South African mattress firm Steinhoff International Holdings is now the world’s largest mattress firm thanks to its latest acquisition of Houston-based Mattress Firm Holding Corp. Stay up-to-date with this latest development in the financial markets and more using crowd intelligence on Sentifi.
1/ Steinhoff International: Acquires U.S. Mattress Firm for $2.4 billion
The South African country will make its debut in the U.S. market with the merger with Mattress Firm, as well as expanding its global market now that it has the world’s largest multi-brand mattress retail distribution network. With the North American mattress industry possessing long-term stability and consistent growth, the investors of Steinhoff are ecstatic about the deal.
2/ Banca Paschi Siena: Offers lucrative opportunities to arrange its high stakes rescue plan
Arranged by Mediobanca and JPMorgan, the deal will incur €250 million in underwriting fees for a proposed €5 billion capital hike. Over the past two years, the bank has already paid nearly €400 million for other capital hikes. There is no guarantee the rescue plan will be executed.
3/ Airbus Group: The U.K. investigates the company for fraud, bribery and corruption
Airbus is facing fraud, bribery and corruption allegations relating to irregularities in the sale of commercial plans, prompting the U.K.’s Serious Fraud Officer to open an investigation into the matter. The company announced it is fully cooperating with the SFO.
4/ Delivery Hero: Sees the possibility of an IPO in 2017
Delivery Hero, a German online food takeaway service and one of the biggest startups in Europe, is likely to have an IPO next year. CEO Niklas Ostberg said the company has the required size and the necessary earnings power to go public. The 5-year-old startup currently has a network of more than 300,000 restaurants in 33 countries and is valued at €2.8 billion. According to Ostberg, the annual net sales of Delivery Hero are more than €300 million, and the core business is profitable.
5/ Mitsubishi Corp: Iran plans to buy 20 regional jets from the company
Asghar Fakhrieh Kashan, deputy minister for the international affairs at the Ministry of Roads and Urban Development of Iran, said in an interview with Mehr News agency that Iran intends to buy 20 regional jets from Mitsubishi. He further disclosed that the deal is likely to be finalized in December when a Japanese delegation visits Tehran.
6/ Essar Oil Ltd: Announces a $280 million investment in Vadinar refinery
The company has announced an investment of Rs 1,200 crore (approximately $280 million) in its 20 MTPA Vadinar refinery to earn an additional $1.50 per barrel of crude on its gross refinery margins. The Vadinar refinery is among the world’s most complex refineries, producing about 9 percent of India’s refining capacity. Essar Oil previously had invested Rs 400 crore into the refinery.
7/ Audi: Reportedly has an emissions issue
Over the weekend, German weekly Bild am Sonntag reported without attribution that the U.S. authorities have found three unapproved software program in 3.0 liter diesel engines made by Audi. The engines are used in models such as Audi’s Q7, Porsche’s Cayenne and VW’s Touareg. Bild am Sonntag also said Audi managers are schedule for a hearing with the U.S. environmental authorities on Aug. 10, and the company will face substantial penalty payment.
8/ Mattress Firm Corp: Company boards approve of the merger with Steinhoff
The U.S. company is getting a good deal from Steinhoff and the South African company is offering $64 a share in cash, which is more than double the company’s closing price of $29.74
9/ Econ Development: China continues to support Nepal’s economic development
Wu Chuntai, Chinese ambassador to Nepal, said Beijing is committed to supporting Nepal’s socio-economic development in a meeting with Deputy Prime Minister and Minister for Home Affairs Bimalendra Nidhi. The two also touched on the bilateral relations between the two countries.
10/ Wal-Mart: Will announce its $3 billion purchase of Jet.com
Wal-Mart will soon announce one of the largest-ever acquisitions of an e-commerce company in the $3 billion purchase of online retailer Jet.com. The world’s largest retailer is confident this deal will help it close the e-commerce gap with Amazon.
If you want to harness the wisdom and insights from the crowd to monitor your portfolio free of charge, please sign up for Sentifi.