Ford investing $500 million in Amazon-backed electric truck startup Rivian for new vehicle - Fox News

Ford is investing $500 million in the electric vehicle startup Rivian, and will sell a vehicle built on the company’s platform in the coming years, the companies announced Wednesday.

Rivian unveiled its own all-electric pickup and SUV models at the Los Angeles Auto Show in November with plans to put them into production late next year at its factory in Normal, Ill. At the time, the company said it was open to licensing the technology to other brands.

Both models are built on a shared “skateboard” style chassis that incorporates the drivetrain and battery pack and can be modified to accommodate a variety of body types.

Rivian recently completed a $700 million investment round led by Amazon and was reportedly in discussions with General Motors to create a similar partnership to the one being forged with Ford.

ELECTRIC FORD F-150 SPOTTED:

Ford CEO Jim Hackett did not reveal the type of vehicle that will be created, or when it will go on sale, but confirmed that it will be in addition to the electric Mustang-inspired SUV and Ford F-150 the automaker currently has in development.

“There’s a lot we can learn from Rivian’s clean sheet approach,” said Ford President Joe Hinrichs.

Rivian’s first two models feature four electric motors, air suspension systems and promise a per-charge range as high as 400 miles. Both are aimed at the premium segment and are expected to start at $69,000.

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2019-04-24 13:22:52Z
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Chevron And Occidental Start Bidding War For Anadarko - OilPrice.com

Occidental Petroleum said on Wednesday that it is proposing to buy Anadarko at a higher price than the one Anadarko had accepted from Chevron, potentially opening a bidding war for one of the U.S. companies with the strongest positions in the Permian.

Occidental Petroleum sent a letter to Anadarko’s board of directors today, offering “a superior proposal” to buy Anadarko for $76.00 per share, in which Anadarko shareholders would receive $38.00 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock.

The $76.00 per share cash-and-stock proposal from Occidental represents a premium of around 20 percent to the current value of the transaction with Chevron that Anadarko had accepted, Occidental said in a statement. 

“The 50-50 cash and stock transaction is valued at $57 billion, based on Occidental’s closing price on April 23, 2019, including the assumption of net debt and book value of non-controlling interest,” according to Occidental.

Less than two weeks ago, Chevron said that it had entered into a definitive agreement to buy Anadarko in a stock and cash transaction valued at US$33 billion that will boost Chevron’s position in the Permian, the Gulf of Mexico, and in liquefied natural gas (LNG). The acquisition consideration is structured as 75 percent stock and 25 percent cash, providing an overall value of US$65 per share based on the closing price of Chevron stock on April 11, 2019. Related: Trump’s Hardline On Iran Catches Markets Off-Guard

The total enterprise value of the Chevron-Anadarko transaction is US$50 billion, including the assumption of net debt and book value of non-controlling interest, while Occidental’s offer values a potential transaction at US$57 billion.

In the letter to Anadarko’s board today, Occidental said that it had made three acquisition proposals to Anadarko since late March and it was “surprised and disappointed” that the board had not engaged with Occidental on them.

“We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them. We look forward to engaging immediately with Anadarko's Board and stakeholders to deliver this superior transaction,” Occidental’s president and CEO Vicki Hollub said in a statement.

Following Occidental’s bid, Anadarko shares shot up 11 percent in pre-market trade on Wednesday.

By Tsvetana Paraskova for Oilprice.com

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2019-04-24 13:00:00Z
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Trump Spends Meeting With Twitter's Jack Dorsey Whining About His Follower Count - TPM

President Donald Trump is completely hung up on his Twitter follower count. And he let the social media giant’s CEO know it.

According to a Washington Post report, Trump spent much of Tuesday’s meeting with Twitter’s Jack Dorsey, among others, complaining that the site was artificially deflating how many followers he has.

Dorsey reportedly tried to soothe the President, telling him that fluctuating follower counts often indicate Twitter’s attempt to purge bots or fake accounts from the site.

Donald Trump Jr. has also trumpeted his fears about “shadow-banning,” a term for social media platforms allegedly suppressing conservative voices. The platforms have insisted on their impartiality in the face of the accusations.

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2019-04-24 12:17:00Z
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Occidental Petroleum bids $76 a share for Anadarko, trumping Chevron offer for the oil and gas driller - CNBC

Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer by Chevron for the oil and gas driller.

The new Occidental offer, which was sent via a letter to Anadarko's board on Wednesday, is half cash and half stock, specifically $38 in cash and 0.6094 Occidental shares. It values Anadarko at $57 billion, including debt.

