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Business

Britain’s Morrisons agrees $8.7 bln offer from Fortress-led group

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A Morrisons store is pictured in St Albans, Britain, September 10, 2020. REUTERS/Peter Cziborra//File Photo

  • Fortress-led group offers 254 pence a share
  • Tops CD&R’s proposal of 230 pence
  • Some investors want 270 pence
  • Morrisons says Fortress would be suitable owner
  • Fortress says it will be ‘good steward’

LONDON, July 3 (Reuters) – Morrisons has agreed to a takeover led by SoftBank (9984.T) owned Fortress Investment Group, valuing Britain’s fourth largest supermarket chain at 6.3 billion pounds ($8.7 billion) and topping a rival proposal from a U.S. private equity firm.

The offer from Fortress, along with Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a 5.52 billion pound unsolicited proposal from Clayton, Dubilier & Rice (CD&R), which Morrisons (MRW.L) rejected on June 19. read more

Including Morrisons’ net debt of 3.2 billion pounds, Fortress’ offer gives the group an enterprise value of 9.5 billion pounds.

“We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming,” said Morrisons Chairman Andrew Higginson.

“It’s clear to us that Fortress has a full understanding and appreciation of the fundamental character of Morrisons.”

The Fortress deal underlines the growing appetite from private funds for British supermarket groups, seen as attractive because of their cash generation and freehold assets.

Fortress, an independently-operated subsidiary of Japan’s SoftBank Group Corp, is a global investment manager with about $53 billion in assets under management as of March. It purchased British wine seller Majestic Wine in 2019.

“We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term,” said managing partner, Joshua A. Pack.

Fortress intends to retain Morrisons’ existing management team led by CEO David Potts and execute its existing strategy. It said it was not planning any material store sale and leaseback transactions.

RECOMMENDATION

Under the terms of the deal, which Morrisons’ board is recommending to shareholders, investors would receive 254 pence a share, comprising 252 pence in cash and a 2 pence special cash dividend. CD&R’s proposal was 230 pence a share, worth 5.52 billion pounds.

Last week JO Hambro, a top ten shareholder in Morrisons, said any suitor for the group should offer about 270 pence a share or 6.5 billion pounds. read more

Morrisons, based in Bradford, northern England, started out as an egg and butter merchant in 1899. It now only trails market leader Tesco (TSCO.L), Sainsbury’s (SBRY.L) and Asda in annual sales.

Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites. It is unique among British supermarkets in making over half of the fresh food it sells.

It said the Fortress offer represented a premium of 42% to its closing share price of 178 pence on June 18 – the day before CD&R’s proposal. The stock closed at 243 pence on Friday.

Morrisons’ directors, who own 0.23% of the group’s equity, would make 14.3 million pounds from selling their shares to Fortress.

CD&R, which under British takeover rules has until July 17 to come back with a firm offer, had no immediate comment.

Morrisons has a partnership agreement with Amazon (AMZN.O) and there has been speculation it too could emerge as a possible bidder.

FIVE PROPOSALS

Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. This offer was not made public. Fortress then made four subsequent proposals before it offered a total value of 254 a share on June 5.

The bids for Morrisons follow February’s purchase by Zuber and Mohsin Issa and private equity firm TDR Capital of a majority stake in Asda from Walmart (WMT.N). The deal valued Asda at 6.8 billion pounds. read more

That transaction followed Sainsbury’s failure to take over Asda after an agreed deal was blocked by Britain’s competition regulator in 2019.

In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury’s to almost 10%, igniting bid speculation.

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($1 = 0.7235 pounds)

Reporting by James Davey; Editing by Jane Merriman

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World

Hurricane Elsa cuts power, batters homes in Barbados

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CHRIST CHURCH, Barbados, July 2 (Reuters) – Hurricane Elsa blew roofs off homes, toppled trees and sparked flooding in the island nation of Barbados then pounded St. Vincent with heavy rain and winds on Friday, as the storm was tracking towards Haiti.

Minister of Home Affairs, Information and Public Affairs Wilfred A. Abrahams urged Barbadians to shelter in place and only leave their homes if the structures were damaged.

Elsa strengthened into a hurricane earlier in the day and was about 95 miles (153 km) west-northwest of St. Vincent, blowing maximum sustained winds of 85 miles per hour (140 kph), the U.S. National Hurricane Center (NHC) said.

