Category: 3. Business

  • Positive and clinically meaningful results from the Phase III KALOS and LOGOS trials for BREZTRI in patients with uncontrolled asthma published in The Lancet Respiratory Medicine

    BREZTRI AEROSPHERE® (budesonide, glycopyrrolate, and formoterol fumarate) Inhalation Aerosol

    • BREZTRI is contraindicated in patients who have a hypersensitivity to budesonide, glycopyrrolate, formoterol fumarate, or product excipients 
    • BREZTRI is not indicated for treatment of asthma. Long-acting beta2-adrenergic agonist (LABA) monotherapy for asthma is associated with an increased risk of asthma-related death. These findings are considered a class effect of LABA monotherapy. When a LABA is used in fixed-dose combination with ICS, data from large clinical trials do not show a significant increase in the risk of serious asthma-related events (hospitalizations, intubations, death) compared with ICS alone. Available data do not suggest an increased risk of death with use of LABA in patients with COPD 
    • BREZTRI should not be initiated in patients with acutely deteriorating COPD, which may be a life-threatening condition 
    • BREZTRI is NOT a rescue inhaler. Do NOT use to relieve acute symptoms; treat with an inhaled short-acting beta2-agonist 
    • BREZTRI should not be used more often than recommended; at higher doses than recommended; or in combination with LABA-containing medicines, due to risk of overdose. Clinically significant cardiovascular effects and fatalities have been reported in association with excessive use of inhaled sympathomimetic drugs 
    • Oropharyngeal candidiasis has occurred in patients treated with orally inhaled drug products containing budesonide. Advise patients to rinse their mouths with water without swallowing after inhalation 
    • Lower respiratory tract infections, including pneumonia, have been reported following ICS. Physicians should remain vigilant for the possible development of pneumonia in patients with COPD as the clinical features of pneumonia and exacerbations frequently overlap 
    • Due to possible immunosuppression, potential worsening of infections could occur. Use with caution. A more serious or fatal course of chickenpox or measles can occur in susceptible patients 
    • Particular care is needed for patients transferred from systemic corticosteroids to ICS because deaths due to adrenal insufficiency have occurred in patients during and after transfer. Taper patients slowly from systemic corticosteroids if transferring to BREZTRI 
    • Hypercorticism and adrenal suppression may occur with regular or very high dosage in susceptible individuals. If such changes occur, consider appropriate therapy 
    • Caution should be exercised when considering the coadministration of BREZTRI with long-term ketoconazole and other known strong CYP3A4 Inhibitors. Adverse effects related to increased systemic exposure to budesonide may occur 
    • If paradoxical bronchospasm occurs, discontinue BREZTRI immediately and institute alternative therapy 
    • Anaphylaxis and other hypersensitivity reactions (eg, angioedema, urticaria or rash) have been reported. Discontinue and consider alternative therapy 
    • Use caution in patients with cardiovascular disorders, especially coronary insufficiency, as formoterol fumarate can produce a clinically significant cardiovascular effect in some patients as measured by increases in pulse rate, systolic or diastolic blood pressure, and also cardiac arrhythmias, such as supraventricular tachycardia and extrasystoles 
    • Decreases in bone mineral density have been observed with long-term administration of ICS. Assess initially and periodically thereafter in patients at high risk for decreased bone mineral content 
    • Glaucoma and cataracts may occur with long-term use of ICS. Worsening of narrow-angle glaucoma may occur, so use with caution. Consider referral to an ophthalmologist in patients who develop ocular symptoms or use BREZTRI long term. Instruct patients to contact a healthcare provider immediately if symptoms occur 
    • Worsening of urinary retention may occur. Use with caution in patients with prostatic hyperplasia or bladder-neck obstruction. Instruct patients to contact a healthcare provider immediately if symptoms occur 
    • Use caution in patients with convulsive disorders, thyrotoxicosis, diabetes mellitus, and ketoacidosis or unusually responsive to sympathomimetic amines 
    • Be alert to hypokalemia or hyperglycemia 
    • Most common adverse reactions in a 52-week trial (incidence ≥ 2%) were upper respiratory tract infection (5.7%), pneumonia (4.6%), back pain (3.1%), oral candidiasis (3.0%), influenza (2.9%), muscle spasms (2.8%), urinary tract infection (2.7%), cough (2.7%), sinusitis (2.6%), and diarrhea (2.1%). In a 24-week trial, adverse reactions (incidence ≥ 2%) were dysphonia (3.3%) and muscle spasms (3.3%) 
    • BREZTRI should be administered with extreme caution to patients being treated with monoamine oxidase inhibitors and tricyclic antidepressants, as these may potentiate the effect of formoterol fumarate on the cardiovascular system 
    • BREZTRI should be administered with caution to patients being treated with: 
      • Strong cytochrome P450 3A4 inhibitors (may cause systemic corticosteroid effects) 
      • Adrenergic drugs (may potentiate effects of formoterol fumarate) 
      • Xanthine derivatives, steroids, or non-potassium sparing diuretics (may potentiate hypokalemia and/or ECG changes) 
      • Beta-blockers (may block bronchodilatory effects of beta-agonists and produce severe bronchospasm) 
      • Anticholinergic-containing drugs (may interact additively). Avoid use with BREZTRI 
    • Use BREZTRI with caution in patients with hepatic impairment, as budesonide and formoterol fumarate systemic exposure may increase. Patients with severe hepatic disease should be closely monitored 

    INDICATION

    BREZTRI AEROSPHERE is indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD). 

