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GameStop Corp is proposing to buy eBay Inc for about US$56 billion in cash and stock, a bold attempt by Ryan Cohen to take over a storied e-commerce name several times larger.

The gaming retail chain offered US$125 per share in cash and stock for the online retailer, or about a 20% premium to its Friday close. GameStop, which built a roughly 5% stake in eBay, said it has secured a commitment from TD Bank to provide about US$20 billion of debt financing to help bankroll the deal. In a letter to investors Sunday, Cohen’s company pledged to find some US$2 billion of annual savings within 12 months of a deal closing.

The takeover bid caps the surprising ascent of GameStop, a chain of video game outlets that has shrunk its brick-and-mortar footprint as gamers increasingly purchase software in digital stores. In 2021, it became the centre of a retail-investor frenzy. Michael Burry, the Scion Asset Management head who rose to prominence after a winning wager against mortgages ahead of the 2008 financial crisis, fuelled GameStop’s rally by taking a bullish stance on the firm around 2019.

Cohen is now proposing to take over a company roughly four times larger than the retail chain he operates. GameStop had a market value of US$12 billion as of Friday. eBay was much larger at around US$46 billion, though the game retailer has about US$9 billion in cash. 

Both companies have struggled to adapt to changing consumer preferences. GameStop has shut stores and emphasised collectible toys and trading cards as more video games are purchased online. eBay has been pushing collectibles and used goods on its own marketplace, creating a business overlap. 

“eBay should be worth — and will be worth — a lot more money,” Cohen told the Wall Street Journal. “I’m thinking about turning eBay into something worth hundreds of billions of dollars.”

The CEO earlier told the paper that he’s prepared for a proxy fight and will take the offer to shareholders if necessary.

Cohen has set ambitious goals for himself. In January, the company unveiled a compensation package that would reward him with options on over 171 million shares if he lifted GameStop’s market value to US$100 billion. In Sunday’s statement, Cohen said he would take over a combined entity but get paid solely based on the performance of that firm.

“Though the companies overlap in collectibles and resale, we see low probability of a deal,” Bloomberg Intelligence analysts Poonam Goyal and Sydney Goodman said in a note on Friday. “Any credible offer would require substantial dilution and introduce meaningful execution risk. — BLOOMBERG

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PRAIA — Three people have died on a cruise ship in the Atlantic, the WHO said Sunday, one a confirmed case of hantavirus — an illness usually transmitted to humans from rodents.

The outbreak occurred on the MV Hondius, travelling from Ushuaia in Argentina to Cape Verde.

“To date, one case of hantavirus infection has been laboratory confirmed, and there are five additional suspected cases,” the World Health Organization told AFP.

“Of the six affected individuals, three have died and one is currently in intensive care in South Africa.”

Earlier Sunday, South Africa’s health ministry told AFP there had been an outbreak of a “severe acute respiratory illness”, which had killed at least two people, with a third in intensive care in Johannesburg.

The patient treated in Johannesburg tested positive for a hantavirus, a family of viruses that can cause hemorrhagic fever, South African spokesperson Foster Mohale said.

In its statement, the WHO said hantavirus infections “are typically linked to environmental exposure (exposure to infected rodents’ urine or faeces).

“While rare, hantavirus may spread between people, and can lead to severe respiratory illness and requires careful patient monitoring, support and response.”

Husband and wife

The first person on the cruise to develop symptoms was a 70-year-old passenger. He died on board the ship and his body was currently on the island of Saint Helena, a British territory in the South Atlantic, Mohale the South African spokesman said.

His 69-year-old wife also fell ill on board and was evacuated to South Africa, where she died in a Johannesburg hospital, he said, adding that they were not yet able to confirm the victims’ nationalities.

The third case, a 69-year-old Briton, was also evacuated to Johannesburg, where he was being treated in intensive care.

WHO chief Tedros Adhanom Ghebreyesus said in a post on X that the agency was working with the ship’s operators and member states affected.

“WHO is facilitating medical evacuation of two symptomatic passengers, conducting a full risk assessment, and supporting affected people onboard,” he added.

“Rapid, coordinated action is critical to contain risks and protect public health.”

Earlier Sunday, a source close to the case speaking on condition of anonymity had said a Dutch couple were among the dead. The third fatality was still on board the ship.

Discussions were under way to decide whether two other sick passengers should be placed in isolation in hospital in Cape Verde, after which the ship would continue to Spain’s Canary Islands, the anonymous source said.

