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Dallas company makes $135 million buyout bid for subprime auto lender

October 8, 2020

A Dallas company led by auto finance veteran Samuel Ellis is offering to buy out a California firm that specializes in subprime auto loans for $135 million.

Auto Experience Inc., which Ellis formed in 2018, said it made the all-cash bid in a letter to the board of directors of Consumer Portfolio Services Inc. after trading markets closed Wednesday. Its offer amounts to $6.18 a share — an 84% premium over where the Nasdaq-listed company’s stock ended Wednesday.

The suitor gave CPS until Oct. 30 to respond.

Based in Irvine, Calif., CPS works with auto dealers to buy and service consumer loans, funding its purchases primarily through securitization markets. About 75% of its business is financing used car sales, and its customers often have limited credit histories or past credit problems.

The 834-employee company posted revenue of $346 million last year, with $5.4 million in profit. It has recorded 28

Boom Supersonic Rolls Out Demonstrator Aircraft in Bid to Break Sound Barrier | Technology News

October 7, 2020

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(Reuters) – Boom Supersonic on Wednesday unveiled its first demonstrator aircraft X-B1, which is scheduled to begin flight testing next year, in a milestone for the U.S. startup planning a commercial airliner that can conquer the sound barrier.

A handful of U.S. companies https://fr.reuters.com/article/us-airplane-supersonic-airports-idUSKCN1SL2IF are vying to bring back supersonic passenger travel which died out with the Anglo-French Concorde’s retirement in 2003.

Today’s planned supersonic jets, while quieter and more fuel efficient than the Concorde, are under pressure from environmentalists and airports to meet noise levels and carbon emissions standards for conventional planes.

Denver-based Boom said in a release that XB-1 will undergo a carbon-neutral flight test program which is to start next year in Mojave, California.

XB-1 has a 71 foot-long (21.6 m) fuselage, a carbon-composite airframe and three GE-designed J85-15 engines, the statement said.

The aircraft’s first flight is targeted for the backhalf of 2021, with entry-into-service of

Arsenal axe Gunnersaurus in bid to save money amid pandemic

October 5, 2020

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Arsenal’s dinosaur mascot Gunnersaurus has been axed as part of cost-cutting measures in the club.

Jerry Quy, who has played the mascot since its introduction in 1993, worked part-time for the club and was seen as an unnecessary cost with no fans in stadiums.

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Quy has also lost his other role at the club doing supporter liaison, especially for away fans, and will not return to it when fans come back. However, sources have told ESPN that he will be allowed to return to the role of mascot when fans return to games.

Arsenal announced in August that they would make 55 redundancies across all departments. While Quy’s departure is part of ongoing cost-saving measures, the loss of his job is not counted in these 55 redundancies as he worked part-time.

Arsenal’s self-sustainable business

Suez Renews Support for Ardian’s Bid Ahead of Veolia’s Deadline

October 4, 2020

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(Bloomberg) — Suez SA backed a potential takeover bid led by private equity firm Ardian SAS, seeking to give investors an alternative as it fights an acquisition from French rival Veolia Environnement SA.

a street filled with traffic at night: An illuminated logo sits on top of the Veolia Environnement SA headquarters at night in Paris, France, on Wednesday, Sept. 30, 2020. Engie SA got five more days to consider Veolia Environnement SA’s 3.4 billion-euro bid ($4 billion) for most of its stake in Suez SA, prolonging a corporate fight in the hope of making it less hostile.

© Bloomberg
An illuminated logo sits on top of the Veolia Environnement SA headquarters at night in Paris, France, on Wednesday, Sept. 30, 2020. Engie SA got five more days to consider Veolia Environnement SA’s 3.4 billion-euro bid ($4 billion) for most of its stake in Suez SA, prolonging a corporate fight in the hope of making it less hostile.

Ardian’s project, which has has yet be detailed, is “in the interest of Suez — its shareholders, its employees, its clients and all its stakeholders,” the water and waste-treatment company said in a statement on Sunday after the board reviewed the plan. The Ardian proposal is “built around growth,” and would allow for an employees’ shareholding to

Exclusive: Golar Power Offers Top Bid for Petrobras’s LNG Terminal – Sources | Investing News

October 1, 2020

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RIO DE JANEIRO (Reuters) – Golar Power Ltd has submitted the top bid for a highly-sought-after liquefied natural gas import terminal being leased by Brazil’s state-run energy firm Petrobras, two people with direct knowledge of the matter said.

The terminal and regasification facility was offered under a wider government effort to end the state oil company’s monopoly in natural gas imports and processing. The Bahia state terminal can process 20 million cubic meters per day of LNG and includes a 45 kilometer pipeline.

A bid by Golar Power, a joint venture between Golar LNG

and U.S. private-equity firm Stonepeak Infrastructure Partners, was the top offer received, the people said. Twelve companies applied to submit offers, including local subsidiaries of BP PLC

, Total SA

and Repsol SA

.

On Monday, Petrobras separately said it would conduct an integrity risk assessment of Golar Power, which does business with the state-controlled producer.

