GLOBAL MARKETS LIVE: ConocoPhillips, IBM, American Airlines…

10/19/2020 | 09:59am

Results keep coming, while financial transactions continue with varying degrees of success: Traton reaches an agreement with Navistar, but the hostile takeover of GardaWorld on G4S fails.

Earnings season: International Business Machine, Vale, Investor AB, Koninklijke Philips, Danone, PPG Industries and Julius Bär are among companies reporting their earnings today.

The oil group ConocoPhillips announced the acquisition of Concho Resources for $9.7 billion in securities. Some 500 million in annual savings are expected by 2022 as a result of the combination. The new entity will own approximately 23 billion barrels of oil equivalent resources.

Compromise. Traton signs an agreement in principle to purchase Navistar at USD 44.5 per share, compared to USD 43 previously. The Volkswagen subsidiary already has a 16.8% stake. The two main shareholders of Navistar had validated an offer at the new price.

Partners Group enters Telepass. Atlantia sells shares in Telepass to Partners Group for €1.06 billion. Telepass is one of the European leaders in the electronic collection of motorway taxes. The transaction values Telepass at more than €2 billion.

Not generous enough. Altice USA improves its offer on Cogeco to get the support of the different stakeholders, but the Audet family (Gestion Audem) rejects the proposal and does not want to sell.

Crown Resorts investigated. Australian casino chain Crown Resorts is shaken on the stock market after Australian authorities opened an investigation into suspicions of breaches in the group's anti-money laundering processes. The investigation concerns in particular the Melbourne establishment. The share lost 8% this morning.

In other news. American Airlines plans to fly Boeing 737 MAX aircraft before the end of 2020. The Italian government has signed a decree paving the way for the sale of the state's 68% stake in Banca Monte dei Paschi di Siena. G4S urges its shareholders to reject the hostile takeover bid by its Canadian competitor GardaWorld. Alibaba recovers the totality of Sun Art by paying $3.6 billion to recover Auchan's shares in their Chinese joint venture. Cash inflows accelerate in Q3 at Julius Bär.

 

Romain Fournier
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