The MV Hondius is listed as a polar cruise ship on the websites of several travel agencies. It is operated by a Dutch-based tour company, Oceanwide Expeditions.

One of the cruises offers an itinerary departing from Ushuaia for Cape Verde, with stops in the islands of South Georgia and Saint Helena.

According to several online ship-tracking sites, the MV Hondius was just off the port of Praia, the capital of Cape Verde, on Sunday.

The vessel can accommodate around 170 passengers and has some 70 crew members.

Humans can catch hantaviruses from contact with infected mice or rats or their droppings, or being bitten or inhaling contaminated dust. There are multiple types of hantaviruses in different parts of the world, with different symptoms.

AFP contacted the cruise operator Oceanwide Expeditions but has not yet had a reply. — AFP

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OIL dropped as President Donald Trump said the US would begin guiding neutral ships through the Strait of Hormuz and signaled progress on talks with Iran to end the war.

Brent declined 1.9% to US$106.16 a barrel, falling for a third day, while West Texas Intermediate was below US$100. The planned move, beginning Monday, was meant to free up people, companies, and countries that “have done absolutely nothing wrong,” Trump said in a social-media post.

The US leader also said that representatives were having “very positive discussions” with Tehran that could lead to something “very positive for all,” but didn’t offer additional details.

Crude has roared higher this year — hitting the highest level since 2022 last week — as the war upended markets, threatening slower economic growth and higher inflation. The surge has been underpinned by a double blockade of the strait, with Tehran preventing ships from exiting the Persian Gulf and the US interdicting vessels headed to or from Iranian ports.

In his post, Trump raised the prospect of responding with force if Iran sought to prevent the ships’ passage. “If, in any way, this Humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully,” he said, without giving specifics.

The US blockade is designed to throttle the country’s economic lifeline and force the shut-in of local oil supply. At present, Tehran is reducing output to stay ahead of capacity limits rather than waiting for tanks to fill completely, according to a senior official.

At the weekend, OPEC+ nations agreed to a symbolic rise in June quota levels, as the group sought to send a business-as-usual message following the exit of the United Arab Emirates. Abu Dhabi, meanwhile, touted its own growth plans.

The war, which erupted in late February after the US and Israel attacked Iran, was cast by Washington as an effort to prevent Tehran from posing a threat because of its nuclear program. So far this year, Brent has surged 74%. — BLOOMBERG

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ISTANBUL — US President Donald Trump said Sunday that the United States would begin escorting neutral foreign vessels safely out of the Strait of Hormuz starting Monday morning West Asian time, describing the effort as a “humanitarian gesture” toward countries caught up in a conflict they have no part in.

Anadolu Ajansi reported Trump said ships from countries around the world had asked the US for help after becoming trapped in the waterway.

He said he had instructed his representatives to inform those nations that the US would use its “best efforts” to guide their ships and crews out of the restricted passage, adding the vessels would not return until the area was safe for navigation.

Trump named the initiative “Project Freedom,” saying many of the stranded ships were running low on food and other essentials needed to keep large crews in healthy condition.

“The ship movement is merely meant to free up people, companies, and countries that have done absolutely nothing wrong – They are victims of circumstance,” he said.

He said the move was “for the good of Iran, the Middle East, and the United States,” adding that any interference with the humanitarian effort would “have to be dealt with forcefully.”

Trump also said his representatives are engaging in “very positive” discussions with Iran that he believed “could lead to something very positive for all.”

Iran did not immediately react to his announcement.

The announcement came as Trump told the Israeli media outlet Kan News that he had studied Iran’s proposal to end the war and found it unacceptable.

“It’s not acceptable to me. I’ve studied it, I’ve studied everything — it’s not acceptable,” he said.

On Saturday, he had already expressed skepticism, saying Tehran had not yet paid a “big enough price” for its actions over the past 47 years.

Despite the public dismissal, Trump’s special envoy Steve Witkoff told CNN that Washington remained engaged, Anadolu reported.

“We’re in conversation,” Witkoff said when asked about the state of discussions.

Iran’s semi-official Tasnim news agency reported Saturday that Tehran had submitted a 14-point response to a US proposal through a Pakistani intermediary. Iran said Sunday that it had received a US response and was reviewing it.

The Axios news site reported that the US on Sunday submitted a newly revised draft agreement aimed at ending the war in response to Iran’s latest proposal.

