Markets

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Aldi acquires almost 550 stores in France
Aldi acquires almost 550 stores in France
Credit: Psicopatria / via Wikimedia Commons (Creative Commons Attribution ShareAlike 4.0)

Aldi takes over 547 branches and three central warehouses of its competitor Groupe Casino in France. This is the largest acquisition in the history of the Aldi Nord group, the German group announced. The food discounter estimated the deal at 717 million euros.

Already in March one had delivered a binding offer, now the competition authorities had finally agreed, Aldi communicated. The integration of the markets should be completed by the end of 2021. Most of the stores have been operated under the Leader Price brand to date. According to its own statements, Aldi Nord intends to use the acquisition to expand its market position in France and consolidate its store network there.

Business • Markets
Tencent's profit jumps 89% in the third quarter
Tencent's profit jumps 89% in the third quarter
Credit: Tencent Holdings Ltd.

The Chinese gaming giant Tencent Holdings Ltd. reported its net profit for the third quarter surged 89%, thanks to continued strength in its gaming revenue and better cost-efficiency. The Chinese group has a solid pipeline of new games waiting to be released, including a testing launch of a mobile version of League of Legends in Asia last month.

"I think Tencent's fintech focus has been on payment business, and it is quite prudent on lending; the stance is more in compliance with regulations (than rivals)," said Alex Liu, an analyst with China Renaissance.

Business • Markets
Jeff Bezos sells Amazon stock worth over $3 billion
Jeff Bezos sells Amazon stock worth over $3 billion
Credit: Seattle City Council from Seattle / via Wikimedia Commons

Amazon boss Jeff Bezos sold shares in his company worth more than $3.0 billion this week. This was revealed on Wednesday from mandatory notifications to the US stock exchange supervisory authority SEC. According to SEC data, Bezos has already sold Amazon shares worth more than $10.2 billion this year.

Business • Markets
Ant Group's record IPO suspended in Shanghai and Hong Kong stock exchanges
Ant Group logo
Ant Group logo Credit: Ant Group

Ant Group’s record-breaking dual IPO has been halted. The decision comes after Ant executives—including Alibaba founder Jack Ma, who controls the fintech giant—were summoned to a meeting yesterday with Chinese regulators.

While the IPO had initially been given the all-clear, Shanghai has since determined that Ant Group may no longer qualify for a listing due to “information disclosure requirements” that it failed to meet, CNBC reports.

Ant Group, the parent company of Alipay—the world’s largest digital payments platform—said last month it planned to raise more than $34 billion for the IPO, which would have made it the biggest market debut in history.

Business • Markets
Ant Group's IPO will raise $34.4 billion, sees record $3 trillion in retail demand
Ant Group logo
Ant Group logo Credit: Ant Group

The initial public offering for Jack Ma's Ant Group will raise some $34.4 billion and value the company at more than $310 billion after retail investors placed bids for a record $3 trillion.

Xiaomeng Lu, a senior technology analyst at Eurasia Group, said that Ant is also poised to benefit from the Chinese government's latest economic development plans, which are being drawn up this week. Lu noted that Ant faces tough competition inside China from rival Tencent, while potential regulatory pressure from countries like the United States could limit opportunities abroad.

Business • Markets
German startup factory Rocket Internet to delist its shares from the Frankfurt and Luxembourg Stock Exchanges
Rocket Internet Logo
Rocket Internet Logo Credit: Rocket Internet

Almost six years after its IPO, German startup factory Rocket Internet announced Tuesday its plan to delist its shares from the Frankfurt and Luxembourg Stock Exchanges.

The company, now valuated at 2.6 billion, is offering investors 18.57 euros per share.