GM backs out of stake in Nikola, cancels plan for 'Badger' electric pickup
DETROIT — General Motors and Nikola Corp. have a deal, though it’s a much smaller one compared with the one first struck in September.In a non-binding memo of understanding signed by GM and Nikola on Monday, GM will now supply the fuel-cell technology to make commercial long-haul trucks for Nikola and nothing more — with no equity stake in Nikola as previously proposed.This pending transaction comes after controversies that swamped Nikola since the original deal was announced Sept. 8 in which GM would have gotten 11% equity in the company to build an electric heavy-duty pickup for Nikola calle...
Detroit Free Press
Scott Fowler: Hornets dropped the ball by drafting LaMelo. He won't be the star Charlotte needs.
CHARLOTTE, N.C. — LaMelo Ball was drafted by the Charlotte Hornets with the No. 3 pick Wednesday night. That sounds like all sorts of fun, and it will sell all sorts of tickets, and it will generate all sorts of revenue for a small-market team that badly needs a one-name star.And despite all that, I don’t like it.Sorry to throw cold water on the virtual parade, but LaMelo Ball isn’t going to be a big NBA star. The Hornets should have traded up to acquire James Wiseman at No. 2.Will Ball be a solid NBA starter one day? Sure.Will he be an All-Star every night, the sort of player you build a fran...
The Charlotte Observer
Fiat Chrysler, Peugeot-maker PSA Group set shareholder meetings to approve merger
Shareholders for Fiat Chrysler Automobiles and Peugeot-maker PSA Group are to meet in January to decide whether to approve the proposed merger between the two companies.The companies announced Wednesday they would hold general meetings for their respective shareholders on Jan. 4 “in order to approve the merger of their companies to allow the creation of Stellantis, which will become the world’s fourth largest automobile manufacturer by volume.”Leaders of the companies have previously said they aim to complete the merger by the end of the first quarter.Regulatory approvals have been moving forw...
Detroit Free Press
Home Depot to buy HD Supply
In a deal worth an estimated $8 billion, Home Depot has agreed to buy HD Supply Holdings, an Atlanta-based distributor of industrial products for businesses and apartments buildings.HD Supply, which has about 5,500 employees, was originally part of Home Depot. The company was sold to several private equity firms in 2007. Six years later, the company went public.While both Home Depot and HD Supply sell to contractors and professionals, there’s relatively little overlap, said Sara Gorman, spokeswoman for Home Depot.“It’s really complementary to the MRO (maintenance, repair and operations) busine...
The Atlanta Journal-Constitution
Cash-rich GoPuff buys West Coast's BevMo delivery service for $350 million
The Philadelphia-based GoPuff delivery service, whose 200 neighborhood delivery centers across the Northeast, Midwest, and South have seen sales rocket since last spring’s coronavirus shutdowns, has agreed to buy Concord, Calif., liquor delivery service BevMo and its 161 stores in three Western states for $350 million.The deal marks seven-year-old GoPuff’s first acquisition. It would boost the company’s workforce to more than 5,000 warehouse workers, tech, retail, and office staff — plus drivers — and increase its value, as calculated from investment and acquisition costs, to more than $4 bill...
The Philadelphia Inquirer
Steve Cohen's purchase of the Mets could close Friday: source
The Mets’ financial clout could drastically change as soon as this weekend.Those involved with Steve Cohen’s purchase of the Mets hope the deal will officially close Friday, according to a person familiar with the situation.If not, the sale will be finalized by early next week.Cohen confirmed the Daily News’ reporting through a tweet to a Mets fan on his Twitter account, with a teaser on when he might be in front of a camera speaking as the Mets owner for the first time.“I’m aiming for next Tues,” Cohen said on when to expect an introductory press conference, “if we can close the purchase tomo...
New York Daily News
Rawlings to buy Easton, create baseball and softball giant
TOWN AND COUNTRY, Mo. — Rawlings Sporting Goods Inc. announced on Tuesday it has agreed to buy Easton Diamond Sports, a merger of two of the country’s top softball and baseball sporting goods companies.The companies said the purchase will strengthen both brands, drive product innovation, allow for larger investments, grow talent, and expand customization options for players.“The Easton and Rawlings brands complement each other exceptionally well and will deliver an improved value proposition to all stakeholders, including teams, players, coaches, dealers and associations throughout the industr...
St. Louis Post-Dispatch
VW truck unit agrees to buy rest of Navistar for $3.7 billion
Volkswagen’s commercial truck unit, Traton, has agreed to buy the rest of truck manufacturer Navistar International for $3.7 billion in cash.Traton, which owns 16.8% of Navistar, offered $44.50 per share to buy the rest of the company, looking to increase the German automaker’s commercial truck market presence in the U.S.“We are pleased to have reached agreement in principle for a transaction after intensive negotiations with Navistar,” Matthias Gründler, CEO of Traton, said in a news release Friday.Navistar said in a separate news release Friday that its board was “prepared to move forward” w...
Delta Air Lines reports $5.4 billion quarterly loss
ATLANTA — Delta Air Lines booked a net loss of $5.4 billion in the third quarter as the company spent billions on buyouts and early retirement packages to cut its workforce and remove hundreds of airplanes from its fleet.About 18,000 employees took buyouts or early retirements, and CEO Ed Bastian said he expects administrative staffing, including at Delta’s Atlanta headquarters, to be about 25% smaller.“Those are long-term charges that we are getting behind us,” Bastian said in an interview with The Atlanta Journal-Constitution.The moves are expected to help the company reduce how much cash it...
The Atlanta Journal-Constitution
Billy Beane could leave Athletics, baseball behind for Fenway financial gig, per report
Trailblazing Oakland A’s executive Billy Beane could leave the organization if his RedBall Acquisition Corp., a special-purpose acquisition company, completes a successful merger with John Henry’s Fenway Sports Group, the Wall Street Journal reports.Because Fenway Sports Group is the principal owner of the Boston Red Sox, MLB could deem the merger a conflict of interest for Beane.The Journal specified that Beane would not take a job heading up the Red Sox front office, instead focusing on the company’s potential for acquiring additional soccer clubs beyond Liverpool, the current European Premi...
The Mercury News