Italy’s Banco BPM Rebukes UniCredit’s $10 Billion-Plus Bid [WSJ]
Banco BPM on Tuesday said the offer didn’t reflect its profitability or potential for value creation for Banco BPM shareholders since it now represents a 7.6% discount on its Monday share price that closed 5.5% higher following news of the bid.
It also said UniCredit’s move creates uncertainty as Banco BPM pursues its own deals.
Intel Receives $7.9 Billion in Chips Act Funding, but Says It Won’t Take Federal Loans [Barron’s]
Along with the funding, Intel agreed not to conduct stock buybacks for five years, with some undisclosed exceptions.
Bitcoin Is Surging, and the IRS Is Watching Closer Than Ever [WSJ]
Tax audits and criminal cases are happening more often, and new rules starting next year mean the IRS will know even more about your crypto stash…. For the 2025 tax year, brokers will have to report sale proceeds to the IRS for crypto held in a taxable account. The first of new forms, Form 1099-DA, will go out to individual taxpayers and the IRS in early 2026.
US charges against Gautam Adani put loyal Jefferies on the spot [FT]
US investment bank Jefferies was happy to help out Indian billionaire Gautam Adani’s business empire after it was hit with damaging fraud allegations last year…. Since then it has been the only US bank that has helped the Indian group’s companies raise equity, according to public data….
People with knowledge of Jefferies and its workings said it was hard to imagine it continuing the relationship while Adani faces US charges. But distancing itself from one of India’s richest men, and the business that flows from his sprawling infrastructure group, could have consequences too.
Hedge funds bet against power and pile into materials, says Goldman Sachs [Reuters via Yahoo!]
U.S. utilities shares are now among the most sold U.S. stock sectors in November…. Hedge funds have bought materials stocks in three of the last four weeks and the sector is among the most net bought in the United States on Goldman Sachs’ prime brokerage desk, said the bank.
Elon Musk Buying MSNBC? A Difficult Feat, Because It Isn’t for Sale [WSJ]
Comcast isn’t interested in selling off individual assets, people familiar with the matter said. It plans for the spinoff company, which will include several other NBCUniversal channels such as CNBC, USA, Syfy and E!, to explore acquisitions of other cable networks….
After Comcast completes the transaction—a process that is expected to take about a year—the new company will negotiate distribution deals with companies such as Charter Communications. MSNBC, with its loyal following, will provide critical leverage in those discussions, the people said.
