Jul 11, 2017

Warren Buffett gets competition for Oncor

Dan Primack

AP Photo/Nati Harnik, File

Hedge fund Elliott Management said it is putting together a superior offer to Berkshire Hathaway Energy's $18 billion bid for the bankrupt parent company of electric grid giant Oncor, of which Elliott is the largest creditor.

  • Why it matters: Oncor is the largest electric utility in Texas, and one of the country's largest power transmission companies. Plus, the spectacle of Paul Singer vs. Warren Buffett (getcha popcorn ready).
  • Bottom line: "The offer... would be a rare challenge to Buffett, who avoids auctions for companies and has told his investors he does not like to participate in bidding wars. But even without a competing bid, Buffett's deal faces a difficult road securing the approval of a bankruptcy court judge without Elliott supporting it." – Jessica DiNapoli, Reuters

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Rebecca Falconer

GM to exit Australia, New Zealand and Thailand

GM's Holden brand is popular among racing fans down under, and it's been a regular fixture at events like the Bathurst 1000 V8 Supercar Race in Australia. Photo: Speed Media/Icon Sportswire via Getty Images

General Motors is retiring its celebrated Holden brand from sales in Australia and New Zealand after 160 years and winding down operations by 2021, the company confirmed in a statement Monday.

The big picture: GM also intends to "sell its Rayong factory in Thailand to China's Great Wall Motors and withdraw the Chevrolet brand from Thailand by the end of this year," AP reports. "The downsizing is part of a long-running strategy at GM since the Detroit-based company emerged from bankruptcy in 2009," per Bloomberg.

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Rebecca Falconer

In photos: Deadly Storm Dennis lashes U.K., Ireland and western France

A family is rescued from a property in Nantgarw, Wales, on Sunday. The storm comes a week after the U.K. was battered by storm Ciara, which killed two people, per the BBC. Photo: Matthew Horwood/Getty Images

Storm Dennis continued to pummel parts of England, Wales and Ireland over Sunday night with heavy rain after battering Northern Ireland and Scotland, per the official British weather agency the Met Office.

Why it matters: It's the second-strongest nontropical storm ever recorded in the North Atlantic Ocean, with its hurricane-force winds and heavy rains that caused widespread flooding across the U.K., the Washington Post notes. Police in Wales confirmed Sunday they found the body of a man who fell into a river as the storm lashed Ystradgynlais.

See photosArrow1 hour ago - World
Axios

Sanders accuses Bloomberg of trying to "buy" the 2020 election

Sen. Bernie Sanders and Mike Bloomberg. Photos: Drew Angerer; Brett Carlsen/Getty Images

Sen. Bernie Sanders tore into 2020 rival Michael Bloomberg at a Las Vegas campaign event Saturday, saying the billionaire and former New York mayor is trying to "buy the presidency" by paying millions of dollars in advertising.

Why it matters: Bloomberg has surged in national polling recently, having poured millions of dollars into campaign ads largely targeting Trump. His candidacy has become an obvious foil for Sanders, whose grassroots campaign railing against billionaires and the establishment has vaulted him to front-runner status.

Go deeperArrowUpdated 2 hours ago - Politics & Policy