BHP's plan to divest South African assets of Anglo American is central to its acquisition strategy, aiming to increase free float in Kumba Iron Ore and Amplats, trigger index-linked buying, and meet regulatory goals, potentially justifying a 30%-45% control premium.
Allete (NYSE: ALE) rises 1.1% pre-market after a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners agrees to acquire the energy company for $67/share in cash, totaling $6.2B, with a commitment to retain local management and operations.
BF Borgers, hired by Trump Media & Technology Group, faces SEC charges of "massive fraud" involving over 1500 filings, alleging deliberate failure to comply with PCAOB standards, fabricating audit documentation, and falsely stating compliance, resulting in a $12M penalty for the firm and a $2M penalty for owner Benjamin Borgers.
Paramount Global ends exclusive negotiations with Skydance Media, considering a $26 billion bid from Sony Pictures and Apollo Global Management, amid shareholder concerns and leadership changes, impacting the company's future.
Conduent (NASDAQ:CNDT) is selling its casualty claims solutions business to MedRisk for $240 million in cash, with Conduent employees in the unit transitioning to MedRisk, while continuing to offer mailroom services for current clients, including MedRisk, with the deal set to conclude in the third quarter of 2024.
Haynes International (NASDAQ:HAYN) saw a 1.7% drop as Austria's antitrust regulator initiated a Phase II probe into the planned sale to a subsidiary of Acerinox (OTCPK:ANIOY), expressing competition concerns and prompting a more in-depth examination by the Cartel Court.
The Federal Trade Commission is set to approve Exxon Mobil's $60B acquisition of Pioneer Natural Resources with minor concessions, though Politico suggests it may hinge on Pioneer's founder not joining Exxon's board due to allegations of collusion.
Genuine Parts Company (NYSE:GPC) acquires Motor Parts & Equipment Corporation (MPEC), the largest independent owner of NAPA Auto Parts stores in the U.S., to strengthen its U.S. Automotive business.
Masonite (NYSE: DOOR) gained 0.8% as the HSR waiting period expired for its $3.9B sale to Owens Corning (NYSE: OC), expected to close next month.
Skydance Media presents its "best and final" offer to merge with Paramount Global, with concessions from the Redstone family and David Ellison to address concerns of smaller investors, amid reported opposition from other stakeholders and impending CEO Bob Bakish's potential ousting.
