BIG BUCKS: At $2bn, the IPO would be one of the largest by a Chinese company in the US this year, behind the $2.4bn raised by video streaming company iQiyi in March but ahead of the $1.6bn garnered by Pinduoduo in July. Picture: BLOOMBERG/GIULIA MARCHI
BIG BUCKS: At $2bn, the IPO would be one of the largest by a Chinese company in the US this year, behind the $2.4bn raised by video streaming company iQiyi in March but ahead of the $1.6bn garnered by Pinduoduo in July. Picture: BLOOMBERG/GIULIA MARCHI

Tencent Music delays IPO

Tencent Music Entertainment has delayed its planned US initial public offering (IPO) until at least November as the owner of China’s most popular music app prefers to wait for global stock markets to stabilise, three sources said.

The music arm of tech giant Tencent Holdings is expected to raise at least $2bn and was originally planning to launch its offering as soon as next week.

ArcelorMittal to sell assets

ArcelorMittal, the world’s largest steel producer, will sell its steelmaking facilities in the Czech Republic, Romania, Macedonia and Italy to Liberty House, it said on Friday.

The sales satisfy part of an agreement with the European Commission related to ArcelorMittal’s acquisition of Italian steelmaker Ilva.

The commission approved the bid for Europe’s biggest steel plant by capacity in May after ArcelorMittal pledged to sell a string of businesses across Europe to address competition concerns. Talks continue for the sale of other assets included in the agreement with the European Commission.

Reuters

Please sign in or register to comment.