Motor racing: Lewis Hamilton tests positive for Covid-19, will miss Sakhir Grand Prix

Bayer Raises $1.6 Billion by Selling Most of Stake in Elanco

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Bayer AG raised $1.6 billion by selling most of its stake in Elanco Animal Health Inc., shoring up cash as the German drugmaker faces legal bills over the weedkiller Roundup.

Bayer said Tuesday it sold 54.5 million Elanco shares at $30.25 each in a placement. Bayer has given the underwriters a 30-day option to purchase as many as 8.175 million more shares at the same conditions.

The German company obtained a 15.5% stake and $5.3 billion in cash in exchange for selling its animal-health business to Elanco earlier this year. Bayer repeated Tuesday that it plans to divest the remaining stake eventually.

Bayer is faced with higher legal costs to contain the fallout over Roundup. The company said in June it would pay as much as $10.9 billion to resolve litigation over the weedkiller. Separately, a federal judge recently refused to approve Bayer’s $650 million settlement of claims by about 2,500 U.S. cities, counties and ports over pollution from polychlorinated biphenyl, or PCB.

GM's union in South Korea votes against tentative labour deal: official

FILE PHOTO: The logo of GM Korea is seen at an its plant in Incheon, South Korea, May 14, 2018. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – The union representing workers for General Motors Co in South Korea have voted against a preliminary labour deal with the automaker, an union official told Reuters on Tuesday.

The result came after union negotiators reached a tentative agreement with GM last Wednesday.

The two sides have had 24 rounds of negotiations since July.

Philippine Supreme Court Chief Plans to Retire Early: Spokesman

Philippine Chief Justice Diosdado Peralta has signified his intention to retire early, Supreme Court spokesman Brian Keith Hosaka says in a mobile-phone message.

Peralta, appointed as Supreme Court chief justice in October 2019, plans to retire in March 2021 or a year before the mandatory retirement age of 70 years old, CNN Philippines reported, citing people it didn’t name.

Pets At Home Sells Five Specialist Referral Practices To Linnaeus For Up To £100 Mln Cash

Pet care business Pets At Home Group (PETS.L) announced Tuesday announced the disposal of its five Specialist referral practices to Linnaeus Group for cash consideration of up to 100 million pounds.

The Specialist Group comprises the assets and operations of Dick White Referrals in Cambridgeshire; Anderson Moores in Hampshire; Northwest Veterinary Specialists in Cheshire; Eye Vet in Cheshire; and Veterinary Specialists Scotland in Livingston, Scotland.

The consideration comprises 80 million pounds in cash on completion and deferred cash consideration of 20 million, payable upon certain financial milestones being met in the future.

The cash proceeds will be retained by the company for general corporate purposes. The disposal is expected to complete in the first quarter of 2021 and is subject to a limited number of customary conditions and approvals.

Pets at Home said the disposal is part of the continuing focus of Group resources on customer-facing activities across its omnichannel retailing and First Opinion veterinary operations.

Peter Pritchard, Group Chief Executive Officer, said, “This disposal does not deviate from our core focus of providing customers with affordable, convenient, engaging and flexible pet care solutions through our growing online platform and estate of 440 First Opinion veterinary practices and 451 stores.”

Gazprom Slips To Loss In 9 Months On Weak Sales

Gazprom (GAZP,OGZPY.PK,OGZPF.PK) reported Tuesday that its loss attributable to the owners for the nine months ended September 30 amounted to 218.38 billion Rubles, compared to profit of 1.05 trillion rubles last year.

Loss before profit tax was 327.02 billion rubles, compared to last year’s profit of 1.40 trillion rubles.

Operating profit plunged to 325.15 billion rubles from 972.63 billion rubles a year ago.

Sales decreased 25 percent to 4.30 trillion rubles from 5.70 trillion rubles last year.

Net sales of gas decreased 30 % to 1.96 trillion rubles mainly due to a decrease in average prices and volumes of gas sold in the “Europe and other countries” segment.

Monks Investment Trust HY Net Return Climbs

Monks Investment Trust Plc. (MNKS.L) reported that its net return on ordinary activities after taxation for the six months to 31 October 2020 climbed to 521.08 million pounds or 232.27 pence per share from 28.74 million pounds or 13.13 pence per share in the previous year.

Net return on ordinary activities before taxation was 518.65 million pounds up from 30.37 million pounds in the prior year.

Revenue earnings per share were 2.76 pence compared to 3.56 pence in the corresponding period. No interim dividend will be paid.

Gains on investments were 513.86 million pound up from 22.64 million pound last year.

Motor racing: Lewis Hamilton tests positive for Covid-19, will miss Sakhir Grand Prix

MANAMA (REUTERS) – Lewis Hamilton will miss the Sakhir Formula One Grand Prix on Sunday (Dec 6) after testing positive for Covid-19, the sport’s governing body FIA said on Tuesday (Dec 1).

The Briton, who wrapped up a record-equalling seventh world title last month, was isolating according to local health guidelines in Bahrain, where he won his 95th career race last Sunday, the International Automobile Federation (FIA) said.

“Apart from mild symptoms, he is otherwise fit and well,” his Mercedes team said.

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