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Fly News Breaks for January 29, 2020
Jan 29, 2020 | 07:42 EDT
BofA upgraded BorgWarner (BWA) to Buy from Neutral with an unchanged $52 price target. BorgWarner management continues to execute "admirably" on its "Core to Future" transition by re-positioning its legacy business, investing in and leading future powertrain technology, and executing on strategic M&A, such as its just-announced deal to buy Delphi Technologies (DLPH), the firm stated.
News For BWA;DLPH From the Last 2 Days
Oct 26, 2021 | 12:18 EDT
Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly.  1... To see the rest of the story go to See Story Here
Oct 26, 2021 | 10:05 EDT
In a regulatory filing, Romeo Power (RMO) disclosed that on October 25, BorgWarner (BWA) delivered a written notice to the company that BorgWarner is electing to exercise a right under the companies' joint venture operating agreement, dated May 6, 2019, to put its ownership stake in the BorgWarner Romeo Power LLC joint venture to Romeo. The operating agreement, together with the intellectual property license agreement, dated May 6, 2019, govern the operations of the joint venture, which is owned 40% by Romeo and 60% by BorgWarner Ithaca LLC. The operating agreement provides BorgWarner a right to cause Romeo to purchase BorgWarner's 60% ownership stake in the joint venture, the filing noted. "Pursuant to the terms of the operating agreement, upon exercise of a party's put right, the company and BorgWarner are required to select a nationally recognized valuation firm to determine the market value of the joint venture as of the date the put is exercised using comparable company, discounted cash flow and other standard valuation methodologies used by investment banks. The price to be paid for BorgWarner's ownership stake will be 95% of the market value of such stake based upon the joint venture valuation, reflecting a 5% discount applicable because BorgWarner is exercising such put within the third year after the date the joint venture was established, as contemplated by the operating agreement. The parties will be obligated to consummate Romeo's purchase of BorgWarner's ownership stake in the joint venture within 30 days of the joint venture valuation being determined," the filing stated.