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GM is reducing its partnership with electric vehicle maker Nikola. GM said it would not do an electric pickup for the start-up or take a stake in the capital, although it plans to supply hydrogen fuel cells. Shares of Nikola, who has been accused of exaggerating his abilities, fell 27%.
Exxon Mobil takes a huge note. The oil giant has said it will cancel up to $ 20 billion in natural gas investments and significantly reduce spending on exploration and production.
Credit Suisse appoints new chairman and discloses big fine. The Swiss bank hired António Horta-Osório, outgoing CEO of UK lender Lloyds, as chairman – and said it faces a US $ 680 million fine for residential mortgage-backed securities . Meanwhile, UniCredit CEO Jean Pierre Mustier plans to step down in April after the Italian lender’s board rejected its strategic plan.
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S&P Global said yesterday that it plans to acquire IHS Markit for $ 44 billion, including debt, the biggest deal announced this year. It highlights how data has become the most valuable commodity for businesses: new oil, as they say. Data mining is at the center of a wave of consolidation, including Deutsche Börse buying a large stake in ISS, Nasdaq acquiring Verafin, ICE taking over Ellie Mae and the London Stock Exchange absorbing Refinitiv.
An “Aladdin’s cave” of data and ideas. Doug Peterson, managing director of S&P, told DealBook that the agreement was to “provide analysis, data, research and evaluation that our customers can use to make decisions.” Combining S&P’s AI financial analysis unit, Kensho, with IHS ‘data platform, Data Lake, would make it easier for clients to sift through vast data pools, he said. he declares. Lance Uggla, CEO of IHS Markit, told analysts the combination of companies has created an “Aladdin cave” – ”it’s full of opportunities,” he said.
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The LSE-Refinitiv deal, which was announced last year, is still held up in the antitrust review, a potential warning for S&P and IHS. Mr Peterson said yesterday that he had been “very well advised” and did not believe “that there are regulatory issues that cannot be resolved”.
Further offers are awaited. As businesses rush to acquire data and the means to analyze it, bankers see more consolidation. Transactions are likely to originate from established data providers such as Bloomberg, Moody’s, MSCI, FactSet and Verisk; exchanges entering the data industry such as CME, ICE, LSE, Deutsche Börse and Nasdaq; and fintech challengers are entering the business. Competition will be fierce: Bloomberg controls about a third of the data and analytics market and has great financial power. The frenzy of speculation that Mike Bloomberg is handing over the company he founded when he ran for president – some have said it could have reached $ 60 billion – is another sign of the heat. of this market.
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