Latest Asset sales News

IBM sues company for $1.5B over alleged breach of contract

Jun. 14, 2021 17:57 PM EDT

ESSEX JUNCTION, Vt. (AP) — IBM has filed a civil lawsuit against the company it sold a manufacturing plant to for $1.5 billion over an alleged breach of contract because the company never produced the microchips it promised in the sale. The lawsuit filed in New York...

Trump-linked tycoon to take Dubai developer DAMAC private

Jun. 09, 2021 07:59 AM EDT

DUBAI, United Arab Emirates (AP) — The billionaire founder of one of Dubai’s largest developers, DAMAC Properties, announced on Wednesday his intention to take the company fully private by buying its publicly traded shares in a move that would delist it from the local stock exchange. ...

Food producer buys assets of shuttered Vermont-based bakery

Jun. 08, 2021 09:06 AM EDT

BURLINGTON, Vt. (AP) — A national producer of baked goods has purchased the assets of the Burlington-based Koffee Kup Bakery, which shut its doors earlier this year. On Monday, Flowers Foods, of Thomasville, Georgia, the producer of Nature’s Own, Dave’s Killer...

Universal Music attracts the attention of US billionaire

Jun. 04, 2021 10:50 AM EDT

Universal Music Group is in talks to sell a 10% stake in a deal that would value the record label at about $40 billion. Confirmation Friday of those talks arrive four months after Vivendi SE, the French media conglomerate that owns Universal, said that it might spin off...

Ethanol maker POET buys plants from Koch-owned Flint Hills

Jun. 03, 2021 13:23 PM EDT

DES MOINES, Iowa (AP) — South Dakota-based ethanol company POET said Tuesday that it purchased the biofuels assets of Flint Hills Resources, including five ethanol plants in Iowa and one in Nebraska. The deal also includes ethanol distribution terminals in Texas and Georgia. ...

Fed to sell off assets from an emergency loan program

Jun. 02, 2021 18:49 PM EDT

WASHINGTON (AP) — The Federal Reserve said Wednesday that it will start selling off the holdings of one of its emergency lending programs created last year to stabilize financial markets at the height of the pandemic crisis. The Fed will begin winding down the portfolio...

Shell Oil sells Alabama refinery to Vertex for $75 million

May. 27, 2021 13:46 PM EDT

MOBILE, Ala. (AP) — Shell Oil Co. said Thursday it will sell an Alabama refinery designed to produce 90,000 barrels of crude oil and other products daily to Texas-based Vertex Energy for $75 million. Shell said the cash deal was part of its plan to shed refineries that...

Mexico to buy Shell share of Texas refinery for $600 million

May. 24, 2021 16:22 PM EDT

MEXICO CITY (AP) — Mexico said Monday it will buy Shell’s 50% share in the jointly owned Deer Park refinery near Houston for about $600 million. The move comes as part of President Andrés Manuel López Obrador's central policy to build, acquire or renovate oil...

Tribune shareholders approve hedge fund Alden's bid

May. 21, 2021 19:40 PM EDT

Shareholders of Tribune Publishing, one of the country’s largest newspaper chains, approved a $630 million takeover bid by hedge fund Alden Global Capital on Friday, the company said in a brief statement. Alden, which already owned nearly one-third of Tribune, stands to take full control of...

Residents push back against sewer system sales, fearing cost

May. 17, 2021 11:30 AM EDT

CONSHOHOCKEN, Pa. (AP) — Lisa Lilick and Carol Smith struggled to get fellow Conshohocken residents to pay attention to their campaign opposing the sale of the borough’s sewer system. Who wants to think about boring wastewater when there’s a pandemic going on? ...