A major merger in green power and automobile manufacturing saw Elon Musk’s Tesla Motors buy his other green company, panel manufacturer SolarCity. Japanese steelmakers increased output for the first time since 2014.
Tesla to Buy SolarCity
Tesla Motors said it will buy solar panel installer SolarCity for $2.6 billion in shares to form a one-stop clean energy shop.
The deal is a major part of Tesla Chief Executive Elon Musk’s master plan “part deux” that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. Musk is also a major shareholder in SolarCity. The combined entity will offer consumers solar panels, home battery storage systems and electric cars under a single brand.
The actual purchase price in the all-stock deal is $25.83 a share for Tesla to buy SolarCity’s stock. SolarCity actually closed at $26/share on Friday.
Japan’s Top Steelmakers Boost Output
Japanese steelmakers boosted output over April to June, with top producer Nippon Steel & Sumitomo Metal posting its first such increase since 2014 on improved prices, but their annual profits are expected to be eroded as a firm yen hurts key customers.
Higher Japanese output, at a time when the world’s biggest producer China is also churning out record volumes, could dent a recovery in Shanghai steel futures that have risen 40%t in 2016 after plunging 70% over the past six years on a global supply glut.