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MBK Partners and Young Poong Launch $1.5 Billion Hostile Bid for Korea Zinc Stake

Korea Zinc has described the 2 trillion won tender offer from South Korean zinc producer Young Poong and private equity firm MBK Partners to purchase

Korea Zinc has described the 2 trillion won tender offer from South Korean zinc producer Young Poong and private equity firm MBK Partners to purchase a share in the company as a "hostile" takeover effort. The offer is to buy 6.98% to 14.61% of the firm, or 1.44 million to 3.02 million shares, for 660,000 won each. The shares of Young Poong increased by the daily maximum of 30% on Friday, while the shares of Korea Zinc climbed by 19.8%. Young Poong now owns 25.4% of Korea Zinc. In addition to increasing company value and governance, MBK Partners wants to become the biggest shareholder. However, Korea Zinc sees the offer as a predatory attempt to unseat its current management, pointing to recent security breaches at Young Poongs smelter. Read More..

B2B Tech News | 11 months ago        

Mitsubishi Reaches Deal to Invest in ExxonMobil’s LowCarbon Hydrogen Facility in Texas

Acquiring a portion of ExxonMobils Texas hydrogen facility and offtake lowcarbon ammonia generated there is the preliminary arrangement that Japanese

Acquiring a portion of ExxonMobils Texas hydrogen facility and offtake lowcarbon ammonia generated there is the preliminary arrangement that Japanese trading company Mitsubishi announced on Friday. This action helps Japan achieve its decarbonisation objectives, which include using more ammonia and hydrogen in manufacturing steel, electricity, and other industrial uses. The project owned by ExxonMobil is anticipated to produce more than a million tonnes of lowcarbon ammonia yearly and up to one billion cubic feet of hydrogen per day with 98% CO2 removal. In addition to potentially turning a portion of its LPG terminal into an ammonia terminal, Mitsubishi intends to use it in Japan in partnership with Idemitsu Kosan 5019.T, a Japanese oil refinery. Read More..

B2B Tech News | 11 months ago        

Cathay Pacific Repurchases All GovernmentIssued Warrants in $196 Million Buyback

The buyback of all the warrants valued at HK$1.53 billion $196.2 million awarded to the Hong Kong government in 2020 has been completed, according to

The buyback of all the warrants valued at HK$1.53 billion $196.2 million awarded to the Hong Kong government in 2020 has been completed, according to a statement released on Friday by Cathay Pacific. In light of the difficulties encountered during the epidemic, the airline undertook this buyback as part of its recapitalisation efforts. This decision has significantly advanced the companys financial recovery and strategic restructuring. Cathay Pacific hopes to improve its financial stability and fortify its balance sheet by repurchasing these warrants. After a period of economic instability, the airlines commitment to stabilising its operations and increasing shareholder value is demonstrated by this buyback. Read More..

B2B Tech News | 11 months ago        

Amazon Invests $660 Million to Increase Delivery Driver Wages and Enhance Safety Features

Amazon declared it will invest $660 million over the following year to increase pay for its Delivery Service Partners DSP. Through this program, the a

Amazon declared it will invest $660 million over the following year to increase pay for its Delivery Service Partners DSP. Through this program, the average national salary for drivers is expected to rise by $1.50 to about $22 per hour, or 7% more than the previous year. The money totals $12.3 billion over six years as part of a more significant $2.1 billion investment in the DSP program. Amazon will also release an app that lets drivers get up to 50% of their earned income early and utilise artificial intelligence AI to improve safety by supplying 18 million safety cues for 200 million roadways. This action is in response to recent NLRB rulings that raise questions about Amazons possible joint employer status with contractors, something the firm contests. Read More..

B2B Tech News | 11 months ago        

AWS Announces $1.8 Billion Investment in Brazil to Expand Data Center Infrastructure

The cloud computing branch of Amazon, known as Amazon Web Services AWS, has revealed a significant investment of 10.1 billion reais $1.8 billion in Br

The cloud computing branch of Amazon, known as Amazon Web Services AWS, has revealed a significant investment of 10.1 billion reais $1.8 billion in Brazil until 2034 to improve its data centre infrastructure. This additional financing aims to develop, connect, grow, run, and maintain data centres around the nation. This pledge highlights AWSs continuous commitment to strengthening its position in the Latin American market and expands on its previous investment of 19.2 billion reais from 2011 to 2023. The expansion will enhance AWSs service capabilities in Brazil and meet the increasing demand. Read More..

B2B Tech News | 11 months ago        

India to Purchase $52.8 Million in US High Altitude AntiSubmarine Warfare Sonobuoys

A recent notification to the US Congress states that India is scheduled to acquire High Altitude AntiSubmarine Warfare HAASW sonobuoys from the US for

A recent notification to the US Congress states that India is scheduled to acquire High Altitude AntiSubmarine Warfare HAASW sonobuoys from the US for $52.8 million. With this procurement, India hopes to improve operations from its MH60R helicopters and strengthen its antisubmarine warfare capabilities. The equipment would promote both countries strategic and security goals and be easily incorporated into the Indian armed forces, according to assurances from the US Defence Security Cooperation Agency. The transaction is anticipated to boost regional stability in South Asia, the IndoPacific, and the USIndia defence alliance. The announcement also mentioned Indias importance as a defence partner and how the sale fits US foreign policy goals. Within 30 days, the Congress will consider the plan. Read More..

B2B Tech News | 11 months ago        

Taishin Financials Revised $7 Billion Offer for Shin Kong Financial Surpasses Previous Bids in Taiwan’s Biggest Financial Deal

The largest financial services merger in Taiwans history occurred due to Taishin Financial Holdings increase in its bid for Shin Kong Financial to T$2

The largest financial services merger in Taiwans history occurred due to Taishin Financial Holdings increase in its bid for Shin Kong Financial to T$222.4 billion $7 billion. Compared to CTBC Financials T$14.55 offer for a 51% holding, Shin Kong shares are now valued at T$14.18 apiece, a 25% rise from the prior offering. With its allshare agreement, Taishin hopes to strengthen its position and grow internationally by providing 0.672 ordinary and 0.175 preferred shares for every Shin Kong share. Shin Kong has stated that he prefers Taishin over CTBCs aggressive proposal. With assets of about T$8.3 trillion, the combined company would rank as Taiwans fourthbiggest financial institution with T$13.46 trillion, thanks to CTBCs proposal, it would become the largest. Read More..

B2B Tech News | 11 months ago        

OpenAI Seeks $11.5 Billion in New Funding to Reach $150 Billion Valuation

Aiming for a $150 billion value, OpenAI, the company behind ChatGPT, is reportedly in talks to obtain $6.5 billion in equity capital and an extra $5 b

Aiming for a $150 billion value, OpenAI, the company behind ChatGPT, is reportedly in talks to obtain $6.5 billion in equity capital and an extra $5 billion in debt. Compared to its prior tender offer valuation of $86 billion, this would represent a 74% rise. Thanks to its groundbreaking chatbot and significant support from Microsoft, OpenAI has risen quickly in the AI space. This fundraising round, which Thrive Capital purportedly leads, highlights this. With more and more wellknown businesses avoiding public markets out of fear of regulations and market volatility, this fresh financial injection will allow OpenAI to stay private for an extended period. The action demonstrates the increasing popularity of venture capital and private equity as IPO substitutes. Read More..

B2B Tech News | 11 months ago        



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1.  Global online sales are predicted to reach 22% of all retail sales in 2023.
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