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BMW s Profit Outlook Remains Positive, While Investors Worry About Its Electric Strategy
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By Stephen Wilmot Hedge-fund billionaire William Ackman launched the biggest-ever special-purpose acquisition company last year. Now his message is that SPACs have had their day. On Friday, French media conglomerate Vivendi and Pershing Square Tontine Holdings, Mr. Ackman s $4 billion SPAC, confirmed a report in The Wall Street Journal that the two parties are in talks. The SPAC would take a 10% stake in Universal Music Group, Vivendi s crown jewel. This isn t your usual SPAC deal. In February, Vivendi said it would spin out UMG later this year in the Netherlands. That is still happening. Rather than merging with its target as other SPACs have, Pershing Square Tontine wants to give its shareholders access to the planned listing at a set enterprise value of EUR35 billion, or roughly $42 billion.
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By Stephen Wilmot Henry Ford invested in steel production and Brazilian rubber. Today s car makers are getting into batteries and software. On Tuesday, Chrysler owner Stellantis and iPhone-assembler Foxconn, also known as Hon Hai Precision Industry, announced a joint venture to develop in-vehicle software and services. This is the latest in a long series of moves by auto makers to improve their supply chains for fully electric, digital vehicles. Car makers want more control over components central to the performance and experience of EVs. But they don t have a lot of experience with those parts, and face many competing claims for investment. JVs with specialist suppliers offer a solution.
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By Stephen Wilmot Volkswagen has to show more than healthy profits on conventional cars to live up to its current share price. On Thursday, the German automotive giant reported first-quarter operating profit of EUR4.8 billion, equivalent to $5.8 billion and above FactSet consensus expectations of roughly EUR4.3 billion. It also raised its forecast for its full-year operating margin to between 5.5% and 7%. The upgrade offers reassurance that VW isn t being overly affected by the chip shortage, but wasn t hugely surprising. Analysts already expected a 6.9% operating margin on average, according to FactSet. The shares barely moved. VW investors are focused on other things, most notably the company s electrification strategy. VW has pitched its ID.3 sedan and ID.4 crossover as the leading competitors to Tesla s Model 3 and Model Y. Amid intense interest in electric vehicles more generally, the capital markets are giving it c
Ferrari Shares Steady After Delayed Profit News Inspires Tailspin
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