Livent share price up 3% on $10.6bn Allkem merger news

In today’s top stories, Australian lithium miner Allkem has agreed a $10.6bn merger with US chemical processing company Livent Corp. Elsewhere, shares in communications software company Twilio were down approximately 17% premarket after lacklustre Q2 guidance, while General Motors has tapped an ex-Apple executive to lead a newly established software unit. Medical staffing company Envision Healthcare is to file for Chapter 11 bankruptcy, and ride-hailing giant Uber is to launch flight bookings for UK customers, as part of its bid to become a “super app”.

Allkem-Livent’s $10.6bn lithium merger

Australian lithium miner Allkem [AKE.AX] has agreed to merge with US chemical processing company Livent Corp [LTHM]. Allkem will own 56% of the new entity following the $10.6bn merger, according to Reuters. Livent’s share price was up approximately 3% premarket on the back of the report. The fall in lithium prices, triggered by weak near-term demand for electric vehicles (EVs), has created M&A opportunities in the lithium industry, Stifel analysts wrote in a note on Monday, seen by Proactive Investors.

Twilio shares tumble on weak revenue guidance

Shares in communications software company Twilio [TWLO] were down approximately 17% premarket Wednesday, after its second quarter (Q2) revenue guidance came in lower than Wall Street estimates: $980–990m versus the $1.05bn expected by analysts polled by FactSet. “There is no question that we continue to experience a tough macro backdrop,” co-founder and CEO Jeff Lawson said in a statement. Meanwhile, Microsoft [MSFT] has invested in UK start-up Builder.ai.

GM taps ex-Apple exec

General Motors [GM] has taken on an ex-Apple [AAPL] executive, Mike Abbott, to lead a newly established software unit. Abbott, who has experience in cloud computing, storage, networking and security, has been hired for “his proven track record creating and delivering some of the market's most compelling software-defined solutions”, GM said in a release. Many automakers view subscriptions, specifically monetising software, as a key source of future revenue.

Envision Healthcare plans bankruptcy filing

Medical staffing company Envision Healthcare, which was taken private by investment firm KKR & Co [KKR] in 2018 in a $5.5bn deal, is to file for Chapter 11 bankruptcy, possibly as soon as the weekend, according to the Wall Street Journal. Envision’s debt pile currently stands at approximately $7bn. The KKR fund that holds Envision has already written off the investment, the paper added. KKR invested $10bn in Q1, the company reported Monday.

Uber launches flight-booking service

Ride-hailing giant Uber [UBER] is to launch flight bookings for UK customers, as the company bids to become a “super app”. Andrew Brem, UK general manager, told the Financial Times that offering flight bookings was “the latest and most ambitious step” towards becoming more than just a ride-booking business. Whether it takes off with customers remains to be seen, but train journeys booked through Uber have grown 40% month-over-month since launching last year.