Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal, with the industry being squeezed by discount chains and other competition. Public companies are under a lot more scrutiny, and if private, the Nordstroms may have more leeway in reviving a department store chain that, like others, has looked to jump-start lackluster sales for years. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the company's stock as of March 18, when reports of a potential transaction emerged. The Nordstroms will also pick up more than $2 billion in debt, reports the . Rivals like Macy's and Kohl's have been pressured by major investors to make huge changes in order to return more profit to shareholders. Traditional department stores are facing competition from giants like Walmart and Target, as well as a host of fast-fashion brands and Amazon. Sales at Nordstrom have essentially flatlined over the past decade. The offer announced Monday tops the previous $23-per-share bid that the Nordstrom family and Mexican retail group El Puerto de Liverpool made in September. The board also plans to authorize a special dividend of up to 25 cents per share, based on Nordstrom's cash on hand immediately prior to and contingent on the close of the transaction. The deal is expected to close in the first half of 2025, at which time the company's shares will no longer trade publicly. Nordstrom's board of directors unanimously approved the proposal, with members Erik and Pete Nordstrom—members of the family taking over the company—recusing themselves from that vote. Following the close of the transaction, the Nordstrom family will have a majority ownership stake in the company. Erik and Pete Nordstrom are the fourth-generation leadership at the Seattle retailer, which was founded in 1901. Erik is the company's chief executive and Peter is president. Nordstrom shares fell about 1% at the opening bell, but they're up 34% this year on rumors of a family takeover.With a focus on the cement and oil sectors, Aliko Dangote is expanding Dangote Industries' footprint in Angola By purchasing and managing both onshore and offshore oil blocks, he hopes to expand his industrial presence in Africa He will also engage with key stakeholders, such as Sonangol, the nation's oil company, and the National Oil, Gas, and Biofuels Agency PAY ATTENTION: Got a Minute? Complete Our Quick Survey About Legit.ng Today! Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market. The wealthiest man in Africa, Aliko Dangote, is extending Dangote Industries' presence in Angola with an emphasis on the cement and oil industries. This action is a part of his plan to increase his industrial footprint in Africa by acquiring and operating in both onshore and offshore oil blocks. This week, Dangote landed in Luanda and established a new subsidiary to oversee investments in vital industries including infrastructure, cement, and electricity. PAY ATTENTION : Standing out in social media world? Easy! "Mastering Storytelling for Social Media" workshop by Legit.ng. Join Us Live! This is the most recent stage of Dangote Industries' continuous growth as it seeks to take advantage of Angola's expanding economy . Read also Fuel: After P'Harcourt refinery success, MURIC lists 3 reasons why Kaduna plant should be next focus Dangote met with Angolan President João Lourenço during his visit, and it is anticipated that they would discuss future cooperation at a high level. In order to demonstrate his growing commitment to Angola's energy industry , he will also interact with important players including the National Oil, Gas, and Biofuels Agency (ANPG) and Sonangol, the country's oil business. Dangote's larger plan for Africa is in line with this action, which establishes Angola as a key location in his effort to transform the industrial landscape of the continent. The establishment of a subsidiary which will manage activities like the Lobito Refinery and investments in cement and oil blocks, is a key component of the plan. Given that Angola's economic recovery is gathering steam, Bilionaires.africa reported that Dangote has voiced optimism about the country's improved business environment. “Angola’s economic situation has improved dramatically. We’re hearing positive reports from those visiting, and this encourages our desire to invest,” he remarked following a meeting with Ambassador José Bamóquina Zau. Read also Dangote announces cheaper petrol price than PH refinery amid strong competition One of the main elements of Aliko Dangote's larger plan to promote industrial growth throughout Africa is the expansion in Angola. Dangote Industries already has the biggest cement plant in the area and the biggest oil refinery on the continent. Its diverse portfolio includes packaged foods, sugar, salt, and fertilizer. FG licenses another refinery in North Legit.ng reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved the license to construct a new refinery. Process Design and Development Limited received NMDPRA approval to establish and construct a new 27,000 barrels per day refinery. The authority disclosed that the new refinery will be located in the Dole-Wure, Akko area of Gombe State. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: Legit.ng
The backdrop of the poster features the iconic stadiums of both Liverpool and Girona, symbolizing the clash of two footballing cultures and the global appeal of the sport. The words "Unleash the Reds" are emblazoned across the top, urging Liverpool fans to support their team as they aim to secure a crucial victory on foreign soil.
PITTSBURGH (AP) — Pittsburgh Steelers wide receiver George Pickens was a full participant in practice on Monday, opening the door for him to return from a three-game absence on Wednesday when Pittsburgh hosts the Kansas City Chiefs. Pickens hasn't played since tweaking his hamstring earlier this month. The Steelers (10-5) have struggled to generate much in their passing game with their leading receiver watching from the sideline in sweatpants. Though Monday's practice was a walkthrough, Pickens said he felt good and hopes he'll be able to face the two-time defending Super Bowl champions. The 23-year-old was going through post-practice drills on Dec. 6 when he felt his hamstring tighten up, forcing him to miss the first games of his three-year career. Pittsburgh has gone 1-2 in his absence, including back-to-back losses to Philadelphia and Baltimore in which Russell Wilson passed for just 345 yards while missing one of the NFL's top downfield threats. Wilson is encouraged by the way the sometimes mercurial Pickens — who has been flagged and fined multiple times this season for infractions ranging from facemasks to unsportsmanlike conduct — has remained engaged. “He’s been great in the midst of his little trial here over the past few weeks,” Wilson said. “And so we’re excited to have him back if that’s the case fully and let him do his thing.” Safety DeShon Elliott (hamstring) and defensive tackle Larry Ogunjobi (groin) were also listed as full participants on Tuesday. Neither veteran has played since getting hurt against Cleveland on Dec. 8. While Pickens, Elliott and Ogunjobi could be available as Pittsburgh tries to hold off Baltimore for the AFC North lead, cornerback Joey Porter (knee) and WR Ben Skowronek (hip) are likely out after missing practice for a second straight day. AP NFL: https://apnews.com/hub/nfl
Furthermore, CIBTC plays a crucial role in promoting international trade by providing a gateway for foreign businesses to access the Chinese market through barter trade. By breaking down barriers to entry and simplifying the trading process, CIBTC helps foreign companies establish a presence in China and build valuable partnerships with local businesses.
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