Latest news with #UKTakeoverCode
Business Times
9 hours ago
- Business
- Business Times
Shell says it has no intention of making an offer for BP
[LONDON] Shell said it has no intention of making a takeover offer for BP, refuting an earlier report that two of Europe's biggest companies were in active merger talks. The announcement quells speculation that the UK's two oil majors would end up combining, following several years of poor performance from BP and rising pressure from activist shareholder Elliot Investment Management. Shell's statement means it is bound by the UK Takeover Code, largely preventing it from submitting an offer for BP for six months. 'In response to recent media speculation, Shell wishes to clarify that it has not been actively considering making an offer for BP,' it said in a statement on Thursday (Jun 26). The company 'has not made an approach to, and no talks have taken place with, BP with regards to a possible offer. BP's shares jumped as much as 10 per cent in New York on Wednesday after the Wall Street Journal reported that the company was in early-stage takeover talks with its larger rival. The stock pared gains as Shell swiftly dismissed the report as 'market speculation.' BP's prolonged period of under-performance stems in large part from a net zero strategy embraced by former chief executive officer Bernard Looney. He left the company in 2023 over his personal conduct leaving his successor, Murray Auchincloss, to grapple with a failing clean-energy strategy. Auchincloss announced a 'reset' in February that included a pivot back to oil and gas, a reduction in share buybacks and promises to sell assets and pay down debt. The new strategy got a lukewarm reception from many investors, and did not go far enough for Elliott, which has continued to push for more radical change. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up It was against this backdrop that BP became seen increasingly as a potential takeover target. Although no company came forward with an offer, several of BP's peers and rivals were said to be appraising the situation behind closed doors. Bloomberg reported in May that Shell had been studying the merits of a takeover, but was waiting for further stock and oil price declines before deciding whether to pursue a bid. Abu Dhabi's main oil company has evaluated whether it could buy some of BP's key assets should the British firm decide to break itself up or come under pressure to divest more units, Bloomberg reported earlier in June. While Shell's statement douses the majority of the takeover speculation related to BP, the six-month standstill under UK takeover rules isn't absolute. It could end early under a limited number of exceptional circumstances, including if BP receives an offer from another suitor or invites a fresh approach, or there is a 'material change' of circumstances. And major changes at BP are set to continue. The company is searching for a new board chairman after Helge Lund announced in April his intention to step down. Lund's role as a key backer of the net zero strategy made him focus of criticism from Elliott, which remains one of BP's largest shareholders. BLOOMBERG
Euronews
11 hours ago
- Business
- Euronews
Shell says it's not in talks to acquire BP as takeover rumours swirl
Oil giant Shell said on Thursday that it had 'no intention' of making an offer for its UK rival BP and asserted that no such talks between the firms had taken place. In line with the UK Takeover Code, Shell's announcement means that it can't submit another bid for six months, unless certain conditions change. If another bidder for BP emerges, for instance, Shell could look to acquire the company. The firm was responding to a Wall Street Journal report that suggested the firms were in discussions regarding a £60 billion (€70.4bn) takeover. The megamerger would create a global energy group worth more than £200bn (€234.68bn). BP shares rose in value on the speculation, closing 1.64% higher in daily trading. CEO Murray Auchincloss, who has headed up BP since early 2024, is focused on boosting the firm's performance in response to pressure from investors, notably from activist hedge fund Elliott Management. In efforts to do so, BP said earlier this year it would increase oil and gas spending by about 20%, while cutting renewable investment by around 70%. This came after BP had pledged in 2020 to reduce oil and gas output by 40% by 2030. Over the past two years, BP's valuation has underperformed against competitors Shell and ExxonMobil, firms that are prioritising more oil and gas output.
Fashion Network
19-06-2025
- Business
- Fashion Network
Frasers group won't bid for Revolution Beauty, but reserves right to rethink
Retail giant Frasers Group said on Thursday that it won't be bidding for Revolution Beauty after having confirmed earlier this month that it was looking at a cash offer for the up-for-sale business. Yet there were caveats and as is often the case with Frasers' acquisition activity, this may not be the end of the story. In a brief stock exchange release headlined 'Statement of Intention Not to Make an Offer for Revolution Beauty Group plc', it said that it 'does not intend to make an offer for Revolution Beauty… [and] Frasers Group and any person(s) acting in concert with it will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the Code'. Rule 2.8 of the UK Takeover Code restricts anyone who's said they have no intention to make an offer for a company from making another offer or acquiring shares in that company for six months. But the Takeover Panel can grant dispensations from this rule and Frasers said it. 'reserves the right to set the restrictions in Rule 2.8 of the Code aside in the following circumstances: with the agreement of the board of directors of Revolution Beauty; following the announcement by or on behalf of a third-party of a firm intention to make an offer for Revolution Beauty; if Revolution Beauty announces a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); and if there has been a material change of circumstances (as determined by the Takeover Panel)'. So as usual, we just need to watch and wait.
