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In a not so surprising statement, Union Bank of Nigeria Plc on Thursday announced it has received notification from Union Global Partners Ltd and other existing shareholders of the bank (presumed to be Atlas Mara Limited and other minority holders) of their intentions to relinquish a combined 89.39 percent stake in Union Bank to a new buyer, Titan Trust Bank. Zenith Bank, Access Bank and others were reportedly in talks with Atlas Mara to acquire its stake in Union Bank, according to a Bloomberg report. In May 2021, Investors King reported that Atlas Mara Limited, a London Stock Exchange-listed company, was looking to offset its 49.97 percent stake in Union Bank of Nigeria Plc and exit Africa.
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This followed an agreement reached by Union Global Partners Limited and other major shareholders to divest 89.39 percent shareholding in Union Bank to Titan Trust Bank.
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Titan Trust Bank Limited, the newest national commercial bank in Nigeria is set to acquire an 89.4 percent stake in Union Bank of Nigeria Plc. The group has over the years supported government, corporate and private entities, delivering sophisticated communications programmes that shape awareness, guide opinion and enhance understanding on a national, regional and international basis.
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Since fall 2019, the company has snapped up shares from major media companies.ĭotmount Communications Group, an international strategic communications consultancy that uses an in-depth understanding of public, commercial and political drivers to provide insightful strategic counsel and meet complex communications challenges. “We respect and recognize that chairman Mike Reed has been at the forefront of thought leadership about the convergence of media platforms – and his team’s abilities will be great assets for our firm.”ĭotmount’s new acquisition comes on the heels of a string of acquisitions over the past two years. “In just ten years of existence, the parent company of Pleasures Magazine, Dotmount Communications Group has made an extraordinary impact in the ever-evolving world of media and digital marketing - establishing itself as an emerging dominant player in the field, we are thrilled with this addition to our growing roster of media platforms,” says Adedotun Babatunde Olaoluwa, President and Executive Chairman of Dotmount Communications Group.
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In October, Meta was fined $70 million by the CMA for breaking some rules related to the deal by failing to report necessary information and changing its chief compliance officer on two different occasions without receiving permission. Meta had initially stated that the CMA did not have jurisdiction because Giphy was not operational in the United Kingdom, adding later that Giphy’s paid services were not display advertising by the definition of the CMA. After a month, the CMA started an investigation into the merger and decided in August that Facebook could hinder social media rivals such as TikTok and Snapchat from tapping into Giphy’s GIFs. The CMA was concerned by this move, calling it particularly concerning considering that Facebook is in control of about half of the £7 billion display advertising market in the UK.įacebook had acquired Giphy for a reported fee of $400 million, with an aim of integrating the service into Instagram. That move removed a vital part of potential opposition in the market. The CMA also stated that at the time the merger was made, Giphy’s advertising services were terminated by Facebook. The Authority then added that before the merger, Giphy had launched ”innovative advertising services” which brands like Dunkin’ Donuts and Pepsi which it could possibly have brought to the United Kingdom. It also found that the deal would further boost Meta’s already strong market power, as it would limit other platforms’ ability to use Giphy GIFs, which will, in turn, drive more traffic to sites owned by Facebook (WhatsApp, Instagram and Facebook).Īccording to the CMA, Meta’s sites dominated social media usage time up to around 73 percent, and could eventually outperform social media rivals like TikTok, Twitter and Snapchat by leveraging Giphy. The CMA stated that the merger deal could possibly be harmful to social media users and advertisers in the UK. The United Kingdom’s Competition and Markets Authority (CMA) has instructed Meta – formerly known as Facebook – to sell Giphy, the American search engine that allows users search for and share short looping videos which are without sound, that are similar to animated GIF files.