“The island definitely cannot handle any sort of damages at this point because we still haven’t recovered from the volcanic eruption yet,” said 20-year-old student Queriise Thomas in the community of Choppins in southern St. Vincent.

Earlier this year, heavy rains slammed St. Vincent with major flooding and landslides after a series of volcanic eruptions blanketed large swathes of the island in a thick layer of ash. read more

Thomas said intermittent heavy rain caused flooding and parts of the island lost electricity. St. Vincent’s water and sewage authority cut water supply to all residents as a precaution due to potential mudflows.

The NHC forecast 4 to 8 inches (10 to 20 cm) of rain with a maximum of 15 inches (38 cm) across the Windward and southern Leeward Islands including Barbados, which could lead to isolated flash flooding and mudslides.

A man views damage to a home after strong winds of Hurricane Elsa passed St. Michael, Barbados July 2, 2021. REUTERS/Nigel Browne

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Hurricane conditions were expected in Haiti and possible in the Dominican Republic and Jamaica by late Saturday, the agency said.

The Barbados minister said damage was reported in the south of the island including power outages, fallen trees, flash flooding and damaged roofs.

Emergency services were unable to reach people, but there were no reports of injuries or deaths.

A resident in south Barbados, 43-year-old structural engineer Greg Parris, whose home lost power around 7 a.m., said: “It was scary. Most of us, we haven’t experienced anything like this for a while.”

Elsa’s progress should be monitored by the Windward Islands, Leeward Islands, the Virgin Islands, Puerto Rico, the Dominican Republic, Cuba and the Cayman Islands, the Miami-based NHC said.

Little change in Elsa’s strength was forecast over the next 48 hours and some decrease in winds is possible on Monday, the hurricane center said.

Elsa’s storm surge was expected to raise water levels by as much as 1 to 4 feet above normal tide levels in some areas. Puerto Rico could receive up to 5 inches of rain, the NHC.

Reporting by Robert Edison Sandiford in Christ Church, Barbados and Kate Chappell in Kingston, Jamaica; Additional reporting by Anthony Esposito in Mexico City and Nakul Iyer in Bengaluru; Editing by Janet Lawrence and Cynthia Osterman

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World

India’s Bharat Biotech says vaccine 93.4% effective against severe COVID-19

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July 3 (Reuters) – Phase-III trials of a vaccine made by India’s Bharat Biotech showed it was 93.4% effective against severe symptomatic COVID-19, the firm said on Saturday, a finding that could boost people’s acceptance of Covaxin.

The data demonstrated 65.2% protection against the Delta variant, first identified in India, that led to a surge in infections in April and May, and the world’s highest daily death tolls.

India’s homegrown vaccine also showed effectiveness of 77.8% against symptomatic COVID-19 in the trial.

Last month, vaccine maker AstraZeneca Plc (AZN.L) also said its vaccine was effective against the Delta and Kappa variants, citing a study.

India has been administering the AstraZeneca vaccine, made domestically by the Serum Institute of India, which said last month it planned to step up monthly production from July, to nearly 100 million doses.

Bharat Biotech now estimates it will make 23 million doses a month.

The Phase-III data came as Ocugen Inc (OCGN.O), which is co-developing Covaxin with Bharat Biotech for the U.S. market, prepares to file a request for full U.S. approval.

India, with a tally of 30.45 million infections, is the second most affected nation after the United States, with 33 million. The south Asian nation’s death toll has now crossed 400,000.

Reporting by Maria Ponnezhath in Bengaluru; Editing by Clarence Fernandez

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World

‘Eye of fire’ in Mexican waters snuffed out, says national oil company

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MEXICO CITY, July 2 (Reuters) – A fire on the ocean surface west of Mexico’s Yucatan peninsula early on Friday has been extinguished, state oil company Pemex said, blaming a gas leak from an underwater pipeline for sparking the blaze captured in videos that went viral.

Bright orange flames jumping out of water resembling molten lava was dubbed an “eye of fire” on social media due to the blaze’s circular shape, as it raged a short distance from a Pemex oil platform.

The fire took more than five hours to fully put out, according to Pemex.

The fire began in an underwater pipeline that connects to a platform at Pemex’s flagship Ku Maloob Zaap oil development, the company’s most important, four sources told Reuters earlier.

Ku Maloob Zaap is located just up from the southern rim of the Gulf of Mexico.

