Quick overview of the main events of the day:
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Fasset secured $68 million from investors
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SBI Group led a new round of funding for Fasset
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Valerio is acquiring Ethernu for 30 million euros
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Santos is expanding its Australian gas assets
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Shell is looking for buyers for its US chemical plants
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ExxonMobil and LyondellBasell are considering bids for Shell's assets
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Volkswagen is planning the largest restructuring in its history
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Stocks and oil started the week with a decline
Foreign Investments
The financial-technology company Fasset has secured $68 million in a Series C investment round led by the Japanese SBI Group. According to an announcement released via Business Wire, the company is valued at one billion dollars. The capital will support the development of the Own Network platform, which connects banks, telecommunications operators, and payment companies using stablecoins and tokenized assets. Earlier this year, Fasset raised $51 million in a Series B round, with participation from European investor Speedinvest. The company boasts over three million wallets and an annual transaction volume of more than $40 billion.
In the pharmaceutical sector, French company Valerio Therapeutics has signed a definitive agreement to acquire Belgian company Etherna Immunotherapies. The transaction values Ethernu at 30 million euros and will involve a combination of cash and stock. Valerio also secured €40.25 million through a private investment in public equity (PIPE) from existing and new investors. The goal is to create a platform for developing RNA therapeutics, combining Ethernas' lipid nanoparticle technology with Valerios' own systems for targeted drug delivery to cells.
Australian energy company Santos, along with partners TotalEnergies, PETRONAS, and KOGAS, has signed an agreement to purchase the Greater Meridian CSG project in Queensland from Westside Corporation and Mitsui E&P Australia. The total value of the project is $430 million Australian dollars, which is approximately $310 million US dollars. Santos will acquire a 30% stake and become the operator, with its net costs expected to be between $85 and $90 million. The acquisition is intended to increase Santos' own gas production for the GLNG project.
A major sale is also being prepared in the chemical industry. The Financial Times reported that Shell is looking for buyers for its US chemical assets, which could be worth up to $8 billion. Potential bidders include ExxonMobil, LyondellBasell, investment group Apollo Global Management, and the chemical division of Kuwait Petroleum Corporation. The portfolio includes facilities in Louisiana, Texas, and Pennsylvania. Shell is continuing to divest itself of less profitable assets and redirecting capital back to its core businesses in oil, gas, and trading.
Significant Events with Global Impact
The global automotive industry continues to face pressure from high costs, weak demand, and competition from China. Oliver Blume, CEO of Volkswagen, told the German newspaper Bild that the industry is experiencing an exceptionally deep crisis. Reuters reported on August 24th about growing employee anxiety due to a large-scale restructuring. The group, which includes Škoda Auto, is considering reducing jobs by up to 50,000, cutting production capacity, and implementing further cost savings. Blume previously pointed out that Volkswagen's overhead costs are more than 30 percent higher than those of some competitors. US tariffs and the rapid rise of Chinese automakers in Europe also remain a problem.
Global financial markets started the week with declines. According to Reuters, Asian stocks weakened, and Brent crude fell by approximately 1.4 percent, while US WTI crude lost around 1.6 percent. Investors are waiting for new US sanctions against Iran and further signals regarding monetary policy. AP reported that the yield on ten-year US Treasury bonds remains around 4.7 percent. High interest rates, geopolitical tensions, and expensive financing continue to pose major risks for investments and global economic growth.
Tradingeconomics.com