The strategy would allow existing shareholders to buy additional shares at a discount, diluting the ownership stake of billionaire Elon Musk, who has offered to buy the company for $43 billion.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
U.S. seafood imports fuel Russian war machine
Fishing is big business in Russia, one closely linked to the Kremlin and Vladimir Putin’s projection of power at sea.
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Posted inBusiness, News
Regulators approve CSX’s purchase of Pan Am Railways
The deal will expand CSX’s 23-state network into Vermont, New Hampshire and Maine while adding to its reach in New York, Connecticut and Massachusetts.
Posted inBusiness
Retail sales rise modestly in March amid soaring inflation
Retail sales increased 0.5 percent as shoppers still showed resilience in spending.
Posted inBusiness
Big bank profits decline as deal-making, mortgages slow
Banks are often seen as a proxy for the overall economy, and the first quarter of 2022 has been considerably rougher than a year earlier.
Posted inBusiness, Maine, News
Maine’s tourism industry rebounds from pandemic, but challenges remain
More than 15 million visitors came to Maine last year, and spending ballooned to more than $7 billion.
Posted inBusiness, Nation & World
U.S. long-term mortgage rates rise to highest level in 11 years
Borrowing costs have been soaring since the start of the year.
Posted inBusiness, Nation & World
Tesla CEO Elon Musk offers to buy Twitter for $43 billion
Musk has described himself as a ‘free speech absolutist’ but is also known for blocking other Twitter users who question or disagree with him.
Posted inBusiness, Maine, News
Hannaford’s goal: Use only renewable power by 2024
To meet its goal, it’ll need a multi-pronged approach, buying renewable energy and employing a host of strategies to reduce demand.
Posted inBusiness
Delta loses $940 million; bookings surge
Shares of the Atlanta-based airline jump more than 6 percent.