Business briefing for April 14

LanzaTech gets lowball takeover offer The ethanol technology firm LanzaTech has received a takeover offer of 2 cents per share from one of its investors, Carbon Direct Capital Management. Carbon Direct says the offer, which is at about a tenth of LanzaTech’s current stock price, may be the only thing that keeps LanzaTech from going bankrupt. LanzaTech says its partners operate six commercial facilities worldwide using its fermentation technology to convert carbon monoxide into ethanol. But the firm has been struggling. During the first 9 months of last year, it generated a loss of $110.7 million on $37.6 million in sales. In January, LanzaTech said it would spin off its synthetic biology platform. It later requested an extension for publishing its 2024 annual report. And in March, the company announced a $30 million cost reduction program that would cut 10–15% of its workforce.—alex tullo OQ is sold and becomes Oxea