Friday, 16 Apr 2021

KPS Capital Partners To Buy EMEA Food And Consumer Packaging Biz From Crown Holdings For $2.7 Bln

Oil Futures Settle Lower On Demand Concerns

Crude oil prices edged lower on Thursday, weighed down by concerns about the outlook for energy demand due to rising coronavirus cases and reports about extended lockdown measures in several countries around the world.

Recent data showing a surge in U.S. gasoline stocks weighed as well. The Energy Information Administration’s data on Wednesday showed gasoline stocks increased by 4 million barrels versus expectations of a declines as refiners ramped up production before the summer driving season.

Traders were also following the progress on the U.S.-Iran nuclear deal front and weighing plans by OPEC+ to progressively add production amid bets on a significant boost in oil demand over the coming months as vaccinations gain pace.

West Texas Intermediate crude oil futures for May ended down $0.17 or about 0.3% at $59.60 a barrel.

The Organization of Petroleum Exporting Countries and its allies have announced a roadmap to ease production curbs over the three months to July by restoring more than 2 million barrels a day.

U.S. plays down expectations for Vienna Iran nuclear talks

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WASHINGTON (Reuters) – The U.S. State Department on Thursday played down expectations for talks on how Washington and Tehran might resume compliance with the 2015 Iran nuclear deal and said the U.S. envoy was likely to return home as the talks break for the weekend.

While echoing descriptions of the talks as “constructive,” State Department spokesman Ned Price told reporters “we would also, however, hasten to not allow expectations to outpace where we are.”

Nigerian Woman Gets Gold for Martial Arts Skills

A heavily pregnant Nigerian athlete has clinched a gold medal at the ongoing National Sports Festival, securing gold in the multi-sport event, which happens every two years in the country. Aminat Idrees, 26, who is eight months pregnant, won in the Mixed Poomsae category in Taekwondo, organizers said Monday, describing her achievements as “inspiring.” Idrees, who could be seen in a footage shared on Twitter demonstrating different combat techniques, also picked up other medals in a non-combat simulated category of Taekwondo known as Poomsae.

Gold Futures Settle At 6-week High

Gold prices moved higher on Thursday and lifted the most active gold futures contract to a six-week high, thanks to a weak dollar and expectations inflation will rise in coming months.

The advance by gold also came after Federal Reserve Chair Jerome Powell’s comments that the bank would like to see actual evidence of economic growth before considering any policy tightening. He also reiterated expectations that an anticipated rise in inflation this year would be temporary.

The dollar index drifted down to 92.00, losing more than 0.5%. The index was last seen at 92.07, down by about 0.4%.

The drop in the yield from U.S. 10-year Treasury Note contributed as well to gold’s uptick.

Gold futures for June ended up $16.60 or almost 1% at $1,758.20 an ounce, the highest settlement since February 25.

Silver futures for May gained 1.3% to settle at $25.590 an ounce, while Copper futures for May ended up nearly 1% at $4.10 per pound.

Data released by the Labor Department this morning showed first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended April 3rd, edging up to 744,000, an increase of 16,000 from the previous week’s revised level of 728,000.

Jobless claims rose for the second straight week after falling to a one-year low of 658,000 in the week ended March 20th.

The continued increase surprised economists, who had expected jobless claims to drop to 680,000 from the 719,000 originally reported for the previous month.

Shooting suspect Phillip Adams played college football at South Carolina State

Former South Carolina State football player Phillip Adams was reported to be the suspect in a shooting in Rock Hill, South Carolina on Wednesday where five people were killed. Adams reportedly died by suicide hours later.

Adams is known for the seven NFL seasons he played with six teams, but he is from Rock Hill and recently moved back to the town, his father Alonzo Adams told WCNC- Charlotte. The football player went to Rock Hill High School before attending South Carolina State, over 100 miles north of his hometown.

He played in 42 games during his four-year career for the Bulldogs and was part of the back-to-back Mid-Eastern Athletic Conference titles the team won in 2008 and 2009.

KPS Capital Partners To Buy EMEA Food And Consumer Packaging Biz From Crown Holdings For $2.7 Bln

KPS Capital Partners LP Thursday said it agreed to buy the Europe, Middle East and Africa food, aerosol and promotional packaging business from Crown Holdings Inc. (CCK) for 2.25 billion euros, or around $2.7 billion.

Crown Holdings will retain 20% ownership of the company. The transaction is expected to close in the third quarter of 2021.

The EMEA Food and Consumer Packaging Business is a manufacturer of steel and aluminum food packaging in Europe. The EMEA Food and Consumer Packaging Business generates annual revenue of around 2.0 billion euros.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, “We are excited to acquire one of the largest metal packaging businesses in Europe. The size and scale of the business, the breadth of its products and its critical food safety technology and process disciplines developed over decades, coupled with growing end-markets, are the foundation of a tremendous investment platform.”

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