In a surprise decision, Hyundai Rotem withdrew its IPO citing weak market conditions and industrial disputes.
Industrials
Alvar Aalto's design house sold to Vitra for global exposure
Finnish modern design house Artek sold its business to Swiss design firm Vitra. Alvar Aalto-founded Finnish modern design house was sold to Swiss firm Vitra.
SAME Deutz-Fahr stake sale causes Deutz AG to plunge
The sale of SAME Deutz-Fahr's stake in Deutz AG caused the latter's stock to drop. The sale of SAME (Società Accomandita Motori Endotermici) Deutz-Fahr's stake in Deutz AG caused the latter's value to plunge.
News on VW CEO retirement dismissed
The news media report on Volkswagen CEO's retirement was dismissed in another news report. Ferdinand Piech, Chairman of Volkswagen, dismissed a report in the media stating he would be quitting his post at Volkswagen, the largest automaker in Europe, soon.
Edge Products files for Chapter 9 protection
Edge Products filed for bankruptcy, a court filing showed. A court filing revealed that Edge Products had filed for bankruptcy under Chapter 11. The company is a manufacturer of aftermarket performance electronics for vehicle industry.
Latest News
Hyundai said it had reached a preliminary agreement with its union to help end the strike that had crippled their vehicle production.
Dangote Group president and Africa's richest man Aliko Dangote signed a loan worth USD3.3 billion with 12 local and international banks to fund a USD3 billion proposed oil refinery complex in Nigeria.
Bearings maker SKF agreed to buy US-based Kaydon Corporation for USD1.25 billion in cash. The world's biggest maker of bearings, SKF, said on Thursday that it had agreed on buying US-based Kaydon Corporation in the tune of USD1.
Indonesia said it planned to relax the rule that forced foreign mining firms operating in the country to own no more than 49% of their stake in the mines within ten years after production has started.
The CIT Group's subsidiary CIT Bank provided financing assistance for TruckPro in its acquisition of CCI Corp.
Fiat pledged EUR1 billion in a Mirafiori plant as it aimed to boost the sale of its luxury mode line-up said a union leader.
Pexco LLC announced to buy Spectrum Minnesota, an injection molder of advanced thermoplastics operator.
Resource Capital Partners announced the initial close of its mining fund with USD 85 million in capital commitments.
According to an Italian daily, market regulator Consob is investigating Camfin's offer for Pirelli shares if the same is properly valued.
