Boeing (BA)
Boeing and Airbus (AIR.PA) have struck a deal to split Spirit AeroSystems (SPR), with the former paying $4.7bn (£3.7bn) for the supplier, rising to $8.3bn including assumed debt, reversing a 19-year-old move to split up the fuselage manufacturer.
Spirit was the supplier of the fuselage and wings at the heart of the Boeing 737 Max crisis, which has suffered a series of production problems, including a door panel that broke in mid-air in January.
Airbus will acquire assets primarily involved in the production of its own aircraft for a nominal sum of $1, while receiving $559 million in compensation from Spirit.
Boeing CEO Dave Calhoun said: “We believe this deal is in the best interests of the flying public, our airline customers, Spirit and Boeing employees, our shareholders and the country at large.
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“By reintegrating Spirit, we can fully align our commercial production systems, including our safety and quality management systems, and our employees with the same priorities, incentives and outcomes, with safety and quality at the core.”
Spirit was originally spun off from Boeing in 2005 as part of a cost-cutting measure.
Harland and Wolff (HARL.L)
Harland and Wolff shares were suspended on Monday after the company failed to report annual results on time.
The shipbuilder, which owns the shipyard where the Titanic was built, said delays in the results were caused by “ongoing discussions with its accountants over revenue recognition in relation to the multi-year and complex nature of some of the contracts under which the company works.”
The company said the annual report would be published in the week beginning July 8, more than a week after the deadline under AIM rules, and that share trading would be suspended until then.
The Belfast-based company was thrown into uncertainty last month after it emerged that the British government had shelved approval of a £200 million loan guarantee promised in December to bolster the company’s finances.
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“The assessment of the split of revenues between current year revenues and deferred revenues has led to a delay in the audit process and thus the publication of the company’s annual report and audited financial statements,” the report said.
The company was able to publish unaudited accounts in which it reported an operating loss of £24.7m for the 12 months to December 31, 2023, an improvement from a loss of £58.5m a year earlier. Revenue rose to £86.9m this year from £27.8m in 2022.
Brent crude traded above $86 after rising 6% last month, while West Texas Intermediate rose to around $82.
It comes after a private gauge of Chinese manufacturing activity last month showed an expansion to a three-year high, beating official data that showed a contraction, clouding the outlook.
“Increasing geopolitical tensions, which could disrupt global oil supplies to key producing regions,” are supporting prices, said Priyanka Sachdeva, senior market analyst at Phillip Nova Pte. “Fears of a global slowdown are likely to limit any increase in oil prices.”
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Crude oil prices continue to rise this year. The latest increase comes as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have raised prices, saying that any plans to add barrels back to the market will depend on market conditions.
Black rock (Black)
BlackRock shares rose slightly in pre-market trading on Monday after it was announced the company would buy British data group Preqin for $3.2 billion (£2.55 billion) in cash.
The firm, which manages more than $10 trillion, is seeking to capitalize on explosive investor demand for alternative assets, including everything from private equity to infrastructure.
Earlier this year, BlackRock announced a deal to buy Global Infrastructure Partners (GIP) for $12.5 billion, while other investment firms have also recently closed deals.
BlackRock said in a statement that the acquisition would complement the firm’s Aladdin tech division as it brings together data, research and investment processes for fund managers.
“Together with Preqin, we can make private market investing simpler and more accessible while creating a more connected platform for investors and fund managers,” said Sudhir Nair, Global Head of Aladdin at BlackRock.
Preqin, founded in 2003, will continue to be offered as a standalone solution, the company confirmed, and is expected to generate approximately $240 million in recurring revenue by 2024.
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