GLOBAL MARKETS LIVE: TikTok, Apple, American Airlines… –

Not so fast. A U.S. judge temporarily froze a Trump administration order that was supposed to block the download of the TikTok app in the U.S. last night.

A U.S. merger for Arcelor? ArcelorMittal is negotiating an agreement to merge its American activities with Cleveland-Cliffs, Reuters has learned… Rumor confirmed this morning with the announcement of the sale of 100% of ArcelorMittal USA for $1.4 billion, for one third in cash and two thirds in Cleveland-Cliffs shares. The enterprise value with the assumption of debts and the pension plan represents approximately $3 billion. The divestment multiple is 6 times EBITDA. ArcelorMittal plans to repurchase up to $500 million of shares.

AA support package. American Airlines is borrowing $5.5 billion from the U.S. government to ensure its operations during the crisis period. It said it will be able to obtain up to an additional $2 billion in October as part of a $25 billion financial support package for airlines.

Concessions. Peugeot is proposing to strengthen Toyota‘s position in the light commercial vehicle segment in response to the European Commission’s concerns about its merger with Fiat Chrysler, Reuters has learned, with a commitment to sell its light commercial vehicles to the Japanese at a price close to the cost of production. The merger of the two European brands in this segment is a problem because they each have a large market share, which had moved the antitrust.

Germany to the rescue. Ford, which owns two automobile plants in Germany, has applied for 500 million euros in guaranteed loans from the German government to mitigate the impact of the coronavirus pandemic, the business daily Handelsblatt reported today.

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On all fronts. Apple is temporarily giving ground on its 30% commission on the App Store for companies weakened by Covid-19. Apple acquires the rights to the new film by the Avengers directors: Endgame. Finally, the group reunites with Epic Games, the publisher of the game Fortnite, in court.

$6bn merger. Devon Energy and WPX Energy are negotiating a merger, according to the Wall Street Journal, which speaks of the creation of an entity worth $6 billion. This defensive operation comes at a time when the small oil players, especially those linked to shale oil, are in trouble after the fall in prices and fears about global demand.

Collateral victim. Kioxia gives up on its IPO because of the consequences of the Sino-American tensions on the semiconductor industry, which caused the collapse of its parent company Toshiba in Tokyo. Kioxia is the new name of Toshiba’s memory division. The project is postponed but not cancelled.

A welcome boost. HSBC bounces back in Hong Kong, after the capital increase of Ping An Insurance, which rises to about 8%. By the end of 2018, the Chinese insurer had already become the company’s largest shareholder ahead of BlackRock. Recently, the stock had hit rock bottom, in the wake of Sino-American tensions and the disaffection for the banking sector.

Vacancy. Daimler will have to find another chairman: Dieter Zetsche, who was supposed to take the post, finally declined it. Zetsche explained to the FAZ that he does not want to be seen as a burden, after some investors felt that the past at Daimler had to be dealt with, after strategic mistakes were made, especially in the electrical sector.

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In other news. Nissan Motor plans to launch a series of new vehicles in China, including nine electric models by 2025. Canada signed an agreement with AstraZeneca to procure up to 20 million doses of its Covid-19 vaccine candidate. Aryzta finds common ground with its creditors.



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