    LIMITATIONS OF USE

    Not indicated for the relief of acute bronchospasm or for the treatment of asthma. 

    Please see full BREZTRI Prescribing Information, including Patient Information.

    You mayreport side effects related to AstraZeneca products.

    Notes

    Asthma
    Asthma is a prevalent, chronic respiratory disease affecting as many as 262 million people worldwide,2 including over 25 million in the US.3 When uncontrolled, inflammation and muscle tightening in the airway (bronchoconstriction) may cause wheezing, breathlessness, chest tightness, coughing, and even death.2,4 Many patients remain uncontrolled despite the availability of standard of care medicines and continue to experience significant limitations on lung function and reduced quality of life.5,6

    KALOS and LOGOS Phase III trials
    KALOS and LOGOS were replicate confirmatory, randomised, double-blind, double-dummy, parallel group, multi-centre, 24-to-52-week variable length Phase III trials to assess the efficacy and safety of BREZTRI Aerosphere (320/28.8/9.6μg and 320/14.4/9.6μg) compared with two fixed-dose, dual-combination therapies of budesonide, an ICS, and formoterol fumarate, a LABA: Symbicort pressurised metered-dose inhaler (pMDI) and PT009 (in an Aerosphere formulation).1,7,8 KALOS and LOGOS included approximately 4,300 randomised patients.

    The trial design was optimised to evaluate the 320/28.8/9.6μg dose of BGF. The primary efficacy endpoints for the two individual trials were the change from baseline in forced expiratory volume in 1 second (FEV1) area under the curve 0 to 3 hours (AUC0-3) at Week 24 and trough FEV1 over 12-24 weeks and over 24 weeks.1,7,8 The primary endpoints and treatment comparisons in the KALOS and LOGOS trials differed according to regulatory submission approaches. The full results published in The Lancet Respiratory Medicine report the pooled analysis of KALOS and LOGOS results for BREZTRI compared with the ICS/LABA treatment groups combined, and includes comparisons of BREZTRI to individual comparators arms measured across both trials in the supplement.

    In addition to the two registrational trials (KALOS and LOGOS), two qualifying trials, LITHOS and VATHOS, also met their primary endpoints.9,10 LITHOS and VATHOS included approximately 1,000 randomised patients.

    BREZTRI/TRIXEO Aerosphere

    Budesonide/glycopyrronium/formoterol fumarate (BGF), approved under the brand name BREZTRI Aerosphere in Japan, China and the US, and TRIXERO Aerosphere in the EU, is a single-inhaler, fixed-dose triple-combination of formoterol fumarate, a LABA, glycopyrronium bromide, a long-acting muscarinic antagonist (LAMA), with budesonide, an ICS, and delivered via the Aerosphere pMDI. BREZTRI/TRIXEO Aerosphere (320/14.4/9.6μg) is approved to treat adults with COPD in more than 80 countries worldwide including the US, EU, China, Japan, and was prescribed to more than 5.5 million patients globally in 2024.11

    AstraZeneca in Respiratory & Immunology

    Respiratory & Immunology, part of AstraZeneca BioPharmaceuticals, is a key disease area and growth driver to the Company.

    AstraZeneca is an established leader in respiratory care with a 50-year heritage and a growing portfolio of medicines in immune-mediated diseases. The Company is committed to addressing the vast unmet needs of these chronic, often debilitating, diseases with a pipeline and portfolio of inhaled medicines, biologics and new modalities aimed at previously unreachable biologic targets. Our ambition is to deliver life-changing medicines that help eliminate COPD as a leading cause of death, eliminate asthma attacks and achieve clinical remission in immune-mediated diseases.

    AstraZeneca

    AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialization of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca’s innovative medicines are sold in more than 125 countries and used by millions of patients worldwide. Please visit astrazeneca-us.com and follow the Company on social media @AstraZeneca. The contents of AstraZeneca’s website do not form part of this document and no one should rely on such websites or the contents thereof in reading this document.

    Media Inquiries

    Fiona Cookson

     

    +1 212 814 3923

     

     

    US Media Mailbox: usmediateam@astrazeneca.com           

    References

    1. Papi A, et al. Budesonide–glycopyrronium–formoterol fumarate dihydrate in uncontrolled asthma (KALOS and LOGOS): twin multicentre, double-blind, double-dummy, parallel-group, randomised, phase 3 trials. Lancet Respir. Med. 2026; https://www.thelancet.com/journals/lanres/article/PIIS2213-2600(25)00457-6/abstract [Last accessed: February 2026]

    2. Global Asthma Network. The Global Asthma Report 2022. [Online]. Available at: http://globalasthmareport.org/resources/Global_Asthma_Report_2022.pdf. [Last accessed: February 2026].

    3. U.S. Centers for Disease Control and Prevention (CDC). Most Recent National Asthma Data. [Online]. Available at: https://www.cdc.gov/asthma/most_recent_national_asthma_data.htm. [Last accessed: February 2026].

    4. Fernandes AG, et al. Risk factors for death in patients with severe asthma. J Bras Pneumol. 2014; 40 (4): 364-372.

    5. Davis J, et al. Burden of asthma among patients adherent to ICS/LABA: A real-world study. J Asthma. 2019 Mar;56(3):332-340.

    6. Buhl R, et al. One-year follow up of asthmatic patients newly initiated on treatment with medium- or high-dose inhaled corticosteroid-long-acting β2-agonist in UK primary care settings. Respir Med. 2020 Feb: 162:105859.

