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The lowdown

• 🚙 Shares in online car seller Carvana rise 56% after a positive outlook update.

• ⚡️ GM becomes the second car company to leverage the Tesla supercharger network, after Ford.

• 🌾 Commodity traders Bunge and Viterra finalizing $30 billion merger.

Featured stories

Former Glencore boss Ivan Glasenberg to acquire cycling brand Pinarello

The Pinarello family sold its majority stake in the bicycle company bearing its name to the LVMH associated PE firm L Catterton in 2016.

L Catterton is now looking to offload its 80% stake in a deal that values Pinarello at €250 million ($) – a tidy profit on the reported €90 million it paid for the stake. The buyer is likely to be former Glencore CEO Ivan Glasenberg who is a keen cyclist himself and former competitive race walker. Glasenberg is also an investor in cycling brand Q36.5.

Glasenberg still holds a 10% stake in Glencore which is worth $5.4 billion at today’s share price. Middle-aged finance types have a propensity to spend large amounts on their cycling obsessions, usually in the form of bikes. This takes it one step further.

The content we're consuming today

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• Council on Foreign Relations: Turkey’s Increasing Balance Sheet Risks.

Off-balance sheet items

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The bottom line