Seatrium and Maersk end $475m contract ahead of completion
Bengaluru — Shipbuilder Seatrium said Denmark’s Maersk terminated a $475m contract for a nearly finished offshore wind vessel that was intended to work on a project off the coast of New York.
The wind turbine installation vessel is 98.9% complete and was built to serve Equinor’s Empire Wind, Singapore-based Seatrium said in a statement on Friday.
A Maersk spokesperson confirmed the cancellation, citing construction delays. “Maersk Offshore Wind can confirm that it has terminated its new building contract with Seatrium Energy (International, formerly Sembcorp Marine Rigs & Floaters, in Singapore for the construction of a Wind Installation Vessel due to delays and related construction issues,” Maersk spokesperson Caroline Knox said.
Seatrium shares slid 6.5% on the Singapore stock exchange after the announcement. It is the latest sign of trouble in the US offshore wind industry, which the administration of President Donald Trump has vowed to stop. Reuters
Strathcona ends takeover bid for MEG Energy
Bengaluru — Strathcona Resources said on Friday it has terminated its takeover bid for MEG Energy, days after Cenovus Energy raised its bid for the Canadian oil producer.
The takeover saga began in May when Strathcona launched a C$5.93bn ($4.23bn) hostile bid for MEG Energy. However, Cenovus countered with a C$7.9bn cash-and-stock deal.
Since then, Strathcona raised its stake in MEG to 14.2%, aiming to vote against the Cenovus deal and in September sweetened its original offer to C$30.86 per share, compared with Cenovus’ nearly C$28 bid.
On Wednesday, Cenovus raised its bid for MEG to C$8.6bn including debt. Reuters
Navan aims for $6.45bn valuation in US listing
Bengaluru — Corporate travel and expense company Navan said on Friday it is targeting a valuation of up to $6.45bn in its US initial public offering.
The Palo Alto, California-based firm plans to raise $960m by offering 36.92-million shares priced $24-$26 apiece.
US IPO activity has rebounded in recent months amid easing trade policy uncertainty and reduced market volatility, reflecting improved investor confidence.
The strong debuts of Alliance Laundry and Phoenix Education Partners on Thursday underscore a renewed appetite for risk. Reuters
Bitcoin, S&P 500 slide after Trump hikes China tariffs
Bengaluru — Bitcoin, the world’s largest cryptocurrency by market value, extended declines on Friday after US President Donald Trump escalated his trade conflict with China.
Trump on Friday said he was raising tariffs on Chinese exports to the US to 100% and imposing export controls on “any and all critical software” in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing.
The spat shook global financial markets, sending the benchmark S&P 500 index sliding by more than 2%. Reuters
Thinking Machines Lab founder joins Meta
Bengaluru — Andrew Tulloch, co-founder of Mira Murati’s Thinking Machines Lab, has left the AI company to join Meta Platforms, the Wall Street Journal reported on Saturday.
A Thinking Machines Lab spokesperson confirmed the departure to the WSJ, saying that “Andrew has decided to pursue a different path for personal reasons”.
Reuters could not immediately verify the report. Thinking Machines Lab could not immediately be reached for comment. Meta did not respond to a request for comment. Reuters
Warner Bros rejects Paramount’s takeover offer
Bengaluru — Warner Bros Discovery has rebuffed Paramount Skydance’s initial takeover approach as too low, Bloomberg News reported on Saturday.
Warner Bros rejected Paramount's offer of about $20 per share in recent weeks, the report said, citing people familiar with the matter.
Warner Bros and Paramount did not immediately respond to a Reuters request for comment.
Paramount, led by David Ellison, is exploring several paths in its bid for Warner Bros, including increasing its offer, appealing directly to shareholders, or securing extra support from a financial partner, Bloomberg reported, citing sources.
Paramount has been in talks with alternative asset manager Apollo Global Management about backing its bid, Bloomberg reported earlier this week. Reuters
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