Welcome to another edition of The 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.
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[Regulation] Royal Dutch Shell lost a landmark Dutch legal case brought by environmental activists on Wednesday. The court ruled that the oil major must reduce its carbon emissions by 45% by 2030 from 2019 levels. This court case could set a precedent for similar cases against the world’s biggest corporate polluters, who could now face lawsuits and be forced to overhaul their business models.
[M&A] Amazon has agreed to buy MGM, the storied film studio behind James Bond and Rocky, for $8.45 billion, including debt, propelling media dealmaking so far this year to its highest level since the turn of the century with more than $240 billion worth of transactions announced.
[EV] Nissan is in advanced talks with the UK government to build a battery gigafactory under a post-Brexit plan to make Britain the company’s largest electric car production hub outside Japan. The new factory at Nissan’s existing Sunderland site would be run by Nissan’s Chinese battery maker Envision AESC and support the production of 200,000 battery cars a year as well as thousands of jobs.
[EV] Tritium, a Brisbane-based developer and producer of direct current fast EV chargers taking the SPAC path to the public market in a deal valuing the company at $1.2 billion. Founded in 2001, Tritium manufactures charger hardware and software for direct current fast chargers. Demand for public EV charging stations is expected to mushroom over the next two decades alongside the growing market share of EVs.
[Oil] A proxy fight at the energy supermajor ExxonMobil is set to reach a climax on Wednesday when shareholders cast votes on company leadership and strategy that will also be a verdict on the future of the oil industry. The balloting follows months of pressure from Engine No 1. This upstart activist hedge fund wants the biggest US oil producer to cut capital spending and find a new plan it has said would focus “on accelerating rather than deferring the energy transition” to cleaner energy.
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