Pemex said no injuries were reported, and production from the project was not affected after the gas leak ignited around 5:15 a.m. local time. It was completely extinguished by 10:30 a.m.

The company added it would investigate the cause of the fire.

Pemex, which has a long record of major industrial accidents at its facilities, added it also shut the valves of the 12-inch-diameter pipeline.

Angel Carrizales, head of Mexico’s oil safety regulator ASEA, wrote on Twitter that the incident “did not generate any spill.” He did not explain what was burning on the water’s surface.

Ku Maloob Zaap is Pemex’s biggest crude oil producer, accounting for more than 40% of its nearly 1.7 million barrels of daily output.

“The turbomachinery of Ku Maloob Zaap’s active production facilities were affected by an electrical storm and heavy rains,” according to a Pemex incident report shared by one of Reuters’ sources.

Company workers used nitrogen to control the fire, the report added.

Details from the incident report were not mentioned in Pemex’s brief press statement and the company did not immediately respond to a request for comment.

Reporting by Adriana Barrera and Marianna Parraga; Additional reporting by David Alire Garcia; Writing by Anthony Esposito; Editing by Daina Beth Solomon, Philippa Fletcher and David Gregorio

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World

EXCLUSIVE New Saudi airline plan takes aim at Emirates, Qatar Airways

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DUBAI, July 2 (Reuters) – Saudi Arabia plans to target international transit passenger traffic with its new national airline, going head-to-head with Gulf giants Emirates and Qatar Airways and opening up a new front in simmering regional competition.

Crown Prince Mohammed bin Salman, who is pushing economic diversification to wean Saudi Arabia off oil revenues and create jobs, announced a transportation and logistics drive on Tuesday aimed at making the kingdom the fifth-biggest air transit hub.

Two people familiar with the matter said the new airline would boost international routes and echo existing Gulf carriers by carrying people from one country to another via connections in the kingdom, known in the industry as sixth-freedom traffic.

The transport ministry, which has not released details of the plans, did not respond to a Reuters request for comment.

The strategy marks a shift for Saudi Arabia whose other airlines, like state-owned Saudia and its low cost subsidiary flyadeal, mostly operate domestic services and point-to-point flights to and from the country of 35 million people.

The Saudi expansion threatens to sharpen a battle for passengers at a time when travel has been hit by the coronavirus pandemic. Long-haul flights like those operated by Emirates and Qatar Airways are forecast to take the longest to recover.

Riyadh has already moved to compete with the UAE, the region’s business, trade and tourism hub. The Saudi government has said that from 2024 it would stop giving contracts to firms that do not set up regional headquarters in the kingdom.

“Commercial competition in the aviation industry has always been fierce, and regional competition is heating up. Some turbulence in regional relations is on the horizon,” said Robert Mogielnicki, resident scholar at the Arab Gulf States Institute.

Dubai, the world’s largest international air travel hub, has announced a five-year plan to grow air and shipping routes by 50% and double tourism capacity over the next two decades.

Riyadh has already moved to compete with the UAE, the region’s business, trade and tourism hub. The Saudi government has said that starting 2024 it would stop giving contracts to firms that do not set up regional headquarters in the kingdom.

Saudi Crown Prince Mohammed bin Salman attends a session of the Shura Council in Riyadh, Saudi Arabia, November 20, 2019. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

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Prince Mohammed is trying to lure foreign capital to create new industries including tourism, with ambitions to increase overall visitors to 100 million by 2030 from 40 million in 2019.

“Saudi Arabia has the ability to push forward with its aviation and tourism strategy when others will be retreating and retracting,” aviation consultant Brendan Sobie said.

“It is a risky strategy, but also sensible given its position and overall diversification objective.”

TOURISM PUSH

However, any airline requires substantial start-up capital and experts warn that if Saudi Arabia’s ambition is to compete on transit flights it may have to contend with years of losses.

Saudi Arabia’s large population generates direct traffic that could cushion losses as a new airline targets international transit traffic, aviation consultant John Strickland said.

Emirates reported a record $5.5 billion annual loss last month with the pandemic forcing Dubai to step in with $3.1 billion in state support.

Etihad Airways has scaled back its ambitions after it spent billions of dollars to ultimately unsuccessfully compete in building a major hub in United Arab Emirates capital Abu Dhabi.

People familiar with the matter said the new airline could be based in the capital Riyadh, and that sovereign wealth fund PIF is helping set it up.