Veolia Hikes Bid for Suez Stake, Seeks Talks on Full Takeover | Investing News

September 30, 2020

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By Gwénaëlle Barzic and Sarah White

PARIS (Reuters) – French waste and water company Veolia

hiked its bid for a stake in rival Suez

on Wednesday, and offered a negotiating window for any subsequent full takeover proposal after its initial approach was rebuffed.

Veolia said it had raised its offer for a 29.9% stake in Suez held by power group Engie

to 3.4 billion euros ($4 billion) from 2.9 billion euros.

The company has been trying to persuade Engie to sell the stake as prelude to launching a full takeover bid for Suez, arguing the two would form a global waste and water champion better equipped to take on rivals, including from China.

But Suez has vehemently rejected the approach, describing it as hostile, and set about creating a foundation for its French water business, which could be a hurdle for any Veolia takeover.

That has led to an increasingly

Mediobanca Weighed Banca Generali Bid Before Abandoning Plan

September 30, 2020

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(Bloomberg) — Italy’s Mediobanca SpA approached Assicurazioni Generali SpA about acquiring the insurer’s private banking and wealth management unit before ultimately abandoning the plan, people familiar with the matter said.

The Milan-based investment bank decided that conditions were unfavorable for a bid on Banca Generali SpA, a listed unit of the Italian insurer that has a market value of 3.2 billion euros ($3.8 billion), said the people, asking not to be named as the talks remain private.

Representatives for Generali and Mediobanca declined to comment.

a man wearing a suit and tie: Mediobanca SpA CEO Alberto Nagel Strategy Update News Conference

© Bloomberg
Mediobanca SpA CEO Alberto Nagel Strategy Update News Conference

Alberto Nagel

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Photographer: Camilla Cerea/Bloomberg

Mediobanca Chief Executive Officer Alberto Nagel looked at a range of options to pay for the deal, including partially using shares the bank owns in Generali, according to the people. Mediobanca holds about 13% of Trieste, Italy-based Generali.

Nagel, who over the last two years has been

EXCLUSIVE-Rosneft and Aramco unlikely to bid for India BPCL -sources

September 29, 2020

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By Nidhi Verma, Aftab Ahmed and Vladimir Soldatkin

NEW DELHI/MOSCOW, Sept 29 (Reuters) – Oil majors Rosneft ROSN.MM and Saudi Aramco 2222.SE are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum Corp BPCL.NS, sources familiar with the matter said, as low oil prices and weak fuel demand curb investment plans.

Russia’s Rosneft had expressed interest in buying the federal government’s 53.29% stake in Bharat Petroleum (BPCL) when CEO Igor Sechin visited New Delhi in February, while India’s trade minister has said that Aramco was enthusiastic about the stake sale.

A Rosneft source, however, said his company will not buy BPCL. Another source said Rosneft would only be interested in BPCL’s marketing business comprising fuel depots and more than 16,800 fuel stations.

“For this, India has to sell BPCL in parts,” the source said.

The Indian government – looking to finance welfare schemes and bridge a

Google offers concessions in fresh bid to win EU okay for Fitbit deal

September 29, 2020

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By Foo Yun Chee

BRUSSELS, Sept 29 (Reuters) – Alphabet GOOGL.O unit Google has offered concessions for a second time in a bid to address EU antitrust regulators’ concerns about its bid for fitness tracker maker Fitbit FIT.N, a European Commission filing showed on Tuesday.

The Commission, which is scheduled to decide on the deal by Dec. 23, did not publish details of the concessions in line with its policy.

The EU competition enforcer will now seek feedback from rivals and customers before deciding whether to accept the concessions, demand more, or either clear or block the detail.

Last month, it rejected Google’s pledge not to use the fitness tracker’s data for advertising purposes in a bid to address competition concerns, saying that it was insufficient.

The Commission recently asked Google rivals and customers about interoperability issues, what technical steps the company could take to foreclose competition to

Pandemic spurs Africa’s mobile telcos to ramp up banking bid

September 29, 2020

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By Nqobile Dludla, Emma Rumney and Media Coulibaly

graphical user interface, application: A woman prepares to perform a financial transaction on her mobile phone at a bank of the French mobile operator Orange in Abidjan, Ivory Coast

© Reuters/MACLINE HIEN
A woman prepares to perform a financial transaction on her mobile phone at a bank of the French mobile operator Orange in Abidjan, Ivory Coast

JOHANNESBURG/ABIDJAN (Reuters) – When COVID-19 hit Ivory Coast, Bonaventure Kra, who works at an import-export business, began to worry. Handling hard cash all day was a risk. Queuing in crowded bank branches exposed him to infection.

Then, in the midst of the pandemic, French telecommunications giant Orange launched an entirely digital bank – its first full banking venture in Africa.

a person standing in front of a computer: A woman performs a financial transaction at a bank of the French mobile operator Orange in Abidjan, Ivory Coast

© Reuters/MACLINE HIEN
A woman performs a financial transaction at a bank of the French mobile operator Orange in Abidjan, Ivory Coast

“Going back to cash would be like travelling back in time,” Kra said in the country’s commercial capital, Abidjan. “I intend to use it permanently.”

Africa’s mobile phone operators are ramping up