American conglomerates, Dow Chemical, DuPont complete a $130bn mega-merger

Businessam StaffSeptember 2, 2017

Dow Chemical Co. and DuPont Friday completed their $130 billion merger, which was originally announced in December 2015. Each company’s shares stopped trading at the close Friday August 31 with the combined DowDuPont listing under ticker symbol “DWDP”. “The true value of this merger lies in the intended creation of three industry powerhouses that will […]

Amazon officially seals up deal to own Whole Foods

Businessam StaffAugust 28, 2017

Amazon has officially sealed the deal with Whole Foods, and the promised price cuts are already hitting grocery stores. Bananas for 49 cents a pound, anyone? Marked down from 79 cents, that’s more comparable to other supermarket chains. The organic variety goes for 69 cents a pound in a Manhattan store, down from Sunday’s price of 99 […]

South Africa’s Kumba Iron Ore, union reach wage deal

Businessam StaffAugust 25, 2017

South Africa’s Kumba Iron Ore, a unit of Anglo American, and a major union have signed a three-year wage deal giving workers an increase of as much as a 10 per cent a year, the National Union of Mineworkers (NUM) said Friday. NUM, which is the majority union at all of Kumba’s operations, said workers […]

BoI partners FCMB to finance 80-tonne vessel in Lagos

Businessam StaffAugust 24, 2017

Kayode Pitan, BOI Managing Director, and Adam Nunu, the Managing Director of FCMB

The Bank of Industry (BoI), in partnership with First City Monument Bank (FCMB) Thursday unveiled an 80-tonne vessel jointly financed on behalf of C&I Leasing Ltd. As reported by News Agency of Nigeria, Kayode Pitan, BOI Managing Director, said at the inauguration of the vessel tagged: “MV Bello’’ in Lagos, that the joint financing demonstrated […]

Western Digital group to offer $17.4 billion for Toshiba chip unit, sources say

Businessam StaffAugust 24, 2017

A consortium that includes Western Digital is offering 1.9 trillion yen ($17.4 billion) for Toshiba Corp’s (6502.T) memory chip business, which the Japanese conglomerate is trying to sell to cover losses from its U.S. nuclear business, sources said on Thursday. According to Reuters Western Digital is set to offer 150 billion yen through convertible bonds […]

Sempra Energy to buy Oncor for $9.45 billion in blow for Berkshire

Businessam StaffAugust 21, 2017

Sempra Energy said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett’s Berkshire Hathaway Inc. San Diego-based Sempra expects to own about 60 percent of a reorganized Energy Future after the transaction that is […]

Energy Capital, investors to buy Calpine for $5.6 billion

Businessam StaffAugust 18, 2017

Private equity firm Energy Capital Partners and a consortium of investors have struck a deal to buy U.S. power generator Calpine Corp. for $5.6 billion in cash. Calpine investors will get $15.25 a share as part of the deal, the Houston-based company said in a statement. The investor group was led by Access Industries and Canada Pension Plan […]