Saudi Aramco plans takeover of BP's Castrol
Saudi Aramco $2222 is in the early stages of planning to make an exciting bid for BP's lubricants division Castrol $BP. (+2,97%) lubricants division. According to a source with insight into the situation, BP is reviewing all options for its Castrol business. This strategic review could potentially lead to a sale. Analyst Ashley Kelty estimates the value of the business at around 6 to 8 billion dollars. This could be a significant development in the oil and energy sector. BP has also set itself ambitious targets, with the company planning to sell $20 billion worth of assets by 2027. This should help to reduce capital expenditure and regain investor confidence. While talks between the two giants are still in their infancy, BP shares rose 1% to 412.15p, highlighting market interest in this potential takeover.
Disney lays off almost 6% of employees
In the USA, the Walt Disney Co. $DIS (+1,11%)plans to lay off around 200 employees, which corresponds to almost 6% of the total workforce of ABC News Group and Disney Entertainment Networks. According to reports in the Wall Street Journal, an official announcement could be made to employees as early as Wednesday. Disney, like many companies in the entertainment sector, is facing a drastic decline in cable network viewership. In addition, the number of subscribers to the Disney+ streaming platform has steadily declined in recent quarters. This has led to Disney's shares falling by 4% over the last 12 months, while Netflix has seen an impressive increase of almost 60%. Despite the challenges, Disney has performed better than expected in recent reporting, even if the decline in Disney+ subscribers cannot be ignored. The developments show how dynamic and challenging the market for entertainment and media has become.
Sources:
https://finance.yahoo.com/news/saudi-aramco-exploring-initial-bid-134415735.html
https://finance.yahoo.com/news/disney-lay-off-nearly-6-133014116.html