Latest news for Encavis (OTC:ENCVF) Stock

Encavis AG is an independent solar park operator. Principally, it is engaged in the business of acquisition and operation of solar parks and onshore wind parks. Its operating segments are Photovoltaic Parks, Photovoltaic Service, Wind Parks, Asset Management, and Administration, of which the majority of its revenue comes from the Photovoltaic Parks segment. The Photovoltaic Parks segment comprised more than 169 solar parks with a total generation capacity of more than 1.3 GW, with parks located in different countries. Its geographical segments are Denmark, Germany, France, United Kingdom, Ireland, Finland, Italy, Netherlands, Austria, France, Sweden, and Spain.

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ENCVF

KKR plans to offer a cash consideration of 17.50 euros per Encavis share, representing a 54% premium. The offer aims to boost growth and is projected to close in Q4 of 2024.

Green Giant Hunt: KKR Targets Encavis In $3B Takeover Play

Encavis AG

The provision for credit losses was&nbsp;$5.7&nbsp;million for the second quarter of 2024, compared to&nbsp;$6.1&nbsp;million for the linked quarter and&nbsp;$8.0&nbsp;million for the second quarter of 2023.&nbsp;

Earnings

PEBO

Peoples Bancorp Recorded A Provision For Credit Losses Of $5.7M For Q2 Of 2024, Compared To $8.0M YoY

South Korean authorities have issued an arrest warrant for Brian Kim, the founder of Kakao Corp., over allegations of violating capital market laws. This could potentially lead to Kim becoming the most prominent business figure in the country to face imprisonment in recent years.
What Happened: The Seoul Southern District Court has issued an arrest warrant for Kim, a 58-year-old internet entrepreneur, for his alleged involvement in a stock-rigging scheme during the high-profile takeover of SM Entertainment Co. in 2023, <a href="https://www.bloomberg.com/news/articles/2024-07-22/arrest-warrant-issued-for-kakao-founder-by-south-korean-court">reported</a> Bloomberg.
Following a fierce bidding war with Hybe Co., the <a href="https://www.benzinga.com/markets/equities/24/06/39286746/btss-jin-wraps-up-mandatory-military-service-us-etfs-that-let-you-invest-in-hybe-are-soaring">label behind the popular boyband</a> BTS, a prominent example of a K-pop group, Kakao secured a controlling stake in SM. However, financial regulators have accused Kakao executives, including those from its unit Kakao Entertainment Corp., of purchasing 240 billion won ($173 million) in SM shares to disrupt Hybe&#8217;s offer.
See Also: <a href="https://www.benzinga.com/news/24/07/39870306/biden-claps-back-after-trumps-ev-mandate-comments-at-rnc-what-the-hell-was-he-talking-about?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Claps Back After Trump&#8217;s EV &#8216;Mandate&#8217; Comments At RNC: &#8216;What The Hell Was He Talking About?&#8217;</a>
Kim and Kakao have consistently refuted these allegations, asserting that no illegal activities occurred during the acquisition of SM.
Why It Matters: This development marks a significant shift for Kim, a self-made billionaire who rose from poverty to establish South Korea&#8217;s leading internet firm. Kakao, founded in 2006, has grown to become the country&#8217;s 15th largest conglomerate by assets, with 124 affiliates.
The company&#8217;s rapid expansion has drawn regulatory scrutiny and criticism for potentially harming small businesses. In March, Shina Chung, the former head of Kakao&#8217;s corporate venture capital arm, was appointed as the CEO to steer the firm out of its crisis. Since reaching a lifetime high in 2021, Kakao&#8217;s shares have plummeted by approximately three-quarters.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a></li>
</ul>
Image Via Unsplash 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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South Korean Billionaire Brian Kim Faces Arrest Warrant Over Alleged K-Pop Market Manipulation

Earnings Beats

Earnings Misses

Peoples Bancorp Q2 2024 GAAP EPS $0.82 Misses $0.84 Estimate, Sales $110.317M Beat $109.949M Estimate

Guidance

Centene Expects To Reaffirm FY24 GAAP EPS Guidance Floor Of Greater Than $5.94 And Adjusted EPS Guidance Floor Of Greater Than $6.80 (Est $6.84)

HSBC analyst Stephen Bersey downgrades CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) from Buy to Hold and lowers the price target from $388 to $302.

