Research Market strategy
By Swissquote Analysts
Morning News

McDonald's to Exit From Russia After Three Decades

McDonald’s shares slipped $1, or 0.4%, to $244.04 after the company said it would quit Russia and sell its business there, ending more than three decades in the country over its invasion of Ukraine. In deciding to sell up, the fast-food giant joins a raft of Western companies, from auto makers to brewers, in exiting Russia having initially opted to pause its operations in the country. McDonald's had in March said it would temporarily close its 847 restaurants in Russia while continuing to pay the 62,000 people it employs there. Since then, pressure has mounted on Western companies -- particularly from the Ukrainian government -- to pull the plug on their Russian operations. Moscow has also pressured companies, threatening legislation to nationalize assets and compel executives to resist Western sanctions.

By
Mathieu VILLARD
Morning News

Adani Group to Buy Holcim’s India Cement Business in $10.5 Billion Deal

One of India’s largest business groups has agreed to buy Holcim Ltd. ’s cement business in India, in a $10.5 billion deal that is biggest ever acquisition in the country’s infrastructure and materials industry. The Adani Group will buy Switzerland-based Holcim’s stake in Indian listed companies Ambuja Cements Ltd. and ACC Ltd. , which will make Adani India’s second-largest cement maker.

By
Mathieu VILLARD
Morning News

Siemens to Wind Down Russia Business; Took EUR600 Mln Impairment in 2Q

Siemens AG said Thursday that it would exit its Russia business after 170 years, dragging its second-quarter profit below expectations. The German industrial company said second-quarter profit was affected by around 600 million euros ($630.9 million) due to impairments and other charges related to Russia, mainly at its mobility railway-technology segment. Siemens in March put on hold all new business in Russia, which in 2021 generated around 1% of the company's revenue.

By
Mathieu VILLARD
Morning News

Thyssenkrupp Working Toward Nucera IPO by Summer

Thyssenkrupp AG is working on listing its electrolysis subsidiary Nucera by the end of June, its finance chief said Wednesday. The German industrial company's goal remains an initial public offering as soon as possible.

By
Mathieu VILLARD
Morning News

Pfizer to acquire HBM portfolio company Biohaven Pharmaceuticals in USD 11.6 billion deal

HBM Healthcare Investments today announces that its portfolio company Biohaven Pharmaceuticals (NYSE: BHVN) will be acquired by Pfizer (NYSE: PFE) for USD 11.6 billion in cash. The acquisition price of USD 148.50 per Biohaven share represents a premium of approximately 78 percent to the closing share price on 9 May 2022.

By
Mathieu VILLARD
Morning News

Philip Morris International in Talks to Buy European Smokeless-Tobacco Rival

Philip Morris International Inc. is in advanced talks to acquire Swedish Match AB, according to people familiar with the matter, in a deal that could be valued at roughly $15 billion or more and bolster the tobacco giant’s exposure to the rapidly growing market for smoke-free brands. The talks between U.S.-based Philip Morris and Stockholm-based Swedish Match could yield a deal as soon as this week, the people said, cautioning that the talks could still fall apart.

By
Mathieu VILLARD
Morning News

Bausch Prices IPO at Low End Of Target

Bausch + Lomb Corp. priced its IPO at $18 a share Thursday, falling short of expectations as it became the first big company in months to try going public into a turbulent stock market Bausch Health Cos., the parent company, raised $630 million in the offering. It had been aiming to raise as much as $840 million and sell the stock at $21 to $24 a share, according to a regulatory filing.

By
Mathieu VILLARD
Morning News

Shell 1Q Earnings Rise More Than Expected

Shell PLC said it took a $3.9 billion posttax charge related to its decision to exit Russia, only slightly denting an otherwise strong quarter bolstered by soaring commodity prices. The charge was expected and came alongside robust oil and gas trading profits during a period of extreme volatility. Shell's first-quarter profit on a net current-cost-of-supplies basis -- a figure similar to the net income that U.S. oil companies report -- was $5 billion, compared with $4.3 billion a year ago when performance rebounded from low pandemic energy demands.

By
Mathieu VILLARD
Morning News

Fed Approves Half-Point Interest Rate Rise, Ratcheting Up Its Inflation Fight

The Federal Reserve approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio starting next month in a double-barreled effort to reduce inflation that is running at a four-decade high. The moves, announced after a two-day policy meeting Wednesday, will raise the central bank’s benchmark federal-funds rate to a target range between 0.75% and 1%.

By
Mathieu VILLARD
Morning News

BP Takes $25.5 Billion Hit from Russia Exit

BP PLC took a $25.5 billion pretax accounting charge related to its decision to exit its Russia holdings, including its stake in government-controlled oil producer Rosneft, by far the biggest financial hit tallied by companies pulling back from the country after its invasion of Ukraine. The London-based company said Tuesday that the charge dragged it into a $20.4 billion headline loss for the first quarter despite soaring commodity prices that poured cash into major oil companies' coffers.

By
Mathieu VILLARD