The war paused after a Pakistan-mediated ceasefire took hold in early April and was later extended indefinitely.

Peace talks were held in Islamabad last month, but an agreement was not reached, and another round could not be arranged.

Trump said “we’re not flying anymore with 18-hour flights every time we want to see a piece of paper. We’re doing it telephonically.” — BERNAMA-ANADOLU

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ISTANBUL — An Israeli court extended on Saturday the detention of Thiago de Avila and Saif Abukeshek, two volunteers aboard a Gaza-bound aid flotilla, for two days, Anadolu Ajansi reported.

Israeli prosecutors sought a four-day detention extension for the Global Sumud Flotilla activists over security-related allegations, according to a statement by Adalah, an Israeli advocacy group for Palestinians inside Israel.

However, their lawyers argued that “the entire legal process is fundamentally flawed and illegal,” the statement added.

No charges have been filed against either activists and they remain under interrogation at the pre-indictment stage, the group said.

“Both Mr. de Avila and Mr. Abukeshek will be transferred back to the Shikma detention facility in Israel (Ashkelon), where they remain in isolation,” it added.

The activists are on hunger strike in protest of their unlawful detention and ill-treatment.

The Global Sumud Flotilla was attacked on Thursday near the Greek island, some 600 nautical miles from its destination, the blockade-ravaged enclave of Gaza.

The flotilla’s first ships, carrying humanitarian aid, left Barcelona on April 12, while the main fleet set sail from the Italian island of Sicily on April 26, aiming to break Israel’s years-long blockade of Gaza.

Israel has imposed a crippling blockade on the Gaza Strip since 2007, leaving the territory’s 2.4 million people on the verge of starvation.

The Israeli army launched a brutal two-year offensive on Gaza in October 2023, killing more than 72,000 people, injuring over 172,000, and causing massive destruction across the besieged territory. — BERNAMA-ANADOLU

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THE United Arab Emirates’ flagship oil company Adnoc announced plans to accelerate a growth plan with 200 billion dirham ($55 billion) in project awards spanning upstream and downstream operations, following the country’s exit from OPEC on May 1.

The $55 billion outlay, part of $150 billion the company had earmarked in capital expenditure through 2030, is planned for the period 2026 to 2028 and will help Adnoc meet rising global energy demand, the government-owned company said in a statement on Sunday.

The announcement coincided with a meeting of OPEC+ nations to decide on June production quota levels. Major members agreed via video conference to a modest and symbolic increase, delegates said, as the group sends a business-as-usual message following the UAE’s surprise exit.

“Adnoc is entering a defining execution phase in its strategy, driven by scale, pace and a laser-focus on delivery,” UAE Minister of Industry and Advanced Technology and Adnoc Chief Executive Officer Sultan Al Jaber said in the statement.

The UAE announced its departure from the oil cartel as of this month, saying the shortages caused by the Iran war will require agility to respond to market demands without being constrained by the collective decision-making process of the wider group.

The UAE’s OPEC departure deals a significant blow to the group, and comes after years of tension with its leader Saudi Arabia. –BLOOMBERG

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TEHRAN – Foreign Minister Abbas Araghchi has held separate phone talks on Saturday with his Japanese and Italian counterparts, outlining Tehran’s diplomatic efforts to end the US-Israeli war of aggression and stressing the need for responsible international action, The Islamic Republic News Agency (IRNA) reported.

In a call with Japan’s Foreign Minister Toshimitsu Motegi on Saturday, Araghchi discussed bilateral ties, regional developments, and Iran’s ongoing diplomatic initiatives aimed at ending the war and reducing tensions.

He briefed Motegi on the latest developments related to the diplomatic process and ongoing efforts and initiatives to end the imposed war against the Islamic Republic.

The Iranian foreign minister also spoke with Italy’s Foreign Minister Antonio Tajani, with discussions focusing on the latest regional developments, ceasefire efforts, and diplomacy.

The two sides exchanged views on the security, legal and economic consequences of the US-Israeli military aggression.

During the call, Araghchi updated his Italian counterpart on ceasefire-related developments and diplomatic efforts to end the war, emphasising the importance of a responsible role by European countries in this process.

Expressing regret over the non-constructive and irresponsible approach of some European countries in repeating incorrect clichés regarding Iran’s nuclear issue, Araghchi stressed that Iran’s nuclear programme is absolutely peaceful.

He urged those countries to condemn the US-Israeli aggression and hold them accountable for gross violations of international humanitarian law.

