The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Houston-based Westlake, which manufactures and supplies petrochemicals, will acquire Axiall for $33 per share in an all-cash transaction. The deal is valued at approximately $3.8 billion, including debt and other liabilities, the companies said in a joint statement. The deal was approved by both companies' boards, and is expected to close by the end of the fourth quarter of this year.
The combined company is expected to bring in revenue of $7.6 billion for the year, and will be the third largest chloralkali producer and the second-largest polyvinyl chloride, or PVC, producer in North America, the companies.
"We are pleased to have reached this agreement with Westlake, which provides our stockholders with immediate recognition of the long-term value of our company, underscoring our Board's commitment to maximizing stockholder value," Axiall CEO Timothy Mann said in a statement. "We look forward to working closely with the Westlake team to ensure a smooth transition and complete the transaction as expeditiously as possible."
The combination will complement geographic positions, expand manufacturing, and combine balance sheets to "capitalize on future investment opportunities," the companies said.
"This transaction aligns two remarkable companies, creates a company with greater financial and operational flexibility and accelerates our growth strategy," Albert Chao, Westlake's president and CEO, said in a statement. "We believe that after this transaction we will be better able to serve our customers with a more diversified portfolio that should create significant value and growth opportunities for Westlake stockholders."
Shares of Axiall are up more than 111 percent year to date, trading near $32.50 Friday, not far from the 52-week high of $40.10. Axiall's stock has fallen more than 8 percent since June of last year.
Westlake Chemical meanwhile, is down 14 percent year to date but traded 3 percent higher Friday following the deal news.