Chinese tech giant Tencent plans to list its online music business in the United States

Chinese tech giant Tencent plans to list its online music business in the United States

Chinese internet giant Tencent said it plans to spin off its streaming music service on a U.S. stock exchange. In a statement issued on Sunday through the Hong Kong stock exchange, Tencent said the terms of the proposed spin-off, including offering size, price range and other details have not been finalized. The company added that details will be made “as and when appropriate.” Tencent provides services in music, social networking , e-commerce, mobile games, booking…

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Groupon surges on report it’s seeking a buyer

Groupon surges on report it’s seeking a buyer

Groupon gained almost 11 percent Monday following a weekend report that the company is seeking a buyer. Shares closed at $4.83 after jumping as much as 13 percent to $4.96. That makes for the stock’s best day since February 2017. Recode reported Saturday that the company, which pioneered local online deals, is considering a sale. Alibaba, which took a nearly 6 percent stake in the the company in 2016, could step in as a buyer,…

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Uber invests in scooter start-up Lime alongside rival Alphabet, will let you rent scooters through Uber app

Uber invests in scooter start-up Lime alongside rival Alphabet, will let you rent scooters through Uber app

Uber is partnering with electric scooter start-up Lime, the companies said Monday. It’s the second scooter tie-up for Uber, which aims to be the leading one-stop-shop for transportation. The ride-hailing firm in April bought Jump Bikes, which also offers scooter rentals. Uber will make Lime rentals available in the app and add its logo to the lime-green scooters. Uber has increasingly turned to partnerships and mergers as it competes with Lyft, which last week announced…

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Cramer sees Pfizer’s reorganization as a ‘prelude’ to a spinoff of its consumer health-care business

Cramer sees Pfizer’s reorganization as a ‘prelude’ to a spinoff of its consumer health-care business

Pfizer’s announced reorganization could lead to an eventual spinoff of its consumer health-care business, CNBC’s Jim Cramer said Wednesday. The drug giant said it would reorganize into three units: Innovative medicines, established medicines and consumer healthcare, which it had been trying to sell since last year. The changes take effect at the start of fiscal 2019. “I think it’s a prelude to splitting up,” Cramer said on “Squawk on the Street.” Cramer, the host of…

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Broadcom reaches deal to acquire CA Technologies for $18.9 billion in cash

Broadcom reaches deal to acquire CA Technologies for $18.9 billion in cash

Broadcom and CA Technologies on Wednesday announced that Broadcom has agreed to acquire the enterprise technology company for $18.9 billion in cash. The deal values CA stock at about $44.50 per share, or a premium of about 20 percent to the closing price of CA common stock on July 11. The acquisition represents a strategic win for Broadcom, furthering its mission to acquire “mission critical technology businesses,” following its failed takeover bid for rival Qualcomm….

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Comcast increases cash offer for Sky to $34 billion, topping Twenty-First Century Fox

Comcast increases cash offer for Sky to $34 billion, topping Twenty-First Century Fox

Comcast on Wednesday raised its cash offer for Sky PLC to $34 billion, topping Twenty-First Century Fox’s latest bid. Comcast said its upped bid has been recommended by the independent committee of Sky. The company also said it has earmarked funds to fulfill the terms of the deal. Earlier Wednesday, Fox raised its offer to about $32.5 billion. The two media giants have been in a bidding war for the British television group. Fox had…

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Rupert Murdoch’s payday for selling to Disney shrank, even though Disney is willing to pay almost $20 billion more for his Fox assets

Rupert Murdoch’s payday for selling to Disney shrank, even though Disney is willing to pay almost $20 billion more for his Fox assets

The bidding war between Comcast and Disney for Fox assets is costing Rupert Murdoch billions of dollars. Disney raised its bid for pieces of Twenty-First Century Fox to $71.3 billion, up from its original offer of $52.5 billion. This was in response to Comcast’s offer of $65 billion for the same Fox assets. Disney’s original bid was all stock. Its new bid is a mix of stock and cash, which raises Murdoch’s tax bill and…

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Conagra Brands to acquire Pinnacle Foods for about $10.9 billion

Conagra Brands to acquire Pinnacle Foods for about $10.9 billion

Conagra Brands on Wednesday announced plans to acquire Pinnacle Foods in a cash-and-stock deal valued at about $8.1 billion that furthers Conagra’s transformation under CEO Sean Connolly and its push into frozen foods. Including debt, the deal is valued at $10.9 billion. The pairing of Healthy Choice-owner Conagra and Bird’s Eye-owner Pinnacle would create the second-largest U.S. frozen food company behind Nestle, analysts at RBC Capital Markets have written. Conagra has poured money into its…

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GE may sell off industrial engine unit to private equity firm Advent International

GE may sell off industrial engine unit to private equity firm Advent International

General Electric may sell a unit that manufactures industrial engines to a private equity firm, The Wall Street Journal reported on Sunday, as part of a wide ranging effort to revitalize the moribund manufacturing giant. The Journal, citing unnamed sources familiar with the matter, said GE could complete a transaction as soon as Monday that would be worth $3 billion or more. Advent International is said to have topped another firm that also bid on…

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Campbell shares soar on report Kraft is interested in buying the soup company

Campbell shares soar on report Kraft is interested in buying the soup company

Campbell Soup’s stock gained more than 9 percent Monday, following a report that Kraft Heinz is interested in buying the soup company. The story, which appeared in the New York Post, did not say whether Kraft Heinz had a hired a bank to explore such interest, a step that often precedes serious attempts at dealmaking. Campbell previously announced a strategic review in which it would leave “no sacred cows,” raising speculation the company could do…

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