Sanofi will buy Bioverativ in an $11.6bn deal.
Bioverativ’s acquisition price values its shares at a 64% premium over their closing price last Friday, which underlines Sanofi’s confidence in the target’s haemophilia treatments. The move is Sanofi’s biggest acquisition in seven years, particularly after the company’s efforts to purchase Medivation and Actelion fell through in 2016.
Elon Musk has decided to remain as Tesla’s CEO for the next ten years.
For his efforts, Musk could earn anywhere between absolutely nothing and $55bn. The new pay arrangement is tied to Tesla’s performance in the marketplace and 12 other “Market Capitalisation Milestones”, each at $50bn increments from the company’s present value of $59bn up to $650bn.
The online video service, Netflix, has seen its share price soar further, taking it above a $100bn market cap.
Following a stellar 2017, which saw the service add another 24 million subscribers, Netflix now has a total of 118 million customers across the globe. This surge in growth enabled Netflix to demolish analyst estimates, leading to a valuation that puts the company in the same league as Goldman Sachs and Qualcomm.
The UK’s Labour Party is intensifying calls to renationalise key utilities.
Under Margaret Thatcher, the UK led the way in selling off publicly-owned assets to boost efficiency and reduce the burden on taxpayers. In 2018, however, the Labour Party is once again calling for the renationalisation of water, rail, postal and energy services.
Amazon’s new cashier-less physical store launches in the company’s Seattle campus.
The e-commerce giant has been working on Amazon Go for over five years and now it has finally become a reality. The physical store features cameras that monitor shoppers’ every move and feed data through an algorithm that totals up their receipt once they exit the shop.
Harris Associates has increased its H&M stake by 300% in the last 12 months.
The hedge fund, which has $140bn under management, has increased its stake in H&M to 5% of the company’s shares. Last year, H&M shares fell around 30% with a further 7% shed since the turn of the new year; the last time H&M was trading this low was in March 2009. H&M has been hit by the continued rise of e-commerce and is wallowing in excess inventory, prompting perpetual discounts that have harmed revenues.
Cryptocurrencies fell Friday after Japan-based digital exchange Coincheck suspended client deposits and withdrawals for virtual currencies except bitcoin, saying it had been hacked.
Coincheck said it was investigating « unauthorised access » of the exchange that appeared to result in a loss worth half a billion US dollars of NEM, the 10th biggest cryptocurrency by market capitalisation. « At 3 am (1800 GMT) today, 523 million NEMs were sent from the NEM address of Coincheck. It’s worth 58 billion yen based on the calculation at the the rate when detected ».
Major virtual currencies had rebounded slightly by late Friday but were still down, with Bitcoin dropping 2.13 percent to $10,987.70, ripple sliding more than six percent and ethereum flat.