Company news in brief

AstraZeneca and Gilead eyes mergerBritain's AstraZeneca has approached US rival Gilead Sciences about a possible merger to form one the world's largest drug companies, Bloomberg News reported on Sunday, citing people familiar with the matter.Such a deal would unite two of the drug makers at the forefront of the industry's efforts to fight the new coronavirus and could be politically sensitive as governments seek control over potential vaccines or treatments.AstraZeneca contacted Gilead last month, but its US rival was not interested in combining with another big pharmaceuticals company, the Bloomberg report said.A spokeswoman for AstraZeneca said the company does not comment on rumours or speculation. Gilead, the world's largest maker of HIV drugs, declined to comment on the report.If combined, the two companies would have a market capitalisation of about US$232 billion, based on Friday's closing share prices. That would exceed Merck & Co and Pfizer at US$207 billion and US$200 billion respectively.Two sources familiar with AstraZeneca's thinking questioned the rationale of a tie-up, telling Reuters that Gilead's remdesivir drug for Covid-19 patients was insufficient to justify pursuing a multibillion-dollar deal that would detract from AstraZeneca's work on a coronavirus vaccine. - Nampa/ReutersLibyan oilfields reopen Two major oilfields in southwestern Libya have reopened after months of a blockade that shut off most of the country's crude production, costing billions of dollars in lost revenue.The state-owned National Oil Corporation (NOC) confirmed on Sunday that some production had resumed at the 300 000 barrel per day (bpd) Sharara oilfield, shut for more than four months.Two engineers at the field told Reuters on Saturday that production was gradually restarting.El Feel, a field linked to Sharara, reopened on Sunday, an engineer there told Reuters. There was no immediate confirmation from the NOC regarding the field, which previously produced 70 000 bpd.The resumptions follow a rapid military retreat by forces loyal to eastern-based commander Khalifa Haftar, whose allies had blockaded oilfields and ports since January, shutting off most of Libya's production. - Nampa/ReutersShell suspends operations Oil company Royal Dutch Shell Plc said it has suspended operations at its Bajada de Añelo site in Argentina's Vaca Muerta area after seismic activity in the region.Shell, which operates the block along with local state oil firm YPF, said in a statement late on Saturday that the preventative suspension of activities came after seismic movements were registered in an area of Argentina's Neuquén province near the Andes mountains bordering on Chile."We are evaluating the information available and the evolution of the situation over the weekend to decide on Monday how to continue. We will resume activities when we consider that conditions are appropriate," Shell said in a statement.Shell operates other areas in Vaca Muerta, a huge region of unconventional hydrocarbons including the Cruz de Lorena, Sierras Blancas, Aguila Mora, and Coirón Amargo Suroeste blocks. The firm did not mention any other suspensions.Argentina's oil sector has already seen production stall due to a nationwide lockdown and plunge in global demand due to the novel coronavirus pandemic. - Nampa/ReutersLufthansa promises Germans Lufthansa will bring home any Germans it flies abroad on vacation, chief executive Carsten Spohr said in a newspaper interview, seeking to assuage holidaymakers' concerns that new coronavirus outbreaks could leave them stranded.Foreign minister Heiko Maas on Wednesday said that Germany would not undertake another repatriation initiative this summer, as it did when the coronavirus pandemic struck earlier this year.But in an interview with the Frankfurter Allgemeine Sonntagszeitung, Spohr sought to address Germans' concerns about booking foreign holidays in case there is a coronavirus outbreak in their country of destination while they are away."We are aware of this concern, which is why we are introducing a homecoming guarantee. Whoever wants to return to Germany, we will bring back," he told the newspaper.Lufthansa has pledged a wide-ranging restructuring, from thousands of job cuts to asset sales, as it seeks to repay a 9 billion-euro (US$10.2 billion) state bailout and navigate deepening losses in the face of the coronavirus pandemic. - Nampa/ReutersFrankie and Benny's to restructureFrankie and Benny's owner Restaurant Group Plc confirmed yesterday it was in talks with its landlords regarding potential restructuring options for its leisure estate, as it struggles with financial pressures following coronavirus lockdowns.The company's announcement comes after a Reuters report last week citing a source familiar with the matter that said it plans to permanently close 100-120 stores, putting up to 3 000 jobs at risk across the UK."The casual dining sector was already facing significant challenges prior to the onset of Covid-19, with overcapacity and significant cost pressures," the company, which operates over 650 restaurants and pubs in the UK, said.The company, whose shares have fallen more than 55% so far this year, said its Wagamama noodle chain, airport concessions and pub operations are not affected by these discussions. The closures will mostly affect Frankie and Benny's outlets, the source said last week. - Nampa/Reuters

Company news in brief

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