Continental, Osram form joint venture, plan Troy presence

April 3, 2018 | Crain's Detroit Business

German auto suppliers Continental AG and Osram have closed on a joint venture agreement to create a new company with a presence planned in Troy and throughout the U.S., Europe and Asia.

The two companies will have a 50-50 equal stake in the newly-formed company, called Osram Continental GmbH. The joint venture is expected to be finalized following merger control approvals in the second half of the year.

Terms of the deal were not disclosed.


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Austria's OMV to invest in UAE offshore oilfields in $1.5 billion deal with ADNOC

April 5, 2018 | Reuters

VIENNA (Reuters) - Austrian oil and gas group OMV said it will take a 20 percent interest in two oilfields off the United Arab Emirates under a $1.5 billion deal agreed with the Gulf state’s national oil company ADNOC.

Abu Dhabi National Oil Company (ADNOC), which generates almost all of the United Arab Emirates’ oil, is awarding new concessions to foreign investors in a bid to gain access to technology and funding and to secure buyers for its crude.

OMV and ADNOC agreed a year ago to evaluate joint opportunities, including the exchange of know-how in refining operations and cooperation on downstream technical and maintenance support.


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Thyssenkrupp, Tata Steel delay signing of steel joint venture

April 12, 2018 | Reuters

FRANKFURT/DUESSELDORF (Reuters) - A steel joint venture between Thyssenkrupp (TKAG.DE) and Tata Steel (TISC.NS) will be delayed by ongoing talks between the Indian group and its British and Dutch workers, the German company said on Thursday.

Unlike Thyssenkrupp, Tata Steel has yet to reach labour agreements at its Port Talbot plant in Britain and IJmuiden in the Netherlands, a key condition for a deal aimed at cutting overcapacity in the sector.

The groups agreed in principle in September to combine their European steel activities to create the continent’s second-largest steelmaker, behind ArcelorMittal (MT.AS).


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China's Communists Rewrite the Rules for Foreign Businesses

April 15, 2018 | Real Clear Politics

Hong Kong - One hammer and sickle at a time, the Communist Party is making its way deeper into everyday Chinese life - and that includes the foreign companies doing business there. 

Honda, the Japanese automaker, changed its legal documents to give the party a say in how its Chinese factories are run. A Chinese oil giant vowed to put the party from and center in its joint ventures with foreign partners. 

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Goodyear, Bridgestone team up to distribute tires nationally; new TireHub will be one of the largest such joint ventures in the country

April 16, 2018 | Akron Beacon Journal 

In a pairing of two Akron-rooted rivals that would have been unthinkable in another era, the Goodyear Tire & Rubber Company and Bridgestone Americas Inc. said Monday they are teaming up to form one of the largest tire distribution joint ventures in the country.

The companies said in a joint news release issued after the close of business Monday that the new TireHub LLC, based in Atlanta, will combine their respective U.S. wholesale tire distribution networks.

No cash will be exchanged in the deal, and the estimated “fair value” of the 50-50 joint venture is expected to be about $600 million, Goodyear said in a filing with the Securities and Exchange Commission.

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ADNOC to unveil new investment opportunities at Downstream Investment Forum in Abu Dhabi

April 17, 2018 | Arabian Oil and Gas

ADNOC’s downstream strategy will act as a key catalyst to Abu Dhabi’s economic and diversification plans, attracting foreign direct investment and supporting significant in-country value. The company also confirmed the attendance of over 30 global CEOs and over 600 senior business leaders from various sectors.

The ADNOC Downstream Investment Forum will mark the launch of ADNOC’s new downstream strategy, which aims to take advantage of evolving energy market dynamics and the rising global demand for refined and petrochemical products. ADNOC’s new downstream strategy will enable it to become a leading, global downstream player, positioning both Abu Dhabi and the UAE as a major producer and supplier in the global refining and petrochemicals value chain.

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Eni and SONATRACH sign agreements to extend their historic partnership

April 17, 2018 | ENI 

Oran (Algeria), 17 April 2018 – The Chairman and General Manager of the Algerian state company SONATRACH, Abdelmoumem Ould Kaddour, and the Chief Executive Officer of Eni, Claudio Descalzi, today signed a series of agreements aimed at strengthening the integration between the two companies in jointly operated activities in the country. This will be achieved through important synergies that will lead to significant cost savings and improved operational efficiency.

The launch of an ambitious exploration and development program in the Berkine basin will be particularly important. It will lead to the production of new gas reserves through the use and optimization of existing infrastructures.

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Tech Firms May Beat Trump in Debate Over Chinese Joint Ventures

April 17, 2018 | Bloomberg


Lobbyists for IBM and other large U.S. technology companies may succeed in gutting a key part of proposed legislation that aims to subject partnerships with Chinese firms to approval by a secretive national security panel.

A group of House Republicans led by the chairmen of the Financial Services and Foreign Relations committees wants to remove a core provision of the bipartisan bill, a section that would require joint ventures with foreign firms to be reviewed by the Committee on Foreign Investment in the U.S.

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Cable provider Comcast and insurance group join forces in healthcare partnership

April 19, 2018 | MedCity News

Cross-industry deals and ventures are all the rage in the healthcare industry at the moment whether its retail and insurance through the proposed CVS Health and Aetna deal, pharma and health IT via Roche’s acquisition of oncology analytics business Flatiron Health, and whatever online retail giant Amazon, JPMorgan Chase and Berkshire Hathaway are cooking up in their joint venture. In a variation on this theme, Independent Blue Cross parent company Independence Health Group and Comcast have formed a healthcare partnership crossing the streams of health insurance and cable.

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Arcelor-Nippon Steel's battle for India's Essar leads sector shakeup

April 23, 2018 | Nikkei Asian Review

MUMBAI -- A series of bankruptcies in India's steel industry has put the sector on course for a sweeping consolidation, as producers here and abroad battle to take over prime assets.

Essar Steel, the country's fourth-largest steelmaker, is up for sale after filing for bankruptcy proceedings last year, and it is expected to announce a buyer as soon as in May. The winning bidder would gain control of 10 million tons in annual production capacity, equal to one-tenth of India's crude steel output in 2017.

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Exclusive: Arrested Chevron workers could face treason charge in Venezuela - sources

April 23, 2018 | Reuters

HOUSTON/CARACAS (Reuters) - Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, according to two sources familiar with draft charges against the U.S. firm’s executives.

The arrests, by national intelligence agents, marked the first at a Western oil firm in Venezuela and represent a dramatic escalation of growing tensions between PDVSA and foreign companies over control of supply contracts, the sources told Reuters.

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Analysis: Saudi Aramco's Asia JVs to help battle oversupply, peak oil demand fears

April 25, 2018 | S&P Global Platts

Saudi Aramco's move to invest in two of Asia's biggest refining projects will help it handle future oversupply situations better and keep its concerns about peak oil demand at bay.

Analysts said the company's back-to-back agreements to take 50% stakes in Malaysia's RAPID project and India's biggest planned refinery on the west coast will guarantee a huge outlet for its crude oil in coming years as oil faces increasing competition from alternative energy supplies.

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