Oil up 3% on tight supply, prospects of new Russia sanctions | Reuters
Oil prices gained about 3% on Wednesday as another U.S. crude stock drawdown indicated tight supplies and investors worried about new Western sanctions against Moscow with Russian forces continuing to bomb the outskirts of Ukraine's capital.
On Tuesday, Russia promised to scale down operations around Kyiv in what the West dismissed as a ploy to regroup by invaders suffering heavy losses. read more
"After being fooled once, many traders that sold contracts in response to the peace talks are unlikely to make the same mistake the next time a Russia-Ukraine meeting is followed by optimistic comments," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Brent futures rose $3.22, or 2.9%, to settle at $113.45 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.58, or 3.4%, to settle at $107.82.
Wednesday 30 March 2022
Binance: Biggest Cryptocurrency Exchange Braces for Competition in Its #Dubai Hub - Bloomberg
Binance: Biggest Cryptocurrency Exchange Braces for Competition in Its Dubai Hub - Bloomberg
Binance Holdings Ltd. expects some of its top competitors to set up headquarters in its unofficial home jurisdiction of Dubai, drawn by the sun-splashed emirate’s crypto-friendly policies.
Changpeng ‘CZ’ Zhao, the firm’s co-founder and chief executive officer, said in an interview that at least five other exchanges are applying for licenses in Dubai, following recent approvals for Binance and the Bahamian exchange FTX.
“Binance has the magnet effect in the industry,” said Zhao, declining to name the other firms. “Wherever we go, the industry players do tend to follow.”
Binance, the world’s largest crypto exchange by trading volume, plans to establish regional headquarters in Europe, Latin America, Africa and Southeast Asia, according to Zhao. He said Dubai, where the company is currently hosting Binance Blockchain Week, is by “any common interpretation” the firm’s HQ.
Binance Holdings Ltd. expects some of its top competitors to set up headquarters in its unofficial home jurisdiction of Dubai, drawn by the sun-splashed emirate’s crypto-friendly policies.
Changpeng ‘CZ’ Zhao, the firm’s co-founder and chief executive officer, said in an interview that at least five other exchanges are applying for licenses in Dubai, following recent approvals for Binance and the Bahamian exchange FTX.
“Binance has the magnet effect in the industry,” said Zhao, declining to name the other firms. “Wherever we go, the industry players do tend to follow.”
Binance, the world’s largest crypto exchange by trading volume, plans to establish regional headquarters in Europe, Latin America, Africa and Southeast Asia, according to Zhao. He said Dubai, where the company is currently hosting Binance Blockchain Week, is by “any common interpretation” the firm’s HQ.
#UAE Official Calls for Boost to ‘Shameful’ Manufacturing Growth - Bloomberg
UAE Official Calls for Boost to ‘Shameful’ Manufacturing Growth - Bloomberg
The global pandemic served as a wake up call for the United Arab Emirates to boost its “shameful” rate of manufacturing growth, a senior government official in the Middle East oil exporter said in rare frank remarks.
Like other Gulf states, the UAE relies on oil for income and has made some of the greatest steps in the region to diversify its economy. But at a panel on Wednesday, Deputy Prime Minister Sheikh Mansour bin Zayed al Nahyan said manufacturing had been overlooked for too long.
“We were a little oblivious when it came to the manufacturing sector,” he told the World Government Summit in Dubai. Manufacturing contributed 8% to the UAE’s domestic product a decade ago and has increased only 1% since, he said.
“This is saddening and shameful,” he said. “We should focus more on our manufacturing.”
“Today, we should know what pillars the country will need to rely on over the next years,” Sheikh Mansour said. “I think the manufacturing sector is one of the main ones.”
Gulf countries have ambitious plans to diversify their revenues away from oil and the UAE and Saudi Arabia have set net zero targets. Saudi Arabia, the largest Arab economy, wants to also boost manufacturing through Crown Prince Mohammed bin Salman’s ‘Vision 2030’ economic diversification plan.
