EasyJet takes off again. For the first time since March 30, EasyJet is back in operation on a reduced number of rotations. The restart flight took place this morning with a departure from London Gatwick to Glasgow. Some routes to France, Switzerland, Italy and Portugal will also reopen. The company, together with British Airways and Ryanair, has also launched a procedure against the quarantine decision (in this case for 14 days) taken by the British authorities in the context of Covid-19.
Video games for sale. CNBC has learned that AT&T is considering selling the video games division of Warner Bros. for $4 billion, with expressions of interest from Take-Two, Electronic Arts and Activision Blizzard. None of the companies involved have been willing to respond, so the news remains at the rumor stage for the time being. Analysts point out that this could launch a new round of consolidation in the sector. Warner produces games such as Harry Potter and the Mortal Kombat series.
Cineworld and Cineplex cancel their merger... Britain's Cineworld gives up its bid to buy Canada's Cineplex. The buyer, who had offered $1.65 billion, believes that its target did not respect the terms of the initial agreement. But without specifying the details. The Canadian group counterattacked by replying that the British company was trying to get rid of its bonds because of Covid-19. This case has every chance of ending up in court.
Change in the S&P500. Tyler Technologies, Teledyne and Bio-Rad will enter the S&P500 on June 22nd. These companies replace Harley-Davidson, Nordstrom and Alliance Data Systems, which are returned to the S&P MidCap 400.
Hertz persists and signs. The court authorizes Hertz to launch a capital increase despite the ongoing bankruptcy proceedings. This operation is controversial, and would not have taken place if the stock had not burst into flames in recent days. In any case, it sets a precedent for a company of this size. The gamble is risky: if the turnaround fails, the shares will be worthless.
BP less optimistic. The oil giant has revised downwards its projections on long-term oil prices, resulting in a de facto accounting depreciation of its assets in the range of $13 to $17.5bn. BP Plc estimates the average price of oil at USD 55 for 2021 / 2050.
In other news. Commerzbank defers Cerberus' appeal to be represented on the board of directors. AstraZeneca will supply Europe with 400 million doses of its future vaccine. Tencent acquired a 1.6% stake in Warner Music. LumX wants to raise funds. Unilever will inject €1 billion over 10 years into an investment fund dedicated to climate change. The Chinese central bank has given its green light to American Express to launch a bank card clearing network in China.