Italian carmaker Fiat has reportedly denied recent reports that it is looking to merge with German rival Volkswagen.
”Fiat states that they have not held discussions with Volkswagen regarding a potential merger,” the company said Wednesday.
Rumors of a possible deal sent shares spiking for the companies before Fiat denied the reports. Volkswagen, however, did not deny the reports outright, instead saying the company would not comment on the matter.
Experts said the deal would be unlikely, but a tie-up would strengthen Volkswagen’s presence in the US market as Fiat owns US-based Chrysler. Reports say VW has been struggling to compete with US heavyweights like Ford and General Motors.
Full content: DealBook
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Under a law signed by President Joe Biden on April 24, ByteDance must divest TikTok’s U.S. assets by January 19 or face a potential ban. Per Reuters, The People’s Bid consortium was established specifically for this acquisition and claims to have both the financial backing and strategic vision needed to complete the deal. The group has secured interest from various investors, including prominent private equity firms, family offices, and high-net-worth individuals. Additionally, the consortium has arranged debt financing from one of the largest banks in the United States to further bolster its bid.
Read more: Malaysia Grants Licenses to WeChat and TikTok Under New Social Media Law
McCourt’s Project Liberty, launched last year, is focused on reshaping the social media landscape by promoting transparency and data privacy. The bid for TikTok’s U.S. operations aligns with Project Liberty’s broader mission to reduce the reliance on algorithms that often drive content on social platforms. “By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform,” McCourt said in a statement.
Reuters reports that while the consortium has not disclosed the exact value of its proposal, it asserts that it has the necessary capital commitments to finalize the acquisition. The People’s Bid sees the purchase as an opportunity to ensure TikTok remains accessible to U.S. users while addressing national security concerns tied to the platform’s Chinese ownership.
Source: Reuters
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