Norsk Hydro completes acquisition of Sapa

October 2,2017 | S&P Global Platts

Norsk Hydro completed Monday its acquisition from Orkla of the remaining 50% interest in aluminum extrusion company Sapa, it did not already own.

Hydro announced in July its plans to buy Orkla's stake in Sapa for NOK27 billion ($3.24 billion).

Hydro said the agreed enterprise value for 100% of Sapa is NOK 27 billion. A preliminary purchase price for the shares, adjusted for net debt and normalized working capital, of NOK11.86 billion was paid in cash to Orkla on Monday. There will be a customary post-closing adjustment of the purchase price, based on a closing balance sheet.


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Glencore to Boost Stake in Peru Mining Company Volcan Compañia Minera

October 3, 2017 | WSJ

Glencore PLC said it could invest nearly $1 billion in a Peruvian zinc operation, another sign the Swiss mining and trading giant is opening its cash hoard for acquisitions as rebounding commodity prices refill its coffers.

The investment in Peruvian mining company Volcan Compañia Minera S.A.A. will add to Glencore’s world-beating zinc assets. Glencore is the world’s leading miner and trader of zinc, an essential metal for making steel, owning a position big enough already that the company’s decisions can move prices.

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Saudi Aramco eyes joint venture deal in India by next year: CEO

October 8, 2017 | Business Insider

State-run oil giant Saudi Aramco [IPO-ARMO.SE] is in talks with several Indian refiners and hopes to land a joint venture deal by next year, the company's chief executive told Reuters on Sunday.

Aramco, like other major oil producers, wants to tap rising demand growth opportunities and invest in the world's third biggest consumer.

"We are hoping to land on a JV sometime," Aramco's CEO Amin Nasser said at India Energy Forum by Cera Week in New Delhi.

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BMW eyes possible electric vehicle joint venture in China: sources

October 11, 2017 | Reuters

SHANGHAI/BEIJING (Reuters) - German luxury automaker BMW is looking to form a joint venture with Great Wall Motor in China, which could focus on electric vehicles, according to two sources familiar with the matter on Wednesday.

A venture with Great Wall, whose Hong-Kong listed shares leapt 20 percent on the news, would be BMW’s second in the world’s largest auto market, where foreign carmakers have to team up with local partners.

“We are in discussions with Great Wall about setting up a joint venture to produce cars in Changshu,” said a BMW executive, who was not authorized to speak on the matter and declined to be identified.

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SEC charges Rio Tinto, former top executives with fraud

October 17, 2017 | Mining

The U.S. Securities and Exchange Commission on Tuesday charged mining company Rio Tinto Plc (RIO.AX) and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique acquired for $3.7 billion and sold a few years later for $50 million.

The U.K.’s Financial Conduct Authority also said Tuesday it had reached a settlement with Rio Tinto under which the company would pay a fine of £27 million ($35.6 million) to settle claims that it breached accounting rules in connection with the Mozambique assets.

In a lawsuit filed in U.S. federal court in Manhattan, the SEC said Rio Tinto, former Chief Executive Officer Thomas Albanese, and former Chief Financial Officer Guy Elliott failed to follow accounting standards and company policies to accurately value and record the assets.


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Bank Consortium to Launch Joint Venture for Blockchain Trade Platform

October 18, 2017 | Coindesk

A consortium of banks is planning to launch a joint business venture for its in-development blockchain commerce platform.

Aiming to ease European domestic and cross-border trade, the Digital Trade Chain group is building a distributed ledger framework that connects a buyer, sellers, banks and intermediaries to simplify transaction management and tracking.

To that end, the consortium will create a new business entity in the Republic of Ireland, jointly owned by the eight founding banks, that will manage and distribute the offering, now rebranded as "we.trade." The new entity is expected to be formed sometime by the end of the year.

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Exclusive: Iberdrola demanded change at Siemens Gamesa as problems mounted

October 20, 2017 | Reuters

MADRID (Reuters) - Spanish utility Iberdrola (IBE.MC) used its influence to change the management of Siemens Gamesa (SGREN.MC) on Friday after the wind-power joint venture suffered two profit warnings in less than three months.

Germany’s Siemens (SIEGn.DE) has a controlling stake of 59 per cent in Spanish-based Siemens Gamesa but Iberdrola, with an 8 percent stake, has a say in some governance matters thanks to a deal signed when Siemens Wind agreed to merge with Gamesa last year.

Iberdrola demanded change at a board meeting on Friday, people with knowledge of the situation said, prompted by a second profit warning from the joint venture last week. 

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Dassault to invest €100 million in joint venture with Reliance Group

October 27, 2017 | Live Mint

Mumbai: French company Dassault Aviation SA will invest €100 million (around Rs760 crore) in its joint venture with Anil Ambani’s Reliance Group to manufacture components for its aircraft.

The joint venture, Dassault Reliance Aerospace Ltd, in which the French company holds a 49% stake, will make components for the Legacy Falcon 2000 Series of civil aircraft and be part of its global supply chain, the firm said in a statement. Production will begin from 2018.

The Reliance Group will make a similar investment in the joint venture, said Eric Trappier, chairman of Dassault Aviation. He was talking to reporters on the sidelines of an event to lay the foundation stone for Dhirubhai Ambani Aerospace Park, the joint venture’s manufacturing facility in Nagpur on Friday.

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Chevron Partners with Microsoft to Fuel Digital Transformation from the Reservoir to the Retail Pump

October 30, 2017 | Chevron

SAN RAMON, Calif., Oct. 30, 2017 – Chevron Corporation (NYSE: CVX) today announced a seven-year partnership with Microsoft Corp. establishing the company as Chevron’s primary cloud provider, accelerating the application of advanced technologies including analytics and the Internet of Things (IoT) to drive performance and improve efficiencies.

“We embrace every opportunity that streamlines our workflows, gives us insights into more efficient operations and helps us compete,” said Joe Geagea, Chevron’s executive vice president of Technology, Projects and Services. “We already have a head start in digitizing our oilfields, but we want to accelerate our deployment of new technologies that position us to increase our revenues, lower our costs, and improve the safety and reliability of our operations.”

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Azerbaijan Ratifies New Oil Deal With BP-Led Consortium

October 31, 2017 | NY Times

BAKU — Azerbaijan's parliament on Tuesday ratified a new oil field development contract between the Caucasus nation and a BP-led consortium.

BP and Azerbaijan agreed in September to extend to 2050 the contract to develop the country's biggest oilfields, Azeri-Chirag-Guneshli (ACG), a deal dubbed "the contract of the century" when first signed in 1994 until 2024.

The new contract secures large investment in Azerbaijan's oil sector over decades and a one-off bonus of $3.6 billion for the government, a welcome boost for a country that has struggled with a sharp drop in oil prices in the past three years.

Under the new production sharing agreement, Azeri state energy company SOCAR will increase its share to 25 percent from 11.65 percent, while BP's stake declines to 30.37 percent from 35.8 percent. BP will remain the project operator.

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Japan's Kirin cashes out of Amgen drug joint venture

October 31, 2017 | Reuters

TOKYO (Reuters) - Japan’s Kirin Holdings Co Ltd (2503.T) said on Tuesday it would sell its share in a pharmaceutical research joint venture with California-based drugmaker Amgen Inc (AMGN.O) for $780 million.

The joint venture, Kirin-Amgen, will buy the Japanese firm’s 50 percent stake and will make further payments to Kirin for certain sales, the Japanese firm said in a statement, adding that the companies saw their collaboration as complete.

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