The kingdom is in competition with the UAE to make its economy attractive to foreign investment and this year signed a manufacturing deal with luxury electric vehicle maker Lucid Group Inc.
The global pandemic served as a wake up call for the United Arab Emirates to boost its “shameful” rate of manufacturing growth, a senior government official in the Middle East oil exporter said in rare frank remarks.
Like other Gulf states, the UAE relies on oil for income and has made some of the greatest steps in the region to diversify its economy. But at a panel on Wednesday, Deputy Prime Minister Sheikh Mansour bin Zayed al Nahyan said manufacturing had been overlooked for too long.
“We were a little oblivious when it came to the manufacturing sector,” he told the World Government Summit in Dubai. Manufacturing contributed 8% to the UAE’s domestic product a decade ago and has increased only 1% since, he said.
“This is saddening and shameful,” he said. “We should focus more on our manufacturing.”
“Today, we should know what pillars the country will need to rely on over the next years,” Sheikh Mansour said. “I think the manufacturing sector is one of the main ones.”
Gulf countries have ambitious plans to diversify their revenues away from oil and the UAE and Saudi Arabia have set net zero targets. Saudi Arabia, the largest Arab economy, wants to also boost manufacturing through Crown Prince Mohammed bin Salman’s ‘Vision 2030’ economic diversification plan.
The kingdom is in competition with the UAE to make its economy attractive to foreign investment and this year signed a manufacturing deal with luxury electric vehicle maker Lucid Group Inc.
#SaudiArabia deposits $5 billion in Egypt's central bank - SPA | Reuters
Saudi Arabia deposits $5 billion in Egypt's central bank - SPA | Reuters
Saudi Arabia has deposited $5 billion in Egypt's central bank, the Saudi state news agency reported on Wednesday, as the Egyptian economy faces new economic pressures as a result of the war in Ukraine.
On March 21 Egypt devalued its currency by around 14% after investors had pulled billions of dollars out of Egyptian treasury markets.
Last week the government announced it was in talks with the International Monetary Fund for potential funds and technical support to hedge against the effects of the Russia-Ukraine crisis on its economy. read more
Saudi Arabia has deposited $5 billion in Egypt's central bank, the Saudi state news agency reported on Wednesday, as the Egyptian economy faces new economic pressures as a result of the war in Ukraine.
On March 21 Egypt devalued its currency by around 14% after investors had pulled billions of dollars out of Egyptian treasury markets.
Last week the government announced it was in talks with the International Monetary Fund for potential funds and technical support to hedge against the effects of the Russia-Ukraine crisis on its economy. read more
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil prices jumped by more than $4 on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.
Brent crude futures were up $4.09, or 3.7%, at $114.32 by 1341 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $4.17, or 4%, to $108.41 a barrel, erasing a 1.6% drop on Tuesday.
Crude's price recovery "suggests the oil market, at least, has a strong degree of scepticism about any 'progress' (in the peace talks)," Commonwealth Bank analyst Tobin Gorey said in a note.
Oil prices jumped by more than $4 on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.
Brent crude futures were up $4.09, or 3.7%, at $114.32 by 1341 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $4.17, or 4%, to $108.41 a barrel, erasing a 1.6% drop on Tuesday.
Crude's price recovery "suggests the oil market, at least, has a strong degree of scepticism about any 'progress' (in the peace talks)," Commonwealth Bank analyst Tobin Gorey said in a note.
Markets fall; #Dubai ends up on IPO cheer | Reuters
Markets fall; Dubai ends up on IPO cheer | Reuters
Major Gulf bourses ended lower on Wednesday, tracking muted sentiment across world markets, while investors continued to pump money into Dubai after state utility DEWA increased the size of its initial public offering.
European shares fell on Wednesday while oil price gained, as signs in bond markets of pain ahead for the U.S. economy tempered hopes of a negotiated end to the Ukraine conflict.
"The Abu Dhabi stock market remains exposed to the volatility in oil markets while the United Arab Emirates do not plan to leave OPEC in order to boost oil production. The market has also been missing out on the IPO trend in neighbouring Dubai but has seen support from strong local fundamentals," said Farah Mourad, Senior Market Analyst of XTB MENA.
