Quick overview of the day's main events:
Prysmian acquires Atkore for $3.8 billion
AstraZeneca held talks with Bristol Myers Squibb
Holcim to sell Philippine assets to China's Huaxin
Cboe completed the sale of Australian exchange to TMX
FleetPartners received an offer from Pacific Equity Partners
BP sold the Gelsenkirchen refinery to the Klesch Group
Oil prices fell on hopes of a deal with Iran
DeepSeek cuts the cost of running top-tier AI models
Foreign Investment
Italian cable manufacturer Prysmian announced an agreement to acquire US-based Atkore for $95 per share in cash. The transaction gives the electrical products manufacturer an enterprise value of approximately $3.8 billion. Prysmian expects the acquisition to strengthen its position in North America, particularly in electrification, AI infrastructure, and data centers. Atkore reported revenue of $2.85 billion in its last fiscal year and employs approximately 5,400 people.
The pharmaceutical sector was hit by news of a potential mega-merger. According to the Financial Times, AstraZeneca held preliminary talks with US-based Bristol Myers Squibb about a combination that could create one of the world's largest pharmaceutical groups, valued at nearly $400 billion. It is unclear whether the discussions are ongoing. Any such transaction would be sensitive due to overlap in oncology, as both companies have strong cancer drug portfolios, and US antitrust regulators would likely scrutinize it closely.
Swiss building materials manufacturer Holcim continues to reshape its portfolio. According to Reuters, it will sell a majority stake in its Philippine division to Chinese company Huaxin Building Materials. The first tranche — 68 percent — is valued at $527 million, with the remainder to be sold over three to five years for at least $280 million. The total valuation thus reaches a minimum of $807 million. Holcim intends to use the proceeds for further acquisitions and investments in core markets.
Exchange infrastructure saw a smaller but strategic transaction. Cboe Global Markets, in an announcement distributed via PR Newswire, completed the sale of Cboe Australia to Canadian group TMX Group. The price was not disclosed, but the deal strengthens TMX's international reach in trading and market data while allowing Cboe to concentrate capital on its core derivatives and equity platforms.
In Australia, renewed fund interest in publicly listed companies was on display. FleetPartners announced that private equity group Pacific Equity Partners had submitted a takeover bid of approximately AUD 760.3 million, or USD 534.5 million. The offered price of AUD 3.60 per share represents a premium of around 27 percent. The target is a company specializing in fleet leasing and management.
The energy sector saw the sale of refining assets. BP completed the sale of the Gelsenkirchen refinery to German investment group Klesch Group. The value of the transaction was not disclosed, but BP stated that the sale will reduce underlying operating costs by approximately one billion dollars and fits into its broader business simplification effort.
Significant Events with Global Impact
Oil began the week with a sharp decline. Brent fell more than four percent to $83.88 per barrel after US President Donald Trump indicated that talks with Iran were set to take place. Markets thereby repriced the possibility of a diplomatic shift around the Strait of Hormuz. Meanwhile, the yen strengthened following coordinated intervention by Japan and the US, while parts of Asian equities remained under pressure due to uncertainty over the returns on massive AI spending.
The technology sector is watching a new AI pricing battle unfold. Reuters, citing research firm Artificial Analysis, reported that the new DeepSeek V4-Flash model is among the cheapest known models to operate on the market. The firm estimated the average cost per test at three cents, significantly less than competing models from Kimi, OpenAI, or Claude. For the global economy, this means margin pressure for AI providers and faster spread of automation into corporate services.
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