WeWork stocks tank 50% on news of potential bankruptcy.
Shares in coworking company WeWork have tanked by almost 50% to a record low on media reports it plans to file for bankruptcy. Its market cap has fallen from US$47 billion at its peak to around US$121 million now.
Trouble at the NYSE-listed company has included a failed 2019 IPO attempt, the unceremonious exit of its co-founder Adam Neumann and pandemic-led remote work options.
Yet Japanese investor Softbank, has sunk billions into the startup that has never turned a profit. Now its long-term office leases will need to be written off or restructured.
*Stock data as of the market close. Commodities and crypto data in USD.
LOI Subscriber #TBD
Market News: Shares in investment manager Regal Partners jumped in early trading on the ASX yesterday after it announced the 50% acquisition of rival Taurus Funds Management, which specialises in mid-tier and junior miners.
Regal paid $28 million for the stake in Taurus which will expand its presence in credit and resource royalties and boost funds under management to $8 billion.
Together with Stake | Invest on Wall St and the ASX
THE QUICK SYNC
Two of the US’ largest regional theme parks, Six Flags and Cedar Fair Entertainment, are close to a merger deal which could be finalised as soon as this week. (WSJ)
Indian steelmaking conglomerate Tata Steel has reported a US$744 million quarterly loss due to poor performance at its European operations. (Bloomberg)
Auto giant Toyota has doubled its quarterly profits on the back of strong global demand for hybrid vehicles and a strong US dollar. (CNBC)
Deutche Bank’s global head of foreign exchange research has compared the Japanese yen to the the Turkish lira and Argentinian peso as the Bank of Japan’s attempts to defend it “will at best be ineffective and at worst make the situation worse”. (Bloomberg)
Behind the Bell Rock campaign against Whitehaven is a secretive Jersey financier with links to Brexit and George Soros. (Capital Brief)
Affordable fashion retailer Vine Apparel attracts interest from potential buyers. (AFR)
Orica in US legal battle over purchase agreement with CF Industries. (Capital Brief)
Blackstone and Vista secure Energy Exemplar in a $1.57bn deal after re-entering the bidding process. (The Australian)
IT business Virtual IT Group seeks buyers; Allier Capital to assist in vetting offers. (AFR)
Crescent Capital sells 24-7 Healthcare to DoctorSquare. (The Australian)
Aussie Broadband acquires Symbio, solidifying its position as Australia's fourth-largest internet provider. (AFR)
A rival bid for Azure Minerals is possible as Chris Ellison's involvement surfaces. (The Australian)
GQG Partners bids $11 per share for Pacific Current, but major shareholder River Capital opposes the deal. (AFR)
Bidders for Balmaine Gold narrowed down to a few with Acheron Capital and others competing. (AFR)
Aussie Broadband readies $120m equity raise for Symbio acquisition led by Goldman Sachs. (AFR)
BHP approved the second phase of its Jansen potash project in Canada, doubling its fertilizer mineral production. (Capital Brief)
Macquarie Capital and UBS conduct bookbuild to conclude the institutional phase of Treasury Wine Estates' rights issue. (AFR)
Megaport shareholders oppose executive pay after weak quarterly results. (Capital Brief)
Domino's shares are up 2.3% on strong sales and higher earnings forecast. (Capital Brief)
Greenhill MD Simon McConnell joins Luminis Partners, firm's first Melbourne presence. (AFR)
Novonix has obtained a US Department of Energy grant to expand synthetic graphite production at its Tennessee-based Riverside facility. (Capital Brief)
Carolyn Kay named chair of Rothschild Australia; is expected to aid in expanding business. (AFR)
Nvidia's stock drops on $7.9bn China order cancellation concerns. (Capital Brief)
Magellan prevails in a legal challenge to halt Keybridge Capital's meeting request for Global Fund. (AFR)
Launch of $10bn Housing Australia Future Fund applauded, but housing target still falls short. (BNA)
China's private sector manufacturing contracts in October, Caixin PMI at 49.5. (Capital Brief)
William O’Dwyer, founder of the collapsed Ralan Group, pleads guilty to six criminal charges in the wake of a $560m company collapse. (BNA)