A trial calendar, a Fed approval and a renewables transfer
A federal judge set a 2 March trial on the states' challenge to Paramount's Warner Bros. deal, the Federal Reserve approved Santander's Webster purchase, and TotalEnergies agreed to buy Shell's European onshore renewables.
Economics & Markets··Morning
A 2 March trial on the Paramount-Warner deal
US District Judge Araceli Martínez-Olguín set a 2 March trial on the antitrust suit by twelve state attorneys general led by California Attorney General Rob Bonta against Paramount Skydance's 111 billion dollar bid for Warner Bros. Discovery. Paramount had sought a 4 November date and agreed to hold the merger until after the trial, set for twelve days ending 19 March. The Los Angeles Times reported that Paramount also posted second-quarter results after the close that day: revenue rose 1 per cent to 6.91 billion dollars; profit fell 28 per cent to 41 million dollars, or 4 cents a share. Costs included 153 million dollars of merger-related expenses. Streaming revenue rose 9 per cent to 2.5 billion dollars, with 81.6 million customers. Studios rose 16 per cent to 1.3 billion dollars; television media fell 9 per cent to 3.1 billion dollars. Full-year revenue was guided to 30 billion dollars, and shares closed regular trading up nearly 2 per cent at 8.38 dollars. The 111 billion dollar deal's court calendar thus sits with merger costs and the quarter's figures.[1]
The Federal Reserve's Santander-Webster approval
The Federal Reserve Board announced on Tuesday that it had approved the application by Banco Santander of Madrid and Santander Holdings USA of Boston to acquire Webster Financial Corporation, and thereby indirectly acquire Webster Bank, National Association, both of Stamford, Connecticut. The announcement appeared among the Board's mergers, acquisitions and other applications orders; the full order issued as a separate document. On the same day the Board also approved Coastal Bend Bancshares of Corpus Christi, Texas, to acquire First National Bank in Port Lavaca, Texas. Applicants sit in Spanish and US holding layers; the target is Connecticut-based national bank Webster Bank. The Coastal Bend deal is smaller yet appears on the same day's orders list. The official text states no purchase price, closing timetable or market reaction; the concrete development is public approval of the application. Banking ownership is thus advancing through a Federal Reserve order rather than a court trial calendar.[2]
TotalEnergies' European renewables transfer and three official channels
TotalEnergies said it had signed a deal with Shell for its European onshore renewable energy businesses for an undisclosed amount. Total will take about four gigawatts of generation, mainly solar and wind in operation or under construction in Italy and the Netherlands, plus solar, wind and battery storage projects in Italy, Britain and Spain. A source close to the deal told AFP the sale is worth several hundred million euros. In the same announcement Total said it would sell a 50 per cent stake in a wind and solar portfolio in Germany, Spain, France and Poland to US investment firm KKR, valuing the portfolio at 1.8 billion euros, or 2.1 billion dollars, for about 1.2 gigawatts of generation. Stephane Michel, Total's president for gas, renewables and power, said the two deals optimise capital allocation in renewables while the integrated power strategy continues. Total said it already has nearly 10 gigawatts of European generation built or under way, with a further 27 gigawatts under development. Read together, the three reports show ownership moving through different official decisions: a federal judge set the Paramount-Warner trial calendar; the Federal Reserve approved Santander-Webster; and TotalEnergies' Shell and KKR announcements made concrete where European renewable capacity is being gathered. Large asset packages are moving through a judicial calendar, a banking order and corporate sale announcements.[1], [2], [3]
