CHECKOUT COUNTER: Volkswagen’s electric ambitions avenue
The world’s largest car maker has reportedly secured US$25bn in battery supplies to underpin a push into the electric car market
1. Volkswagen’s electric ambitions avenue
The world’s largest car maker, Volkswagen, has reportedly secured US$25bn in battery supplies to underpin a push into the electric car market. Volkswagen will equip 16 factories to produce electric vehicles by the end of 2022, compared with three currently. By the end of 2025, the group plans to be producing 3m electric cars a year.
2. Richemont’s YNAP offer gets Italy’s approval
Italian market watchdog Consob approved a bid by Cartier owner Richemont for the full control of online luxury retailer Yoox Net-a-Porter, the Swiss group said. The offer is valued at €2.69bn. Richemont already owns 49% of the company. YNAP was established after Net-a-Porter, a UK-based designer fashion site, merged with Yoox, an Italian fashion and tech company.
3. Finnish government buys Nokia stake
The Finnish government has acquired a 3.3% stake in Nokia in a bid to shore up national ownership. Solidium, the government’s investment fund, bought the stake for €844m. Nokia was once a dominant economic engine for the country, providing 4% of its GDP and 20% of its exports. The fund also has stakes in other Finnish companies including telecoms player Elisa and paper group Stora Enso.
4. Endgame for Toys ‘R’ Us
Toys "R" Us Inc will close or sell its stores in the US after the toy maker failed to find a buyer or reach a deal to restructure billions in debt. At least 30,000 jobs are at risk. Toys "R" Us has struggled to boost sales and service debt following a $7.5bn leveraged buyout in 2005 by private equity firms.