Aug 25, 2017

Week in Review, August 26

Vendors St Modwen, which owned the site together with the French construction group Vinci, said on Monday it had completed a sale of the site after agreeing a deal with Wanda - but it then emerged that Wanda was no longer the buyer, following a last-minute switch. Regulators have warned against lending to the company, and have asked banks to probe their exposure to Wanda and three other aggressive Chinese groups. AP Moller-Maersk called time on its day as a conglomerate as the Danish group sold its oil unit to France's Total for $7.5bn, writes Richard Milne. The French group is also assuming $2.5bn of debt that Maersk is pushing down into its oil unit. John Watson took over as chief executive of Chevron at the start of 2010 and steered it through a turbulent period for the industry, delivering better shareholder returns than for any of its peers among the large western oil groups, writes Ed Crooks.

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