Spirit Airlines is facing mounting financial pressure, leading to layoffs, jet sales, and potential bankruptcy. The budget carrier is taking drastic cost-cutting measures, including reducing its workforce and selling 23 planes, as it struggles to recover from the COVID-19 pandemic and intense competition in the airline industry. While a merger with Frontier Airlines remains a possibility, the airline’s future hangs in the balance.
Capri Holdings Limited (CPRI) shares plummeted by nearly 50% after a judge blocked its acquisition by Tapestry, Inc. (TPR). The judge’s decision, which came after an eight-day trial, grants the Federal Trade Commission’s request for a preliminary injunction, arguing that the merger would stifle competition in the U.S. handbag market. Both companies have announced their intention to appeal the ruling.
Harnois Énergies (HÉ) and Michaud Petroleum have officially merged to form Michaud Harnois Énergies, a powerful new force in New Brunswick’s energy distribution landscape. The union, approved by the Competition Bureau of Canada, combines the strengths of two established companies, promising enhanced services and a commitment to innovation in the region.
Japanese steelmaker Nippon Steel has significantly increased its lobbying spending in Washington, seeking to secure its proposed $15 billion acquisition of U.S. Steel. The move comes amidst strong opposition from both Democrats and Republicans, who are concerned about the potential impact on American jobs and national security. Nippon Steel faces a challenging path to finalizing the deal, but its increased lobbying efforts demonstrate its commitment to pushing through the acquisition despite the obstacles.
Cigna and Humana have reignited merger discussions, potentially creating a major force in the health insurance industry. The deal, if finalized, would combine Cigna’s commercial insurance strengths with Humana’s dominance in Medicare Advantage, aiming to navigate the increasingly complex and competitive healthcare landscape.
AGBA Group Holding Limited (AGBA) shares are on the rise after the company announced the finalization of its merger with Triller Corp. The merger is expected to be completed on October 14th, subject to Nasdaq approval, and will include a 4-to-1 reverse stock split of AGBA shares. The combined company will leverage both businesses’ strengths in the digital economy.
Spirit Airlines is facing mounting financial pressure after its merger with JetBlue was blocked and it continues to report losses. The airline is now reportedly exploring bankruptcy as it seeks support from bondholders and creditors. Spirit’s stock has plummeted over 25% on the news.
Tata Sons, the parent company of Air India, is urging for a careful integration of Vistara into Air India to maintain the latter’s loyal customer base and renowned service standards. The merger, scheduled for November 12th, aims to create a more competitive airline by combining the strengths of both brands.
Hess Corporation (HES) stock is on the rise as its merger with Chevron Corporation (CVX) nears completion following the FTC’s antitrust review. Analyst Ryan M. Todd of Piper Sandler raises his valuation of Hess’s Guyana operations and sees significant value in the company, even if the merger fails. Wolfe Research analyst Doug Leggate also sees a positive outlook for Hess, upgrading the stock to Outperform.
Primo Water Corporation and BlueTriton Brands, Inc. have announced the receipt of all necessary regulatory approvals for their previously announced all-stock combination. This merger, expected to close by the end of 2024, aims to create a dominant force in the North American healthy hydration market.
