Intel’s Mobileye Tech to be Used in 2 Million Cars
Intel Corp. (INTC), through its Chief Executive Brian Krzanich, formally announced on Monday that 2 million vehicles from BMW, Nissan Motor Co. Ltd., and Volkswagen AG would begin using its unit Mobileye’s autonomous vehicle technology to crowdsource data for building maps that enable autonomous driving.
The world’s largest chipmaker bought Israeli firm Mobileye in 2017 to compete with rivals Nvidia Corp. (NVDA) and Qualcomm Inc. (QCOM) to gain entry into the fast-growing market of driverless cars. Intel will soon tie up with SAIC Motor Corp Ltd. which will use Mobileye technology to develop cars in China.
General Motors to Sell Electric Cars
General Motors Co. (GM) made a bold promise to investors that the company will make money selling electric cars by 2021. Chief Executive Mary Barra personally made the promise on behalf of the Detroit automaker. However, no details were given as to how GM intends to do what no major automaker has done.
Hershey & Ferrero Make Final Bids for Nestle
Hershey (HSY) is aiming to solidify its dominant hold on the U.S. chocolate market after beefing up its snacking portfolio with the recent purchase of Amplify. Hershey’s made a final bid for Nestle’s U.S. business.
However, Nutella-maker Ferrero also made a final offer for the same confectionary unit of Nestle. The said business is valued between $2 and $2.5 billion. If Hershey succeeds, it would be the largest acquisition for the iconic chocolate company. But sources say Ferrero has the upper hand because of a better offer.
Celgene Acquiring Impact Biomedicines for Expansion
Celgene Corp. (CELG) is on the verge of sealing the deal to acquire privately-held Impact Biomedicines Inc. for $7.0 billion. The U.S. biotech firm is looking to expand its presence in oncology. Its interest is mainly in ‘fedratinib’, a kinase inhibitor that is seen to be a promising potential treatment for blood cancer myelofibrosis.
According to sources, Celgene will pay $1.1 billion in cash with the balance subject to sales and regulatory milestones. Also, Celgene is under pressure to find another source of revenue as copycat drugs might soon eat up into the sales of its top-selling cancer treatment Revlimid.
Deal Between China’s Huawei and AT&T Collapses
China’s Huawei Technologies Co. Ltd. has global ambitions including selling its smartphones in the United States. Sources disclosed that their planned deal with U.S. carrier AT&T Inc. collapsed at the eleventh hour and thus ending the Chinese firm’s desire to penetrate the U.S market.