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EU Okays IBM’s $34bn Buyout of Red Hat

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  • EU Okays IBM’s $34bn Buyout of Red Hat

The EU’s powerful antitrust authority on Thursday cleared the buyout by IBM of open source software company Red Hat, one of the biggest tech mergers in history which the computing giant said would enhance its cloud offerings.

“The European Commission has approved unconditionally … the proposed acquisition of Red Hat by IBM, both information technology companies based in the US,” a statement from the EU executive said.

“The Commission concluded that the transaction would raise no competition concerns,” it added.

The commission, the guardian of competition in the EU, took very little time to authorise the operation and has not demanded any concessions from the companies.

If approved by authorities worldwide, the tie-up will be the third biggest tech merger in history, according to CNBC. Red Hat said it was the biggest involving a software company.

Cloud computing refers to the delivery of computing services over the internet, including storage and software, and is considered fundamental to a highly connected world.

The EU’s anti-trust teams have taken close looks at tech mergers, including Facebook’s buyout of WhatsApp, in which the social network was fined in 2017 for failing to provide correct information.

Brussels’ bans on mergers are extremely rare: since the arrival of European Competition Commissioner Margrethe Vestager at the end of 2014, there have only been six.

Once known primarily for its computer hardware, IBM has made cloud computing a priority in its growth strategy, like Amazon and Microsoft.

Red Hat will continue to operate as a separate unit led by its current management team.

Founded in 1993, Red Hat launched its famous version of Linux OS a year later, becoming a pioneering proponent of the open source movement that arose to counter giants like Microsoft whose models were based on keeping their source code secret.

The Raleigh, North Carolina based company is today present in 35 countries and employs some 12,000 people, and is one of the best-known open-source players whose customers pay for tailor-made solutions.

(AFP)

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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Ardova Plc in Talks to Acquire Enyo Retail and Supply Limited

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Ardova Plc in Talks to Acquire Enyo Retail and Supply Limited

Ardova Plc, Nigeria’s leading integrated energy company, has commenced discussions to acquire Enyo Retail and Supply Limited.

According to the statement issued and signed by Oladehinde Nelson-Cole, Ag. Company Secretary/General Counsel, Ardova Plc, Enyo is one of the newest and fastest-growing retail and supply companies in the downstream sector.

It stated, “This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.”

“This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

Speaking on the yet to be completed deal, Mr. Olumide Adeosun, CEO, Ardova Plc, said upon completion, Ardova will retain the Enyo branded stations which will operate side by side with the Ardova brand while simultaneously leveraging on the strengths of Ardova and its group companies.

He added that the two companies are determined to conclude the deal by the end of Q1 2021.

Enyo presently operates over 90 stations across the nation and attends to over 100,000 retail customers on a daily basis.

Ardova Plc and Enyo Retail & Supply Limited promised to furnish stakeholders with more information on the progress of the deal.

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Obozuwa Takes Charge as Coca Cola Vice President on Communications

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Obozuwa Takes Charge as Coca Cola Vice President on Communications

Patricia Obozuwa on Monday resumed as the Vice President, Public Affairs, Communications & Sustainability, Africa at The Coca-Cola Company.

Obozuwa was appointed in December 2020.

Prior to joining coca-cola, Obozuwa worked as the Chief Communications & Public Affairs Officer for General Electric, GE Africa for six years.

At GE Africa, Obozuwa established a corporate social responsibility platform, GE Kujenga, to better empower people by building valuable skills, equipping communities with new tools and technology and elevating innovative ideas that are solving Africa’s challenges.

Obozuwa’s unique commitment to Africa did not start with GE Africa, prior to joining GE, she led Procter & Gambler as the Head, External Relations, Nigeria and Corporate Communication Leader, Sub-Saharan Africa.

She was also the Arts and Sponsorship Manager for the British Council in Nigeria in 2005 before joining P&G.

Obozuwa is a non-Executive Director of The Water Trust (US-Headquartered Non-Profit Organisation).

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