- Rentokil to acquire Terminix for 6.7 billion
- Toyota invests $35 billion on electric vehicle manufacture initiatives
- Kroger terminates benefits for unvaccinated workers
Rentokil is acquiring Terminix for $4.7 billion
Terminix Global Holdings Inc. (NYSE: TMX) shares jumped 30% on Tuesday following than announcement that Rentokil Initial plc was planning to acquire the pest-control firm. Rentokil will acquire Terminix for $6.7 billion in stock and cash. The value Rentokil is paying for Terminix shares is $55 per share, representing a 47% premium from Monday's close. The UK-based company will fund the transaction, which is likely to close in 2H 2022, with 20% in cash and the rest in stock.
Toyota Motor commits $35 billion for EV activities
Toyota Motor Corp is turning its focus o electric cars as the global automotive industry leans towards electric vehicles. The Japanese automaker announced a $35 billion investment on Tuesday to launch 30 all-electric cars to its portfolio by the turn of the decade. By 2030 the company plans to produce 3.5 million electric cars annually. Around 4.4 billion of the total investment in EV will go to battery technology. In addition, the luxury division, Lexus, is expected to have all-electric cars by 2035.
Tesla CEO sells his shares as the stock dips
Tesla Inc. (NASDAQ: TSLA) shares dipped almost 5% on Tuesday after CEO, and founder Elon Musk sold 934,091 shares of his stake in the EV company for $906.49 million. Besides the share sale, Musk exercised the option to acquire 2.134 million shares of Tesla at a strike price of around $6.24. He received the options through the 2021 compensation package and has to exercise the options before august 2022. As a result, the dip in TSLA stock presents a buying opportunity for the stock, but analysts believe the dip will be short-lived and Tesla shares will jump soon.
Kroger to stop benefits for unvaccinated employees
Kroger Co (NYSE: KR) has announced that it will do away with certain COVID-19 related benefits for employees that are yet to be vaccinated. The Cincinnati-based grocery chain is taking the step to encourage its workers to get vaccinated. Last week, the company told employees that those who are unvaccinated would not get a two-week paid leave if they contract the virus unless a local jurisdiction requires it to. The grocer is modifying its COVID-19 rules to encourage safe behavior.