US Tech Giants’ AI Bond Boom Raises Euro Zone Borrowing Risks 
Nvidia Eyes $2.5 Billion Investment in Thinking Machines Lab 
Honda Targets $9.4 Billion in Cost Cuts as China EV Competition Intensifies 
Adobe Names Anil Chakravarthy CEO as AI Push Accelerates 
Xiaomi Shares Jump on Europe EV Expansion Plan 
Thomson Reuters C-Track Cyberattack Hits Courts Across U.S. and Canada 
Fast Retailing Shares Drop as Uniqlo Japan August Sales Fall 
GSM Eyes US, Europe Expansion Ahead of 2028 Hong Kong IPO 
Tesla Cybercab Launch Puts Robotaxi Ambitions in Focus 
Anthropic Nears $15 Billion Credit Deal Ahead of IPO 
Lenovo Shares Fall After Dropbox Security Breach Exposes ID Vulnerability 
SpaceX Turbine Push Unlikely to Threaten Howmet, Bernstein Says 
Milei Threatens Falkland Oil Firms With Sanctions 
Lynas Rare Earths Shares Rise After Takeover Talks Revealed 
Shein Shares Drop 5% After Weak Hong Kong IPO Debut 
Berkshire Hathaway Eyes Bigger Stakes in Japan’s Top Trading Houses 
Add as a preferred source on Google
Baidu Inc. has called off its deal to buy Joyy Incorporated's China-based live streaming unit. The latter is a global video-based social media platform, and the said Chinese tech company specializing in Internet-related services and products will no longer acquire its live broadcasting division.
Baidu Inc. said it has terminated its $3.6 billion acquisition deal with Joyy Inc., which was announced on Monday, Jan. 1, through a filing with the Hong Kong Stock Exchange (HKEX). According to Reuters, the deal's collapse clouds up Baidu's goal of diversifying its revenue. It proposed to buy YY Live, Joyy's entertainment livestreaming business in China, in 2020.
Scrapped Purchase Agreement
Moon SPV Limited, a Baidu affiliate, is the one that canceled the company's share purchase agreement with Joyy. It explained that due to the conditions of closing the deal YY Live provided, it has decided not to continue with the acquisition.
In its exchange filing this week, Baidu said it is not fully satisfied with the conditions. CNN Business further reported that the negotiations ended up to nothing as some conditions were not met on the final deadline set on Dec. 31. In any case, one of the terms also included securing required regulatory approvals from governmental regulators.
Hitting a Roadblock for Its Goal of Expansion
The termination of the multi-billion deal dampened Baidu's bid to expand its livestreaming division in China further. In connection with the cancellation of the agreement, Joyy released a statement saying Baidu's affiliate had already notified it on Monday.
Joyy Inc. added that Baidu also asserted its right to cancel the transaction in the notification. Meanwhile, the company said. It is now seeking legal advice for the failed transaction.
Photo by: Simone Brunozzi/Flickr(CC BY-SA 2.0)
