Business & Corporate news from the last 24 hours, AI-curated by PiQ Markets

FIFA has abandoned its plan to sell a 20% stake in its commercial arm, valued at $20 billion, following widespread opposition from soccer officials and executives globally. The proposed deal, which aimed to raise up to $4.2 billion, faced significant backlash from regional confederations, including UEFA. A senior adviser resigned in protest, and the withdrawal raises questions about FIFA President Gianni Infantino's political standing.

Private equity firm KKR is nearing a $4.3 billion deal to acquire medical device outsourcing company Integer Holdings, with shares rising 11% on the news. Meanwhile, NXP Semiconductors is reportedly in talks to acquire AI chip designer Ambarella, a move that could enhance NXP's autonomous driving and software-defined vehicle technologies. In a separate development, Saipem and Subsea7 have received clearance under U.S. antitrust law to proceed with their merger, although international approvals remain outstanding.

Alimentation Couche-Tard is acquiring Poland's largest convenience store chain, Zabka Group, for $8.7 billion, marking its largest acquisition and expanding its Eastern European presence. In a separate development, Seven & i Holdings, operator of 7-Eleven, will receive a $1.9 billion investment from SoftBank Corp. and other partners to revamp its convenience store operations and expand its footprint.

Robert Bush, owner of Legacy Independent Funeral Services, has been sentenced to 20 years in prison for neglecting dozens of bodies and mishandling ashes. Bush pleaded guilty to 67 offenses, including preventing lawful burial and fraud. The discovery of decomposing remains and incorrect ashes at his Hull funeral home led to the charges.

Intercontinental Exchange's mortgage technology division reported its strongest quarterly performance since early 2022, with revenues increasing 5% year-over-year. This growth coincides with the company's announcement of its acquisition of the fixed income trading platform MarketAxess for $5.7 billion. The acquisition is expected to enhance ICE's data and analytics capabilities, particularly in the fixed income markets.

A judge has ruled that private equity investors orchestrated a plan to oust Peter Waddell, founder of the £300 million company Big Motoring World. Waddell was dismissed for gross misconduct over racist and sexist remarks. However, the judge found that investors deliberately allowed his behavior to persist to facilitate his removal and gain control of the company. The ruling suggests a deliberate strategy by investors to engineer Waddell's departure.

Vietnamese conglomerate Vingroup is expanding into new sectors, including urban railways and renewable energy, to diversify its business portfolio. This strategic move is being funded by strong performance in its property sales. The expansion comes as Vingroup's electric vehicle subsidiary, VinFast, continues to report losses, prompting the company to explore international markets for its EV unit.

Matthew Kawa, owner of Paradigm Peptides, has been sentenced to over five years in prison for distributing unapproved medicines, including supplements mixed with testosterone, to consumers worldwide. His sister, Jennifer Stechkober, received a 16-month sentence. The company misled customers by claiming its products were tested and manufactured in the U.S., when in reality, they were imported and unanalyzed.

US technology billionaire Nikesh Arora is reportedly leading a consortium of investors in a bid exceeding $1 billion for the NBA's new London franchise. Arora, CEO of Palo Alto Networks, has prior experience in sports team ownership, having previously led a group that acquired a stake in a London cricket team. The bid signifies significant interest in expanding the NBA's international presence.

Companies are actively pursuing major mergers and acquisitions, capitalizing on a perceived favorable regulatory climate and a robust stock market bolstered by AI investments. This surge in deal-making is global in scope, with significant transactions being led by large corporations. The current environment suggests a strategic push by businesses to consolidate and expand their market positions through significant M&A activities.

Stellantis is recalling more than 1.5 million Ram 1500 pickup trucks worldwide due to two distinct safety concerns. One issue involves a potentially loose second-row seat belt anchor, while the other is a software defect that can deactivate the electronic stability control system. The automaker has reported one injury that may be linked to these problems.

Makino Milling Machine has rejected a takeover bid from private equity firm NSSK, citing concerns over government approval due to economic security issues. This decision echoes a previous government recommendation to halt a bid from another foreign investor, MBK Partners. The company's stance highlights the increasing scrutiny of foreign investment in sensitive industries within Japan.

Goodwill, the largest thrift organization globally, is implementing an artificial intelligence strategy to identify and sell high-value items online before they reach physical stores. This move aims to boost the nonprofit's revenue and compete in the expanding online resale market. However, the strategy is reportedly squeezing independent resellers who previously depended on sourcing these valuable items from Goodwill locations.

Avison Young's UK bank accounts have been unfrozen following a dispute with NatWest Group over unpaid taxes. The commercial real estate firm owed over £7.7 million to His Majesty's Revenue and Customs and had entered into multiple payment plans. A judge ordered the accounts to be unfrozen after the tax liability was addressed.

Swift Partners has acquired the retailer Argos from Sainsbury's for £120 million. This transaction concludes Sainsbury's decade-long ownership of the catalogue retailer, which has reportedly been a financial burden. The acquisition is led by retail veteran Richard Pennycook.

NEXA Lending CEO Mike Kortas is actively recruiting loan officers from loanDepot, citing the latter's financial struggles and ongoing lawsuits. Kortas has extended offers with incentives to loanDepot employees, emphasizing NEXA's competitive compensation and product suite. This recruitment drive comes as loanDepot faces significant financial headwinds and legal challenges.

Three independent board members of Ukraine's Danube Shipping Company (UDP) claim they are being set up to fail. They allege facing pressure to make detrimental decisions and are targets of disinformation campaigns. The board members report an inability to enact necessary changes, attributing these challenges to severe financial and management issues within the company. They believe these circumstances are designed to blame them for the company's ongoing problems.

Compass is integrating its proprietary Home Platform technology across Anywhere Real Estate brands, including Corcoran, following its $1.6 billion acquisition. This move aims to enhance agent productivity and offer a competitive advantage in the evolving, AI-driven real estate market. The platform, developed over ten years, is now accessible to agents from acquired companies, signaling a significant step in Compass's strategy to leverage technology for market dominance.

Netflix faces a $105 million lawsuit from a U.K. production company and filmmaker who allege the streaming service lost a hard drive containing an unreleased Nicolas Cage film. The loss of the hard drive is claimed to have severely damaged the movie's commercial prospects and exclusivity. The lawsuit seeks substantial damages for the alleged negligence and breach of contract.

Noma restaurant in Copenhagen reopens with new leadership, appointing Pablo Soto as executive head chef. This move follows allegations of abusive working conditions under co-founder René Redzepi. The restaurant aims to maintain its high culinary reputation while prioritizing employee well-being.