PIF did not respond to a request for comment.

Saudi Arabia is developing non-religious tourism with mega projects backed by PIF. It has launched social reforms to open up the country, the birthplace of Islam, including allowing public entertainment.

Reporting by Alexander Cornwell; Editing by Tim Hepher and Alexander Smith

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Business

Tesla Q2 deliveries meet analysts’ estimates despite chip shortage, shares gain

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  • Shares up 3% on record vehicle deliveries
  • Deliveries of higher priced models fell

July 2 (Reuters) – Tesla Inc (TSLA.O) on Friday posted record vehicle deliveries for the second quarter that were in line with Wall Street estimates as the electric-car maker coped with a shortage of chips and raw materials.

Tesla delivered 201,250 vehicles in total during the second quarter. Analysts had expected Tesla to deliver 200,258 vehicles, according to Refinitiv data.

“Congrats Tesla Team on over 200,000 car built & delivered in Q2, despite many challenges!!” Musk said in a tweet.

Shares of the company were up 3% in early trading on Friday.

The numbers showed that strong deliveries of its Model 3 sedans and Model Y crossovers, its two lower priced variants, offset a drop in deliveries of higher-end Model S and X variants.

Tesla has been raising prices for its vehicles in recent months, which its billionaire boss, Elon Musk, blamed in May on “major supply chain price pressure”, especially raw materials. read more

He also said in early June that “Our biggest challenge is supply chain, especially microcontroller chips. Never seen anything like it.”

Tesla sold 21,936 cars to Chinese customers in May, rebounding from a sales slump in April, but still well below March numbers. read more

MODEL S,X DELIVERIES FALL

Overall deliveries of its higher priced Model S and X cars fell to 1,890 during the April to June period, from a meager 2,020 the preceding quarter, Tesla said.

After delays, the company launched the Model S Plaid in June, a high-performance version of its Model S, starting at $129,990. read more

A Tesla Model S Plaid electric vehicle burst into flames on Tuesday while the owner was driving, just three days after the car was delivered. Tesla did not have an immediate comment when contacted by Reuters. read more

Total production in the second quarter rose about 14% to 206,421 vehicles from the first quarter.

Reporting by Akanksha Rana in Bengaluru and Hyunjoo Jin in Berkeley, Calif, Additional reporting by Subrat Patnaik; Editing by Sriraj Kalluvila, Saumyadeb Chakrabarty and Philippa Fletcher

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World

France probes fashion retailers for concealing ‘crimes against humanity’ in Xinjiang

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Customers enter a Zara shop in Nantes as non-essential business re-open after closing down for months, amid the coronavirus disease (COVID-19) outbreak in France, May 19, 2021. REUTERS/Stephane Mahe/File Photo

PARIS, July 1 (Reuters) – French prosecutors have opened an investigation into four fashion retailers suspected of concealing “crimes against humanity” in China’s Xinjiang region, a judicial source said on Thursday.

The procedure is linked to accusations against China over its treatment of minority Muslim Uyghurs in the region, including the use of forced labour, the source said.

China denies all accusations of abuse in the region.

The source told Reuters Uniqlo France, a unit of Japan’s Fast Retailing (9983.T), Zara owner Inditex (ITX.MC), France’s SMCP (SMCP.PA) and Skechers (SKX.N) were the subject of the investigation, confirming a report by French media website Mediapart.

“An investigation has been opened by the crimes against humanity unit within the antiterrorism prosecutor’s office following the filing of a complaint,” the source said.

France has a Central Office to Fight Crimes against Humanity, Genocide and War Crimes, founded in 2013.

Inditex said it rejected the claims in the legal complaint, adding that it conducted rigorous traceability controls and would fully cooperate with the French investigation.

“At Inditex, we have zero tolerance for all forms of forced labour and have established policies and procedures to ensure this practice does not take place in our supply chain,” the company said in a statement.

SMCP said it would cooperate with the French authorities to prove the allegations false.

“SMCP works with suppliers located all over the world and maintains that it does not have direct suppliers in the region mentioned in the press,” SMCP said, adding that it regularly audited its suppliers.

Fast Retailing said in a statement from Tokyo that it had not been contacted by French authorities and that none of its production partners are located in Xinjiang.

“If and when notified, we will cooperate fully with the investigation to reaffirm there is no forced labour in our supply chains,” it said.

