Citi lists Netflix and Tesla among potential takeover targets for Apple
Citigroup has listed seven companies as potential takeover targets for Apple, including Netflix, Walt Disney and Tesla, as a way to put its cash hoard of more than $250bn to work. With more than 90% of its cash sitting overseas, a one-time 10% repatriation tax would give Apple $220bn for acquisitions or buy-backs, Citigroup analyst Jim Suva said in a note to clients. US President Donald Trump’s tax blueprint, which was unveiled last month, proposes allowing multinationals to bring in overseas profits at a tax rate of 10% versus 35% now. "Since one of the new administration’s top priorities is to allow US companies to repatriate overseas cash at a lower tax rate, Apple may have a more acute need to put this cash to use," Suva said. The analyst is rated three out of five stars for his recommendations on Apple, according to Thomson Reuters StarMine. The other potential acquisition targets include video game developers Activision Blizzard, Electronic Arts and Take Two Interactive Softwa...
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