Ticker: Saks Fifth Avenue's parent company is acquiring Neiman Marcus for $2.65 billion, and Amazon will retain a minority stake.

The parent company of Saks Fifth Avenue has reached an agreement to acquire its prestigious rival, the Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman, for $2.65 billion, with the online retail giant Amazon acting as a minority shareholder. The new entity will be named Saks Global and will include the brands Saks Fifth Avenue and Saks OFF 5TH, as well as Neiman Marcus and Bergdorf Goodman. Additionally, it will take control of the real estate assets of the Neiman Marcus Group and HBC, the holding company that purchased Saks in 2013. This agreement comes after months of speculation that the department store chains had been engaged in active negotiations.

The Chinese car manufacturer BYD has opened its first factory in Thailand.

This is part of the company's strategy to expand its presence in the Southeast Asian market, as well as to capture more affluent segments in the US and Europe. The opening of the new factory coincides with the day when the European Union is expected to introduce higher tariffs on electric vehicles produced in China, due to growing concerns about competition from cheaper imported cars.

The factory in the Rayong area, located south of Bangkok, was built in just 16 months and is capable of producing 150,000 cars per year. It manufactures several BYD models, as well as batteries and transmissions.

The announcement was published on July 6, 2024, at 4:59 PM.