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Vodafone sells Italian unit to Swisscom in 8 billion euros deal; check details
Livemint
·
1y ago
Medial
Vodafone has agreed to sell its Italian unit to Swisscom for eight billion euros in cash, as part of the telecoms giant's efforts to overhaul its European operations. The sale of the Italian and Spanish businesses will result in a return of four billion euros to shareholders. Vodafone plans to merge its Italian subsidiary with Swisscom's Fastweb. The transaction is expected to be completed in the first quarter of 2025 and will be financed by debt. Vodafone has been implementing cost-cutting measures, including layoffs and divestments, as part of its restructuring efforts.
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Stellantis pledges invest $2.1 million in Italian production in 2025 during talks with government
Livemint
·
7m ago
Medial
Stellantis, the world's fourth-largest automaker, plans to invest 2 billion euros in Italian production and another 6 billion euros in the supply chain next year. The announcement comes as the company aims to boost its operations in Italy after the recent merger between Fiat Chrysler and PSA Peugeot. Stellantis will launch more than a dozen new models in its Italian factories by 2032, including a Fiat Pandina city car and hybrid vehicles from Jeep and Alfa Romeo. However, economic development minister Adolfo Urso expressed concerns over new European rules requiring the production of electric vehicles.
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Controversy in Italy over potential deal with Musk's SpaceX
Economic Times
·
7m ago
Medial
The potential cybersecurity deal between Italy and Elon Musk's SpaceX has stirred controversy, with Italian opposition questioning the government's negotiations. Reports suggested a possible contract worth 1.5 billion euros for secure telecommunications, but Italy's government denied signing any contracts. The discussions reportedly occurred during Giorgia Meloni's visit to Florida, possibly involving Donald Trump, leading to political backlash. Italy's government clarified ongoing talks with SpaceX without confirming agreements, amidst media speculation and political criticism.
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Booking.com to pay 94 million euros to settle Italian tax dispute
Economic Times
·
1y ago
Medial
Booking.com, the online travel agency, has agreed to pay a settlement of €94 million euros to the Italian government to resolve a tax dispute. This settlement follows an investigation by Italian authorities into allegations of tax evasion by Booking.com. The company has confirmed the settlement but maintains that it has always operated in full compliance with Italian tax laws.
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Tata Motors approaches Italy's Agnelli family to buy controlling stake in Iveco
Economic Times
·
21d ago
Medial
Tata Motors is reportedly in discussions with Italy's Agnelli family to acquire a controlling stake in the truck maker Iveco. Exor, the Agnellis' investment company, holds significant shares and voting rights in Iveco. The potential sale excludes Iveco's defence unit. Offers for the defence segment include proposals from Leonardo and Rheinmetall, among others. Iveco's market value is about 4.2 billion euros, and any deal might involve Italy's strategic interest legislation.
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Vodafone signs $1.5 billion Microsoft deal for AI, cloud and IoT
Economic Times
·
1y ago
Medial
Vodafone has signed a $1.5 billion deal with Microsoft for AI, cloud, and IoT services. The partnership aims to accelerate digital transformation, enhance customer experience, and improve operational efficiency. Vodafone will also benefit from Microsoft's expertise in data analytics and AI to develop new innovative services for its customers. This deal demonstrates the growing importance of technology partnerships in driving innovation and growth in the telecom industry.
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Airbnb agrees to pay $621 million to settle a tax dispute in Italy
Economic Times
·
1y ago
Medial
Short-term rental platform Airbnb has agreed to pay 576 million euros ($621 million) to settle a tax dispute in Italy. The settlement comes after Italian prosecutors claimed that Airbnb owed approximately 779 million euros ($840 million) in unpaid short-term rental taxes. However, Airbnb has stated that it will not seek to recover the money from its hosts. The company is also working on implementing tools for hosts to have their taxes automatically withheld and paid to the Italian tax authorities. Italy is an important market for Airbnb, with many hosts using the platform to rent their properties.
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ADNOC to acquire German chemicals company Covestro for $16 bn
VCCircle
·
10m ago
Medial
- Abu Dhabi's ADNOC acquires German chemicals company Covestro for $16 billion, making it ADNOC's largest-ever acquisition. - The deal aims to reduce the Gulf state's dependence on oil and increase investment in cleaner energy sources. - ADNOC plans to expand its presence in petrochemicals, gas, and renewable energy through the acquisition. - The transaction includes a cash deal of 62 euros per share and the assumption of around 3 billion euros in debt. - Covestro is seen as a growth platform for ADNOC, with expectations that the chemicals sector will outpace GDP growth. - The acquisition includes measures to limit ADNOC's control over Covestro, such as maintaining labor representation and securing management's strategic direction.
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ReserveOne, backed by crypto heavyweights, set to raise over $1 billion in Nasdaq listing - The Economic Times
Economic Times
·
1m ago
Medial
ReserveOne, a new cryptocurrency holding company, plans a Nasdaq listing via a blank-check deal to raise over $1 billion. It will manage cryptocurrencies like Bitcoin, Ethereum, and Solana. The firm's leadership includes notable figures like former Hut 8 CEO Jaime Leverton and Tether co-founder Reeve Collins. Investors, including Blockchain.com and Kraken, are contributing up to $750 million. The deal aims to make crypto assets appealing to traditional investors, following a trend popularized by similar ventures.
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Vodafone to sell entire Indus Towers stake worth $2.3 billion via block deals next week: Report
Money Control
·
1y ago
Medial
Vodafone Group is expected to sell its entire stake in mobile-tower operator Indus Towers in block deals next week, with the deal potentially being valued at $2.3 billion. The stake currently held by Vodafone is 21.5%, and the sale will be managed by Bank of America, Morgan Stanley, and BNP Paribas. Bharti Airtel, which holds a 47.95% stake in Indus Towers, had previously denied reports of having talks to purchase Vodafone's stake.
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US and EU close in on 15% tariff deal: Report
Economic Times
·
16d ago
Medial
The European Union and the United States are nearing a trade agreement with a 15% tariff on European imports, akin to a previous deal with Japan. This is to avoid President Trump's threat to raise them to 30%. The deal may include waiving tariffs on products like aircraft and medical devices. In 2024, the U.S. imported over $55 billion in vehicles and parts from Japan and 47.3 billion euros from the EU.
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