Downgrades

Price Target

Analyst Ratings

CRWD

HSBC Downgrades CrowdStrike Holdings to Hold, Lowers Price Target to $302

On July 22, 2024, the Centers for Medicare and Medicaid Services (CMS) published the final risk adjustment transfers for the 2023 benefit year, resulting in a final $0.0 billion receivable for Centene.
As a result of the publication of the benefit year 2023 reports, the Company is&nbsp;providing&nbsp;information regarding Centene&#39;s estimated net risk adjustment payable as of March 31, 2024, as well as summarizing the second quarter and expected full year 2024 financial impact of the 2023 risk adjustment results.
As of March 31, 2024, Centene had recorded a $1.3 billion 2023 risk adjustment payable, net on the Consolidated Balance Sheet.

Centene Expects To Report Q2 GAAP EPS Of $2.16 And Adjusted EPS Of $2.42 (Est $1.96), Inclusive Of 2023 Risk Adjustment Outperformance

CSTM

Given The Uncertainty Around The Impact of The Severe Flooding At Its Facilities In Switzerland, Including The Extent Of The Damage And The Timing To Restart Production, Constellium Is Pausing Its FY24 Guidance For Adj. EBITDA

MakeMyTrip (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MMYT#NASDAQ">MMYT</a>) reported quarterly earnings of $0.39 per share which beat the analyst consensus estimate of $0.27 by 44.44 percent. This is a 30 percent increase over earnings of $0.30 per share from the same period last year. The company reported quarterly sales of $243.658 million which beat the analyst consensus estimate of $242.186 million by 0.61 percent. This is a 22.88 percent increase over sales of $198.297 million the same period last year.

MMYT

MakeMyTrip Q1 2025 Adj EPS $0.39 Beats $0.27 Estimate, Sales $243.658M Beat $242.186M Estimate

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) COO Jeff Williams and Micron Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) President Sanjay Mehrotra recently visited Beijing to meet with senior Chinese officials as the U.S. considers stricter tech curbs against China.
On Monday, the executives joined a U.S. business delegation meeting with Vice-Premier He Lifeng and Foreign Minister Wang Yi.
He Lifeng urged American companies to &#8220;participate aggressively in China&#8217;s further reform and modernization process,&#8221; Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-23/apple-and-micron-leaders-visit-china-as-us-ramps-up-chip-curbs?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
During a separate meeting, Wang Yi discussed the outcomes of the Chinese Communist Party&#8217;s Third Plenum, highlighting the country&#8217;s economic direction.
He also expressed a desire for members of the U.S.-China Business Council in Beijing to foster &#8220;a correct understanding&#8221; of China in the U.S. Both Williams and Mehrotra are directors of this group.
The visit coincided with the U.S. intensifying advanced semiconductor sanctions against China.
Apple <a target="_blank" href="https://www.benzinga.com/government/24/06/39164337/apples-streaming-ambitions-in-china-continue-despite-geopolitical-tensions" rel="noreferrer noopener">increased its China-based</a> suppliers and manufacturing sites in 2023.
The company opened a new Apple store in Shanghai, and CEO Tim Cook attended the China Development Forum in Beijing.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23053133/newplot-1-13.png" alt="" class="wp-image-450705" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23053133/newplot-1-13.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23053133/newplot-1-13-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Apple also explored integrating Baidu Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) advanced generative artificial intelligence (AI) technology into its devices within China, according to Bloomberg.
In 2023, Apple negotiated with China Mobile, a leading telecom provider, to introduce its Apple TV+ video streaming service nationwide.
<a target="_blank" href="https://www.benzinga.com/government/24/07/39800610/whats-going-on-with-micron-technology-stock-on-tuesday" rel="noreferrer noopener">Earlier in 2024</a>, Micron CEO Sanjay Mehrotra met with China&#8217;s Minister of Commerce to discuss expanding Micron&#8217;s operations and new investments in China.
Apple depends on China for about a fifth of its sales, while Micron has faced challenges since Beijing banned its products from critical infrastructure last year.
<a target="_blank" href="https://www.benzinga.com/government/24/07/39879656/whats-going-on-with-ai-chip-stocks-nvidia-amd-and-taiwan-semi-on-monday" rel="noreferrer noopener">After posting weak</a> GDP growth in the second quarter, China recently slashed the key interest rates to boost the economy.
Price Actions: AAPL shares traded lower by 0.06% at $223.83 premarket at the last check on Tuesday. MU is down 0.52% at $114.68.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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Tech

Media

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BIDU

Apple and Micron Leaders Visit Beijing As US Intensify Advanced Semiconductor Sanctions: Report

WIIM

Johnson Controls shares are trading higher after the company announced it will divest its residential and light commercial HVAC businesses to Bosch in an $8.1 billion deal.

General

RDWR

Radware Expands Cloud Services To Include A New Domain Name System As A Service (DNSaaS)

Morgan Stanley analyst Kimberly Greenberger downgrades Under Armour (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAA#NYSE">UAA</a>) from Equal-Weight to Underweight and lowers the price target from $8 to $4.