Chevron announced an agreement on April 12 to buy Anadarko for $33 billion in cash and stock, valuing the company at $65 a share. CNBC later reported there was another bidder for Anadarko, Occidental, which was offering mid-$70s per share before Chevron stepped in with its offer.

After the new Occidental bid, Anadarko shares surged 10% in Wednesday's premarket trading, to above $70.

The Chevron offer is a 75% stock and 25% cash transaction. The breakup fee for the Chevron-Anadarko deal is said to be 3% of the deal, sources said.

"Anadarko has great assets," Occidental CEO Vicki Hollub said in a interview on CNBC's "Squawk Box" on Wednesday. "We are the right acquirer ... because we can get the most out of the shale."

Hollub said she considers this a friendly offer, even though Anadarko may not see it that way. The offer is 20% above where Anadarko was trading on Tuesday.

Occidental shares fell more than 7 percent in Wednesday's premarket. Chevron, whose stock was flat, did not immediately return a call for comment.

— With reporting by Tom DiChristopher

This is a developing story. Check back for updates.

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2019-04-24 12:08:26Z
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Occidental Petroleum bids $76 for Anadarko, trumping Chevron offer for the oil and gas driller - CNBC

Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer by Chevron for the oil and gas driller.

The new Occidental offer, which was sent via a letter to Anadarko's board on Wednesday, is half cash and half stock, specifically $38 in cash and 0.6094 Occidental shares. It values Anadarko at $57 billion, including debt.

Chevron announced an agreement on April 12 to buy Anadarko for $33 billion in cash and stock, valuing the company at $65 a share. CNBC later reported there was another bidder for Anadarko, Occidental, which was offering mid-$70s per share before Chevron stepped in with its offer.

After the new Occidental bid, Anadarko shares surged 10% in Wednesday's premarket trading, to above $70.

The Chevron offer is a 75% stock and 25% cash transaction. The breakup fee for the Chevron-Anadarko deal is said to be 3% of the deal, sources said.

"Anadarko has great assets," Occidental CEO Vicki Hollub said in a interview on CNBC's "Squawk Box" on Wednesday. "We are the right acquirer ... because we can get the most out of the shale."

Hollub said she considers this a friendly offer, even though Anadarko may not see it that way. The offer is 20% above where Anadarko was trading on Tuesday.

Occidental shares fell more than 7 percent in Wednesday's premarket. Chevron, whose stock was flat, did not immediately return a call for comment.

— With reporting by Tom DiChristopher

This is a developing story. Check back for updates.

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2019-04-24 11:00:12Z
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Ifo economist: Data points to German economic growth being weaker than 0.8% forecast - ForexLive

Comments by Ifo economist, Klaus Wohlrabe

• Industrial sector is dragging the economy down
• Domestic economy remains important pillar of support
• Brexit decision delay did not help German business climate

ForexLive

For some context, the 0.8% forecast he's talking about is Ifo's own projection. The German government itself already sees economic growth this year as being at 0.5%. The sluggish result from the Ifo data earlier basically suggests that economic headwinds continue to blow strongly in the German economy as we begin Q2, so hopes for any solid economic rebound will have to wait just a little longer.

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2019-04-24 08:28:56Z
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SoftBank to invest $1 billion for a 6% stake in payments firm Wirecard - CNBC

SoftBank will invest 900 million euros ($1 billion) into German fintech firm Wirecard, as part of a strategic partnership on digital payments.

Wirecard said Wednesday that it will raise the capital by issuing convertible bonds with a maturity of five years, selling them exclusively to SoftBank.

The notes will convert to an almost 6% stake in the firm. The deal is still subject to the approval of Wirecard shareholders.

It's part of a tie-up between the two on digital payments, according to Wirecard. SoftBank will help the firm — which ousted Commerzbank from Germany's blue-chip DAX index last year — expand to Japan and South Korea.

"In SoftBank we have found a partner that shares both our passion for new technologies and drive to spearhead the latest innovations, all on a global scale," Wirecard Chief Executive Markus Braun said in a statement.

"In addition, through this potential partnership, we will expand our reach and products to the East Asian markets, thereby further strengthening our position in Asia."

The German company became the subject of much controversy earlier this year following reports of an accounting scandal at its Singapore office. A Financial Times investigation resulted in allegations that the firm used forged and backdated contracts, possibly to inflate revenue.

Wirecard subsequently said it was suing the FT over its reporting. An outside law firm investigating the fraud claims did find evidence that crimes could have been committed, but cleared the company's headquarters of any wrongdoing.

Shares of the firm rose 4.5% in premarket trade on Wednesday.

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2019-04-24 05:56:28Z
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