Twitter shares sink as Google pulls out of takeover

Thursday, 6 October 2016 14:26

Twitter Inc fell as much as 11 per cent in extended trading following reports Google had decided not to buy the social networking service. The search engine’s owner, Alphabet Inc, doesn’t currently plan to make a bid for Twitter, despite tapping Lazard Ltd to look into such a move last month, news agencies and the technology press reported. It’s thought Apple and Walt Disney are also unlikely to make offers, leaving software firm Salesforce as the only suitor. Twitter shares jumped 5.7 per cent to $24.87 (AED 91.5) at the close in New York on Wednesday amid renewed speculation about a takeover, but slid as low as $22.10 (AED 81) in late trading.

More from Business

UAE advances agentic AI project targeting 50% of government operations

The UAE has launched the strategic phase of its agentic AI project, which aims to convert 50 per cent of federal government operations, services and tasks to AI-driven models within two years.
Dubai Business Forum – China to be held in Shenzhen in October

Dubai Chambers will host the Dubai Business Forum – China in Shenzhen on October 14, bringing together government officials, business leaders and investors from the two markets.
UAE-BRICS non-oil trade tops $312 billion

UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has taken part in a meeting of BRICS trade ministers in Jaipur, India, focused on strengthening trade and economic cooperation between member countries.
ADNOC affirms commitment to meeting customer requirements despite challenges

ADNOC says it remains focused on meeting customer needs despite challenging circumstances, following unprovoked attacks targeting its people and assets.