In a few months, Tim Cook will celebrate his 10th anniversary serving as Apple's (NASDAQ: AAPL) CEO. Steve Jobs had stepped down back in August 2011 due to ongoing health struggles, naming Cook as his successor. In a recent interview with The New York Times, Cook (who turned 60 last year) acknowledged that he would probably not be Apple CEO for another 10 years, although there are no specific plans at this time for his retirement.
(Bloomberg) -- Investors led by EIG Global Energy Partners LLC agreed to acquire a roughly $12.4 billion stake in a Saudi Aramco oil-pipeline rights company.The group will acquire a 49% equity stake in Aramco Oil Pipelines Co., a newly formed entity with rights to 25 years of rate payments for oil shipped through the Saudi oil giant’s network of conduits, EIG said in a statement. The deal implies a total equity value of about $25 billion for Aramco Oil Pipelines.The deal is part of Saudi Arabia’s drive to open up to foreign investment and use the money to diversify its economy. Asset disposals also go some way to helping the energy giant maintain payouts to shareholders, as well as investments in oil fields and refinery projects. The company paid a $75 billion dividend last year, the highest of any listed company, almost all of which went to the state.Aramco has become the world’s third-largest company by market value, trailing only Apple Inc. and Microsoft Corp., after an initial public offering in 2019 in which the oil giant raised $25.6 billion for less than 2% of its shares.“This landmark transaction defines the way forward for our portfolio optimization program,” Aramco Chief Executive Officer Amin Nasser said in the statement. “Aramco’s strong capital structure will be further enhanced with this deal, which in turn will help maximize returns for our shareholders.”The deal was described as a lease-and-lease-back agreement. The state-controlled company will lease the usage rights in its pipelines to Aramco Oil Pipelines. The new entity will grant back to Aramco the exclusive right to operate and maintain the network for 25 years and collect rates from the parent company in return. Aramco will continue to retain ownership of the pipelines.“This transaction aligns perfectly with EIG’s philosophy of investing in high-quality assets with contracted cash flows in critical infrastructure,” Robert Blair Thomas, Chief Executive Officer of EIG, said in the statement. The Washington-based firm owns about $22 billion in energy-related assets globally.(Updates with deal details in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Apple Inc. is refusing to participate in an upcoming Senate hearing about anti-competitive practices at online app stores, according to a letter addressed to Chief Executive Officer Tim Cook from Democrat Amy Klobuchar and Mike Lee, a Republican.The letter says the Cupertino, California-based company declined to send a witness for an upcoming hearing of the Senate Judiciary Committee’s antitrust panel to examine allegations of anticompetitive treatment of outside app developers.Klobuchar and Lee, the panel’s chair and ranking Republican, noted that the vast majority of mobile apps are downloaded from Apple and Alphabet Inc.’s Google platforms. Google has agreed to provide a witness for the hearing, but hasn’t said who, according to a person familiar with the matter.“Apple’s power over the cost, distribution, and availability of mobile applications on the Apple devices used by millions of consumers raises serious competition issues that are of interest to the subcommittee, consumers, and app developers,” the letter says. “A full and fair examination of these issues before the subcommittee requires Apple’s participation.”Apple and Google didn’t immediately respond to requests for comment.The senators said Apple initially engaged with the panel to discuss sending a witness but “abruptly” changed course 16 days before the planned hearing, citing ongoing litigation. Epic Games Inc. and Apple are going to trial in May after Epic filed an antitrust suit against Apple last year in a dispute over the 30% cut it takes from revenues on its platform. Apple later countersued, alleging that Epic breached its App Store developer contract. Epic also sued Google over the same issue.The letter pointed to an interview Cook did for a New York Times podcast in which he discussed litigation related to Epic Games.The Justice Department’s antitrust division has been investigating Apple’s App Store practices to determine whether the company is harming competition, Bloomberg has reported.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.