BP to Double Spending on Alternative Sources
BP, Europe's largest oil company, plans to double spending on alternative and renewable energy, creating a business unit that may generate $6 billion a year in revenue within a decade.
The company will invest $1.8 billion over the next three years on solar, wind, hydrogen and carbon sequestration, focusing on technologies that can replace oil- and gas-based generation, which accounts for more than 40 percent of man-made greenhouse gas emissions, the company said. Under sequestration, carbon dioxide might be pumped into oil and gas fields, curbing output into the atmosphere, where it may promote climate change.
BP would like about 7 gigawatts of installed capacity around the world within 10 years, enough to supply about 10 percent of Britain's power needs, said Steve Westwell, who will run the company's alternative-energy business.
MERGERS & ACQUISITIONS
German Firm to Buy Canadian Steelmaker
German steelmaker ThyssenKrupp said it made a friendly offer to acquire Canadian steel company Dofasco for $4.1 billion in cash, trumping a $3.7 billion hostile bid from Luxembourg's Arcelor. Dofasco's board recommended that its shareholders accept the offer, which represents a 40 percent premium over Friday's closing price for the company's stock. ThyssenKrupp said it would establish its North American operations at Dofasco's headquarters in Ontario.
Eutelsat Revives Plan for Stock Sale
Eutelsat Communications, the world's third-largest satellite company, revived plans for an initial public offering one month after scrapping them and cut the offer price after investors said it was too high. Eutelsat, whose owners include French investment company Eurazeo and buyout firm Texas Pacific Group, will price the shares at between $13.92 and $15.10 in a bid to raise $1.02 billion.
Compiled from staff and news service reports.