Broadcom Might Receive European Approval For $61B VMware Deal, UBS Closes Credit Suisse Takeover, Illumina CEO Steps Down Amid Activist Investor Carl Icahn's Pressure: Today's Top Stories

Reuters

Broadcom Most Likely To Receive EU Approval For $61B VMware Merger

• In early May, U.S. chipmaker Broadcom Inc's (NASDAQ:AVGO) CEO Hock Tan proposed a pitch to EU antitrust enforcers regarding the pro-competitiveness of the proposed $61 billion bid for cloud computing firm VMware Inc (NASDAQ:VMW).
• Broadcom is set to gain conditional EU antitrust approval for its proposed acquisition of VMware.
• The European Commission's approval is linked to Broadcom's interoperability remedies to rivals to address competition concerns.

Volkswagen Supervisory Board To Meet On Tuesday To Discuss Cost-Saving Plan

• Volkswagen AG (OTC:VWAGY) supervisory board is expected to meet on Tuesday to discuss the savings program.
• The board meeting comes ahead of the automaker's capital markets day on June 21. 
• The meeting is expected to discuss cost-cutting measures totaling €3 billion ($3.22 billion) spanning Volkswagen, Seat, Skoda, and Cupra brands.
• The company's finance chief, Arno Antlitz, reportedly said in May that investors would be updated about financial targets and capital allocation plans on the June capital markets day.

German Woman Sues BioNTech for €150K Claiming Adverse Effects from COVID-19 Vaccine: What You Need to Know

• BioNTech SE (NASDAQ:BNTX) is reportedly scheduled to appear in court on Monday to defend itself against a lawsuit filed by a German woman seeking damages for alleged side effects of BioNTech's COVID-19 vaccine.
• The plaintiff claims to have experienced upper-body pain, swollen extremities, fatigue, and sleeping disorders since receiving the vaccine. 
• The initial hearing for this case will take place on Monday. The woman is suing BioNTech for at least €150,000 ($161,500) in damages for bodily harm and compensation for unspecified material damage. 

Ryanair Intends To Buy Slots IAG May Hand For Air Europa Acquisition

• Ryanair Holdings plc (OTC:RYAAY) plans on buying the slots that International Consolidated Airlines Group SA (OTC: ICAGY) may sell for its planned acquisition of Air Europa.
• Ryanair is keen to buy the slots that IAG may be forced to dispose to get its planned acquisition of Air Europa approved by the European antitrust regulator.
• "We are following the process because we are interested in the possible liberation of slots in different airports," the report quoted Elena Cabrera, Ryanair's country communications manager for Spain.

Benzinga

UBS Closes Credit Suisse Takeover, Projects CET1 Ratio of 14% in 2023

• UBS Group AG (NYSE:UBS) disclosed completing the acquisition of Credit Suisse Group AG (NYSE:CS) today.
• As previously announced on March 19, 2023, CS shareholders will receive 1 UBS share for holding every 22.48 CS shares.
• Also, UBS will manage two parent banks – UBS AG and Credit Suisse AG, with each organization continuing to operate its subsidiaries and managing its client base.

Executive Shakeup at Illumina: CEO Francis deSouza Steps Down Amid Activist Investor Carl Icahn's Pressure

• Illumina Inc (NASDAQ:ILMN) announced that its Board of Directors accepted the resignation of Francis deSouza as Illumina's Chief Executive Officer and Director, effective June 11. 
• Charles Dadswell, Senior Vice President and General Counsel, has been named interim CEO while the Board of Directors searches for a new CEO. 
• Mr. deSouza has been with Illumina since 2013 and served as chief executive since 2016.
• Mr. deSouza will remain in an advisory capacity until July 31, 2023.

Why Are Chinook Therapeutics Shares Trading Higher Today

• Novartis AG (NYSE:NVS) has agreed to acquire Chinook Therapeutics Inc (NASDAQ:KDNY) for $40 per share in cash, or $3.2 billion. 
• The offer represents a premium of 83% to Chinook's 60-day volume-weighted average stock price and 67% to Chinook's closing price on June 9, 2023. 
• In addition, Chinook shareholders will receive contingent value rights (CVRs), providing for payment of up to $4 per share upon achieving certain future regulatory milestones for Chinook's lead product candidate, atrasentan. 

Why Nasdaq Shares Are Slipping Today

• Nasdaq Inc (NASDAQ:NDAQ) disclosed an agreement to acquire Adenza from Thoma Bravo for $10.5 billion in cash and common shares.
• After-deal closure, Nasdaq will issue around 14.9% of its outstanding shares to Thoma Bravo.
• The acquisition complements Nasdaq's Marketplace Technology and Anti-Financial Crime solutions and boosts its offering across risk management, regulatory, and capital markets software and technology solutions.

Chart Industries Divests Roots Business To Ingersoll Rand For $300M

• Chart Industries Inc (NYSE:GTLS) has signed a definitive agreement to sell its Roots business to Ingersoll Rand Inc (NYSE: IR).
• The transaction value totals $300 million and is expected to close in the third quarter of 2023.
• Roots is a provider of low-pressure compression and vacuum technologies. As part of the transaction, Ingersoll Rand will assume ownership of the Connersville, Indiana, manufacturing facility dedicated to Roots products and retain about 300 team members.

Novo Nordisk To Inject Around DKK16B in API Facility to Boost Late-Phase Product Portfolio

• Novo Nordisk A/S (NYSE:NVO) disclosed its plan to invest DKK 15.9 billion in 2023 to expand its existing Active Pharmaceutical Ingredient (API) production facility in Denmark.
• The investment aims to create additional production capacity and aid the development of its future clinical late-phase product portfolio.
• The construction of the new multi-product facility, spanning around 65,000m, is underway and expected to start producing API by early 2029.