The company lost an appeal with United States Customs in May after a shipment of Uniqlo men’s shirts were impounded because of suspected violations of a ban on Xinjiang cotton. read more

Skechers said it does not comment on pending litigation. It referred Reuters to a March 2021 statement in which it said it maintained a strict supplier code of conduct.

Two nongovernmental organisations (NGOs) filed a complaint in France in early April against multinationals for concealment of forced labour and crimes against humanity.

United Nations experts and rights groups estimate over a million people, mainly Uyghurs and other Muslim minorities, have been detained in recent years in a vast system of camps in China’s western Xinjiang region.

Many former inmates have said they were subject to ideological training and abuse. Rights groups say the camps have been used as a source of low-paid and coercive labour.

China initially denied the camps existed, but has since said they are vocational centres designed to combat extremism. In late 2019, China said all people in the camps had “graduated.”

Several Western brands including H&M (HMb.ST), Burberry (BRBY.L) and Nike (NKE.N) have been hit by consumer boycotts in China after raising concerns about reports of forced labour in Xinjiang. read more

In March, the United States, the European Union, Britain and Canada imposed sanctions on Chinese officials, citing human rights abuses in Xinjiang. Beijing retaliated immediately with its own punitive measures. read more

Human Rights Watch this year documented what it said could constitute crimes against humanity being committed in Xinjiang.

Reporting by Benoit Van Overstraeten in Paris
Additional reporting by Richard Lough in Paris, Jesus Aguado in Madrid and Rocky Swift in Tokyo.
Editing by Kirsten Donovan and Matthew Lewis

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World

Australia to halve arrivals from overseas, offers COVID-19 exit roadmap

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  • Australia to cut arrivals from overseas to 3,000 a week
  • NSW reports 31 new cases, biggest daily rise for 2021
  • Brisbane lockdown extended for another day

SYDNEY, July 2 (Reuters) – Australia will halve the number of arrivals from overseas as its coronavirus hotel quarantine system creaks under pressure from outbreaks of the highly transmissible Delta variant, Prime Minister Scott Morrison said on Friday.

The new restrictions on travel come as Australia fights outbreaks of the Delta variant simultaneously in three state capital cities, meaning nearly half of all Australians are currently under strict orders to stay at home. Most recent outbreaks have been traced to leaks in hotel quarantine.

Australia shut its international borders early last year largely to non-citizens. Permanent residents and returning Australian travellers, except those exiting New Zealand, have to quarantine in hotels for two weeks at their own expense.

Morrison said Australia will now only accept about 3,000 travellers from overseas per week. Lowering the cap will be finalised by July 14, he said, though some states can move earlier.

Speaking after a meeting of the country’s national cabinet, Morrison also said a four-phase plan had been agreed to reopen Australia after lockdowns triggered by the latest outbreaks. He said this would be based on achieving vaccination levels aimed at suppressing COVID-19 to a stage where it would be managed like other infectious diseases like the flu.

“Our mind-set on managing COVID-19 has to change once you move from pre-vaccination to post-vaccination. That’s the deal for Australians,” Morrison told reporters in Canberra.

The four-phased approach could give fully vaccinated people more freedoms, he said, including shorter quarantine period after arriving from overseas.

New South Wales (NSW) capital Sydney, Australia’s largest city and home to a fifth of the country’s 25 million population, is half-way through a two-week lockdown imposed in a bid to contain the Delta variant.

On Friday it warned residents to brace for an increase in COVID-19 infections over the next few days as it reported the biggest daily rise in locally acquired cases recorded so far this year.

Thirty-one local cases were reported in NSW on Friday, so far the biggest daily rise in cases during the latest outbreak and for 2021. Total infections have grown to more than 200 since the first case was detected more than two weeks ago.

“We are anticipating there could be an increase in numbers over the next few days, then hopefully early next week we should see the impact of the lockdown really turning and having a positive impact,” NSW Premier Gladys Berejiklian told reporters.

Queensland officials said lockdown rules will be eased in parts of Queensland from Friday, although they have been extended in state capital Brisbane and a neighbouring region for another day after three new cases were reported.

Lockdown in Darwin, the Northern Territory capital, will also be lifted on Friday. Restrictions in Perth will be reviewed later in the day.

Lockdowns, swift contact tracing and tough social distancing rules have helped Australia to suppress prior outbreaks, but the fast-moving Delta strain has alarmed authorities amid a sluggish nationwide vaccination drive.

