Pearson cashes in $1 billion of its Penguin Random House stake

Businessam StaffJuly 11, 2017

Pearson is set to raise $1 billion from the sale of a 22 percent stake in book publisher Penguin Random House to majority owner Bertelsmann, in the British group’s latest bid to rebuild following a string of profit warnings. Hit by a sharp downturn in its biggest markets, Pearson has sold off some of its […]

Elliott’s Buffet challenge on Oncor deal set at $18.5bn

Businessam StaffJuly 10, 2017

Elliott Management, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, said it was putting together an offer that values the utility at about $18.5 billion, including debt. Warren Buffet’s Berkshire Hathaway made a $9 billion offer Friday for Oncor’s parent, Energy Future Holdings Corp, valuing the utility at $18.1 billion. Elliott, […]

Sweden’s Volvo sells stake in engine maker Deutz

Businessam StaffJuly 7, 2017

Sweden’s AB Volvo said on Friday it had sold its 25 percent stake in German diesel engine maker Deutz AG as the truck maker continued to trim assets outside its core business. Volvo said in a statement that proceeds from the sale, which was carried out through a bookbuilding process, amounted to 1.9 billion Swedish […]

AFC signs US$28 million subordinated loan agreement with Tunisian oil firm

Businessam StaffJuly 4, 2017

Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced its provision of a US$28 million subordinated loan facility for the development of an offshore oil project in Tunisia. The beneficiary of the loan, Topic SA’s (Topic) Halk El Menzel offshore oil concession block (The Helm Project) is in […]