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GLOBAL MARKETS LIVE: Fiat Chrysler, Regeneron, Uber…

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07/03/2020 | 09:28am EDT

Fiat Chrysler is considering possible asset disposals ahead of its merger with PSA. Sanofi and its U.S. partner Regeneron failed in a phase III trial of Covid-19. Exxon Mobil is forecasting a difficult year and Uber is looking for new opportunities in food delivery.

New developments in Fiat Chrysler’s merger with PSA. Fiat Chrysler is studying the options available to reduce the exceptional dividend it has to pay to its shareholders in connection with its merger with PSA and is considering possible asset disposals, according to the Italian newspaper Il Sole 24 Ore on Friday.

Closer. Daimler announced Friday the strengthening of its strategic partnership with Farasis Energy, which includes the acquisition of about 3% of the German group's stake in the Chinese battery producer.

End of the year. Sanofi and Regeneron stopped the Phase 3 trial of Kevzara for patients severely affected by Covid-19. Both groups explain that the trial failed to meet its primary and secondary endpoints. Sanofi is still conducting a separate trial based on a different dosing regimen and conducted outside the United States.

Nestlé sells its Pure Life bottled waters to Canadian Ice River Springs. The transaction will be finalized during the third quarter and involves two bottling plants in addition to Nestlé's source. Financial details are not disclosed.

Heavy losses. Exxon Mobil warned on Thursday that its oil and gas refining and production activities had recorded significant losses in the second quarter, which are expected to result in a second consecutive quarterly loss for the oil group. In response, Exxon had announced that it would reduce its capital expenditure plans for 2020 by 30% to $23 billion.

New direction for Uber. Uber is looking to strengthen its food delivery business and is reportedly interested in Postmates. A way for the group to compensate for the decline of its VTC business.

92,000. Tesla is increasing the rate of deliveries of its vehicles in the second quarter despite the impact of the coronavirus. The Californian group delivered 92,000 vehicles in the second quarter, a figure that was nevertheless down on the first quarter.

Sony’s new purchase. According to Bloomberg, Sony plans to make an offer to buy Hong Kong-based video game publisher Leyou Technologies, which has a market valuation in excess of $1 billion.

Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG 2.19% 39.915 Delayed Quote.-20.88%
EXXON MOBIL CORPORATION 0.40% 42.25 Delayed Quote.-39.45%
FIAT CHRYSLER AUTOMOBILES N.V. 3.74% 9.375 Delayed Quote.-31.52%
NESTLÉ S.A. -0.71% 108.56 Delayed Quote.4.33%
PSAV INC 0.00%End-of-day quote.0.00%
REGENERON PHARMACEUTICALS 2.07% 645.18 Delayed Quote.71.83%
SANOFI -1.27% 89.17 Real-time Quote.0.71%
SONY CORPORATION 2.95% 8314 End-of-day quote.12.34%
TESLA, INC. 3.79% 1485 Delayed Quote.254.98%
UBER TECHNOLOGIES, INC. 3.07% 31.19 Delayed Quote.4.88%

Romain Fournier
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