Dubai's main share index (.DFMGI) rose for the sixth consecutive session, ending 0.4% higher.
Investors cheered Dubai Electricity and Water Authority's (DEWA) decision to increase its IPO size to 17%, raising as much as $5.7 billion, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion IPO in 2019. read more
Shuaa Capital (SHUA.DU) rose 1.3 % after the company said it will buy Allianz Marine And Logistics Services Holding.
Emirates Integrated Telecommunications Company (DU.DU) fell 1% while Tabreed (TABR.DU) ended 5.4% lower after both companies started trading ex-dividend.
Saudi Arabia's benchmark index (.TASI) fell 0.5%.
Shares of Bindawood Holding (4161.SE) fell 4.4% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) ended down 0.6% while Egypt's blue-chip index (.EGX30) fell 1.3%.
Major Gulf bourses ended lower on Wednesday, tracking muted sentiment across world markets, while investors continued to pump money into Dubai after state utility DEWA increased the size of its initial public offering.
European shares fell on Wednesday while oil price gained, as signs in bond markets of pain ahead for the U.S. economy tempered hopes of a negotiated end to the Ukraine conflict.
"The Abu Dhabi stock market remains exposed to the volatility in oil markets while the United Arab Emirates do not plan to leave OPEC in order to boost oil production. The market has also been missing out on the IPO trend in neighbouring Dubai but has seen support from strong local fundamentals," said Farah Mourad, Senior Market Analyst of XTB MENA.
Dubai's main share index (.DFMGI) rose for the sixth consecutive session, ending 0.4% higher.
Investors cheered Dubai Electricity and Water Authority's (DEWA) decision to increase its IPO size to 17%, raising as much as $5.7 billion, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion IPO in 2019. read more
Shuaa Capital (SHUA.DU) rose 1.3 % after the company said it will buy Allianz Marine And Logistics Services Holding.
Emirates Integrated Telecommunications Company (DU.DU) fell 1% while Tabreed (TABR.DU) ended 5.4% lower after both companies started trading ex-dividend.
Saudi Arabia's benchmark index (.TASI) fell 0.5%.
Shares of Bindawood Holding (4161.SE) fell 4.4% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) ended down 0.6% while Egypt's blue-chip index (.EGX30) fell 1.3%.
World Bank chief says Gulf producers role critical in dampening oil volatility | Reuters
World Bank chief says Gulf producers role critical in dampening oil volatility | Reuters
The World Bank president said on Wednesday Gulf oil producers could play a key role in dampening oil and gas price volatility in coming months.
Several consuming nations have urged OPEC+ to increase output at a faster rate, as crude prices have surged, hitting their highest since 2008 this month at over $139 a barrel.
"We are witnessing a massive restructuring of the global oil and gas market, where the supply flexibility of the GCC will be critical in dampening volatility in coming months," David Malpass said in a speech telecast at the World Government Summit in Dubai.
He was referring to the Gulf Cooperation Council (GCC) that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates.
The World Bank president said on Wednesday Gulf oil producers could play a key role in dampening oil and gas price volatility in coming months.
Several consuming nations have urged OPEC+ to increase output at a faster rate, as crude prices have surged, hitting their highest since 2008 this month at over $139 a barrel.
"We are witnessing a massive restructuring of the global oil and gas market, where the supply flexibility of the GCC will be critical in dampening volatility in coming months," David Malpass said in a speech telecast at the World Government Summit in Dubai.
He was referring to the Gulf Cooperation Council (GCC) that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates.
BlackRock on hunt for Gulf infrastructure deals | Reuters
BlackRock on hunt for Gulf infrastructure deals | Reuters
BlackRock Inc (BLK.N), the world's biggest money manager, is seeking more infrastructure deals in Saudi Arabia and the Gulf region and is also looking to invest in private companies in the region, an executive said.
The U.S. group, which manages more than $10 trillion in assets, recently led a consortium purchase of a $15.5 billion stake in Saudi Aramco's (2222.SE) gas pipelines company, having taken a stake in Abu Dhabi energy company ADNOC's pipeline assets a couple of years earlier.
