COMPANY NEWS IN BRIEF

Vukile accepts improved Lar España offerVukile Property Fund announced that Lar España Real Estate, a Spanish business in which it holds about a 28.7% interest, has negotiated an improved offer, valuing its stake at just under €200 million (R3.8 billion). When announcing the offer from asset manager Inversiones Inmobiliarias in July, Vukile has said the offer was €8.10 per share, which has been improved to €8.30, an increase of 2.5%. Vukile said it intended to accept the offer, bringing profits of over R1.5 billion, which comes as it actively considers further acquisitions in Iberia. The group said when it first invested in Lar España it was trading at a 48% discount to net asset value, and will allow it, via Castellana, to achieve an internal rate of return of approximately 45% per annum since January 2022 in rand terms. "Our ability to identify mispriced assets, both listed and unlisted, and interpret market nuances through our on-the-ground asset management expertise, defined by profound knowledge of the property industry and retail specialisation, inform our capital allocation strategy," CEO Laurence Rapp said in a statement. "Our synthesis of corporate finance and deal-making skills, together with property asset management, underpins dexterity in underwriting retail assets."-FIN24Reeza Isaacs to take reigns as SPAR CFORetail group SPAR has announced the appointment of former Woolworths financial chief Reeza Isaacs as its next CFO. Isaacs will replace Mark Godfrey, who is retiring after almost 14 years in the position at the end of the year. Isaacs has "strong strategic and operational finance experience that will add considerable value to the company," SPAR said in a statement on Thursday, and he had been a Woolworths board member for a decade before stepping down in 2023. SPAR had already flagged in June that Godfrey intended retiring in December, with the move coming as the group looks to switch its focus to its core SA business, and it recently flagged some positive signs.-FIN24Microsoft delays AI roll out Microsoft on Tuesday doubled down on deploying artificial intelligence to consumers, releasing an updated version of its Copilot chatbot that can hold voice conversations and interpret images. "Copilot will be there for you, in your corner, by your side and always strongly aligned with your interests," said Mustafa Suleyman, executive vice president and CEO of Microsoft AI, in a blog post introducing the upgraded chatbot. Suleyman was a former leader at AI pioneer Google DeepMind - and was poached by Microsoft in March from his startup to head up its consumer AI division. - AFPSelf-driving Tesla rams into SUV A self-driving Tesla carrying a passenger for Uber rammed into an SUV at an intersection in suburban Las Vegas in April, an accident that sparked new concerns that a growing stable of self-styled "robotaxis" is exploiting a regulatory gray area in US cities, putting lives at risk. Tesla CEO Elon Musk aims to show off plans for a robotaxi, or self-driving car used for ride-hailing services, on 10 October and he has long contemplated a Tesla-run taxi network of autonomous vehicles owned by individuals. Do-it-yourself versions, however, are already proliferating, according to 11 ride-hail drivers who use Tesla's Full Self-Driving (FSD) software. Many say the software, which costs $99 (R1 730) per month, has limitations, but that they use it because it helps reduce drivers' stress and therefore allows them to work longer hours and earn more money. - REUTERSOPEC oil output drops in September on Libyan outage, Reuters survey findsOPEC oil output fell in September to its lowest this year, a Reuters survey found on Thursday, as unrest disrupted Libyan supply and Iraq made progress in complying with its cutbacks pledged to the wider OPEC alliance.The Organization of the Petroleum Exporting Countries pumped 26.14 million barrels per day last month, down 390 000 barrels per day (bpd) from August's revised total, the survey found, with Libya accounting for the bulk of the drop.A drop in Libyan exports and production amid a standoff between political factions over control of the central bank helped boost oil prices, which have come under pressure from concern about demand and rising supply outside OPEC .Libya provided the largest supply cut of 300 000 bpd, the survey found. Output should rebound after a dispute over the leadership of the country's central bank was resolved and the national oil company lifted the force majeure at oilfields.Aside from Libya, which is exempt from OPEC agreements to limit production, the biggest decline came from Iraq, which is seeking to boost compliance with its OPEC target. Iraq is still pumping 90,000 bpd above quota, the survey found.Nigeria pumped 40 000 bpd less oil as exports declined, according to tanker tracking firms.Among countries posting higher output, the only gain was in Iran, which is also exempt from OPEC targets.-REUTERS Russia files lawsuit against Shell units, court documents showRussia's Prosecutor General has filed a lawsuit against a number of energy major Shell's court documents showed on Friday.The lawsuit, filed with Moscow's Arbitration Court on Oct. 2, was addressed to eight Shell units. The documents indicated it had been launched by Gazprom Export, the Russian energy ministry, regional authorities on the Pacific island of Sakhalin, Sakhalin Energy, and the office of Russia's Prosecutor General.No additional details were given and Shell did not immediately reply to a request for comment.Shell had several projects in Russia before Moscow sent thousands of troops into Ukraine in February 2022 in what it called a special military operation.The company had a stake in a liquefied natural gas producing plant on the Pacific island of Sakhalin led by Kremlin-controlled Gazprom.Russia consolidated its control over the plant in response to sanctions imposed by the West and Shell left Russia.That meant it ended its involvement with the Sakhalin plant, as well as other activities such as its investments in the Nord Stream 2 pipeline project.-REUTERS

COMPANY NEWS IN BRIEF

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Allgemeine Zeitung 2024-11-22

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Allgemeine Zeitung 2024-11-22

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