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Casino operator Boyd Gaming Corp. has approached Penn Entertainment Inc. with an eye towards an acquisition, Reuters reported Thursday, citing people familiar with the matter.
Penn Entertainment Inc (NASDAQ: PENN) is up nearly 10% on Thursday following a report that Boyd Gaming Corporation (NYSE: BYD) is interested in buying the sports content and gambling company. Penn stock is still down some 20% versus the start of 2024.
U.S. casino operator Boyd Gaming has approached Penn Entertainment to express interest in acquiring its peer, valued at more than $9 billion, including debt, according to people familiar with the matter.
Berkshire Hathaway (NYSE: BRK.A), led by Warren Buffett, was an early investor in BYD (OTC: BUDDY) and has continued to reduce its stake in China's largest electric vehicle maker.
Warren Buffett's investment conglomerate, Berkshire Hathaway, has further reduced its stake in Chinese electric vehicle (EV) manufacturer BYD. A filing with the Hong Kong Stock Exchange on Monday revealed that Berkshire sold 1.3 million BYD shares listed in Hong Kong on June 11.
In an escalating trade dispute, the EU imposes up to 38% additional tariffs on Chinese EVs, raising fears of retaliatory tariffs from China.
24/7 Insights Shares of Chinese EV-maker BYD soared in Hong Kong despite tariffs in the European Union.
LAS VEGAS--(BUSINESS WIRE)--Boyd Gaming Corporation (NYSE: BYD) today announced the appointment of Michael A. Hartmeier to its Board of Directors. Hartmeier is the former group head of lodging, gaming and leisure investment banking for Barclays, and previously served as group head for hospitality and gaming for both Lehman Brothers and Credit Suisse First Boston. During his 25-year career in investment banking, Hartmeier completed more than $125 billion in financing and advisory assignments, in.
BYD's board chair, Wang Chuanfu, has built his company into the largest electric vehicle (EV) maker in the world.
As the EU ponders over imposing tariffs on China's EVs, the stakes are quite high. China needs the EU market amid domestic challenges, while Europe's auto sector relies on Chinese sales and partnerships.