The United States and Israel launched an unprovoked war of aggression against Iran, assassinating the Leader of the Islamic Revolution, Ayatollah Seyyed Ali Khamenei, and several senior commanders while indirect negotiations were underway between Tehran and Washington regarding Iran’s peaceful nuclear program.

They also bombarded a school in Minab, southern Iran, killing 168 people including school children. — BERNAMA-IRNA

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THIS weekend’s talks among OPEC+ nations provide the oil producer group with an opportunity to project unity after the shock departure of longtime member the United Arab Emirates.

A sub-group of OPEC+ states — now reduced by one to seven — led by Saudi Arabia has provisionally agreed a modest quota increase for June despite the UAE’s departure, a delegate said ahead of their video conference on Sunday. 

With oil shipments from the Persian Gulf choked off by the Iran war, the hike for the time being is entirely symbolic. Rather than the flow of barrels, the significance of the discussions rests instead on whether the Organization of the Petroleum Exporting Countries and its partners can maintain an air of business-as-usual. 

Before the UAE’s announcement, delegates were expecting a small quota hike for June in line with the previous two months. If they ratify the boost of 188,000 barrels a day — the same volume minus Abu Dhabi’s share — it would indicate their plans continue unaffected by the rupture. 

The UAE’s surprise split last week after almost six decades of membership capped years of friction with the Saudis over Abu Dhabi’s ambition to deploy oil production capacity unfettered by OPEC+ quotas. It’s the most seismic of the departures to hit the coalition, and further erodes its ability to shape world oil markets, a power already frayed by competitors like US shale drillers. 

Oil prices shrugged off the move, as traders remain focused on the near-closure of the Strait of Hormuz and signals from US President Donald Trump and Iran’s leadership on fraught negotiations toward ending the nine-week conflict. Brent futures settled near $108 a barrel on Friday, easing from the four-year high above $126 struck earlier in the week.

The conflict has triggered the biggest supply disruption in history, sending the cost of physical crude and products like diesel, gasoline and jet fuel soaring. That’s starting to erode consumers’ purchases, and traders warn this “demand destruction” will escalate as inventories are depleted, heightening the threat of an economic recession. 

For OPEC+, the question now is whether some other countries eventually follow the UAE out the door, or — once current physical constraints on their production are removed — their patchy adherence to the group’s quotas deteriorates further. 

Russia and Kazakhstan have said they’ll remain inside the alliance, and Russian Deputy Prime Minister Alexander Novak said there’s no immediate prospect of a price war, given the constraints imposed by the Iran conflict. Iraq supports remaining “under the umbrella of OPEC” for the time being, the country’s deputy oil minister said in an interview. Top OPEC+ members fought a brief but intense battle for market share in early 2020.

Still, both countries have often flouted OPEC+ limits, with Kazakhstan’s quota violations being particularly blatant, as has Iraq. Algeria firmly insists it remains committed to the organization.

War’s Fallout 

While the fallout from the US and Israel’s war on Iran presented the opportune moment for Abu Dhabi to quit, people familiar with its thinking said the move also reflected differences of political vision with the Saudis and other Arab states, on issues like the war in Yemen and relations with Israel. 

There was also a divergence on energy transition, one person said last week, as the Emiratis want to make use of their oil production capacity before the world’s shift away from fossil fuels causes consumption to fall.

Before the war, eight OPEC+ nations — including the UAE — had been in the process of restoring production shuttered several years ago. Last month, they agreed to continue the pattern with an increment of 206,000 barrels a day for May, even though the closure of the strait has forced Persian Gulf exporters to slash roughly 10 million barrels of daily production. Russia’s ability to ramp up production remains limited amid intensified Ukrainian attacks on its oil infrastructure.

The producers didn’t gave a detailed explanation last month as to why they chose to go ahead with such a theoretical step, though raising quotas now could be helpful once the strait reopens and exports resume.

Over the course of several monthly meetings, OPEC+ had formally agreed to restart roughly half of the second of two layers of production halted since 2023, though the actual additions were smaller than pledged as some countries technically struggled to increase, and others showed restraint to compensate for earlier overproduction. –BLOOMBERG

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THE collapse of Spirit Airlines is cascading through airports across the US, leaving passengers stranded mid-journey and sending rival carriers into rapid-response mode to contain the damage.

