing its latest big buy, Dunkin' Brands.
SAP <SAPG.DE> cut its guidance for 2020 and for the medium term on Sunday, saying the reimposition of coronavirus lockdowns had hit its business while hard-hit industries would now take longer than expected to recover. The German business software group, a leader in enterprise applications ranging from finance to supply-chain management, said in an ad hoc filing that its earlier forecast that opening economies would revive demand now no longer held.