Morning Beat: Nokia Corp (ADR) (NOK), BP plc (ADR) (BP), and Alibaba Group Holding Ltd (BABA)
Nokia Corp (ADR) (NYSE:NOK) has tabled a $191 million takeover bid for French electronics company, Withings. Focused on digital health, the acquisition should help bolster the Finish Company’s prospects on wearable’s and fitness devices.
Chief Executive Officer, Rajeev Suri says the acquisition will go a long way in strengthening the company’s position in the Internet of Things on digital health. Withings joins Nokia Corp (ADR) (NYSE:NOK) with 200 employees with products including Activite smartwatch and E-ink fitness tracker. The French company is to operate under Nokia Technologies division.
Nokia hopes to use Witching’s acquisition to reinvigorate its prospects in the hardware business, years after selling its mobile-phone unit to Microsoft Corporation (NASDAQ:MSFT).
BP plc (ADR)(NYSE:BP) has posted a net loss of $485 million for the three months ending March 31 compared to a profit of $2.1 billion posted last year same period. A one-time charge of $917 million for the 2010 Gulf of Mexico spill, accounted for a huge chunk of the total loss.
Excluding one-time costs, the oil giant says it posted a net profit of $532 million that still fell short of expectations. Amidst the turmoil in the oil business BP plc (ADR) (NYSE:BP) was still able to post a profit of $1.8 billion on its trading and refining division offsetting a loss of $747 million in oil and gas production.
Alibaba Group Holding Ltd (NYSE:BABA) financial arm Ant Financial has raised $4.5 billion in single funding round that values the unit at $60 billion. Some of the biggest investors that took part in the financing round include China Investment Corporation and China Construction Bank.
The total amount generated from the funding round makes Ant Financial the second most valuable private technology company right behind Uber, which is valued at $62 billion. Ant Financial says it will use part of the proceeds from the funding round to invest in cloud computing and biometric verification technologies.
Time Warner Cable Inc (NYSE:TWC) can go forth and complete its proposed $55 billion takeover of Charter Communications, Inc. (NASDAQ:CHTR) regulators having approved the merger. However, the company must first agree to a set of requirements that seeks to prevent it from interfering with streaming video services.
Time Warner-Charter will have to refrain from setting data caps and charging customers based on data usage as part of the requirements. The Federal Communication Commission also wants the combined company to abstain from forcing companies that deliver large amounts of data to pay it interconnection fees.
Time Warner Cable Inc (NYSE:TWC) is also barred from signing content agreements with media companies, intended to prevent them from offering their shows to streaming services. Seven years is the amount of time the combined company will have to adhere to the pre-set conditions.
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