Latest news with #takeover
National Post
3 hours ago
- Business
- National Post
Colby Cosh: How Donald Trump nationalized U.S. Steel
Last week, Nippon Steel Corp. of Japan formally completed a takeover of U.S. Steel (USS), the venerable but diminished American industrial giant created by J.P. Morgan in 1901. The Japanese company originally placed its bid for USS in late 2023, but it ran into immediate trouble with the Biden administration. U.S. Steel, once widely regarded as an overmighty pollution-spewing relic of Gilded Age cartelization, had magically evolved to become a vulnerable 'national champion' of morally superior things-making industries; and the company still has a powerful unionized workforce in U.S. rust-belt states that are electorally pivotal. Pennsylvania-born President Joe Biden wasn't going to let a corporate brand virtually synonymous with the city of Pittsburgh be raffled off without a tussle. Article content Article content Government foreign-investment approvals necessarily have this sort of personal-rule character wherever they happen, which is pretty much everywhere. If you want to sell a bundle of industrial assets in Country X to folks from Country Y, you had better have approval from the top political boss of X, whether that approval be tacit or explicit. Article content Article content Article content Still, Biden did go through the motions of being head of a government of laws rather than men. He had a U.S. Treasury Department panel, the Committee on Foreign Investment in the United States (CFIUS), whack together an indecisive but fact-based report on the potential costs and benefits of the proposed takeover. Only at that point, with mere days remaining in his term of office, did Biden (or whoever was wielding his executive autopen) fully and officially block the Nippon Steel deal. Biden's successor had already been re-elected, and nobody could imagine that Donald Trump would be any less of an unruly economic nationalist — but the thing that is nearest and dearest to Trump's heart is deal-making, and Nippon Steel found a way to get the takeover done. The Japanese company had already promised to preserve U.S. Steel's Pittsburgh national head office and to honour existing collective-bargaining agreements with the unions. Trump extracted further concessions on investments and hiring, along with a means of enforcing them, namely a 'golden share' controlled by the U.S. government. Article content A 'golden share' is a special kind of equity that gives its holder veto power over specified corporate decisions. It is often used in privatizations to give governments some vestige of control over corporate entities originally created by the state (or, in Canada, the Crown) for public purposes. In this unusual case, the U.S. government is magically gaining a golden share in exchange for permitting the sale of one private company to another. The government will be given the right to choose some U.S. Steel board directors, to forbid any name change, and to veto factory closures, offshoring, acquisitions and other moves. Article content As the Cato Institute immediately pointed out, this is a de facto nationalization of U.S. Steel — the sort of thing that would have had Cold War conservatives climbing the walls and hooting about socialism. But at least socialism professes to be social! Yesterday a lefty energy reporter named Robinson Meyer was nosing around in the revised corporate charter for the newly-acquired U.S. Steel, and he discovered a remarkable detail that the Cato folks had missed: the decision powers of the golden share have been legally assigned to Donald Trump in person and by name for the duration of his presidency. Only after Trump has left the White House do those golden-share powers revert to actual U.S. government departments (Treasury and Commerce).
Globe and Mail
15 hours ago
- Business
- Globe and Mail
Why Northern Trust Stock Zoomed 11% Higher This Week
Very often, when a publicly traded company is the focus of takeover interest, investors are attracted to its stock. That was the case earlier this week when a media report stated that banking conglomerate Northern Trust (NASDAQ: NTRS) had been approached by a potential suitor. That juiced its shares, which, according to data compiled by S&P Global Market Intelligence, ended the week more than 11% higher in price. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » An apparent suitor On Sunday, The Wall Street Journal broke the news that Bank of New York Mellon (NYSE: BK) indicated to Northern Trust that it desired a merger with the smaller banking group. This quickly made its way to the highest levels of management, as according to unnamed "people familiar with the matter," the CEOs of the two companies had at least one conversation on a potential deal. The newspaper's sources said the discussions didn't advance to talks of a specific offer. At the time, it reported that Mellon is mulling its next move. This might indeed result in a formal offer being made. While the Journal used the word "merger" in writing about a potential deal, in all likelihood, any sort of arrangement would be more of an acquisition by Mellon. Given that, it won't be a cheap purchase. Northern Trust's market cap is over $24 billion, which would mean a hefty price tag, even at a modest premium. An unfolding saga worth following Neither Northern Trust nor Mellon has yet publicly commented on the report, and I wouldn't expect them to if talks are indeed at an early stage. I'd imagine any premium paid will be somewhat generous, given Mellon's apparent eagerness to bulk up with an already-sizable asset. This story is well worth monitoring for shareholders of both banks. Should you invest $1,000 in Northern Trust right now? Before you buy stock in Northern Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Northern Trust wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $704,676!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $950,198!* Now, it's worth noting Stock Advisor 's total average return is1,048% — a market-crushing outperformance compared to175%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 23, 2025
Associated Press
21 hours ago
- Business
- Associated Press
Lygm – Environmental Projects Ltd. Files Early Warning Report with Respect to IM Cannabis Corp.