"We're looking at many of those types of opportunities," Stephen Cohen, head of BlackRock's Europe, Middle East and Africa division, told Reuters.
"We're looking at a number of things on the private market side across the country," he said, citing unlisted growth companies in Saudi Arabia and elsewhere in the region.
Cohen said BlackRock is also looking across the region for infrastructure investments and what he called "transition finance" to fund long-term sustainable energy projects that help to reduce carbon emissions.
BlackRock Inc (BLK.N), the world's biggest money manager, is seeking more infrastructure deals in Saudi Arabia and the Gulf region and is also looking to invest in private companies in the region, an executive said.
The U.S. group, which manages more than $10 trillion in assets, recently led a consortium purchase of a $15.5 billion stake in Saudi Aramco's (2222.SE) gas pipelines company, having taken a stake in Abu Dhabi energy company ADNOC's pipeline assets a couple of years earlier.
"We're looking at many of those types of opportunities," Stephen Cohen, head of BlackRock's Europe, Middle East and Africa division, told Reuters.
"We're looking at a number of things on the private market side across the country," he said, citing unlisted growth companies in Saudi Arabia and elsewhere in the region.
Cohen said BlackRock is also looking across the region for infrastructure investments and what he called "transition finance" to fund long-term sustainable energy projects that help to reduce carbon emissions.
#Qatar not planning new investments in Russia – foreign minister
Qatar not planning new investments in Russia – foreign minister
Qatar is not planning new investments in Russia based on a commercial assessment and will not make new investments until it sees “a better atmosphere and more political stability” according to the country’s foreign minister.
In an interview with CNN, Sheikh Mohammed bin Abdulrahman Al-Thani said Qatar’s investments in Russia were being reviewed in the light of the ongoing conflict between Russia and Ukraine.
He said: “Our investment decisions, as I told you, is based on commercial assessment and what we have currently in Russia, we are not thinking about increasing that these days until we see a better atmosphere and more political stability.”
Al-Thani said the unprecedented deterioration in the humanitarian situation should be the focus, with humanitarian corridors and a ceasefire in Ukraine being prioritised.
Qatar is not planning new investments in Russia based on a commercial assessment and will not make new investments until it sees “a better atmosphere and more political stability” according to the country’s foreign minister.
In an interview with CNN, Sheikh Mohammed bin Abdulrahman Al-Thani said Qatar’s investments in Russia were being reviewed in the light of the ongoing conflict between Russia and Ukraine.
He said: “Our investment decisions, as I told you, is based on commercial assessment and what we have currently in Russia, we are not thinking about increasing that these days until we see a better atmosphere and more political stability.”
Al-Thani said the unprecedented deterioration in the humanitarian situation should be the focus, with humanitarian corridors and a ceasefire in Ukraine being prioritised.
#SaudiArabia’s Expat Exodus Reverses Course as Job Market Booms - Bloomberg
Saudi Arabia Unemployment Rate Meets Crown Prince’s Target With Drop to 11% - Bloomberg
An exodus of foreign workers from Saudi Arabia started to reverse after a year and a half as the economy recovers from the pandemic and oil prices rally.
The private sector added more than 250,000 jobs for non-Saudis, according to fourth-quarter data released on Wednesday by the kingdom’s General Authority for Statistics. Citizens also benefited, with more than 83,000 jobs added for Saudis in the private sector and nearly 24,000 in government.
Unemployment among nationals dropped to 11%, the lowest level since 2009. The jobless rate rose to 22.5% for Saudi women and declined to 5.2% among Saudi men.
An exodus of foreign workers from Saudi Arabia started to reverse after a year and a half as the economy recovers from the pandemic and oil prices rally.
The private sector added more than 250,000 jobs for non-Saudis, according to fourth-quarter data released on Wednesday by the kingdom’s General Authority for Statistics. Citizens also benefited, with more than 83,000 jobs added for Saudis in the private sector and nearly 24,000 in government.