    7. Clinicaltrials.gov. Study to Assess PT010 in Adult and Adolescent Participants with Inadequately Controlled Asthma (KALOS) [Online]. Available at: https://clinicaltrials.gov/study/NCT04609878?limit=25&term=KALOS&rank=1. [Last accessed: February 2026].

    8. Clinicaltrials.gov. Study to Assess PT010 in Adult and Adolescent Participants with Inadequately Controlled Asthma (LOGOS) [Online]. Available at: https://clinicaltrials.gov/study/NCT04609904?limit=25&term=LOGOS&rank=4  [Last accessed: February 2026].

    9. Clinicaltrials.gov. A 12-week Study to Assess the Efficacy and Safety of Budesonide and Formoterol Fumarate Metered Dose Inhaler Relative to Budesonide Metered Dose Inhaler in Participants with Inadequately Controlled Asthma (LITHOS) [Online]. Available at: https://clinicaltrials.gov/study/NCT05755906?limit=25&term=LITHOS&rank=1. [Last accessed: February 2026].

    10. Clinicaltrials.gov. A 24-Week Efficacy and Safety Study to Assess Budesonide and Formoterol Fumarate Metered Dose Inhaler in Adult and Adolescent Participants with Inadequately Controlled Asthma (VATHOS) [Online]. Available at: https://clinicaltrials.gov/study/NCT05202262?limit=25&term=VATHOS&rank=1. [Last accessed: February 2026].

    11. AstraZeneca Data on File. 2025. REF-270910.  

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  • Clarification regarding the conditional underwritten equity issue in Elkem

    OSLO, Norway, Feb. 13, 2026 /PRNewswire/ — With reference to the announcement 13 February 07:00, Elkem clarifies certain aspects of the NOK 1 500 million underwritten equity issue.

    The NOK 1 500 million underwritten equity issue will be conducted through a publicly announced bookbuilding process subject to market conditions and market terms, with a minimum application amount and allocation criteria to be decided by the Board. The Board will carefully consider the interests of all shareholders in relation to the equity capital raise, including in respect allocation of new shares. Elkem will subsequently conduct a repair offering providing shareholders the possibility to subscribe for new shares in the Company at the same subscription price.

    This is the only equity issue that is contemplated in relation to the announcement made earlier today.

    For further information, please contact:
    Odd-Geir Lyngstad
    VP Finance & Investor Relations
    Tel: +47 976 72 806
    Email: [email protected] 

    About Elkem:
    Elkem is one of the world’s leading providers of advanced silicon-based materials shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than 7 000 people has a joint commitment to stakeholders: Delivering your potential. In 2025, Elkem achieved an operating income of NOK 31 billion. Elkem has been awarded top score of A on Forests and Water Security, and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com

    This information was brought to you by Cision http://news.cision.com.

    https://news.cision.com/elkem/r/clarification-regarding-the-conditional-underwritten-equity-issue-in-elkem,c4307460

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  • Treasury Yields, Dollar Edge Up Ahead of Inflation Data – The Wall Street Journal

    1. Treasury Yields, Dollar Edge Up Ahead of Inflation Data  The Wall Street Journal
    2. The January CPI inflation report is due out Friday morning. Here’s what it’s expected to show  CNBC
    3. FX Daily Snapshot  MUFG Research
    4. USD: Risk-off flows and CPI in focus – Danske Bank  FXStreet
    5. Dollar Rises Ahead of U.S. Inflation Data  The Wall Street Journal

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  • Baker McKenzie Achieves Top Rankings in Chambers Global 2026 | Newsroom

    Baker McKenzie Achieves Top Rankings in Chambers Global 2026 | Newsroom

    Leading global law firm Baker McKenzie has once again secured the highest number of rankings of any law firm in the Chambers Global 2026 guide. The Firm is recognized in 357 practice areas and 528 lawyer categories.

    In addition, Baker McKenzie achieved 20 Global Multi-Jurisdictional rankings. This includes maintaining five Band 1 rankings for Intellectual Property, Tax, Employment, Employee Benefits, Real Estate, and TMT. The Firm also secured new rankings for Investment Funds: Private Equity: Fund Formation and Corporate Investigations/Anti-Corruption, and received a promotion for Life Sciences.

    Baker McKenzie achieved nine Global Market Leader rankings, including upholding two Band 1 rankings in Outsourcing, and Franchising, and a new ranking for Agribusiness. For the second year running, Chambers has also featured Baker McKenzie in its Artificial Intelligence Spotlight table, which acknowledges the firms that are leading the way in this space.

    In the individual categories, Baker McKenzie received 528 lawyer rankings, marking a 10% increase from last year. The Firm gained 104 new lawyer recognitions, with 35 new entries in the Up-and-Coming/Associates-to-Watch table. Additionally, 80 of the total lawyer rankings were promotions, and 27 moved up to the top lawyer ranking categories.

    The Firm’s total Chambers Rankings for 2026 can be found here.

