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L3Harris nears $4.7bn deal to acquire Aerojet Rocketdyne.
Aker BP, partners to invest $20.5bn in new oil, gas projects.
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Multi-billion-dollar investment manager Luxor Capital LLC , has issued an open letter expressing serious concerns about the proposed merger between Ritchie Bros. Auctioneers Incorporated and IAA .
Luxor Capital, which owns about 3.6% of Ritchie Bros’ outstanding common shares, said it intends to vote against the merger at the company’s yet-to-be scheduled special meeting of shareholders.
The investment manager contends that IAA is a severely challenged business requiring a multi-faceted and likely expensive turnaround to prevent continued loss of customers, declining service levels and deteriorating earnings, saying IAA has lost about 25% of its market share in the past six years,?Proactive Investors ?reported.
IAA is advised by J.P. 摩根 , Blake, Cassels & Graydon LLP , Cooley LLP (led by? Ian Nussbaum ) and ICR (led by? Farah Soi ). JP Morgan is advised by Simpson Thacher & Bartlett LLP (led by? Caroline Bergman Gottschalk ). Ritchie Bros?is advised by Evercore , 高盛 , Guggenheim Partners , RBC Capital Markets , Goodwin (led by? Stuart Cable and? Lisa Haddad ), McCarthy Tétrault (led by? Shea Small ), Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by? Gregg Noel ) and Joele Frank (led by? Daniel Katcher ). Financial advisors are advised by 富而德律师事务所 .
Advent , a global private equity investor, agreed to acquire Maxar Technologies , a provider of comprehensive space solutions and secure, precise, geospatial intelligence, for $6.4bn.
"We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the United States and its allies around the world. We will prioritize Maxar's commitment as a core provider to the US defense and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers," David Mussafer, Advent Chairman and Managing Partner.
Maxar is advised by J.P. 摩根 , Milbank LLP , Wachtell, Lipton, Rosen & Katz ?(led by? Adam Emmerich ) and Joele Frank (led by? Scott Bisang ,? Eric Brielmann ?and? Jack Kelleher ). BCI is advised by 富而德律师事务所 and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates . Advent is advised by 高盛 , 摩根士丹利 , Covington & Burling LLP , Weil, Gotshal & Manges LLP ?(led by? Jim Griffin ) and FGS Global (led by? Bryan Locke ?and? Jeremy Pelofsky ).
Rio Tinto , a metals and mining corporation, completed the acquisition of the remaining 49% stake in Turquoise Hill Resources Ltd , a mineral exploration and development company, for $3.1bn.?
"This acquisition further strengthens our copper portfolio, as part of our strategy to grow in materials the world needs for achieving net zero and delivering long-term value for our shareholders. We now have a simpler and more efficient ownership and governance structure, with our partner the Government of Mongolia, as we proceed together towards sustainable production from the underground mine,” Bold Baatar, Rio Tinto Copper CEO.
Turquoise Hill was advised by BMO Capital Markets , 摩根士丹利 , TD , Blake, Cassels & Graydon LLP , Norton Rose Fulbright and Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by?Adam Givertz). Rio Tinto was advised by 瑞信 , RBC Capital Markets , Rothschild & Co , McCarthy Tétrault (led by? Shea Small ) and Sullivan & Cromwell LLP (led by? Scott Miller ).?
L3Harris nears $4.7bn deal to acquire Aerojet Rocketdyne.
L3Harris Technologies , an American technology company, is nearing a $4.7bn deal to acquire US rocket maker Aerojet Rocketdyne Holdings, 10 months after the latter's $4.4bn sale to Lockheed Martin fell through.
L3Harris outbid General Electric in the final stages of a sale process for Aerojet with a $58-per-share offer, one of the sources said. An agreement could be announced as early as today.?
Lockheed Martin walked away from?its deal with Aerojet in February ?after antitrust regulators sued to block it, arguing that allowing the El Segundo, California-based company to be taken over by its biggest customer would have severely disadvantaged Lockheed Martin's rivals,?Reuters ?reported.
Aker BP, partners to invest $20.5bn in new oil, gas projects.
Norwegian oil firm Aker BP ASA and its partners will invest more than $20.5bn to develop several oil and gas fields off Norway in the coming years.
Aker BP and other oil firms working off Norway have rushed to submit new projects for approval by authorities to benefit from temporary tax benefits expiring this year. Total investments in that project, which also includes the Munin field, formerly called Krafla, stand at $11bn, with production expected to start in 2028. Equinor is currently Munin's operator but will hand it over to Aker BP, while maintaining its 50% stake in the field, which will be developed using an unmanned platform operated from shore,?Reuters ?reported.
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