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Global Round-Up: Honda-Nissan Merger, Nvidia’s Latest Acquisition, and More

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The global business and political landscape witnessed key developments as major players made significant moves and events unfolded across industries. Here’s a summary of the most notable stories from December 23 on World Street. Automotive Merger in Sight Honda, Nissan, and Mitsubishi have reportedly begun merger discussions, with an official announcement anticipated soon. According to sources, the talks aim to tackle challenges in the rapidly evolving automotive sector. If finalized, the merger would create the world’s third-largest automaker by vehicle sales, behind Toyota and Volkswagen. The companies are exploring options like forming a joint holding entity to counter competition from Tesla and Chinese automakers. Nvidia’s Acquisition Approved The European Commission has approved Nvidia’s $700 million acquisition of Run:ai, dismissing concerns about its potential impact on the GPU market. The deal allows Nvidia to enhance its capabilities in dividing and processing computing tasks, reaffirming its dominance in artificial intelligence hardware solutions. Media Shake-Up News Corp has finalized the sale of its Australian cable TV unit, Foxtel, to DAZN, a British-owned sports network, for $2 billion, including debt. The move marks a strategic shift for News Corp as it scales down its involvement in traditional media amid the streaming era’s dominance. As part of the deal, News Corp will retain a 6% stake in DAZN and secure a board seat in the global streaming platform. Starbucks Workers Strike Starbucks workers extended their ongoing strike to New York and three other US cities, bringing the total affected locations to 10. The five-day walkout, orchestrated by the union Workers United, disrupted operations during the critical holiday season. Despite Starbucks downplaying the strike’s impact, analysts suggest the action could affect Christmas sales. US Government Shutdown Avoided The US House of Representatives narrowly averted a government shutdown by passing a new funding bill on Friday evening. However, it excluded President-elect Donald Trump’s request for a debt ceiling increase. Tensions ran high after Trump and Elon Musk criticized the initial bipartisan bill. Efforts to introduce a Trump-backed alternative package failed to secure enough support, leaving the House divided. Source: moneycontrol Source: moneycontrol

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Korean Air Completes $1.3 Billion Acquisition of Asiana Airlines

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Korean Air has finalized its $1.3 billion acquisition of a 63.88% stake in Asiana Airlines, marking one of the largest aviation mergers in recent history. The landmark deal was completed on December 12, 2024, after Korean Air successfully secured regulatory approvals in 14 jurisdictions, including a comprehensive review by the U.S. Department of Justice (DOJ). The DOJ investigation focused on the impact of the merger on passenger and cargo routes between Asia and the United States. Following its review, the DOJ chose not to take any action, effectively greenlighting the acquisition. This merger is set to reshape the global aviation landscape, enhancing the competitiveness of Korea’s national aviation industry and fortifying Incheon Airport’s position as a major international hub for passenger and cargo traffic. Industry experts view the deal as a pivotal step in consolidating the strengths of both airlines to deliver enhanced services, streamline operations, and expand global reach. Korean Air’s strategic move is expected to bolster its market share and improve efficiency in a highly competitive industry. With this acquisition, Korean Air aims to leverage Asiana Airlines’ resources and expertise, creating synergies that will benefit travelers and the broader aviation ecosystem. As the integration process unfolds, the deal is anticipated to stimulate further innovation and growth within Korea’s aviation sector. This milestone solidifies Korean Air’s position as a global leader in the aviation industry, setting a precedent for strategic mergers and collaborations in the years ahead. Source: clearygottlieb Photo Credit: clearygottlieb

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Jindal Saw to Acquire 31.2% Stake in ReNew Green Energy for Concessional Power

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Jindal Saw Ltd. announced on Tuesday that it has signed an agreement to acquire a 31.2% equity stake in ReNew Green MHH One Private Limited (RGMHH), a subsidiary of ReNew Green Energy Solutions Private Limited (RGES). The acquisition aims to secure electricity at concessional rates for the company’s operations. While the financial details remain undisclosed, Jindal Saw confirmed in its regulatory filing that the acquisition is expected to be completed by May 31, 2025, or a mutually agreed date. Upon completion, RGMHH will be recognized as an associate company of Jindal Saw. Jindal Saw is a global manufacturer and supplier of steel pipe products, fittings, and accessories, with manufacturing facilities located across India, the United States, Europe, and the UAE. The move aligns with the company’s strategy to reduce operational costs through renewable energy partnerships while contributing to sustainable energy adoption. “The acquisition is driven by our objective to procure electricity at concessional rates, ensuring cost efficiency and environmental responsibility,” the company stated. The deal highlights Jindal Saw’s forward-looking approach toward clean energy solutions and its commitment to strengthening its operational sustainability. It also reflects the growing trend of industrial players partnering with renewable energy firms to address rising energy costs and achieve carbon neutrality goals. The acquisition is expected to enhance Jindal Saw’s long-term energy security while solidifying its position as a responsible and sustainable industrial leader. Further details regarding the investment structure or financial terms are anticipated closer to the transaction’s completion date. Source: Business Standard Photo Credit: Business Standard