    Practice Rankings Band 1

    Global: Multi-Jurisdictional
    Employee Benefits
    Employment
    Intellectual Property
    Real Estate
    Tax
    TMT

    Global: Market Leaders
    Franchising
    Outsourcing

    AMERICAS

    Chile
    Corporate/M&A: Highly Regarded

    Colombia
    Tax

    Mexico
    International Trade / WTO

    ASIA-PACIFIC

    Asia-Pacific Region
    Banking & Finance
    Data Protection
    Intellectual Property
    Investment Funds: Private Equity
    Investment Funds: Registered Funds
    Islamic Finance
    Life Sciences
    TMT

    China (joint operation partner, FenXun Partners)
    Aviation: Finance (International Firms)
    Intellectual Property (International Firms)

    Indonesia (joint operation partner, HHP Law Firm)
    Corporate/M&A
    Projects & Energy

    Japan
    Banking & Finance: International

    Malaysia
    Banking & Finance
    Corporate/M&A

    South Korea (joint venture law firm, KL Partners)
    Energy & Natural Resources: International

    South-East Asia
    International Trade/WTO

    Taiwan
    Capital Markets
    Corporate/M&A
    Intellectual Property
    International Capabilities

    Thailand
    Banking & Finance
    Corporate/M&A
    Projects & Energy

    Vietnam
    Banking & Finance
    Corporate/M&A

    EMEA

    Africa-wide
    Banking & Finance

    Egypt
    Banking & Finance
    Corporate/M&A
    Projects & Energy

    Europe-wide
    TMT: Information Technology
    TMT: Media
    TMT: Telecommunications

    Germany
    Arbitration
    Corporate/M&A: Mid-Market

    Italy
    Corporate/M&A: Mid-Market

    Kazakhstan
    Dispute Resolution

    Netherlands
    Corporate/M&A: €50-250 million

    Poland
    Intellectual Property

    Saudi Arabia
    Capital Markets
    Corporate/Commercial

    UAE
    Commercial Contracts
    Tax

    UK
    Employment
    Tax: Contentious
    Technology Sector (International & Cross-Border)

     

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  • Four charts show Europe’s reliance on U.S. digital infrastructure

    Four charts show Europe’s reliance on U.S. digital infrastructure

    As geopolitical tensions between the EU and the U.S. escalate, these charts show how reliant the continent is on American tech providers, despite pledges to become more independent.

    Since returning to the White House last year, U.S President Donald Trump imposed tariffs on the continent and caused headaches and fear in Europe as he initially refused to rule out military action to acquire Greenland, a semi-autonomous Danish territory, before backtracking.

    With the long-standing transatlantic alliance looking uncertain, European governments are increasingly moving to develop digital autonomy. Critics of Europe’s reliance on U.S. companies for digital infrastructure warn that U.S. law enforcement can request user data from American companies, regardless of where the data is stored, as part of the Cloud Act.

    But tech providers from the other side of the Atlantic still dominate in Europe.

    European cloud providers have been steadily losing ground to U.S. rivals over the past nine years, holding under 15% of the market in 2025, according to data from Synergy Research Group, a market analytics company.

    “It will be incredibly difficult for European cloud providers to meaningfully reverse the market share trend,” John Dinsdale, the group’s chief analyst, told CNBC.

    “This is a game of scale. In order to be a leading player, you have to be continually investing large amounts in research, service development, technical infrastructure, customer support and channel partners,” he added. “You also have to have the brand recognition and ability to operate globally or at least across multiple geographies.”

    Amazon, Microsoft and Google control more than 70% of the European cloud market, while the European companies with the largest share of the market are German duo SAP and Deutsche Telekom, with 2% each, per Synergy data.

    “If you were able to go back 10 years and rewrite history, maybe one or two European companies could and should have set out their stall to be a leading player in the cloud market, but they didn’t,” said Dinsdale.

    Amazon gained a huge early mover advantage by acting first in the market, he said, adding that Microsoft and Google followed at a distance. “Oracle eventually got serious about the cloud and is now growing rapidly, and neocloud companies are targeting specific services with some success.”

    While SAP commands the biggest share of Europe’s enterprise software market, at least 59% is held by U.S companies, according to data from a December report by the European Parliament, with Oracle and Microsoft controlling 18% and 10%, respectively. The enterprise software market data refers to Europe as a whole, including non-EU members such as the UK and Switzerland.

    Many political leaders are now “looking at technology in a way to gain sovereignty,” SAP CEO Christian Klein told CNBC’s “Squawk Box Europe” on Friday, in terms of “not only where do we store the data and how we manage the data, but also how to gain sovereignty on the software side.”

    Customer relationship management software is a sector dominated by a single player in Salesforce, with SAP taking second spot, data from the European Parliament report, referring just to the 27 members of the European Union, showed.

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  • Elkem announces agreement to sell majority of Silicones division to Bluestar

    OSLO, Norway, Feb. 13, 2026 /PRNewswire/ —

    Transaction highlights:

    • Elkem to sell majority of the Silicones division to Bluestar to create a focused, globally-leading metals and materials producer
    • Transaction will be settled through redemption of Bluestar’s 338,338,536 shares (52.9%) in Elkem. No cash payments by Elkem nor Bluestar as settlement
    • Minority investors to assume 100% control of Elkem (listed)
    • Transaction solves Elkem and Bluestar’s long-term strategic goals regarding operations and ownership
    • Transaction is conditional upon shareholders’ approval at EGM, waivers and approvals from lenders, and other customary approvals
    • Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management, and Perestroika have pre-committed their support for the transaction at the EGM, and fully underwritten a NOK 1 500 million contemplated equity capital raise subject to certain terms and conditions
    • Transaction is expected to close by May 2026

    Elkem ASA (“Elkem” or the “Company”) today announced an agreement to sell the majority of its Silicones division to Bluestar to be settled with all Elkem shares held by Bluestar through Bluestar Elkem International Co. Ltd. S.A. (collectively with its relevant affiliate(s), “Bluestar”).

    Reference is made to the stock exchange announcements made by Elkem on 23 January 2025 and 18 September 2025 regarding the strategic review of the Silicones division (“Silicones”) and the initiation of an exclusive sales process regarding Silicones.

