Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[M&A] PNC has agreed to take over Spanish bank BBVA’s U.S. operations in an all cash deal worth $11.6 billion. Simultaneously, BBVA plans to utilize the funds towards a share buyback.
[Markets] Australia’s stock exchange, ASX, was forced to halt trading on Monday morning due to a software fault. Meanwhile, Dow Jones futures jumped by 1.7% upon news that Moderna’s COVID-19 vaccine is more than 94% effective. The Dow Jones Industrial Average is now just shy of touching 30,000.
[M&A] Reliance Retail Ventures Limited has purchased a 96% stake in online furniture vendor Urban Ladder in a deal worth close to $25 million. Reliance also has an option to buy the remaining 4% stake over time.
[Company Debt] Saudi Aramco is looking to sell bonds with maturities between three and 50 years. The company plans on using the proceeds from the sale to match its $75 billion dividend commitment to investors, especially since the company’s Q3 2020 profit dropped by 45%.
Over60: The Economic Times
[GDP] Japan’s GDP increased by 5% in Q3 2020, higher than the 4.4% expected by analysts. However, the country’s economy is still 6% smaller than what it was in the previous year. The government had previously handed ¥100,000 ($950) to everyone in the country in a bid to boost demand.
Over60: Bloomberg Quint