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Tata Consumer Products Merges Three Subsidiaries to Streamline Operations

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Tata Consumer Products Ltd (TCPL), the FMCG arm of the Tata Group, has successfully completed the merger of three wholly-owned subsidiaries: Tata Consumer Soulfull Pvt Ltd, NourishCo Beverages Ltd, and Tata SmartFoodz Ltd. The move follows approvals from the National Company Law Tribunal (NCLT) and other regulatory bodies. The merger became effective on September 1, 2024, after fulfilling all conditions outlined in the Scheme of Merger, including filing with the Registrar of Companies. Purpose and Impact This consolidation aligns with TCPL’s goal of simplifying its legal entity structure to unlock efficiencies and synergies, according to a regulatory filing. The move is expected to enhance operational agility while maintaining the strategic focus of the merged entities. Despite the legal consolidation, the operational focus of the business units remains unchanged, with continued emphasis on: Millet-based products Ready-to-drink beverages Ready-to-cook/ready-to-eat offerings These segments are identified as growth areas for TCPL, underscoring its commitment to expanding its product portfolio and catering to evolving consumer preferences. TCPL’s Expansive Portfolio Tata Consumer Products boasts a diversified portfolio, including: Beverages: Tata Tea, Tetley, Organic India, Eight O’Clock Coffee, Tata Coffee Grand Water Products: Himalayan Natural Mineral Water, Tata Copper+, Tata Gluco+ Foods: Salt, pulses, spices, ready-to-cook/eat offerings, breakfast cereals, snacks, and mini meals The company reported a consolidated turnover of ₹15,206 crore, cementing its position as a major FMCG player in India. Strategic Outlook With this merger, TCPL is poised to strengthen its operational efficiency while focusing on high-growth categories. The consolidation is a step toward achieving the company’s broader strategy of scaling up its FMCG footprint in India and globally. Source: Business Standard Photo Credit: Business Standard

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Unacademy Valuation Drops: Acquisition Talks with Allen Career Institute Ongoing

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Unacademy, once valued at $3.4 billion, is reportedly in talks for an acquisition by Allen Career Institute, which could value the edtech firm at $800 million. This potential deal, as reported by the Economic Times, highlights a dramatic shift in the fortunes of the Indian edtech sector. Sources close to the discussions reveal that the acquisition talks have been ongoing for months and are nearing final approval from Allen’s promoters, the Maheshwari family. If successful, this merger would signify a pivotal consolidation in an industry grappling with challenges like a post-pandemic slowdown and the financial troubles of major players like Byju’s. Key Highlights of the Deal Valuation Dynamics: The proposed $800 million valuation includes Unacademy’s $160 million cash reserves, which remain a critical point in determining the enterprise value. Leadership Changes: Unacademy’s co-founders—Gaurav Munjal, Roman Saini, and Sumit Jain—are expected to exit the company post-acquisition. Hemesh Singh, a former co-founder, has already transitioned into an advisory role. Share Swap and Payouts: The share swap ratio and cash payouts for Unacademy’s founders and early investors are yet to be finalized. Motives Behind the Merger Allen Career Institute, a profitable offline coaching giant, sees this acquisition as an opportunity to bolster its digital presence, potentially paving the way for a public listing of the merged entity. On the other hand, Unacademy’s investors are keen on aligning with a stable and profitable venture like Allen. Industry Context The edtech sector has been under stress, with reduced demand for online-only models in the post-COVID era. While Unacademy has controlled its losses, its revenue growth has remained stagnant. Similarly, Allen has faced challenges due to the evolving dynamics of the Kota coaching ecosystem. Bodhi Tree, a significant investor in Allen, is reportedly playing a key role in these discussions. The investment firm, backed by James Murdoch and Uday Shankar, injected $600 million into Allen in 2022 and appears to be driving this strategic merger. This acquisition, if finalized, could reshape the edtech landscape, signaling a shift towards hybrid models that combine offline and online strengths. Source: Times of India Photo Credit: Times of India

