Blackstone Real Estate Partners Announces Sale Of Cosmopolitan Of Las Vegas
Blackstone (BX) reported that Blackstone Real Estate Partners VII L.P. has reached an agreement to sell The Cosmopolitan of Las Vegas for $5.65 billion. MGM Resorts International plans to acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust, Inc, which will acquire The Cosmopolitan’s real estate assets.
Blackstone said BREP considered a broad range of potential options for The Cosmopolitan and determined that separating the asset’s operations from the underlying real estate would result in an optimal outcome.
UBS notes postponed verdict in 4.5 billion euro French tax case
UBS noted a decision by French judges to postpone their ruling on the Swiss bank's appeal against a 4.5 billion euro ($5.27 billion) fine imposed for helping wealthy clients stash undeclared assets offshore.
"UBS takes note of the decision by the Paris Court of Appeal today, 27 September 2021, that its deliberations have been extended and that the decision will be rendered on 13 December 2021 " UBS said in a statement after the French court put off its decision.
Opinion | The A.C.L.U. Errs on R.B.G.
By Michelle Goldberg
Kraton To Be Acquired By DL Chemical In All-cash Deal Valued At About $2.5 Bln – Quick Facts
Kraton Corp. (KRA), a sustainable producer of specialty polymers and high-value bio-based products derived from pine wood pulping co-products, announced Monday that it has entered into a definitive merger agreement, pursuant to which DL Chemical Co., Ltd., a subsidiary of DL Holdings Co., Ltd. (formerly Daelim Industrial Co., Ltd.), will acquire 100% of Kraton in an all-cash transaction implying an enterprise value of approximately $2.5 billion.
Under the terms of the Merger Agreement, Kraton stockholders will receive $46.50 in cash for each share of Kraton common stock they own. As part of the transaction DL Chemical has conveyed that they have fully committed financing.
Following an extensive review of a wide-range of strategic alternatives focused on maximizing value for the benefit of its stockholders, Kraton’s Board has determined that the sale of Kraton to DL Chemical is in the best interest of Kraton stockholders.
The transaction provides immediate and certain value for Kraton stockholders, and represents an attractive premium of approximately 50% over Kraton’s unaffected market valuation as of early July.
The Merger Agreement was unanimously approved by Kraton’s Board of Directors and they recommended that Kraton stockholders vote in favor of the transaction. The acquisition, subject to certain customary closing conditions, including the receipt of stockholder and regulatory approvals, is expected to close by the end of the first half of 2022.
Rupee ends 15 paise lower at 73.83 against U.S. dollar
On Friday, the currency had closed 4 paise down at 73.68 against the U.S. dollar.
The rupee weakened by 15 paise to close at 73.83 (provisional) against the U.S. dollar on Monday as a stronger greenback against key rivals and rising crude oil prices weighed on investor sentiment.
Besides, multiple bouts of volatility on domestic equities front and mixed cues from global financial markets brought the rupee more under pressure, analysts observed.
At the interbank Foreign exchange market, the rupee opened on a weak note at 73.70 and slid to the day’s lowest level at 73.84 a dollar towards the fag-end of the session. For a brief period, it ventured into positive territory and touched a high of 73.60.
The domestic unit finally settled the day at 73.83 a dollar, showing a drop of 15 paise over its previous close. On Friday, the currency had closed 4 paise down at 73.68 against the U.S. dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.11% to 93.42.
On the domestic equity market front, the BSE Sensex ended marginally higher by 29.41 points or 0.05% higher at 60,077.88. Similarly, the NSE Nifty closed the day 1.90 points or 0.01% higher at 17,855.10.
Meanwhile, global crude oil benchmark Brent futures advanced 1.29 % to $78.23 per barrel.
Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth ₹442.49 crore, as per exchange data.
Canada Votes In Premature Federal Election
Canadians went to the polling booths Monday for a premature federal election as Prime Minister Justin Trudeau sought a third term in office two years ahead of schedule.
The first results will be available shortly after 7 p.m. ET, according to Election Canada.
During the campaign, the liberal prime minister reportedly struggled to explain why he opted an early election amidst the pandemic, forcing people to vote for the second time in two years.
Trudeau, who has been leading a minority government since October 2019, is expected to win a majority of seats in the House of Commons, opinion polls indicate.
However, he is facing stiff resistance from the main opposition center-right party, led by new Conservative leader Erin O’Toole.
With around 30 percent support predicted for both the parties in national polls, the difference between the two can be minimal, which again paves the way for another minority government.
Sean Spicer Says He Won’t Work For Donald Trump If He Runs In 2024
Been there, done that: That’s pretty much how Sean Spicer sums up his interest in working for Donald Trump.
In a new podcast for Mediaite, the former White House press secretary dished about his time working for Trump ― and why he has no desire to leave his current gig on Newsmax to work for the former president.
Spicer said he loves what he does now and “as far as Donald Trump goes, he is an intense guy to work for. I mean, he demands a lot of people who work for him.”
He added: “But since I’ve left, [Trump has] been a good friend and he’s been unbelievably supportive of my endeavors of my work at Newsmax, my books. He voted for me on ‘Dancing With the Stars.’ And so I’d much rather be a friend and a supporter than an employee.”
There may also be another reason Spicer doesn’t want to work for Trump again: He admits to being concerned that the former president keeps lying about the 2020 election being rigged.
“Yes, I think it’s very concerning,” Spicer said. “And you saw the fallout, frankly, in the Georgia Senate elections where we lost two seats, frankly, because a lot of people said, well, I’m not going to go out and vote if the system is [rigged].”
That hasn’t stopped Spicer from having Trump lie on his own show.
Earlier this month, Trump predicted to Spicer that America will end in three years while also hinting that he may run for office in 2024 ― three years from now.
You can hear the complete interview below.