TotalEnergies enters 40 Chevron-operated U.S. offshore blocks
PARIS, June 16 - French oil major TotalEnergies (TTEF.PA), opens new tab has acquired a 25% interest in a Chevron-operated (CVX.N), opens new tab portfolio of 40 federal exploration leases offshore the U.S., in the Gulf of Mexico, it said on Monday.
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Reuters
32 minutes ago
- Reuters
Mitsubishi Corp in talks for $8 billion US shale acquisition, source says
June 16 (Reuters) - Mitsubishi Corp (8058.T), opens new tab is in talks to acquire the U.S. shale production and pipeline assets of Aethon Energy Management for roughly $8 billion, a person familiar with the matter said on Monday. The deal, should it be struck, would give the Japanese conglomerate a substantial natural gas operation adjacent to the U.S. Gulf coast and the energy export facilities being developed along it. Talks between Mitsubishi and Aethon are ongoing, said the source, who cautioned that there was no guarantee a transaction would be agreed and spoke on condition of anonymity to discuss confidential deliberations. While the assets are owned and operated by U.S. energy-focused investment firm Aethon, fellow money managers RedBird Capital Partners and Canada's Ontario Teachers' Pension Plan also hold sizable stakes. Aethon and RedBird declined comment. OTPP did not immediately respond to a comment request. Mitsubishi could not be reached outside of normal business hours in Japan. The upstream assets of Aethon, which primarily focus on the Haynesville shale formation in Louisiana and East Texas, constitute one of the largest privately held U.S. gas producers. Reuters reported in November that Aethon was exploring options for its operations, which also include more than 1,400 miles (2,250 km) of pipelines across the Haynesville basin and Wyoming, where Aethon also has some production assets. Bloomberg News earlier on Monday reported the talks between Mitsubishi and Aethon, citing people familiar with the matter.
The Independent
32 minutes ago
- The Independent
Leonard Lauder, philanthropist who globalized family cosmetic business, dies at age 92
Leonard Lauder, a renowned philanthropist who expanded the family cosmetics business into a worldwide empire, has died at the age of 92. Estee Lauders Cos. announced the news in a release on Sunday and said he died on Saturday surrounded by family. Lauder, the oldest son of Estee and Joseph H. Lauder, who founded the company in 1946, formally joined the New York business in 1958. Over more than six decades, Lauder played a key role in transforming the business from a handful of products sold under a single brand in U.S. stores to a multi-brand global giant. He had held the title of chairman emeritus at the time of his death. Estee Lauder's products are sold in roughly 150 countries and territories under brand names including Clinique and Aveda, according to the company's latest annual report. The company generated sales of nearly $16 billion in the fiscal year ended June 30, 2024, the filing said. Estee Lauder went public in 1995, but members of Lauder family still have about 84% of the voting power of common stock, according to the latest annual filing. Lauder served as president of The Estée Lauder Cos. from 1972 to 1995 and as CEO from 1982 through 1999. He was named chairman in 1995 and served in that role through June 2009. Under his stewardship, Lauder created the company's first research and development laboratory, brought in professional management at every level, and was the impetus behind The Estée Lauder Cos.' international expansion, helping to spearhead the company's sales and profits exponentially, according to the company. Lauder led the launch of many brands including Aramis, Clinique, and Lab Series, among others. Until his death, he remained deeply involved in the company's acquisition strategy, including the acquisitions of such brands as Aveda, Bobbi Brown, Jo Malone London and MAC, the company said. During his years as chairman emeritus, Lauder was closely involved in the business and day-to-day operations and was a constant fixture at its global headquarters in New York and at its stores around the world until the time of his death, the company said. 'Throughout his life, my father worked tirelessly to build and transform the beauty industry, pioneering many of the innovations, trends, and best practices that are foundational to the industry today,' said William P. Lauder, son and chair of the board at The Estée Lauder Companies in a statement. 'He was the most charitable man I have ever known, believing that art and education belonged to everyone, and championing the fight against diseases such as Alzheimer's and breast cancer. ' Lauder was a longtime patron of the Metropolitan Museum of Art and, in 2013, pledged his 78-piece collection of Cubist art to the museum in the largest single philanthropic gift in the museum's history. He later added five major works to that pledged gift, the company said. In concert with his Cubist collection donation, he helped establish the Leonard A. Lauder Research Center for Modern Art at the Met to support a program of fellowships, focused exhibitions, and public lectures. He also was the Whitney Museum of American Art's chairman emeritus and a trustee from 1977 to 2011. Lauder was married to Evelyn H. Lauder, who had been the senior corporate vice president at the cosmetic company and the founder of the Breast Cancer Research Foundation, from 1959 until she passed away in 2011. On Jan. 1, 2015, Lauder married Judy Glickman Lauder, a philanthropist and internationally recognized photographer. Lauder was born in 1933 in New York City. He was a graduate of the Bronx High School of Science, the University of Pennsylvania's Wharton School, and the Officer Candidate School of the United States Navy. Lauder studied at Columbia University's graduate school of business. He served as a lieutenant in the U.S. Navy and as a Navy reservist, for which the U.S. Navy Supply Corps Foundation later recognized him with its Distinguished Alumni Award. In addition to his wife and son William, Lauder is survived by his other son Gary M. Lauder and wife, Laura Lauder; five grandchildren, two great-grandchildren, many stepchildren and step grandchildren, as well as his brother, Ronald S. Lauder, and wife, Jo Carole Lauder, and their daughters, Aerin Lauder and Jane Lauder.
Telegraph
33 minutes ago
- Telegraph
WhatsApp breaks co-founder's promise of ‘no ads'
Meta has unveiled plans to introduce adverts on WhatsApp, breaking a promise by the messaging app's co-founder never to do so. In a major update announced on Monday, WhatsApp said it will roll out paid advertising to its 3bn monthly users over the next few months. The move is in direct violation of the 'no ads, no games, no gimmicks' pledge made by Meta following its $19bn (£14bn) acquisition of WhatsApp in 2014. Jan Koum, WhatsApp's co-founder and chief executive at the time, had the mantra written on a note taped to his desk. In a 2012 blog post entitled 'Why we don't sell ads', he wrote: 'Remember, when advertising is involved you the user are the product.' The decision to abandon this promise risks fuelling concerns that the app is becoming more of a social media platform instead of a messaging service. It also comes after Meta began rolling out its own artificial intelligence (AI) function within WhatsApp, allowing users to interact with a chatbot similar to ChatGPT. Meta AI also offers AI-powered search suggestions.
