Manchester United shares rise amid reported Saudi buyout bid
Manchester (AP): Shares of Premier League club Manchester United rose sharply ahead of the deadline for takeover bids and reported interest from Saudi Arabia.
The stock closed at $26.84 on Thursday, up almost 10 per cent, on the New York Stock Exchange, with potential buyers expected to submit initial offers Friday to merchant bank Raine Group, which is handling the sale for United's current owners, the Glazer family.
With a bid also expected to come from Qatar, reports of a move from Saudi Arabia could heighten the possibility of the sale price reaching an estimated $6 billion.
Jim Ratcliffe, the British billionaire owner of petrochemicals giant INEOS, is the only contender to publicly confirm his intention to bid, but there has been increased speculation about wider interest in recent days.
The Telegraph reported Thursday that groups in Saudi Arabia are interested in bidding.
Friday has been described as a soft deadline before the sale process gathers pace.
The Glazers, who also own the NFL's Tampa Bay Buccaneers, announced on Nov. 21 their intention to seek outside funding. Since then, United's share price has more than doubled from $13.08 on the day of the announcement.
Saudi interest has long been speculated and latest reports come on the back of an expected bid from another Middle Eastern country, Qatar.
There could also be interest from America after a host of U.S. bidders entered the race to buy Chelsea last year.
The Glazers have repeatedly resisted attempts from United fans to drive them out since buying the club in 2005.
The possibility of partial investment as well as a full sale have been explored.
It is not known if any potential buyer is prepared to go as high as the widely estimated price of $6 billion given the extra level of investment required to redevelop Old Trafford stadium.
Raine handled the sale of Chelsea, which was bought by Todd Boehly and Clearlake Capital for $3 billion a record for a soccer team.
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Minister Patil chairs industry meetings to chart growth for key sectors in Karnataka
Bengaluru (PTI): Karnataka Minister M B Patil on Tuesday chaired meetings with industry representatives from the aerospace and defence, machine tools, auto/EV, and green energy sectors to discuss sector growth and government support measures.
The meetings were attended by leading industrialists and their representatives, with some participating virtually.
Speaking on the occasion, the minister for Large and Medium Industries said Karnataka is at the forefront of the country’s aerospace and defence sectors.
He noted that Suzuki and Toyota plan to launch aerial taxi services in Japan by 2028, with Bengaluru-based Sasmos supplying electrical equipment for the project.
Industrialists suggested introducing similar “fly-taxi” services in Karnataka through an appropriate policy, which Patil said would be examined seriously.
The minister highlighted the need to establish testing centres and Common Facility Centres for the aerospace and defence industries and assured that these facilities would be provided.
Suggestions were also made to prepare a comprehensive roadmap for sector growth.
Karnataka has urged the Central Government to approve Defence Corridor projects in the Bengaluru North–Kolar–Chikkaballapur and Dharawada–Vijayapura–Belagavi regions.
Industrialists also suggested a corridor between Bengaluru and Mysuru, Patil said.
He said Karnataka aims to become a hub for defence electronics manufacturing, with plans to establish a 200-acre Defence Electronics Park and a 100-acre Avionics and Sensor Park.
These projects will be implemented once the Special Investment Region is operational, and land availability will not be an issue.
On the machine tools sector, Patil said the industry has recorded an annual turnover of Rs 36,500 crore and is witnessing steady growth.
Large-scale exhibitions have increased demand, and the state must strengthen its capabilities to develop control systems for heavy machinery. One testing unit is already operational in Bengaluru, with another planned for Tumakuru. Expansion of vocational training institutes in industrial areas is also underway.
In the Auto and EV sector, Vision Group members highlighted the need for a network of dry ports and more EV charging stations across the state.
Patil noted that the Tata Group is manufacturing EV buses in Dharawada for nationwide supply. Plans for mini excavator production and export facilitation were also discussed, along with the establishment of a testing facility for two-wheeler EVs.
For the Green Energy sector, the group emphasised the need for a suitable policy on battery-based energy storage and the establishment of data centres.
Patil assured that the government will seriously consider all suggestions and respond positively.
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