Shanghai/Milan — Stellantis is in advanced talks with Leapmotor to jointly develop an Opel-branded electric SUV that would use the Chinese automaker’s technology and be produced at Stellantis’ Zaragoza plant in Spain, three sources told Reuters.
The deal, if finalised, would help Stellantis cut the cost and time to develop a new EV model, as the French-Italian automaker shifts focus to petrol-electric hybrid cars. Earlier this year it announced a $25bn writedown related to scaling back its EV plans. Reuters
Swatch urges ‘no’ vote on GreenWood board bid
Zurich — Swatch has once again opposed GreenWood Investors’ bid for a seat on the board and has urged shareholders to vote against the activist investor at its upcoming annual general meeting, the watchmaker said on Wednesday.
The Swiss company, which sells luxury watches with its brands Omega, Breguet and Blancpain alongside its plastic watches, said the American firm’s candidate and founder, Steven Wood, was not suitable to represent the interests of its shareholders. Reuters
Samsung shares jump as Shinhan Bank sells $2.1bn stake
Singapore/Seoul — Samsung Electronics shareholder Shinhan Bank launched a sale of about $2.1bn worth of shares in the South Korean company, according to a term sheet seen by Reuters on Wednesday.
Shinhan Bank is offering 15-million Samsung Electronics shares at between 204,395 won and 208,605 won each, representing a discount of 0.9% to 2.9% to the stock’s Wednesday close of 210,500 won, the term sheet showed.
The shares amount to about 0.25% of Samsung Electronics’ shares outstanding, according to the term sheet. Samsung Elec shares closed up 7.1% Wednesday on a relief rally due to a ceasefire in the Middle East. Reuters
Remy Cointreau unveils turnaround plan amid downturn
Bengaluru — Remy Cointreau launched a transformation plan on Wednesday in a bid to revive the spirits maker’s profitability and growth, which will include a new leadership structure and changes to pricing, distribution and procurement.
The French maker of Remy Martin cognac and Cointreau liqueur has been facing a sector-wide downturn and the impact of tariffs in its two biggest markets, the US and China. It said in January it had returned to quarterly sales growth for the first time since 2023.
Its shares are trading near 16-year lows after dropping by more than 82% from their November 2021 peak. Reuters
Close Brothers expects £320m hit from UK finance scandal
Bengaluru — Close Brothers said on Wednesday Britain’s motor finance redress scheme will cost it £320m, broadly in line with its existing provision, days after the UK regulator set the total bill at £9.1bn, one of the country’s costliest financial scandals.
The provision is expected to reduce its common equity tier 1 capital ratio, a key measure of a bank’s financial strength, by about 25 basis points to 14% on a pro forma basis as at January 31, but comfortably above its medium-term target range of 12%-13%. Reuters
Tecto to invest $2bn in Brazilian data centres, including 5 new ones
Sao Paulo — Tecto Data Centres, backed by BTG Pactual’s funds, is set to invest $2bn by the end of 2028, including the construction of five data centres in Brazil, the company told Reuters, adding to a wave of new data centres in Latin America’s No 1 economy.
Brazil is working to position itself as a global hub for large-scale data centres, leveraging cheap and abundant renewable energy and water resources to lure major investments from US firms and China’s TikTok.
While the government is struggling to revive a tax incentive programme called Redata, Tecto chief revenue officer Tito Costa said the incentives would be helpful but not essential to the company’s investment plans. Reuters
