In today’s top stories, the Glencore share price was up despite its takeover bid being branded a “non-starter” by Teck Resources. Elsewhere, Newmont Corporation, the world’s largest gold miner, has made a best and final offer to buy Newcrest Mining, while both Tesla and Airbus plan to expand Chinese production capacity, geopolitical tensions notwithstanding. Sky News Australia has banned TikTok on the back of security concerns, as Twitter’s woes grow ever-more grievous. Lastly, Airbnb has cut ties with actor Sean Penn’s CORE; Amazon may follow suit.
Glencore shares up 2.7% as Teck Resources snubs takeover
Teck Resources’ [TECK] CEO Jonathan Price has dismissed a previously rejected takeover bid from Glencore [GLEN.L] as a “non-starter” in an interview with the Financial Times. Price pointed to flaws in the structure of the deal, which he said would remove value from shareholders. Glencore, which offered to buy Teck for a 20% premium in March, opened Monday 2.7% up from its previous close.
Newmont going for gold consolidation
The world’s largest gold miner, Newmont Corporation [NEM], has made a best and final offer of A$29.4bn ($19.5bn) to buy Newcrest Mining [NCM.AX], in what would amount to a major consolidation of gold producers. Should the deal go through, Newmont’s production capacity would be double that of nearest rival Barrick Gold [ABX.TO].
Tesla and Airbus expand Chinese production capacity
Tesla [TSLA] announced plans for a Megapack battery factory in Shanghai on Sunday, defying political tensions with the US to increase its footprint in China. Meanwhile, Airbus [AIR.PA] is set to open a new finishing line in China, as flight demand is set to increase by 5.3% per year—significantly faster than the world average—in the country over the next two decades.
Sky quits TikTok over security risks
Security concerns amplified by Western governments have led Sky News Australia to leave TikTok, the social media app owned by Chinese company ByteDance. Elon Musk has further alienated Twitter advertisers by labelling news organisations such as the BBC “government-funded media” on the app. The BBC has complained to Twitter over the label, insisting it “is, and always has been, independent” and publicly funded. Twitter’s former CEO Parag Agrawal and two other former executives are suing Twitter over unpaid legal expenses.
Airbnb backs out of CORE relationship
Airbnb [ABNB] has cut ties with actor Sean Penn’s Community Organized Relief Effort (CORE), after a Businessweek investigation has alleged the disaster relief fund didn’t send funds to the projects they were raised in aid of. Employees told the investigation that CORE also failed to respond to complaints of sexual battery and harassment by CORE staff and partners. Amazon [AMZN] is also reviewing its ties with CORE.