17th March 2021
eToro Announces SPAC, Baidu To IPO, And Volkswagen Announces Plans To Increase EV Adoption
Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Food and Beverage] UK’s largest pub company, Stonegate, which operates chains such as Slug and Lettuce and Be At One, reported a pre-tax loss of £746 million for 2020. The company plans on raising more debt and selling assets to stay afloat. The company operates 4,708 pubs and employs 15,900 employees.
[SPAC] Online broker eToro has announced that it will go public via the SPAC route as it merges with Fintech Acquisition Corp V, a blank cheque company. The deal would be valued at close to $10.4 billion, making it one of the most valuable SPAC deals in 2021.
[IPO] Baidu is looking to raise $3 billion via its IPO in Hong Kong. The company plans on selling 24 million shares, which could potentially rise by another 3.6 million shares if a greenshoe option is exercised. The Hong Kong listing would mean that China’s three largest tech firms - Baidu, Alibaba and Tencent - would be listed in the city, giving rise to the popular acronym ‘BAT’ stocks.
[EV] Volkswagen unveiled its plans for mass Electric Vehicle (EV) adoption at its “Power Day” event this week. The strategy involves building EVs with longer ranges and quicker charging times. The automaker said it would reduce the costs of producing its batteries by up to 50%, build multiple battery factories worldwide, expand its network of charging stations, and eventually transition to solid-state technology that would cut costs and boost efficiency.
Over60: The Verge
[Sovereign Debt] Greece is looking at raising €2.5 billion by selling 30-year bonds. The sale marks Greece’s first attempt at selling 30-year bonds since the 2008 financial crisis and the Eurozone crisis. The €2.5 billion sales received bids worth up to €26 billion.
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