Fashion Network
19-06-2025
- Business
- Fashion Network
Frasers group won't bid for Revolution Beauty, but reserves right to rethink
Retail giant Frasers Group said on Thursday that it won't be bidding for Revolution Beauty after having confirmed earlier this month that it was looking at a cash offer for the up-for-sale business. Yet there were caveats and as is often the case with Frasers' acquisition activity, this may not be the end of the story. In a brief stock exchange release headlined 'Statement of Intention Not to Make an Offer for Revolution Beauty Group plc', it said that it 'does not intend to make an offer for Revolution Beauty… [and] Frasers Group and any person(s) acting in concert with it will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the Code'. Rule 2.8 of the UK Takeover Code restricts anyone who's said they have no intention to make an offer for a company from making another offer or acquiring shares in that company for six months. But the Takeover Panel can grant dispensations from this rule and Frasers said it. 'reserves the right to set the restrictions in Rule 2.8 of the Code aside in the following circumstances: with the agreement of the board of directors of Revolution Beauty; following the announcement by or on behalf of a third-party of a firm intention to make an offer for Revolution Beauty; if Revolution Beauty announces a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); and if there has been a material change of circumstances (as determined by the Takeover Panel)'. So as usual, we just need to watch and wait.
Business Wire
09-06-2025
- Business
- Business Wire
Qualcomm to Acquire Alphawave Semi
LONDON--(BUSINESS WIRE)--Qualcomm Incorporated (NASDAQ: QCOM) today announced that it has reached an agreement with Alphawave IP Group plc (AWE.L) ('Alphawave Semi') regarding the terms and conditions of a recommended acquisition by Aqua Acquisition Sub LLC, an indirect wholly-owned subsidiary of Qualcomm Incorporated, for the entire issued and to be issued ordinary share capital of Alphawave Semi at an implied enterprise value of approximately US$2.4 billion. The acquisition of Alphawave Semi aims to further accelerate, and provide key assets for, Qualcomm's expansion into data centers. Qualcomm Oryon CPU and Hexagon NPU processors are well positioned to meet the growing demand for high-performance, low-power computing, which is being driven by a rapid increase in AI inferencing and the transition to custom CPUs in data centers. Alphawave Semi is a global leader in high-speed wired connectivity and compute technologies delivering IP, custom silicon, connectivity products and chiplets that drive faster, more reliable data transfer with higher performance and lower power consumption. Alphawave Semi's products form a part of the core infrastructure enabling next generation services in a wide array of high growth applications, including data centers, AI, data networking and data storage. 'Under Tony's leadership Alphawave Semi has developed leading high-speed wired connectivity and compute technologies that are complementary to our power-efficient CPU and NPU cores,' said Cristiano Amon, president and CEO of Qualcomm Incorporated. 'Qualcomm's advanced custom processors are a natural fit for data center workloads. The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data center infrastructure.' 'Qualcomm's acquisition of Alphawave Semi represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers,' said Tony Pialis, president and CEO of Alphawave Semi. 'By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities. Together, we will unlock new opportunities for growth, drive innovation, and create a leading player in AI compute and connectivity solutions.' This acquisition of Alphawave Semi is expected to complete during the first calendar quarter of 2026, subject to the satisfaction or waiver (where applicable) of certain conditions as set forth in the announcement released today in accordance with Rule 2.7 of the UK Takeover Code, including (amongst other things) certain regulatory approvals, the approval from the requisite majority of Alphawave Semi's shareholders and sanction by the High Court in the UK. The full announcement, issued in accordance with Rule 2.7 of the UK Takeover Code, can be found on our website at: About Qualcomm Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Building on our 40 years of technology leadership in creating era-defining breakthroughs, we deliver a broad portfolio of solutions built with our leading-edge AI, high-performance, low-power computing, and connectivity. Our Snapdragon® platforms power extraordinary consumer experiences, and our Qualcomm Dragonwing™ products empower businesses and industries to scale to new heights. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing, Qualcomm Oryon, and Hexagon are trademarks or registered trademarks of Qualcomm Incorporated.