Unemployment among nationals dropped to 11%, the lowest level since 2009. The jobless rate rose to 22.5% for Saudi women and declined to 5.2% among Saudi men.
#Dubai shares rally as DEWA more than doubles IPO size; #Saudi slips | Reuters
Dubai shares rally as DEWA more than doubles IPO size; Saudi slips | Reuters
Dubai's main share index rallied for a seventh consecutive session on Wednesday, after state utility DEWA increased its initial public offering (IPO) size to raise as much as $5.7 billion, while Saudi Arabian stocks edged lower.
Dubai Electricity and Water Authority (DEWA) said it had raised its IPO size to 17% from 6.5%, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion issue in 2019. read more
Dubai's index (.DFMGI) rose 0.8%, boosted by real estate and financial stocks. Emaar Properties (EMAR.DU) climbed 2%.
Financial investment services provider Shuaa Capital (SHUA.DU) advanced 2% after it said it will buy Allianz Marine And Logistics Services Holding.
Global markets gained, amid hopes for a negotiated end to the Ukraine conflict, while bond markets signalled concerns about the U.S. economy overnight after 10-year yields briefly dipped below two-year rates.
Oil prices advanced to $111.09 a barrel, while prospects of new Western sanctions against Russia grew despite signs of progress in peace talks with Ukraine.
Russia promised on Tuesday to scale down military operations around Kyiv and another city but the United States warned the threat was not over as Ukraine proposed adopting a neutral status in a sign of progress at face-to-face negotiations. read more
Saudi Arabia's benchmark index (.TASI) inched lower, dragged down by financials.
Shares of Bindawood Holding (4161.SE) fell 3% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) also edged lower, with industrial stocks leading the losses.
Dubai's main share index rallied for a seventh consecutive session on Wednesday, after state utility DEWA increased its initial public offering (IPO) size to raise as much as $5.7 billion, while Saudi Arabian stocks edged lower.
Dubai Electricity and Water Authority (DEWA) said it had raised its IPO size to 17% from 6.5%, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion issue in 2019. read more
Dubai's index (.DFMGI) rose 0.8%, boosted by real estate and financial stocks. Emaar Properties (EMAR.DU) climbed 2%.
Financial investment services provider Shuaa Capital (SHUA.DU) advanced 2% after it said it will buy Allianz Marine And Logistics Services Holding.
Global markets gained, amid hopes for a negotiated end to the Ukraine conflict, while bond markets signalled concerns about the U.S. economy overnight after 10-year yields briefly dipped below two-year rates.
Oil prices advanced to $111.09 a barrel, while prospects of new Western sanctions against Russia grew despite signs of progress in peace talks with Ukraine.
Russia promised on Tuesday to scale down military operations around Kyiv and another city but the United States warned the threat was not over as Ukraine proposed adopting a neutral status in a sign of progress at face-to-face negotiations. read more
Saudi Arabia's benchmark index (.TASI) inched lower, dragged down by financials.
Shares of Bindawood Holding (4161.SE) fell 3% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) also edged lower, with industrial stocks leading the losses.
#Dubai's new crypto regulator brings #UAE firm BitOasis under its wing | Reuters
Dubai's new crypto regulator brings UAE firm BitOasis under its wing | Reuters
BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received provisional approval from Dubai's new crypto regulator, as the UAE pushes to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, which will set up a regional headquarters in the city. Global exchanges Bybit and Crypto.com this week said they are also establishing operations there. read more
BitOasis, which was founded in Dubai in 2015 and serves English and Arabic speaking customers in the Gulf and Middle East, will continue operations in Dubai while it applies for a full VARA license, the company said.
BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received provisional approval from Dubai's new crypto regulator, as the UAE pushes to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, which will set up a regional headquarters in the city. Global exchanges Bybit and Crypto.com this week said they are also establishing operations there. read more
BitOasis, which was founded in Dubai in 2015 and serves English and Arabic speaking customers in the Gulf and Middle East, will continue operations in Dubai while it applies for a full VARA license, the company said.