    Elkem has entered into a final share purchase agreement regarding the sale of the majority of the Silicones division assets (the “Sold Silicones Assets”) to Bluestar in a transaction where the full consideration payable by Bluestar will be settled through the redemption of all of Bluestar’s 338,338,536 shares in Elkem (the “Contemplated Transaction”). Following completion of the Contemplated Transaction, Bluestar will no longer hold any Elkem shares.

    After a comprehensive assessment of all available options, Elkem firmly believes that entering into the share purchase agreement delivers the most favourable outcome for both the Silicones division and the Company, ultimately benefitting all shareholders.

    As Elkem’s largest shareholder and former owner of parts of the Silicones assets, Bluestar possesses deep knowledge of Elkem’s Silicones division and is strategically focused on developing its position in the silicones value chain.

    The Contemplated Transaction will be carried out by transferring the Elkem subsidiaries within the Silicones transaction perimeter to Bluestar.

    “This transaction is the result of a thorough strategic review initiated in early 2025 and reflects the Board’s clear ambition to create the strongest possible foundation for long-term value creation. We are confident that the agreement with Bluestar delivers a favourable outcome for Elkem’s employees, shareholders and other stakeholders, while positioning both Elkem’s metals and materials divisions, and the Silicones division for future growth,” said Elkem Deputy Chair of the Board of Directors Dag J Opedal.

    The Contemplated Transaction is conditional upon the approval by Elkem’s general meeting and waivers and approvals from Elkem’s lenders, and other customary approvals and conditions (the “Closing Conditions”). The Board of Directors of Elkem will on 13 February 2026 call for an extraordinary general meeting to be held on 9 March 2026 to approve the share purchase agreement and resolve the redemption of Bluestar’s shares (the “EGM”). Bluestar is not entitled to vote for their Elkem shares on the agenda item relating to the share purchase agreement.

    Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management, and Perestroika, have pre-committed their support for the Contemplated Transaction at the EGM, and underwritten NOK 1 500 million subject to certain terms and conditions in equity capital to be raised based on prevailing market conditions and at market terms, securing a robust financial position for Elkem, after the Contemplated Transaction. These shareholders represent as of the date hereof approximately 30% of the share capital eligible to vote on the approval of the share purchase agreement at the EGM.

    With respect to the share redemption, Bluestar is entitled to vote and has undertaken to vote in favour. Shareholders holding in total 67% of the share capital eligible to vote on that item have accordingly undertaken to vote in favour of the share redemption at the EGM.

    Subject to being approved by the EGM and the other Closing Conditions being satisfied or waived, the Contemplated Transaction is expected to close by May 2026.

    Transaction and strategic rationale

    The transaction perimeter includes all assets, rights and liabilities, as well as employees in relation to the Sold Silicones Assets. Geographically, the Sold Silicones Assets are located across the globe, with APAC constituting the largest market.

    “Since its founding more than 120 years ago, Elkem has consistently optimised its portfolio to adapt to changing market dynamics and capitalise on emerging growth opportunities. By divesting the majority of the Silicones division, we are simplifying our business, sharpening our strategic focus and allocating capital where we see strong long-term growth opportunities. We are confident that the agreement also delivers the most favourable outcome for the Silicones division positioning the business for accelerated specialisation and growth,” said Elkem CEO Helge Aasen.

    The Silicones entities being retained by Elkem and not included in the Contemplated Transaction are Yongdeng (Silicon Metal China), Roussillon (upstream Silicones in France) and Chakan (downstream Silicones in India) (the “Retained Silicones Assets”). For Roussillon, Elkem has entered into a five-year supply agreement of upstream silicones to the downstream business to be acquired by Bluestar, which will take effect upon the closing of the Contemplated Transaction, as well as to a renowned third party, ensuring economically viable operations that are expected to be earnings neutral. For the other Retained Silicones Assets, strategic alternatives are being explored.

    The Contemplated Transaction represents a significant milestone in streamlining Elkem into a focused, pure play metals and materials company. Completion of the Contemplated Transaction will enable Elkem to reallocate capital to these segments over time, accelerating growth and ensuring a more attractive financial profile with reduced complexity, less volatility, and stronger cash flow generation for investment and distribution to shareholders. Moreover, Elkem will through a stronger focus on core products and markets be better suited to pursue value-accretive expansion opportunities.

    Bluestar representatives on Elkem’s Board of Directors and their representative on the nomination committee will resign their positions effective immediately following closing of the Contemplated Transaction, and new members to the Board of Directors will be elected at the EGM subject to, and with effect from, closing of the Contemplated Transaction.

    Structure, consideration and fairness opinion

    The Contemplated Transaction will be settled through the redemption of all of Bluestar’s 338,338,536 shares in Elkem. It will not include any cash payments by Elkem nor Bluestar as settlement.

    The independent shareholder elected members and employee representatives on the Board of Directors of Elkem (the “Independent Board”) has as part of the Contemplated Transaction engaged DNB Carnegie, a part of DNB Bank ASA (“DNBC”) to provide a fairness opinion. DNBC has concluded that the Contemplated Transaction is fair from a financial point of view when considering the valuation from the perspective of the Independent Board and its shareholders (other than Bluestar).

    Financials and outlook for Elkem post the Contemplated Transaction

    Following the Contemplated Transaction, Elkem will comprise of Silicon Products, Carbon Solutions, and Other.

    With significantly lower capital intensity in the remaining business, Elkem will have an improved cash flow generation and deleveraging capacity, as well as the ability to pursue organic and in-organic growth opportunities. 