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Foreign Firms Invest £7.8 Billion in UK Businesses Amid Decline in Overall M&A Activity

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Foreign firms invested £7.8 billion in acquiring UK businesses during the latest quarter, reflecting a £1.1 billion increase compared to the previous period, according to the Office for National Statistics (ONS). This rise in inward mergers and acquisitions (M&A) occurred despite an overall reduction in the number of deals within the UK. Key transactions during the quarter included Carlsberg’s £206 million buyout of its brewing joint venture with Marston’s and Quanex Building Products’ £788 million acquisition of FTSE 250-listed doors and windows specialist Tyman. These high-value deals highlight growing international interest in UK companies. However, the ONS report revealed a decline in outward M&A activities, where UK companies purchased overseas firms. These deals amounted to £4 billion, a £200 million drop from the previous quarter. Among the notable outward investments was AstraZeneca’s acquisition of Amolyt Pharma for $1.05 billion (£830 million), aimed at expanding its portfolio in endocrine disease treatments. Domestic M&A activity also saw a decrease, with UK firms acquiring other UK businesses for a total of £2.1 billion, down from £3 billion in the prior quarter. Overall, the quarter recorded 436 M&A deals, a 10% decline compared to the second quarter of 2024. While the value of foreign investments surged, the reduction in the number of transactions signals a potential slowdown in broader M&A activity within the UK. The latest figures underline a trend of increasing foreign ownership in UK businesses, even as domestic and outbound deal-making activity faces headwinds. The data reflects shifting priorities in the global investment landscape amidst economic uncertainties. Source: minutehack Photo Credit: minutehack

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Korean Air to Unify Low-Cost Carrier Brands Under Jin Air Post-Asiana Merger

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Korean Air has confirmed that it will consolidate its low-cost carrier (LCC) brands under the Jin Air banner following its merger with Asiana Airlines. The unified brand will include Asiana’s subsidiaries Air Busan and Air Seoul, creating what is described as a “mega LCC” in South Korea. Rebranding Strategy “Jin Air, together with Asiana’s Air Busan and Air Seoul, will be unified under a single Jin Air brand,” a Korean Air spokesperson told Reuters. This move reflects a long-anticipated strategy to streamline operations and enhance competitiveness in the low-cost aviation segment. Merger and Market Impact The KRW 1.8 trillion (USD 1.28 billion) merger, involving Korean Air’s acquisition of a 63.9% stake in Asiana, has cleared major regulatory hurdles, including approval from the European Commission. With the US Department of Justice reportedly offering no opposition, final regulatory clearance is expected soon. Once completed, the merger will reshape South Korea’s aviation landscape: Korean Air will become the world’s 10th largest scheduled passenger carrier. Jin Air will emerge as South Korea’s largest low-cost carrier, commanding a 19.56% market share, surpassing competitors like t’way Air (10.98%) and Jeju Air (10.07%). Market Recalibration The rebranding means the Asiana, Air Busan, and Air Seoul names will be retired. Jin Air’s enhanced capacity will solidify its dominance in the low-cost market. Currently, t’way Air leads with a 10.98% market share, but with Air Busan (7.49%) and Air Seoul (1.75%) merging into Jin Air, the latter will outpace all rivals. Strategic Significance This consolidation aims to simplify branding, reduce operational complexities, and strengthen Jin Air’s market position. It aligns with Korean Air’s broader vision of leveraging scale and efficiency to compete more effectively in the global aviation market. The unified Jin Air will not only dominate domestically but also set a strong foundation for expanding its footprint in regional and international markets, marking a transformative step for South Korea’s aviation industry. Source: aviation.com Photo Credit: aviation.com

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Japan’s Macnica Eyes Acquisitions in India, Expands Focus Beyond Semiconductors

