Mergers

Mergers and acquisitions came back with a bang in the third quarter as executives rushed to revisit deals left on hold at the height of the coronavirus pandemic and boardrooms regained confidence after a roller-coaster year.

Chevron Corp (CVX.N) said on Monday it would buy Noble Energy Inc (NBL.O) in a $5 billion all-stock deal, bolstering its shale presence as a plunge in crude prices have made assets cheaper.

Uber agreed to buy Postmates, the fourth-largest U.S. delivery food service, for $2.65 billion in stock. Uber had attempted to acquire GrubHub last month but talks failed. Uber’s deal for Postmates will likely draw less regulatory scrutiny than an acquisition of GrubHub.

Uber Technologies Inc (UBER.N) CEO Dara Khosrowshahi has spent much of his career deftly negotiating acquisitions. Yet his $6.5 billion all-stock bid for Grubhub Inc (GRUB.N) ended with the food delivery company being acquired by European rival Just Eat Takeway.com NV (TKWY.AS).

Crisis creates business opportunities. This time, M&A activity will lead the way, and buyers will be in the driver’s seat.

Boeing has terminated a long-planned $4.2 billion deal with the Brazilian aerospace manufacturer Embraer after negotiations broke down shortly before a Friday night deadline, due to cash shortages.