    The Contemplated Transaction will position Elkem as a leading metals and materials company characterised by:

    • A market-leading production footprint to supply fundamentally growing end-markets
    • Attractive positions in all relevant geographies with value-accretive M&A opportunities
    • A captive operating model with leading cost positions
    • Deep customer relations and strong R&D capabilities to meet future demand
    • A robust financial profile over-the-cycle and solid cash flow generation
    • Flexibility to grow through optimised capital allocation
    • Supplying critical materials to the green and digital transitions

    “Following the transaction, Elkem will be a focused metals and materials producer. This allows us to pursue tailored strategies aligned with our divisions’ unique strengths and respective market dynamics. We will remain an international industrial major with production plants across five continents, underscoring our position as a leading producer with an integrated value chain. We will continue to prioritise innovation through our R&D centres worldwide, to meet the demands stemming from heightened focus on supply chain security for critical materials. Our robust financial profile will position us well to pursue selective growth and consolidation opportunities within our core segments,” said Elkem CEO Helge Aasen.

    The net indebtedness (“NIBD“) is approximately NOK 9.8 billion immediately after the Contemplated Transaction and not considering the contemplated equity capital raise. Elkem will immediately initiate dialogue with its lenders in relation to the waivers and approvals required under its bank facilities for the Contemplated Transaction and will update the market once such process is concluded. Over time, Elkem seeks to maintain its strong credit position, maintaining a sound and flexible balance sheet qualifying for investment grade ratings based on its mid-cycle earnings capacity.

    It is expected that Elkem will conduct a debt refinancing in connection with the Contemplated Transaction. Subject to closing of the Contemplated Transaction and in preparation for the debt refinancing, Elkem intends to raise a gross amount of NOK 1,500 million in new equity capital, based on prevailing market conditions and at market terms. Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management and Perestroika have fully underwritten the contemplated capital raise subject to certain terms and conditions (NOK 360 million from Folketrygdfondet, NOK 360 million from Must Invest, NOK 290 million from DNB Asset Management, NOK 360 million from Nordea Investment Management, and NOK 130 million from Perestroika).

    The contemplated equity capital raise will ensure a strengthened balance sheet for Elkem following the completion of the Contemplated Transaction, which combined with its enhanced cash generation capacity, ensures a robust financial position. The Board will carefully consider the interests of all other minority shareholders in relation to the contemplated equity capital raise.

    Indicative Timeline and Approvals

    The Contemplated Transaction including redemption of the 338,338,536 Elkem shares held by Bluestar through Bluestar Elkem International Co. Ltd. S.A. are planned to proceed according to the following timeline:

    • Notice of EGM and associated shareholder information: 13 February 2026
    • EGM to approve the Transaction: 9 March 2026
    • Lender approval process: Early March 2026
    • Expiry of creditor notice period: Mid- April 2026
    • Closing and settlement of the Transaction: Late April or early May 2026

    Except for the dates relating to the Elkem EGM, the dates above are indicative only and subject to change.

    As part of the Contemplated Transaction, certain existing shareholders representing 30% of the shares in Elkem held by others than Bluestar at the date of this announcement, have provided their pre-commitments to supporting the Contemplated Transaction at the EGM. 

    Press conference

    Elkem will hold a press conference today, 13 February 2026, following the presentation of the fourth quarter 2025 results at 8.00 a.m. CET. The event will take place at House of Oslo, Conference centre (room Backer), VIA Vika, Ruseløkkveien 34, 0251 Oslo.

    The presentation can also be viewed in a live webcast at Elkem: Webcast 4Q 2025: or via www.elkem.com

    The presentation and the subsequent Q&A session will be held in English.

    A recording of the press conference will be made available at www.elkem.com

    Advisors

    ABG Sundal Collier ASA (“ABGSC”) acted as financial advisor and Advokatfirmaet Thommessen AS (“Thommessen”) acted as legal advisor to Elkem.

    J.P. Morgan Securities (Asia Pacific) Limited (“J.P. Morgan”) acted as financial advisor and White & Case (“W&C”) acted as legal advisor to Bluestar.

    For further information, please contact:

    Odd-Geir Lyngstad VP Finance & Investor Relations
    Tel: +47 976 72 806
    Email: [email protected]

    Marianne Stigset, VP Corporate Communications & Public Affairs
    Tel: +47 411 88 482
    Email: [email protected]

    About Elkem:

    Elkem is one of the world’s leading providers of advanced silicon-based materials shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than
    7 000 people has a joint commitment to stakeholders: Delivering your potential. In 2025, Elkem achieved an operating income of NOK 31 billion. Elkem has been awarded top score of A on Forests and Water Security, and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com.

    This release contains inside information related to Elkem ASA pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    This release was published by Odd-Geir Lyngstad, VP Finance and Investor Relations, Elkem ASA. Date and time of publication: 07:00 CET, 13.02.2026

    This information was brought to you by Cision http://news.cision.com

    https://news.cision.com/elkem/r/elkem-announces-agreement-to-sell-majority-of-silicones-division-to-bluestar,c4306979

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  • Hyundai PALISADE Crowned 2026 Canadian Utility Vehicle of the Year

    Hyundai PALISADE Crowned 2026 Canadian Utility Vehicle of the Year

    SEOUL, February 12, 2026Hyundai PALISADE has captured the prestigious 2026 Canadian Utility Vehicle of the Year award, presented by the Automobile Journalists Association of Canada (AJAC) at the Canadian Car of the Year Awards (CCOTY) in Toronto.