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Japanese semiconductor distributor Macnica Holdings Inc. is exploring acquisitions in India and other parts of Asia as part of its strategy to strengthen its market position amidst growing competition and industry challenges. The Yokohama-based firm, which holds a 22% share in Japan’s semiconductor distribution market, is looking to diversify into sectors such as cybersecurity, self-driving cars, and healthcare to reduce its heavy reliance on semiconductors, which currently account for 90% of its sales. Macnica President Kazumasa Hara highlighted the importance of scaling up in growth regions like India, China, and Southeast Asia to navigate the complexities of US-China technological tensions, export controls, and supply chain disruptions. “We need to raise our market share as quickly as possible,” Hara stated, emphasizing the company’s low presence in emerging markets. He also revealed that a billion-dollar acquisition deal in Asia is “very likely.” In addition to its semiconductor focus, Macnica is eyeing less capital-intensive industries such as cybersecurity. “When you look ahead, that’s one area that will grow,” Hara noted. This pivot aligns with Macnica’s broader goal of mitigating risks associated with its exposure to industrial equipment chips in China, which has contributed to a 40% drop in the company’s stock since February. Domestically, Macnica aims to achieve a 30% market share by 2030 through organic growth. However, the company is less inclined toward further acquisitions within Japan, having recently purchased Glosel Co. Macnica’s expansion and diversification efforts underscore the growing need for agility and innovation in the semiconductor industry, as companies adapt to a rapidly evolving technological and geopolitical landscape. Source: Business Standard Photo Credit: Business Standard

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Finance Ministry Approves IFCI Group Consolidation Plan

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The Department of Financial Services (DFS) under the Finance Ministry has granted ‘in-principle’ approval for the consolidation of the IFCI Group, marking a significant step toward restructuring and streamlining its operations. The plan involves the merger or amalgamation of IFCI Limited, StockHolding Corporation of India Limited, and other group companies to form a unified financial entity. In tandem, the board of IFCI Limited has also provided its nod to initiate the consolidation process. IFCI Limited confirmed the development in a regulatory filing on Friday, noting that the plan will be executed in compliance with all applicable laws and regulations. Consolidation Plan Highlights: Merger Entities: Key companies, including StockHolding Corporation of India Limited, IFCI Factors Limited, IFCI Infrastructure Development Ltd, and IIDL Realtors Limited, will be merged with IFCI Limited, the publicly listed parent entity. Subsidiary Restructuring: Subsidiaries such as StockHolding Services Limited, IFCI Financial Services Limited, IFIN Commodities Limited, and IFIN Credit Limited will be consolidated into a single subsidiary of the parent entity. Direct Subsidiaries: Other group entities, including StockHolding Document Management Services, IFIN Securities Finance, and IFCI Venture Capital Funds, will become direct subsidiaries of the consolidated listed entity. The Centre has been actively supporting IFCI Limited, infusing ₹500 crore in April 2024 through equity allotment at ₹40.33 per share. This backing has coincided with IFCI’s improving financial performance, with the company reporting a net profit of ₹185 crore for Q2 FY2024, up 7% from ₹173 crore in the same quarter last year. The consolidation is expected to enhance operational efficiencies and reinforce the group’s market positioning, driving future growth in India’s financial sector. Source: thehindubusinessline Photo Credit: thehindubusinessline

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Frontier Communications Shareholders Approve Merger with Verizon in $38.50/Share All-Cash Deal

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Frontier Communications (NASDAQ: FYBR) announced that its shareholders have approved the acquisition by Verizon Communications Inc. (NYSE, NASDAQ: VZ) in a recent vote, with approximately 63% in favor. This merger agreement, first revealed on September 5, 2024, values Frontier at $38.50 per share in cash—a 37% premium above its pre-announcement share price. Pending regulatory approvals, the transaction is expected to close by Q1 2026. Frontier CEO Nick Jeffery expressed confidence in the combined entity’s potential to expand premium fiber services nationwide, benefiting millions more consumers through the expanded network. Frontier, the U.S.’s largest pure-play fiber provider, continues its commitment to “Building Gigabit America®,” delivering high-speed broadband connectivity to drive productivity for homes and businesses. Frontier shareholders’ positive vote and Verizon’s strategic acquisition align both companies’ goals in providing reliable, high-speed internet access to underserved areas. The forward-looking statements included in Frontier’s communication highlight factors that could impact the merger’s completion, including regulatory and shareholder approval, potential competing acquisition offers, and the transaction’s effect on business operations. As of now, the combined expertise of both companies is expected to accelerate fiber network reach and meet growing demands for high-speed connectivity across the U.S. Source: Business Wire Photo Credit: Business Wire

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