Meta Goes Twitter Way With Layoffs, Twitter Might Want Some People Back After Firing Them, Coal Miners Terminate $6B Combination Discussions: Top Stories Monday, Nov. 07

Wall Street Journal

After Musk's Mass Twitter Layoffs, Zuckerberg Reportedly Planning Similar Cuts At Meta This Week

• Meta Platforms Inc META is reportedly planning to lay off thousands of workers in the coming week, similar to what Elon Musk did at Twitter just days ago.
• The Mark Zuckerberg-led company, which has more than 87,000 employees as of September-end, could lay off thousands and has asked its staff to cancel nonessential travel beginning this week.
• "In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today," he had said.

Walgreens Boots Alliance's Unit Close To Merging with Summit Health In $9B Deal

• Walgreens Boots Alliance Inc's WBA Village Practice Management is reportedly close to around a $9 billion deal with Summit Health, the parent company of CityMD urgent-care centers.
• Health insurer Cigna Corp CI is expected to invest in the combined company.
• There is no guarantee the parties will reach a deal, the people cautioned, noting that they are still hammering out details of an agreement.

Reuters

Russia's Largest Lender Charged Glencore for $116M Over Outstanding Oil Supplies

• Russia's largest lender, Sberbank Of Russia AKSJF, prosecuted global commodities trader Glencore Plc GLCNF GLNCY for around €117 million ($116 million) over unpaid oil supplies.
• The database showed that Sberbank sought to recover debt and penalties from Glencore Energy UK Ltd over two agreements worth roughly €58 million each.
• One related to oil blend supplies to the border of Ukraine and Hungary in March, and the other to supplies to the border of Ukraine and Slovakia in the same month.

Siemens Energy Wins Spanish Regulatory Approval For Siemens Gamesa Takeover

• Spanish stock market regulator CNMV authorized Siemens Energy AG's SMEGF SMNEY €4.05 billion ($4 billion) bid for the shares in its Spanish unit Siemens Gamesa it does not own.
• Siemens Energy announced in May a plan to buy the remaining third of wind turbine maker Siemens Gamesa Renewable Energy GCTAF GCTAY. Siemens aimed to improve its control over operational problems at the division that issued three profit warnings in less than a year.

Bloomberg

Twitter Guts Key India Workforce By 90% Post Musk Takeover

• Twitter Inc fired more than 90% of its staff in India over the weekend due to global reductions by the new owner and Tesla Inc TSLA CEO Elon Musk.
• The downsizing severely depleted its engineering and product staff in a potential growth market.
• Twitter employed just over 200 people in India, and the cuts left it with just about a dozen staff.

Oops! Elon Musk's Twitter Reportedly Wants Some People Back After Firing Them

• Twitter is reportedly asking some of the thousands of workers it fired to come back to work after the company fired thousands en-masse on Friday.
• The Elon Musk-led company is asking some staff members to return as they were laid off by mistake.
• Others were let go before the social media company's management considered that they may be needed to build features envisioned by Musk.

Honda Targets People Who Don't Want To Drive With Micro Cars

• Honda Motor Co Ltd HMC said it plans a range of self-driving electric vehicles targeted at people who do not want to drive.
• The range of EVs will cater to groups including elderly people who don't drive and the younger Gen Z crowd, which is not into owning or driving cars.
• Named as micro-mobility devices, the Japanese auto major is hopeful for a growth in demand for such vehicles.

Benzinga

Apple Stock May Slump As China Situation Delivers 'Absolute Gut Punch' — Analyst Flags Buy Opportunity

• Apple Inc AAPL announced that the COVID-19 curbs would impact the supply of its iPhone 14 Pro and Pro Max in Zhengzhou, China, where the assembly plant of its supply-chain partner Hon Hai Precision Manufacturing Company Limited HNHPF is located.
• The latest zero-COVID situation is an "absolute gut punch" for Apple in its most important holiday quarter, Wedbush analyst Daniel Ives said in a note.
• The demand remains firm into the holiday season but the supply disruptions will likely impact about 3% of iPhone sales in the quarter, depending on how production and supply chain issues evolve, the analyst said.

Australia-Based Coronado, Peabody Terminate Potential $6B Combination Discussions

• Australia-based Coronado Global Resources Inc CODQL has jointly agreed with Peabody Energy Corporation BTU to cease discussions regarding a potential combination of the two companies.
• Neither company gave a reason for the failure of the talks or disclosed the financial terms.
• Coronado continues to pursue and implement its existing capital management plans.

Elliott Management Backs Philip Morris's $16B Swedish Match Buyout

• Philip Morris International Inc PM is going ahead with its $16 billion takeover of Swedish Match AB SWMAY SWMAF despite failing to achieve the 90% acceptance rate.
• Marlboro maker had secured 82.59% of the Swedish company, short of the 90% level at which it can start a compulsory purchase of remaining shares.
• The company's largest shareholder, Elliott Management, has decided to back the takeover, putting the deal's completion within reach.

BioNTech Posts About 50% Drop In Q3 Sales and Profits Amid Falling Demand For COVID-19 Shots

• BioNTech SE BNTX has reported Q3 FY22 revenues of €3.46 billion, down from €6.09 billion a year ago, blaming the dynamic course of the pandemic leading to fluctuations in quarterly revenues.
• The company posted diluted EPS of €6.98, down from €12.35 a year ago.
• BioNTech has raised its COVID-19 vaccine revenue estimate to the upper end of the original range: €16 - 17 billion (previously: €13 - 17 billion).

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