Samsung tech theft, Glencore backs SPAC, Novartis acquires kidney biopharma

In today’s top stories, shares in Samsung slipped 1% as a former executive was arrested on allegations that they stole data and tech needed to replicate one of its chip factories. Elsewhere, Novartis has announced it’s to acquire biopharma Chinook Therapeutics for $3.2bn. Miner Glencore, Stellantis and Volkswagen’s battery division PowerCo are backing ACG Acquisition Company, a SPAC which is raising $1bn to buy two mines in Brazil. Chinese electric vehicle maker Nio has slashed the prices of all its models by 6–9% as it bids to keep up with domestic rivals. Lastly, Spanish construction firm Sacyr is to offload its waste management unit onto Morgan Stanley Infrastructure Partners.

Novartis boosts kidney portfolio

Swiss drugmaker Novartis [NVS] has announced it’s to acquire biopharma Chinook Therapeutics [KDNY] for $3.2bn, or $40 per share, which represents a 66.7% premium on Friday’s closing price of $23.99. The buyout would see Novartis boost its renal pipeline with two late-stage programmes targeting kidney disease. Big pharma and biotech companies spent $85bn on M&A in the first five months of the year, according to a Financial Times report.

Glencore backs Brazilian mine SPAC

SPACs may have lost their shine since the pandemic, but miner Glencore [GLEN.L], Stellantis [STLA] and Volkswagen’s [VOW.DE] battery division PowerCo are backing ACG Acquisition Company, which is raising $1bn to buy two mines in Brazil. Once finalised, the blank cheque vehicle will become ACG Electric Metals and 49% of the shares will be available free float, reported Reuters. Elsewhere, Glencore has approached Canadian miner Teck Resources [TECK] about buying its coal business.

Nio ends battery-swapping programme

Chinese electric vehicle (EV) maker Nio [NIO] has slashed the prices of all its models by 6–9% as it bids to keep up with domestic rivals, namely BYD [1211.HK] and XPeng [XPEV]. The company has also called time on its free battery-swapping programme for all buyers placing deposits from yesterday. “The adjustments had been discussed internally for quite a while,” Nio CEO William Li said in a statement, adding that he’s aware that “we can’t make everyone happy”.

Ex-Samsung exec accused of data theft

Shares in Samsung Electronics [005935.KS] slipped 1% as a former executive was arrested Monday on allegations that they stole data and tech needed to replicate one of its chip factories. The breach is so severe, “it’s difficult to compare with… previous individual semiconductor technology leakage cases,” Suwon District Prosecutors Office in South Korea was quoted as saying by Bloomberg. Taiwan’s chip exports to the US grew for the 26th consecutive month in May.

Sacyr to sell waste management unit

Spanish construction firm Sacyr [SCYR.MC] is to offload its waste management unit onto Morgan Stanley Infrastructure Partners. According to Reuters, the deal values the unit, Valoriza Servicios Medioambientales, at €734m and is part of Sacyr’s plan to reduce its debt pile and shift focus to its public–private partnership business. Sacyr’ s shares were up 2.1% at lunchtime.