UK investment stagnates – UK business investment has stalled since the Brexit vote last year. This being said, it has hardly plummeted in the way predicted by many economists in the aftermath of the vote and the total amount with energy investment excluded has in fact increased.
France’s Alstom to merge with Siemens’ rail unit – The French President Emmanuel Macron agreed to let its TGV trains come under German ownership by allowing this merger to go through. This is seen as part of Macron’s pro-European agenda and the desire to create “European” as opposed to “National” industrial champions.
Canyon Bridge Capital secures purchase of chip-designer – London-based chip designer Imagination Technologies has announced it will sell itself to the China-backed private equity fund. The chip company derived 40% of its revenue from Apple up until April 2017, when Apple announced it would start producing its own GPUs, causing its share price to tank 70%.
ThyssenKrupp and Tata finalise merger – Germany’s ThyssenKrupp and India’s Tata have agreed to merge European operations, creating the second-largest steel producer in Europe. The deal is part of an effort to reduce overcapacity in the steel industry and restore profitability – through both job cuts and synergies.
Maersk to exit Tankers market – The Danish shipping conglomerate has agreed to sell its tankers unit to its controlling shareholder for $1.17 billion. This comes as part of the company’s effort to break up its operations and focus on its core shipping business.