FRANKFURT — Daimler secured a stake in its partner BAIC Motor ahead of a planned stock offering by the Chinese carmaker, in an effort to catch up with larger German rivals in what could become the biggest market for luxury cars in the world.
Daimler will pay 640 million euros (US$869 million) for a 12% stake in BAIC Motor and get two seats on the board in a deal that signals the German company’s intention to reverse its flagging fortunes in China.
The business, set up in 2006, was a joint venture between Mone and her ex-husband Michael and the healthcare supplements retailer Jan de Vries.
Mone, best-known for her Ultimo bras, had credited De Vries with helping her lose six stone and set up the business to market a diet plan based around a supplement he developed. Now De Vries has stood down as a director and Mone and a “silent” business partner have taken full control of the company, with the lingerie entrepreneur owning 60 per cent of the shares.
A deal announced Tuesday between Dollarama and a Latin American chain could signal Canada’s largest dollar store operator is looking at moving into those markets, analysts say.
The Montreal-based company will disclose more detail on a conference call Tuesday about its new deal to supply sourcing services to Dollar City, a dollar store chain located in El Salvador and Guatemala with 15 outlets.
Encana Corp.’s $1.18-billion joint venture with state-owned PetroChina Co. signals the first of many foreign deals as companies seek to navigate new Canadian rules that favour minority stakes over takeovers.
Athabasca Oil Corp., Talisman Energy Inc. and Canadian Natural Resources Ltd. may attract overseas investors eager to gain access to oil and natural gas resources, as the companies seek funds for drilling and development costs.
SEOUL/BRUSSELS — ArcelorMittal, the world’s biggest steelmaker, will sell a 15% stake in one of its Canadian iron ore operations, raising US$1.1 billion to help pay off debt at a time of sluggish demand.
The group, which makes about 6-7% of the world’s steel, will sell the stake in ArcelorMittal Mines Canada to a consortium including South Korean steelmaker POSCO and Taiwan-listed China Steel, it said on Wednesday.
Delta Air Lines Inc. agreed to buy the 49% stake in Richard Branson’s Virgin Atlantic Airways Ltd. held by Singapore Airlines Ltd. for $360 million to boost its share of the lucrative trans-Atlantic travel market.
Virgin, the biggest long-haul rival to British Airways at London’s Heathrow airport, will also join forces with Atlanta- based Delta for the operation of flights between Europe and North America, the companies said today in a statement.