- RedBird Capital Partners entered into a definitive agreement to acquire Associazione Calcio Milan (AC Milan) Club, newly crowned Champions of Serie A, from Elliott Advisors UK Limited, for 1.2 billion euros ($1.3 billion).
- The transition to new ownership will take place over the summer, with closing expected in September 2022.
- Elliott to retain a minority financial interest in the Club and seats on the Board of Directors, solidifying a partnership between RedBird and Elliott.
Pfizer To Quit GSK’s Consumer Health JV Following Its Spin-Off
- Pfizer Inc. (NYSE: NYSE:PFE) intends to sell its 32% investment in Haleon, a consumer health joint venture with GSK plc (NYSE: GSK), after the business is spun out as an independent listed company in July, reported Reuters.
- Pfizer had previously indicated that it might seek to sell its stake in Haleon, a consumer health company and the maker of Sensodyne toothpaste and Advil pain relievers.
- GSK has filed to the U.K.’s regulator to list Haleon on the London Stock Exchange on July 18 and is expected to apply to the New York Stock Exchange soon.
Australia, New Zealand Express Support To Address USA Baby Food Crisis
- Makers of baby food explored supply opportunities to the U.S. after it relaxed its import policy to address a nationwide crisis.
- Australia is in talks with the U.S. to supply baby food.
- Two million cans of formula from the U.K. are going to American shores.
- Bubs Australia agreed to supply 1.25 million cans under a U.S. Food and Drug Administration deal.
- Several dairy firms in Australia and New Zealand, including leading dairy exporter Fonterra, were also in similar discussions with the FDA.
Volkswagen (ETR:VOWG_p) Chief Sees EV War Intensifying With Tesla
- Volkswagen AG (OTC: VWAGY) chief saw Tesla, Inc (NASDAQ: TSLA) needs to ramp up highly complex factories and find qualified workers to win the electric vehicle race as Volkswagen also sped up.
- Tesla, which posed a challenge to German EV production with its new plant near Berlin, was privileged by a blank slate to start and a small number of models.
- Volkswagen CEO Herbert Diess acknowledged much momentum coming at Volkswagen, which will undoubtedly be tight in coming years.
Lamborghini Sees E-Fuel Super Cars In Its Range Beyond 2030: Reuters
- Italian luxury sports car manufacturer Lamborghini, part of Volkswagen AG (OTC: VWAGY), is preparing to have at least two supercars powered by e-fuels in its range beyond 2030.
- In a newspaper interview, Chief Executive Officer Stephan Winkelmann said the company plans to convert its entire fleet to a hybrid between 2023 and 2024, with its first full-electric model expected at the end of the decade.
- “We do not yet know if there will be a large enough quantity of this fuel to meet the needs of all manufacturers,” the report quoted Winkelmann.