Elementis Rejects Minerals Technologies’ Revised Takeover Approach; Stock Up

ViacomCBS Nearing Sale Of Simon & Schuster To Germany’s Bertelsmann

ViacomCBS Inc. (VIAC, VIACA) is nearing a deal to sell its book publishing business Simon & Schuster to German media giant Bertelsmann AG, which owns Penguin Random House, in more than $2 billion deal, according to The Financial Times.

A deal could be announced as soon as this week. As per reports, News Corp.’s HarperCollins and French media company Vivendi SA are also in the race to buy Simon & Schuster.

Bertelsmann earlier has stated its plans for Penguin Random House unit to grow organically and through M&A. If succeeding, the acquisition of Simon & Schuster is expected to make Bertelsmann the world’s biggest book publisher.

Pandemic Pushed India’s Taj Hotel Chain to Look to Cut Costs

Indian Hotels Co., the luxury hotel chain run by theTata Group, used the coronavirus-imposed lockdown to see where it could save costs.

“This was the historic opportunity to review our fixed and variable costs,” Chief Executive Officer Puneet Chhatwal said Wednesday in a Bloomberg Television interview. “The industry never experienced such a revenue decline in last 100 years.”

The firm, which owns the iconic Taj brand and operates The Pierre in New York City, didn’t cut any jobs but redeployed some staff elsewhere in the salt-to-software Tata empire, Chhatwal said. The company slumped to a 3.8 billion rupee ($51 million) loss in the six months ended Sept. 30 from a 1.4 billion rupee profit a year earlier, as a 73% plunge in revenue eclipsed 36% cost savings.

Its shares have rebounded 82% from a six-year low in May as India’s economy gradually reopens. Prime Minister Narendra Modi imposed a strict and sudden lockdown in March to contain the coronavirus outbreak.

— With assistance by Rishaad Salamat

Emirates’ Boss Has ‘No Idea’ When Boeing Will Deliver 777X Jet

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Emirates remains in the dark about whenBoeing Co. will deliver its new 777X jet after a series of delays as the model is yet to be certified.

“I have no idea,” President Tim Clark said in an interview with Bloomberg TV on Wednesday. “They were due to be delivered this year in June, then it was 2021, then it was 2022. It hasn’t finished its certification program yet, both airframe and engine.”

Clark’s comments on future deliveries came as he expressed optimism that air travel will recover over the course of next year as coronavirus vaccines are approved and distributed globally. Emirates entire fleet of Airbus SE A380 jumbo jets should be flying by the first quarter of 2022, he said, while the carrier expects to return to positive cash flow in the first half of next year.

— With assistance by Desley Humphrey

CORRECTED-Tullow Oil's new strategy focuses on squeezing W.African oilfields

(Corrects net debt figure to $2.4 bln to reflect recent Uganda deal, paragraph 2)

LONDON, Nov 25 (Reuters) – Tullow Oil will commit 90% of its investments in coming years on its existing oilfields offshore West Africa and move exploration activities to the back burner as it seeks to reduce its debt burden.

As part of a Capital Markets Day, Tullow, with a market capitalisation of $560 million as of Tuesday and $2.4 billion in net debt, said it expected to generate $7 billion of operating cash flow over the next 10 years.

HICL Infrastructure H1 Pretax Profit Rises – Quick Facts

HICL Infrastructure Plc (HICL.L) reported profit before tax of 104.1 million pounds for the six months ended 30 September 2020 compared to 79.5 million pounds, previous year. Earnings per share was 5.5 pence compared to 4.4 pence.

The company has recorded total shareholder return on an annualised basis of 7.8%. The Net Asset Value or NAV, was 154.0 pence per share, for the period.

The company stated that it is on track to deliver aggregate target dividends of 8.25 pence per share for the current financial year ending 31 March 2021. New target dividend guidance has been introduced for the fiscal year ending 31 March 2022 of 8.25 pence per share. The company said, based on current forecasts, it expects the dividend for the fiscal year ending 31 March 2022 to be fully cash covered.

Serious crash near Otorohanga: One dead in State Highway 3 collision

One person is dead after a serious crash on State Highway 3 in the central North Island tonight.

The two-car crash happened on a section of Otorohanga Rd at 6.30pm.

The road was expected to remain closed for some time while the Serious Crash Unit examined the scene, police said.

“Diversions are in place and motorists should avoid the area, if possible.”

St John paramedics attended the crash along with three ambulances.

Elementis Rejects Minerals Technologies’ Revised Takeover Approach; Stock Up

Minerals Technologies Inc. (MTX) announced Wednesday that it has made a second approach regarding an increased all-cash possible offer to acquire Elementis plc (ELM.L). Meanwhile, the Board of the speciality chemicals and personal care business rejected the revised proposal. Elementis shares were gaining around 6 percent in the early morning trading in London.

In a statement, Minerals said its increased proposal comprised an all-cash offer of 117 pence per Elementis share, representing an increase of 9 percent on Minerals Technologies’ initial proposal of 107 pence per share.

The increased proposal represents a premium of approximately 43 percent to Elementis’ closing share price on November 4, the date immediately prior to Minerals Technologies’ initial approach; and 61 percent to Elementis’ 90 trading-day volume weighted average share price up to November 4.

Minerals added that the Board of Elementis has, to date, declined to enter into discussions. The company is announcing the details of the increased proposal made to the Elementis Board so that Elementis’ shareholders have access to this information.

Minerals said it is currently considering its position. There can be no certainty that any firm offer will be made. However, any firm offer would be likely to be solely in cash.

In London, Elementis shares were trading at 114.90 pence, up 5.51 percent.