The rollout, mired in confusion and frustration due to frequent changes in medical advice for the AstraZeneca (AZN.L) vaccine, has become a flashpoint in relations between the federal government and state leaders. read more

Reporting by Renju Jose; Editing by Kenneth Maxwell

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Technology

Apple, Intel become first to adopt TSMC’s latest chip tech – Nikkei

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A 12-inch wafer is seen at Taiwan Semiconductor Manufacturing Co. (TSMC) in Hsinchu June 15, 2010. REUTERS/Pichi Chuang

July 2 (Reuters) – Apple Inc (AAPL.O) and Intel Corp (INTC.O) will be the first adopters of Taiwan Semiconductor Manufacturing Co’s (2330.TW) next-generation chip production technology ahead of its deployment, possibly next year, Nikkei Asia reported on Friday.

Apple and Intel are testing their chip designs with TSMC’s 3-nanometer production technology, the report added, citing several sources briefed on the matter. Commercial output of such chips is expected to start in the second half of next year, Nikkei Asia said.

Reporting by Kanishka Singh in Bengaluru; Editing by Christian Schmollinger

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Business

CureVac COVID-19 vaccine records only 48% efficacy in final trial readout

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A dose of CureVac vaccine or a placebo is seen during a study by the German biotech firm CureVac as part of a testing for a new vaccine against the coronavirus disease (COVID-19), in Brussels, Belgium March 2, 2021. REUTERS/Yves Herman

June 30 (Reuters) – CureVac (5CV.DE) said its COVID-19 vaccine was 48% effective in the final analysis of its pivotal mass trial, only marginally better than the 47% reported after an initial read-out two weeks ago.

The German biotech firm said that efficacy, measured by preventing symptomatic disease, was slightly better at 53% when excluding trial participants older than 60 years, an age group that is by far the most severely affected.

CureVac said on June 16 its COVID-19 vaccine, known as CVnCoV, proved only 47% effective in an initial trial read-out and that new variants had proved a headwind, denting investor confidence in its ability to take on rival shots.

That wiped billions of euros from its market value.

Wednesday’s news sent U.S.-listed shares of the company 10.2% lower to $66 after the bell.

Late-stage trials of BioNTech/Pfizer (22UAy.DE), (PFE.N) and Moderna (MRNA.O) vaccines, which like CureVac’s are based on mRNA technology, had efficacy rates of well above 90% across all age groups but took place when the original version of the coronavirus was dominant.

Data on their products have, however, so far suggested only somewhat weaker protection against new variants.

The CureVac study, which involved about 40,000 adult volunteers in Europe and Latin America, showed that efficacy was 77% in the age group below 60 years of age when considering only moderate to severe symptoms and excluding mild cases.

CureVac said it had sent the data to the European Medicines Agency (EMA) as part of an ongoing dialogue with the EU drugs regulator.

CureVac previously said that the regulatory hurdle was 50% efficacy in principle but that various other considerations would come into play.

“In this final analysis, CVnCoV demonstrates a strong public health value in fully protecting study participants in the age group of 18 to 60 against hospitalization and death and 77% against moderate and severe disease – an efficacy profile, which we believe will be an important contribution to help manage the COVID-19 pandemic and the dynamic variant spread,” said Chief Executive Officer Franz-Werner Haas.

CureVac had registered 228 infections overall for the final analysis, after 134 cases for the interim analysis.

Public health representatives across the globe are pushing for a fast deployment of available vaccines to counter highly contagious mutations of COVID-19 such as the Delta variant that first emerged in India.

The EMA has said it would not impose a 50% efficacy threshold for vaccines and that full trial data was necessary for it to make a sound assessment on the benefits and risks of a shot. read more

Under CureVac’s only major supply deal for the product tested in the trial, the European Union secured up to 405 million doses of the vaccine in November, of which 180 million are optional.

In a bet on CureVac’s technology, Britain placed a conditional 50 million dose order in February on yet-to-be-developed vaccines that build on the product tested in the trial. read more

CureVac had lined up a network of manufacturing partners including Celonic Group of Switzerland, Novartis (NOVN.S), Bayer (BAYGn.DE), Fareva, Wacker (WCHG.DE) and Rentschler Biopharma SE.

($1 = 0.8377 euros)

Reporting by Ludwig Burger, Editing by Rosalba O’Brien

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