#Dubai Utility DEWA More Than Doubles IPO Size to $5.7 Billion - Bloomberg
Dubai Utility DEWA More Than Doubles IPO Size to $5.7 Billion - Bloomberg
Dubai’s main power and water company increased the size of its initial public offering to as much as $5.7 billion, making it the emirate’s largest ever listing.
Dubai Electricity & Water Authority will now offer 8.5 billion shares, up from the 3.25 billion it initially planned to sell. The new offer represents a 17% stake and the deal could raise as much as 21 billion dirhams if shares are priced at the top end.
DEWA offered stock at 2.25 dirhams to 2.48 dirhams apiece last week. Books were covered within hours and the utility was considering raising the size of the IPO, Bloomberg reported on Friday. Wednesday’s decision to increase size of the offer is based on strong investor demand and oversubscription, the firm said.
The company could be valued at as much as $34 billion post the IPO, making it the biggest listed firm in Dubai and catapulting it into a list of the top 20 largest listed utilities.
Dubai’s main power and water company increased the size of its initial public offering to as much as $5.7 billion, making it the emirate’s largest ever listing.
Dubai Electricity & Water Authority will now offer 8.5 billion shares, up from the 3.25 billion it initially planned to sell. The new offer represents a 17% stake and the deal could raise as much as 21 billion dirhams if shares are priced at the top end.
DEWA offered stock at 2.25 dirhams to 2.48 dirhams apiece last week. Books were covered within hours and the utility was considering raising the size of the IPO, Bloomberg reported on Friday. Wednesday’s decision to increase size of the offer is based on strong investor demand and oversubscription, the firm said.
The company could be valued at as much as $34 billion post the IPO, making it the biggest listed firm in Dubai and catapulting it into a list of the top 20 largest listed utilities.
Britain's Menzies to be acquired by Kuwaiti firm for nearly $750 mln | Reuters
Britain's Menzies to be acquired by Kuwaiti firm for nearly $750 mln | Reuters
Britain's John Menzies (MNZS.L) agreed to be acquired by Kuwaiti firm Agility for nearly $750 million on Wednesday, in an effort to create an airport services giant as the aviation industry recovers from the COVID-19 pandemic.
Menzies shareholders will receive 608 pence in cash per share, which, according to the Edinburgh-based company, represented a premium of about 81% to the Feb. 8 closing price, the day before it received Agility's initial takeover approach.
Menzies will be combined with National Aviation Services, a unit of Kuwait's Agility Public Warehousing Co (AGLT.KW). Agility currently holds a 19% stake in Menzies.
The combined group is expected to be the world's largest airport services company by the number of countries it operates in and third largest by revenue, Menzies said.
Britain's John Menzies (MNZS.L) agreed to be acquired by Kuwaiti firm Agility for nearly $750 million on Wednesday, in an effort to create an airport services giant as the aviation industry recovers from the COVID-19 pandemic.
Menzies shareholders will receive 608 pence in cash per share, which, according to the Edinburgh-based company, represented a premium of about 81% to the Feb. 8 closing price, the day before it received Agility's initial takeover approach.
Menzies will be combined with National Aviation Services, a unit of Kuwait's Agility Public Warehousing Co (AGLT.KW). Agility currently holds a 19% stake in Menzies.
The combined group is expected to be the world's largest airport services company by the number of countries it operates in and third largest by revenue, Menzies said.
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv.
Brent crude futures were up $2.6, or 2.4% at $112.81 by 0703 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $2.7, or 2.5%, to $106.84 a barrel, erasing a 1.6% drop on Tuesday.
"The volatile prices indicate extremely sensitive sentiment among investors," said analysts from Haitong Futures. "People urgently need to see changes to make the market situation clearer."
Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv.
Brent crude futures were up $2.6, or 2.4% at $112.81 by 0703 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $2.7, or 2.5%, to $106.84 a barrel, erasing a 1.6% drop on Tuesday.
"The volatile prices indicate extremely sensitive sentiment among investors," said analysts from Haitong Futures. "People urgently need to see changes to make the market situation clearer."