BEIT LECHEM HAGLILIT, ISRAEL, June 27, 2025 / / -- This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Lygm – Environmental Projects Ltd. (the 'Acquiror'), a privately held entity controlled by Ran Molho (the 'Joint Actor'), has acquired 575,461 common shares (the 'Common Shares') in the capital of IM Cannabis Corp. (the 'Company') on June 24, 2025, pursuant to the conversion of a debenture in the principal amount of $1,501,953.20 at a deemed price of C$2.61 per Common Share, maturing on May 26, 2026, (the 'Acquisition'). As a result of the Acquisition, the Acquiror, along with the Joint Actor, now owns and controls 10% or more of the Common Shares of the Company. Immediately prior to the Acquisition, the Acquiror, along with the Joint Actor, beneficially owned, or exercised control and direction over, 130,210 Common Shares, and 129,705 warrants in the capital of the Issuer (each, a 'Warrant'), representing approximately 3.75% of the issued and outstanding Common Shares of the Issuer on an undiluted basis, and approximately 7.22% on a partially diluted basis. Following the Acquisition, after acquiring an additional 575,461 Common Shares, the Acquiror now beneficially owns, or exercises control and direction over, 705,671 Common Shares and 129,705 Warrants, representing approximately 17.45% of the issued and outstanding Common Shares of the Issuer on an undiluted basis, and approximately 20.01% on a partially diluted basis. The Common Shares that have been acquired by the Acquiror, together with any Common Shares acquired, held, directed, or controlled by the Joint Actor, are being held for investment purposes. In the future, the Acquiror and/or Joint Actor may, from time to time and depending on market and other conditions, acquire or dispose of additional Common Shares and/or other equity, debt, or other securities or instruments of the Issuer in market transactions, private agreements or otherwise, and reserves the right to engage in similar transactions with respect to the securities. This news release is being issued under the warning provisions of Canadian securities legislation. A copy of the corresponding early warning report will be filed and made available under the Acquiror's profile on SEDAR+ at For more information, or to obtain a copy of the early warning report, please contact: Ran Molho Phone: +97249059397 E-mail: [email protected] Ran Molho Lygm – Environmental Projects Ltd. +972 4-905-9397 email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
a day ago
- Business
- Yahoo
Shell Quells Speculation About Potential BP Takeover Bid
Shell Plc said it has no intention of making a takeover offer for BP Plc, refuting an earlier report that two of Europe's biggest companies were in active merger talks. "In response to recent media speculation, Shell wishes to clarify that it has not been actively considering making an offer for BP," the oil major said in a statement on Thursday. Bloomberg's Will Kennedy reports. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Czech billionaire Kretinsky named chairman of Royal Mail after takeover
Czech billionaire Daniel Kretinsky is to become chairman of Royal Mail after completing the £3.6 billion takeover of the postal service. Mr Kretinsky's EP Group said that, following the closure of the deal earlier this month, he would head up the board as chairman of both Royal Mail and its parent company International Distribution Services (IDS). Confirmation of the appointment came after IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Royal Mail's new owner also said on Friday that it had issued a £1 so-called golden share to the UK Government, as agreed under the deal. The golden share means the firm must keep Royal Mail's headquarters and tax residency in the UK. EP added that it has changed Royal Mail's articles of association to include the rights of the Government, and to set up an advisory committee in line with pledges made to trade unions the Communication Workers Union and Unite, as well as the Competition and Markets Authority. EP Group recently appointed former UK trade minister Greg Hands as a full-time strategic adviser. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany'. Mr Kretinsky – dubbed the Czech Sphinx – agreed the deal to buy Royal Mail's owner in May last year, but it was not cleared until December after he made a raft of commitments over the future of the service and its workers. He was already the biggest shareholder in IDS, which also owned parcel business GLS, prior to the deal.
