Chinese Stocks, Yuan Primed for Gains on Return From Holidays
Chinese shares and the onshore yuan climbed on their return from a holiday, with sentiment boosted by Beijing’s supportive policy stance.
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Chinese shares and the onshore yuan climbed on their return from a holiday, with sentiment boosted by Beijing’s supportive policy stance.
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Nov 9, 2020
Bloomberg News
,Home improvement retailer Lowe’s Cos. is in preliminary talks to buy building products distributor HD Supply Holdings Inc., according to people familiar with the matter.
Talks are ongoing, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and discussions could fall through, the people said.
It’s unclear whether HD Supply is talking to other suitors.
Representatives for HD Supply and Lowe’s didn’t immediately respond to requests for comment.
HD Supply rose 0.6 per cent to close at US$43.75 in New York on Monday, giving the company a market value of about US$7.1 billion. Lowe’s fell 8.9 per cent to close at US$153.45, giving it a market value of about US$116 billion.
HD Supply used to be owned by Lowe’s rival Home Depot Inc., which sold the company to private equity firms in 2007. They took it public about six years later.
One of the largest industrial distributors in North America, HD Supply provides everything from bleach, to doors and ceramic tile to about 500,000 customers from 270 branches and 44 distribution centers, according to its annual report.
Lowe’s, like the larger Home Depot, has been thriving during the pandemic.
Sales have skyrocketed this year with socially-distancing Americans splurging on their properties at home-improvement chains that stayed open because they were deemed essential.
With more customers than ever before, Lowe’s is trying to ride the momentum into winter -- generally its slowest quarter before busy spring cleanups -- by stocking up on more holiday gifts than usual, like trampolines and Ninja air fryers.