    What Makes the 2026 Canadian Utility Vehicle of the Year Award Significant?

    This marks the second consecutive year a Hyundai model has earned the Canadian Utility Vehicle of the Year and is the fourth time in five years that a Hyundai model has taken the title, with previous wins from SANTA FE (2025), IONIQ 5 (2023) and TUCSON (2022).

    “Being recognized as AJAC’s Canadian Utility Vehicle of the Year is an honor we’re incredibly proud of, especially in a segment as competitive as this one. The all-new PALISADE represents Hyundai at its best: bold design, advanced technology and a commitment to delivering exceptional value to Canadian families. Earning this award for the fourth time since 2022 underscores the importance of applying customer and journalistic feedback we’ve gained over the years, while continuing the strong momentum and leadership of our SUV portfolio in Canada.”Steve Flamand, President and CEO of Hyundai Auto Canada

    “Congratulations to Hyundai PALISADE for earning AJAC’s 2026 Canadian Utility of the Year Award. Hyundai has completely redesigned its three-row SUV, delivering more features, more comfort and a new, efficient hybrid system. Our expert jurors scored PALISADE highly for its interior styling, its overall quality and for the high consumer appeal this SUV brings to the Canadian marketplace.”Evan Williams, President of AJAC

    In recent years, other Hyundai models have also earned top honors, including:

    IONIQ 5 N – 2025 Canadian Electric Car of the Year

    SANTA CRUZ – 2022 Best Small Pickup in Canada

    IONIQ 6 – 2023 Canadian Green Car of the Year


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  • Mitsubishi Power Hosts Inaugural Energy Forward Forum in Indonesia with Government and Industry Experts

    Mitsubishi Power Hosts Inaugural Energy Forward Forum in Indonesia with Government and Industry Experts

    Singapore, February 13, 2026 – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, convened the Energy Forward Forum at the Fairmont Hotel Jakarta, Indonesia, bringing together policymakers, utilities, power producers, and industry stakeholders to exchange perspectives on Indonesia’s evolving energy landscape and the practical pathways needed to support a reliable and sustainable power system.

    The half-day event provided a platform for dialogue and knowledge exchange as Indonesia navigates rising electricity demand alongside its energy transition goals highlighted in the RUPTL 2025-2034. Discussions focused on market developments, technology pathways, and deployable solutions that can strengthen energy security while supporting long-term sustainability.

    Energy Forward was attended by senior representatives from government and state-owned enterprises, including Ahmad Amiruddin, Director of Electricity Program Development at the Ministry of Energy and Mineral Resources (MEMR); Evy Haryadi, Chief Technology and Sustainability Officer of PT PLN (Persero); and Kenji Enoshita, Minister (Economic Affairs) at the Embassy of Japan in Indonesia, alongside leaders from utilities, independent power producers, and the private sector.

    Opening the event, Daichi Nakajima, Executive Vice President, Mitsubishi Power, said: “Indonesia stands at a pivotal moment in its energy journey, with electricity demand rising alongside expectations for sustainability. Mitsubishi Power has stood with Indonesia through periods of growth and challenge, with projects such as the Muara Karang gas turbine combined cycle power plant delivered through close partnership even at the height of the COVID-19 pandemic. Looking ahead, we remain ready to support the country through a broad range of solutions, spanning existing thermal asset optimization, gas, geothermal, services, and digital technologies, to strengthen energy security today while preparing for the future.”

    Highlighting the importance of collaboration across the energy ecosystem, MEMR noted that Indonesia’s energy development is focused on delivering reliable, high-quality, and affordable electricity to support equitable and resilient growth. As the share of variable renewable energy increases, natural gas will continue to play a strategic role to stabilize the grid in the transition to low-carbon energy, providing operational flexibility and rapid response. Where feasible, this role could progressively evolve through measures like hydrogen blending and deployment of carbon capture solutions, subject to technology readiness. The transition will require close collaboration with investors, utilities, and technology providers to strengthen clean and reliable power infrastructure.

    The program also featured an overview of Indonesia’s energy market outlook by Daven Tjandradjaja, Principal at Boston Consulting Group (BCG), followed by a panel discussion titled “Towards Sustainable Energy Supply: Supporting Indonesia’s Energy Transition and Economic Growth”. The panel brought together Bernadus Sudarmanta, President Director of PLN Indonesia Power; Fazil E. Alfitri, President Director of Paiton Energy; Hendra Soetjipto Tan, President Director of Barito Renewables Energy; and Nobuhiro Kawai, President Director of Mitsubishi Power Indonesia. The discussion was moderated by Sacha Winzenried, Energy Transition Leader at PwC Indonesia.

    Energy leaders at the panel session during Mitsubishi Power’s Energy Forward Forum

    Throughout the session, speakers highlighted the importance of a phased and integrated energy transition, emphasizing that reliable baseload power, renewables, and enabling infrastructure must progress in parallel to meet Indonesia’s growing demand. Participants underscored the role of operational excellence, technology readiness, and multi-stakeholder partnerships in supporting both energy security and economic growth over the coming decade.

    In a dedicated solutions segment, Mitsubishi Power shared insights from its integrated portfolio of power generation technologies, spanning large-scale and aero-derivative gas turbines, service offerings, and geothermal solutions. Discussions focused on deployment considerations, operational performance, and lessons learned from real-world applications.

    For decades, Mitsubishi Power has supported Indonesia’s power sector through gas, geothermal, and service solutions, working closely with customers and partners to deliver reliable electricity. Energy Forward, hosted by Mitsubishi Power, reflects the company’s continued commitment to fostering collaboration and contributing practical expertise as Indonesia strengthens its energy backbone for the years ahead.