Spirit Aviation Holdings Inc. has canceled all flights and told customers not to go to the airport after failing to secure emergency funding, ending a tumultuous period marked by its bankruptcy filings in August and mounting losses. The final blow came as surging fuel prices — driven by the war in Iran — squeezed liquidity, while a proposed $500 million government bailout fell apart.

At Baltimore/Washington International Airport, the fallout hit some passengers after they’d already checked in. Sonia Archila, 57, from Ellicott City in Maryland was planning to fly to Houston with Spirit to visit family and had just retrieved her boarding pass at the check-in kiosks when she learned that her 11 am flight had been scrapped. 

“I am in shock,” she said scanned her phone for the latest updates on Spirit. “There are not gonna be anymore flights?” 

The short answer for Archila — and everyone else planning to travel with Spirit — is: it’s over. As of Saturday, operations had come to a standstill, with the airline employing about 17,000 people now facing liquidation. Some competitors have sprung into action to help out. 

United Airlines Holdings Inc. launched price-capped tickets, offering one-way fares starting at $199 on most nonstop routes, with longer flights capped at $299 for a limited period. The airline is requiring proof of a Spirit booking and directing customers to a dedicated booking page.

American Airlines Group Inc. said it has already put rescue fares in place in markets where it competes directly with Spirit. The carrier is also evaluating ways to add capacity, including using larger aircraft and increasing flights on key routes to handle displaced passengers.

ALERT: @SpiritAirlines has ceased operations. Spirit passengers should not come to the airport.

More information for Spirit passengers is available at https://t.co/csXC2cTORw. pic.twitter.com/4KE7IxsGQ3

— BWI Marshall Airport (@BWI_Airport) May 2, 2026

“We haven’t seen too many structured airline shutdowns. In this country, what we often see is an abrupt, very tough shutdown that strains people — employees, as well as passengers,” said William McGee, a senior fellow for aviation and travel at the nonprofit American Economic Liberties Project.

When a carrier like Spirit goes under, planes, crew and passengers are all left stranded, he said.

Beyond passengers, airlines are also moving to absorb Spirit’s workforce. American said it plans to provide transportation for displaced employees and launch a recruiting site, while United is inviting Spirit workers to apply for open roles and extending travel benefits to help them return home.

In an April 30 letter to the board viewed by Bloomberg News, Spirit’s noteholders said they would release a material amount of funding to support the winddown and committed to using proceeds from the sale of their loan collateral to temporarily help cover employee health insurance costs.

They also said they had supported Spirit through two bankruptcy proceedings, but made clear no additional financing would be forthcoming, citing their own obligations to investors, including retirees, as the company runs out of options.

Low-cost rival Frontier Airlines Holdings Inc. is leaning into pricing and network overlap, offering as much as 50% off base fares across its system and expanding service on routes previously flown by Spirit. The airline said it already serves more than 100 such routes and plans to add additional flying this summer, while also promoting a $199 all-you-can-fly summer pass.

Southwest Airlines Co. is offering special fares at airport ticket counters for Spirit customers based on mileage bands, along with status matches for frequent flyers, positioning itself as a flexible option on domestic routes with overlapping service. 

JetBlue Airways Corp, which previously sought to acquire Spirit but was blocked by the Biden administration from doing so, is offering $99 rescue fares for near-term travel and is planning to expand flying from Fort Lauderdale, one of Spirit’s largest bases. The airline said it will add 11 destinations from the airport, effectively backfilling capacity in a key leisure market.

Delta Air Lines Inc. said it has filed reduced, nonrefundable rescue fares in affected markets to help travelers book last-minute trips. The airline said the fares are being made available even on flights nearing capacity and will be offered across domestic markets where Spirit operated, as well as on routes between the US and Latin America. 

Delta added that its network and hub structure, including major connecting points like Atlanta and Detroit, positions it to support rebooking efforts.

To some travelers caught up in the immediate chaos of Spirit’s demise, there was still considerable improvisation necessary to get to their destinations. 

Nick London, 27, was returning home to Baltimore from Boston and work trip on Martha’s Vineyard. He was on a 4 am bus to the airport in Boston when a fellow passenger noticed that London was booked on Spirit and showed him the news on their phone. 

“No customer service the day you close, it’s crazy,” London said. “I feel bad for the people that were supposed to work for them and now they don’t have the job.”

London was lucky that his company was able to get him home on another flight with United on the same route and at about the same time.

“I’m just glad my company was paying for the ticket,” he said. “I don’t know what I would do if I had to pay the ticket with my own money.” –BLOOMBERG

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