Month: February 2020

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Trading Ideas

The Gas Station M&A Frenzy Looks Like a Bubble

February 22, 2020 admin Comments Off on The Gas Station M&A Frenzy Looks Like a Bubble

(Bloomberg Opinion) — Investors in the retail sector can’t get their fill of gas stations. Seven & i Holdings Co., the Japanese company that controls 7-Eleven, is in exclusive talks to acquire Marathon Petroleum Corp.’s Speedway gas stations for about $22 billion, people familiar with the matter told Scott Deveau, Kiel Porter and Manuel Baigorri of Bloomberg News.That’s not the only deal out there. EG Group, a closely held U.K. forecourts operator that had also shown an interest in Speedway, this week offered A$3.9 billion ($2.6 billion) in cash for the gas stations owned by Caltex Australia Ltd.Alimentation Couche-Tard Inc. …read more […]

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Trading Ideas

Morgan Stanley to get $375 million termination fee if E*Trade walks away from deal

February 22, 2020 admin Comments Off on Morgan Stanley to get $375 million termination fee if E*Trade walks away from deal

On Thursday, Morgan Stanley entered into a deal to buy E*Trade, the biggest acquisition by a major Wall Street bank since the 2007-2009 financial crisis. E*Trade has been the subject of M&A speculation for some time, especially after Charles Schwab Corp said it would buy TD Ameritrade Holding Corp last year. If Morgan Stanley terminates the deal due to antitrust issues, E*Trade would receive $525 million, Morgan Stanley said in a regulatory filing https://www.sec.gov/ix?doc=/Archives/edgar/data/895421/000095010320003111/dp121716_8k.htm. …read more […]

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Business News

Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandal

February 22, 2020 admin Comments Off on Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandal

Wells Fargo & Co will pay $3 billion to resolve criminal and civil probes into fraudulent sales practices and admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the last major investigations looming over the bank.

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Trading Ideas

Wells Fargo Pays $3 Billion, Avoids Prosecution Over Abuses

February 22, 2020 admin Comments Off on Wells Fargo Pays $3 Billion, Avoids Prosecution Over Abuses

(Bloomberg) — Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.The deferred-prosecution agreement with the Department of Justice spares the company a potential conviction that can create serious complications for banks, if it cooperates with continuing probes and abides by other conditions for three years. The accord also resolves a complaint by the Securities and Exchange Commission.Investigators found Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts for customers or …read more […]