Morgan Stanley Downgrades Under Armour to Underweight, Lowers Price Target to $4

Constellium Expects 2024 Free Cash Flow In Excess Of €100M

Buybacks

UPS Restarts Stock Buyback Program, Targeting $1B Annually; Guides For $500M Buyback In FY24

Health Care

For The Third Quarter 2024, Danaher Anticipates That Non-GAAP Core Revenue Will Be Down Low-single Digits Y/Y. For Full Year 2024, The Company Continues To Expect That Non-GAAP Core Revenue Will Be Down Low-single Digits Y/Y

Kodiak will outfit new Atlas high-capacity trucks with Kodiak's autonomous driving technology.

AESI

Atlas Energy Solutions Inks agreement With Kodiak For Autonomous Trucking Technology

UPS shares are trading lower after the company reported worse-than-expected Q2 financial results.

Polaris shares are trading lower after the company reported worse-than-expected Q2 financial results and cut its guidance.

Polaris Cuts 2024 Sales Outlook To Be Down 17-20% Vs Previous Outlook Of Down 5%-7%; Now Expects Adjusted EPS To Be Down 56%-62% Vs Prior Outlook Of Down 10%-15% Y/Y

Banc of California (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BANC#NYSE">BANC</a>) reported quarterly earnings of $0.12 per share which missed the analyst consensus estimate of $0.19 by 36.84 percent. This is a 62.5 percent decrease over earnings of $0.32 per share from the same period last year. The company reported quarterly sales of $259.28 million which beat the analyst consensus estimate of $240.12 million by 7.98 percent. This is a 272.36 percent increase over sales of $69.63 million the same period last year.

BANC

Banc of California Q2 EPS $0.12 Misses $0.19 Estimate, Sales $259.28M Beat $240.12M Estimate

Encavis AG reports FY results

Encavis AG reports Q1 results

Encavis AG (ENCVF) Q1 2024 Earnings Call Transcript

Encavis

KKR &amp; Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) plans to launch a voluntary public takeover offer to all shareholders of&nbsp;Encavis&nbsp;AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ENCVF#OTC">ENCVF</a>) for an equity value of around €2.8&nbsp;<a target="_blank" href="https://www.encavis.com/en/newsroom/press-releases/2723913-encavis-ag-execution-of-an-investment-agreement-with-kkr-to-accelerate-encavis-growth-and-announcement-of-a-voluntary-public-takeover-viessmann-to-invest-as-co-investor-in-kkr-led-consortium" rel="noreferrer noopener">billion</a>.



Elbe Bidco, an investment vehicle owned by KKR, plans to offer a cash consideration of €17.50 per Encavis share.



This represents an attractive premium of 54% to the undisturbed closing share price and 33% to the undisturbed three-month volume-weighted average share price as of March 5, 2024.



Abacon Capital and other existing shareholders have signed binding agreements to sell around 31%, partly roll over Encavis shares to Bidco, and fully support the offer.



Also, family company Viessmann will invest as a co-investor in the consortium led by KKR. The offer, subject to various Offer conditions, is projected to close in the fourth of 2024.



Vincent Policard, KKR&#8217;s Partner and Co-Head of European Infrastructure stated, &#8220;Unlocking the full potential of renewable energy requires expertise as well as substantial long-term capital. We are pleased that KKR&#8217;s strategic investment will provide Erik with the necessary long-term financial resources at a pivotal time for the Company and position it to seize emerging opportunities and solidify its strength in the clean energy landscape Furthermore, it also contributes to fostering a more energy-independent Europe.&#8221;&nbsp;



Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37588671/kkr-bets-big-on-e-procurement-snags-mdf-commerce-in-c-255m-cash-deal" rel="noreferrer noopener">KKR Bets Big on E-Procurement: Snags mdf commerce In C$255M Cash Deal</a>



Bidco aims to boost growth in all segments of the Encavis and targets to reach 7 GW of installed capacity by year-end 2027, which is above the current target of 5.8 GW, with continued growth thereafter.



The deal is also subject to a minimum acceptance threshold of 54.285% at the expiry of the acceptance period, which ensures that Bidco will retain at least 50% of the shares at closing in case holders of the hybrid convertible bond decide to exercise their conversion rights during the transaction.&nbsp;



As of FY23-end, KKR&#8217;s cash and investments&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/36956341/why-investment-firm-kkrs-stock-is-higher-today" rel="noreferrer noopener">stood at $29 billion</a>.



Price Action: KKR shares are trading lower by 0.83% at $97.14 on the last check Thursday.



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Latest news for Encavis (OTC:ENCVF) Stock

Thursday, March 14, 2024