With the Covid-19 health crisis and travel curbs stymying progress on an agreement, the dealmakers recently turned to video conferences and phone calls to fast-track the talks (Bloomberg) -- With the pandemic battering assets and oil nosediving, Indian tycoon Mukesh Ambani needed a win to stem the investor exodus from Reliance Industries Ltd., the energy conglomerate he’s been trying to reinvent.
This week, Facebook Inc. and its Chief Executive Officer Mark Zuckerberg delivered just that. The U.S. social-media giant said it will buy about 10% of Reliance’s digital assets for $5.7 billion -- its biggest purchase since acquiring WhatsApp six years ago.