(Alliance News) - The following is a round-up of updates by global companies, issued on Wednesday and not separately reported by Alliance News:
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Hitachi Ltd - Japanese conglomerate - Arcelik AS and Hitachi Global Life Solutions Inc sign a share purchase agreement to create a new joint venture company focused on global home appliances, excluding Japan. Hitachi GLS will establish a new firm and transfer its global home appliance business outside of Japan into it, with Arcelik then acquiring a 60% ownership of the new company. Both partners hope to establish this new joint venture in spring 2021, provided regulatory approval and other conditions are met. The transaction value of the deal is calculated to be USD300 million for the 60% stake.
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Mitsui & Co Ltd - Tokyo-based company operating in the energy, machinery, chemicals, food, textile, logistics and finance sectors - Reaches agreement with Tastemade Inc, a US-based modern media company, to acquire a 51% stake in its Japanese subsidiary Tastemade Japan KK. Financial details of the deal have not been disclosed. Tastemade, founded in Los Angeles, California in 2012, manages production and distribution of lifestyle video content in eight countries and focuses on travel and food. Its videos are predominantly distributed on social networking platforms and streaming television, attracting around 300 million monthly viewers as well as 2.5 billion monthly views. Mitsui previously invested in Tastemade in 2019, inking a business partnership agreement
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Aareal Bank AG - Wiesbaden, Germany-based property financing company - Arranges and underwrites the financing of two prime logistics and industrial property parks located in the Czech Republic. This has been arranged on behalf of privately-held property developer CTP, with Aareal acting as mandated lead arranger and sole lender, as well as facility and security agent. The total commitment of the facility is around EUR403.5 million and the loan term is ten years.
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Nokia Corp - Finnish telecommunications equipment maker - Provides update on strategy and operating model ahead of new model becoming effective January 1. Previously provided 2020 and 2021 outlook unchanged. In connection with third quarter 2020 result, expects comparable operating margin of between 7% and 10% in 2021. In terms of units, its Mobile Networks businesses is to focus first on executing a turnaround and regaining leadership in 5G. Notes that: "Group Common & Other, which predominately consists of corporate costs, is expected to be run in a lean manner, with costs directly embedded into the business groups whenever possible. Group Common & Other is expected to deliver a comparable operating loss of approximately EUR200 million in 2021."
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Daimler AG - German auto giant - Says StarRides, its joint venture with Geely Technology Group, is now available across six Chinese cities after its launch one year ago in Hangzhou. Now also offers services in Guangzhou, Chengdu, Xi'An, Beijing and Shanghai, covering most major Chinese business metropolises. Plus further Chinese city launches. Achieves registered user growth of close to 80% on a monthly basis since December 2019 start. StarRides is offering premium chauffeur services with Mercedes-Benz vehicles exclusively. Additionally notes that Ludwig Arzt Omnibusverkehr eK is expanding its fleet with six Setra Low Entry intercity buses.
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Generali Spa - Italian insurer - Creates joint venture with American-Irish professional services firm Accenture PLC. This joint venture group operations service platform is intended to leverage cloud technology plus shared technology platforms in order accelerate Generali's digital strategy and innovation. Accenture will hold a 5% ownership stake in the venture.
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Viatris Inc - pharmaceutical firm based in Canonsburg, Pennsylvania - Advises investors to be cautious when it comes to TRC Capital Corp's "mini-tender" offer to purchase up to 6.0 million share in Viatris at USD16.5 each, a 4.8% discount to its December 11 closing price. "Viatris does not endorse TRC's mini-tender offer and recommends that Viatris stockholders do not tender their shares in response to the offer because it is a mini-tender offer at a price below the market price for Viatris shares and is subject to numerous conditions."
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Deutsche Post AG - German package delivery and supply chain management company - Notes that its air and ocean freight-focused DHL Global Forwarding business has partnered with D-Orbit on a space mission. D-Orbit covers the entire space mission life cycle, including logistics services. "Together with the company's own innovation team DHL Customer Solutions & Innovation, the freight forwarding expert set up logistics to help the ION Satellite Carrier in its journey into space." The satellite carrier, designed and developed by D-Orbis, is expected to launch in Florida in January.
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Sumitomo Mitsui Financial Group Inc - Tokyo-based bank - Signs a memorandum of understanding with the Ministry of Investment in of Saudi Arabia. The memorandum is based on trade and investment promotion between Saudi Arabia and Japan. This follows the previous signing of an agreement with the Saudi Arabian General Investment Authority, the Ministry of Investment in of Saudi Arabia's predecessor.
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By Anna Farley; annafarley@alliancenews.com
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