AUGUSTASIA BUSINESS OUTLOOK8USA'S SEC APPROVES MERGER OF VINFAST & BLACK SPADEThe U.S. Securities and Exchange Commission (SEC) has declared effective the registration statement of Vietnamese automaker VinFast Auto Pte. Ltd. (VinFast) and special purpose acquisition company Black Spade Acquisition Co (Black Spade).According to a statement issued by VinFast on Friday, Black Spade has scheduled an extraordinary general meeting of shareholders (EGM) on August 10 to approve the proposed business combination with VinFast.VinFast has an enterprise value of $27 billion and an equity value of $23 billion as a result of the business combination.The transaction is expected to close in August 2023, followed by VinFast's listing, subject to shareholder approvals and other customary closing conditions."Today represents a remarkable milestone in advancing VinFast's presence in the U.S. as we move towards our proposed U.S. listing," said Madame Thuy Le, Global Chief Executive Officer of VinFast Auto Pte. Ltd."Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina,"These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an electric vehicle (EV) easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions," she added.Dennis Tam, Co-Chairman and Chief Executive Officer of Black Spade Acquisition, stated that the SEC effectiveness declaration is a significant step towards the successful completion of the business combination between Black Spade and VinFast."We have diligently sought out a partner who aligns with our vision, and we are confident that this merger will position us for long-term success," he stated. ADIDAS RENEWS PARTNERSHIP WITH MANCHESTER UNITED WITH MINIMUM GUARANTEE OF $1.16 BILLIONM anchester United renewed its 10-year partnership with official kit supplier Adidas on July 31, with a minimum cash guarantee of 900 million pounds ($1.16 billion). The new agreement, signed ahead of the start of the 2023/24 Premier League season next month, will extend the partnership until June 2035, according to the club.Manchester United will compete in the lucrative Champions League again this season. The 20-time English champions raised their annual forecast last month. The original agreement with Adidas, according to the company's most recent annual report, links a portion of the yearly payments to the club's participation in the Champions League.Failure to play in the Champions League for two more consecutive seasons reduces the club's annual payments by 30% of the applicable amount, according to the agreement. After its American owners, the Glazer family, launched a formal sale process late last year, United is still in talks to sell itself. NEWS ROOM
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