A consortium that includes global private-equity firm Advent International Corp. on Thursday launched an $8.1 billion takeover bid for Swedish Orphan Biovitrum AB, a Stockholm-based biopharmaceutical company specializing in the treatment of rare diseases.

The drugmaker's board unanimously recommended shareholders accept the offer of 235 Swedish kronor (equivalent to $27.25) a share in cash from Advent and Aurora, an affiliate of Singapore's sovereign-wealth fund GIC Pte. Ltd., which values the issued share capital of the company, known as Sobi, at approximately SEK69.4 billion, or around $8.1 billion.

Facebook's WhatsApp Fined Around $270 Million for EU Privacy Violations

European Union regulators fined Facebook Inc.'s chat service WhatsApp 225 million euros, equivalent to around $266 million, for failing to tell the bloc's residents enough about what it does with their data, ramping up privacy enforcement against U.S. tech companies.

The second large EU privacy fine against a U.S. tech company in two months was issued Thursday by Ireland's Data Protection Commission on behalf of a board representing all of its EU counterparts. It came as part of a decision that found WhatsApp didn't live up to requirements to tell Europeans how their personal information is gathered and used, including regarding the sharing of their information with other Facebook units.

GLOBAL NEWS

Delta Variant's Impact Is Big Question for August Jobs Report

Nonfarm payrolls likely increased at a solid pace in August, though the Delta variant could have caused the rate of hiring to slow from earlier in the summer.

Companies Are Tallying Their Carbon Emissions, but the Data Can Be Tricky

Microsoft Corp. has halved its greenhouse-gas emissions-with a wave of a calculator.

In 2017, the software company said it was responsible for 22 million metric tons of carbon. Since then, the 2017 number was reduced to 11 million metric tons. The annual total remained at 11 million for the 12 months ended in June 2020.

Vietnam's Factory Shutdowns Tug at Apparel Industry's Seams

Shoppers should brace for an odd and expensive holiday season.

While global supply chain challenges aren't new this year or unique to apparel sellers, the timing of factory shutdowns in Vietnam could mean consumers might have better luck finding fleece-lined Crocs than on-trend winter clothing.

Sugar Prices Soar After Brazil Cold Snap

Sugar prices shot to four-year highs after a frost in Brazil cut the size of the cane crop in the world's biggest producer, and hedge funds are adding to the market's momentum.

Prices for raw sugar futures have jumped 10% over the past month to trade at about 20 cents a pound in New York. Sugar prices haven't been that high since early 2017 and have climbed more than 60% over the past year.

Australian Economy May Not Grow in 2021, Westpac Says

SYDNEY-Australia's economy may not grow at all in 2021 as lengthening Covid-19-related lockdowns in major growth states drive a cratering of national output and a jump in unemployment in the third quarter, according to one of the country's biggest banks.

Bill Evans, chief economist at Westpac, on Friday slashed the bank's forecast for gross domestic product growth this year to zero from 2.4%, arguing that the crippling of New South Wales and Victoria by mobility constraints looks set to stretch on for longer than expected.

China to Launch Beijing Stock Exchange to Steer Investment Into Innovation

Chinese President Xi Jinping on Thursday announced the formation of a Beijing Stock Exchange in a bid to channel investment into promising young technology companies as avenues to raise money in the U.S. disappear.

The trading venue will augment an existing equity market in Beijing and specifically host innovative smaller companies, according to Mr. Xi and a statement from the China Securities Regulatory Commission.

China Services-Sector Gauge Tumbled Sharply in August on Covid-19 Disruptions

A private gauge of China's services sector tumbled sharply in August, as the government's stringent measures to curb the spread of new coronavirus outbreaks damped activity and demand.

The Caixin China Services purchasing managers index dipped to 46.7 in August from 54.9 in July, Caixin Media Co. and research firm IHS Markit said Friday.

Hospitals Swamped With Delta Cases Struggle to Care for Critical Patients

Soaring Covid-19 caseloads are endangering patients who need urgent medical care at some overwhelmed hospitals, according to doctors, nurses and industry executives in states where the virus has filled beds at or near record numbers.

The overwhelmed hospitals don't always have the staff or capacity to provide immediate treatment for emergencies from Covid-19 to gallbladder removal, the people said.

Japan's Prime Minister Yoshihide Suga to Step Down

TOKYO-Prime Minister Yoshihide Suga said he won't seek re-election as ruling-party leader, effectively ending his term after just a year and bringing back political instability in one of Washington's most important allies.

Japan's recent wave of Covid-19 cases caused by the Delta variant did irreparable damage to Mr. Suga's leadership, and his support rating in recent polls fell below 30%. Public dissatisfaction rose even after a relatively problem-free Tokyo Olympics, which included a record medal haul for the home team.

Hurricane Ida, Wildfires Prod Congress on Infrastructure Resiliency

HURRICANE IDA AND WESTERN WILDFIRES are putting pressure on lawmakers to approve funds for infrastructure resiliency projects. While business groups and Republican senators who supported the bipartisan infrastructure deal, which includes $50 billion for resiliency projects and another $65 billion to harden the electrical grid, push for its swift passage, dozens of House Democrats are pressing leadership to include more resiliency programs in the separate Democrats-only budget reconciliation package.

Louisiana GOP Sen. Bill Cassidy, whose state was pummeled this week by Hurricane Ida and where hundreds of thousands remain without electricity, used a string of media appearances in the wake of the storm to plug the bipartisan deal and stress its urgency. "We've got to start now for next year's hurricane, next year's wildfire, next year's tornado," he said. "The infrastructure package is part of that." The infrastructure deal includes billions for the Federal Emergency Management Agency's flood mitigation efforts, a new $8.7 billion fund for upgrading local transportation infrastructure to withstand natural disasters, and research money to develop new methods of protecting infrastructure from extreme weather.

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(END) Dow Jones Newswires

09-03-21 0611ET