More consolidation is on the way in the power industry as global power provider AES is buying smaller Ohio-based rival DPL for $3.5 billion. The acquisition will help the company beef up its regulated power business that tends to provide steady returns even during tough market conditions.
Just days after posting a sharp drop in first-quarter profit, Bank of America said it plans to spin off its last large private equity unit, BAML Capital Partners, which has more than $5 billion in assets. It’s the latest in a series of moves the bank has undertaken to comply with new U.S. regulations that limit how much of their own capital banks are allowed to invest.
U.S. based hard-drive manufacturer Seagate Technology is buying Samsung’s loss-making disk drive unit for $1.4 billion in an attempt to take on rival Western Digital, which bought Hitachi’s global hard-drive business last month.
Rupert Murdoch’s News Corp has started talks on forming a consortium to make a bid for Formula One motor racing, sources familiar with the matter told Reuters.