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Yahoo BusinessSep 28, 2020
Caesars Says $3.7 Billion Bid High Enough for William Hill
(Bloomberg) -- Caesars Entertainment Inc. said William Hill Plc's board would likely recommend its 2.9 billion-pound ($3.7 billion) takeover offer price, giving it an edge over rival suitor Apollo Global Management Inc.The British gambling group confirmed it received approaches from both U.S. companies after Bloomberg reported Apollo's interest on Friday. William Hill shares fell 12% to 273.7 pence as of 9:13 a.m. on Monday as investors reined in expectations of a hefty counterbid by the private equity firm.Caesars' power over an existing joint venture with William Hill "makes rival offers unlikely," said Goodbody analyst Gavin Kelleher. Some people may see Caesars' offer price of 272 pence per share "as a somewhat disappointing outcome," he added. The bid represents a 25% premium over William Hill's closing price before the takeover interest emerged.Caesars and William Hill have a U.S. joint venture with 20% and 80% equity ownership respectively. The two were already in discussions about merging some of their operations in the U.S., where the British bookmaker is looking to expand following the legalization of sports betting by the Supreme Court in 2018.Caesars said the joint venture "needs to be broadened in scope in order to fully maximise the opportunity in the sports betting and gaming sector."However, it warned it could pull out of some of the partnerships with William Hill if it loses the battle with Apollo. That would risk blocking the British company's access to the crucial American market. Caesars' statemen

Yahoo BusinessSep 28, 2020
HSBC Posts Biggest Intraday Jump Since 2009 After Selloff
(Bloomberg) -- HSBC Holdings Plc rose the most in Hong Kong trading since 2009, recovering from a 25-year low, as its biggest shareholder raised its stake in a bet the embattled lender will return to paying dividends.Ping An Insurance Group Co., which last week bought 10.8 million shares to boost its stake to 8%, remains confident in HSBC's long-term prospects, a spokesperson said. The recent slump in the share price and valuation only increases HSBC's appeal, the spokesperson said. "Ping An believes HSBC's suspension of dividend payments is a short-term issue and has been actively communicating with the lender about the possibility of restoring dividends in the future," the spokesperson said.HSBC shares on Monday rose as much as 8.5%, the biggest intraday gain since April 2009, clawing back some of last week's 8.9% loss. They were up 7.8% to HK$30.40 as of noon in Hong Kong.The bank had plunged to 25-year low in part on speculation a massive bet on China could be thwarted. The ruling Communist Party's Global Times newspaper reported that the bank could be put on an "unreliable entity" list that aims to punish firms, organizations or individuals that damage national security. It has rankled China over its participation in the U.S. investigation of Huawei Technologies Co.At the behest of U.K. regulators, the bank suspended its dividend payments earlier this year."Ping An's investment is giving a little reason for the gain today, but HSBC's problems are still there," Steven Leung, an executive director of Uob

Reuters BusinessJun 18, 2020
Oil edges up on OPEC output cut compliance; pandemic still weighs
Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.
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