By Scott Murdoch and Christine Chen SYDNEY (Reuters) - Australian gas producer Santos' shares fell nearly 14% on Thursday after a consortium led by Abu Dhabi National Oil Company scrapped its $18.7 billion bid for the company, saying commercial terms could not be agreed. While analysts raised concern about a third failed takeover bid for Santos in seven years, investors shrugged it off, saying the company was set to benefit from two projects due to start producing soon in Australia and Alaska. "They sho ...

(Reuters) - Two investors are preparing a takeover bid for German sportswear maker Puma, Manager Magazin reported on Wednesday, pushing its share price up more than 11%. Authentic Brands CEO Jamie Salter and private equity firm CVC's German head Alex Dibelius have both expressed their interest in the 29% stake held by the Pinault family, paving the way for a potential bidding war, the German magazine reported. A person close to the French family's holding company Artemis said there was no active sales pr ...

Core Viewpoint - Puma SE's shares rose nearly 5% amid speculation of a potential takeover by rival Adidas, following comments from Metronuclear co-founder Roy Adams suggesting a merger could be the best option if Puma's management fails to improve the company's situation [1][2] Group 1: Financial Performance - Puma's preliminary second-quarter results for 2025 showed a 2% decline in sales, adjusted for currency, totaling 1.94 billion euros [2] - The company has significantly lowered its sales guidance for the year, now expecting a low-double-digit percentage drop in sales and issuing a profit warning, contrasting with previous expectations of low growth and a positive EBIT between 445 million and 525 million euros [3] Group 2: Management Changes - Puma's CEO Arne Freundt stepped down due to "differing views on strategy execution," and was replaced by Arthur Hoeld, an Adidas veteran, who took on the role on July 1 [4] Group 3: Ownership Speculation - The Kering Group's billionaire family is reportedly working with advisers to potentially sell its 29% stake in Puma through its holding company Artémis, valued at approximately 800 million euros [2]

Core Insights - Paramount Skydance is preparing a cash bid for Warner Bros. Discovery, backed by the Ellison family, which includes David Ellison, CEO of Paramount Skydance, and his father, Larry Ellison, co-founder of Oracle [2][3][7] - Warner Bros. Discovery shares surged 29% following the initial report and increased by another 10% shortly after the market opened, while Paramount Skydance shares rose over 3% [3][7] - The bid aims to acquire all of Warner Bros. Discovery, including its cable networks and movie studio, although no formal offer has been made yet [3][4] Company Developments - Warner Bros. Discovery announced plans in June to split into two companies: one focusing on its studios and HBO Max streaming service, and the other on its cable channels like CNN and TNT [4][7] - The move by Paramount is seen as a strategy to pre-empt a potential bidding war for Warner Bros. Discovery's studios and streaming services [4][7] - Paramount Skydance was formed after David Ellison's Skydance Media completed an $8 billion acquisition of Paramount Global [4]

Core Viewpoint - Xanadu Mines Ltd is undergoing a significant corporate transaction with Bastion Mining Pty Ltd, which has made an off-market takeover bid for the company, acquiring over 90% of its shares and issuing a Notice of Compulsory Acquisition for the remaining shares [2][16]. Corporate Transaction - The Board of Xanadu recommended the takeover offer from Bastion, which was priced at A$0.08 per share, representing a 57% premium to Xanadu's closing price on 16 May 2025 [6][8]. - Bastion's takeover offer was declared unconditional after it acquired more than 50% of Xanadu shares, and the Board urged shareholders to accept the offer promptly [6][15]. - The exclusivity arrangement with Zijin Mining Group Co. Ltd expired without finalizing a control transaction, leading to renewed discussions with other interested parties [5][6]. Financial Highlights - As of 30 June 2025, Xanadu held A$18.532 million in cash and had 2,291,211,189 fully paid ordinary shares issued [20][18]. - During the quarter, Xanadu raised A$17.2 million through a share subscription agreement with Bastion, which involved the subscription of 286,829,633 shares at A$0.06 each [21][22]. - The company reported net cash used in operating activities of A$2.321 million for the quarter [45]. Project Development - Xanadu's Kharmagtai Copper and Gold Project is expected to be a major mine in Mongolia, with Bastion and Zijin Mining Group set to advance the project towards production [4][5]. - Technical discussions for the Bankable Feasibility Study (BFS) at Kharmagtai continued during the quarter, alongside community and regulatory engagement programs [17]. Shareholder Engagement - The Takeover Board Committee of Xanadu unanimously recommended that shareholders accept Bastion's offer, contingent on the absence of a superior proposal and the Independent Expert's assessment of the offer's fairness [11][15]. - Following the acquisition of over 90% of shares, Bastion issued a Notice of Compulsory Acquisition for the remaining shares, indicating its intent to delist Xanadu from ASX and TSX exchanges [13][16].

Core Viewpoint - Institutional Shareholder Services (ISS) recommends that Sonim Technologies stockholders vote "FOR" the company's nominees on the WHITE proxy card ahead of the Annual Meeting on July 18, 2025, highlighting concerns over Orbic's acquisition proposals [1][2][3] Group 1: ISS's Recommendation - ISS has determined that Orbic has not made a compelling case for change and that the Sonim Board's response to Orbic's demands is appropriate [2] - The board's response to Orbic's unsolicited acquisition proposals is characterized as cautious due to uncertainties and the dissident's approach [2][4] - ISS emphasizes that Orbic's offers have been unreasonable and incomplete, lacking clarity on key terms [4][5] Group 2: Sonim Board's Position - The Sonim Board expresses satisfaction with ISS's recommendation, indicating that it reflects the board's view on Orbic's tactics [3] - The board highlights that Orbic's demands have been unreasonable and that their financing commitment lacks substance [5] - The board notes that Orbic's approach has included multiple rejections and a lack of clarity in their offers, which raises concerns about their intentions [4][5] Group 3: Company Background - Sonim Technologies is a leading provider of rugged mobile solutions, serving various sectors including first responders and Fortune 500 companies since 1999 [6] - The company offers a range of products including phones, wireless internet data devices, and accessories designed for durability [6]