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  • O’Melveny Represents Shenzhen Woer, Global Leader in Heat-Shrinkable Materials, in US$363 Million Hong Kong Listing

    O’Melveny Represents Shenzhen Woer, Global Leader in Heat-Shrinkable Materials, in US$363 Million Hong Kong Listing

    FOR IMMEDIATE RELEASE

    HONG KONG—February 13, 2026—O’Melveny represented Shenzhen Woer Heat-Shrinkable Material Co., Ltd. (“Shenzhen Woer”, 9981.HK) in its listing on the Main Board of the Hong Kong Stock Exchange. The offering size was approximately HK$2.84 billion (approximately US$363 million) following the full exercise of the offer size adjustment option prior to the listing. O’Melveny advised the company on Hong Kong and U.S. laws. China Securities (International) Corporate Finance Company Limited and China Merchants Securities (HK) Co., Limited acted as the joint sponsors and overall coordinators for the transaction.

    Established in 1998 and listed on the Shenzhen Stock Exchange (stock code: 002130) in 2007, Shenzhen Woer is a global leader in the heat-shrinkable materials industry, with the largest market share worldwide at approximately 20.6%. In 2024, it ranked fifth globally in telecom cable manufacturing and is the second largest, as well as China’s largest, high-speed copper cable manufacturer by global revenue.

    The company has a diverse product portfolio, including electronic materials products and telecoms cable products widely used in IT infrastructure, and power transmission products for new energy vehicles, power grids and power stations, and rail transportation.

    This transaction marks O’Melveny’s fourth listing transaction completed in the new energy and advanced material sector within the past year. In 2025, the firm advised on the IPOs and Hong Kong Stock Exchange listings of Drinda New Energy, Shuangdeng Group and CNGR Advanced Material.

    The O’Melveny team was led by partners Ke Zhu, Vincent Wang and Ke Geng. The core team members included associates Jingwei Huang and Cherry Ma, legal manager Rachel Peng, legal consultants Jie Lian and Xenia Zeng, and trainee solicitor Bianca Cheng. Counsel Jerry Gao, legal manager Belinda Zhu, trainee solicitor Cheryl Chan and legal consultant intern Ziqian Li also made valuable contributions.

    About O’Melveny

    It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com; learn more in our firm at-a-glance; and find us on LinkedIn, Facebook, Instagram, and YouTube.

    Contact:

    Brandon Jacobsen
    O’Melveny & Myers LLP
    +1 213 430 8024
    bjacobsen@omm.com

    Chris Schob
    O’Melveny & Myers LLP
    +86 21 2307 7000
    cschob@omm.com

    # # #


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  • MHI Successfully Demonstrates Production of Liquid Synthetic Fuels through an integrated Process Utilizing SOEC Co-Electrolysis and FT Synthesis

    MHI Successfully Demonstrates Production of Liquid Synthetic Fuels through an integrated Process Utilizing SOEC Co-Electrolysis and FT Synthesis

    Demonstration test equipment integrating SOEC co-electrolysis and FT synthesis

    Tokyo, February 13, 2026 – Mitsubishi Heavy Industries, Ltd. (MHI) has conducted a demonstration of an integrated production process for synthesizing liquid fuels from carbon dioxide, water, and electricity, successfully producing liquid synthetic fuels through an integrated production system. The demonstration was conducted at MHI’s Research & Innovation Center (Nagasaki District). In this process, SOEC co-electrolysis(Note1) is employed to produce hydrogen and carbon monoxide, which are then used as the feedstock for production of liquid synthetic fuels using Fischer-Tropsch (FT) synthesis equipment.(Note2) A chemical analysis of the synthesized liquid fuel confirmed that the demonstration had obtained components suitable for sustainable aviation fuel (SAF).

    Co-electrolysis is a process for electrolysis of both water vapor and carbon dioxide, allowing for simultaneous production of hydrogen and carbon monoxide, which are the feedstock for synthetic fuels. In addition, MHI is utilizing its proprietary technology to develop a tubular type SOEC cell stack.(Note3) Co-electrolysis in this SOEC cell stack is expected to simplify the process and improve economic efficiency through highly efficient electrolysis, supporting the production of cost-competitive synthetic fuels.

    The International Civil Aviation Organization (ICAO) has set a target to achieve net-zero CO2 emissions in the international aviation sector by 2050.(Note4) To meet this target, low-carbon fuels such as SAF and carbon credits are expected to account for more than 70% of the offsetting and reduction , so the demand for SAF is forecast to increase significantly worldwide. MHI aims to offer high value-added SAF production systems that combine SOEC co-electrolysis with existing FT synthesis processes.

    In addition to SAF, the hydrogen and carbon monoxide produced by SOEC co-electrolysis can also be used as feedstock for carbon-neutral synthetic fuels for automobiles and ships (gasoline, diesel fuel, methanol, methane), as well as city gas (methane). The many applications of SOEC co-electrolysis make it a promising technology, with potential to offer a broad range of options for the realization of a decarbonized world.

    Going forward, MHI will utilize the knowledge gained from this demonstration to establish and implement decarbonization technologies at an early stage, and contribute to the realization of a sustainable, carbon-neutral world.

    Processes and products derived from synthetic gas

    Processes and products derived from synthetic gas

    Road map for synthetic fuel production technology (SOEC co-electrolysis) development

    Road map for synthetic fuel production technology (SOEC co-electrolysis) development

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