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☆ Citi banker not joining Spain's Naturgy as CEO, sources say
▼ + stars: | 2023-07-11 | by ( Pietro Lombardi | ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Ignacio Gutierrez-Orrantia, one of Citigroup's (C.N) top bankers in Europe, will remain at the bank, sources familiar with the matter told Reuters on Tuesday, following media reports that he was set to join Spanish power utility Naturgy (NTGY.MC) as CEO. On Sunday, he had called Naturgy's chairman and CEO Francisco Reynes, two of the people said. Naturgy and Citi declined to comment. After rival Iberdrola (IBE.MC) appointed Armando Martinez as CEO last year, Naturgy’s leadership structure, with the power concentrated in the hands of Reynes, had become an anomaly among large Spanish energy companies. Reporting by Pietro Lombardi, Jesus Aguado and Andres Gonzalez Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ignacio Gutierrez, Gutierrez, Citigroup's, Francisco Reynes, Naturgy, Iberdrola, Armando Martinez, Pietro Lombardi, Jesus Aguado, Andres Gonzalez, Mark Potter Organizations: Reuters, Citi, Thomson Locations: Europe, Spanish, Middle East, Africa

NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.

Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London

☆ European wind developers play down Siemens Gamesa turbine troubles
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

UBS analysts said that in a worst-case scenario charges for Siemens Energy could exceed 5 billion euros. Denmark's Orsted said it operates one onshore wind farm with Siemens Energy turbines and that Orsted's portfolio of turbines has "high availability rates, reflecting that wind power has very little down-time." Siemens Gamesa has already told Iberdrola that it would proceed with a retrofit design, the source said, adding no technical issues for the remaining fleet of Siemens Gamesa turbines had been observed. Siemens Energy shares were up 5.7% at 1428 GMT, recovering some losses after analysts said Friday's sell-off was overblown. Siemens Gamesa first disclosed problems around its 5X model in July 2021, flagging higher than expected ramp-up costs.

Persons: Siemens Gamesa, Germany's, Denmark's Orsted, Eolus Vind, Iberdrola, Friday's, Andres Gonzalez, Forrest Crellin, Christoph Steitz, Marek Strzelecki, Nikolaj Skydsgaard, Nora Buli, Pietro Lombardi, Nina Chestney, Mark Potter, Alexander Smith Organizations: Siemens, Siemens Energy, UBS, EDF, Copenhagen Infrastructure Partners, Siemens Gamesa, Poland's PGE, Thomson Locations: Spanish, Copenhagen, Baltica, Baltic, London, Paris, Frankfurt, Warsaw, Oslo, Madrid

☆ JPMorgan invests in financial technology provider Cleareye.ai
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 20(Reuters) - JPMorgan (JPM.N) has made a strategic investment in Cleareye.ai, a financial technology firm focused on trade finance, the companies said on Tuesday. The parties, which entered into a commercial partnership last September, did not provide the financial terms of the transaction. Trade finance refers to financial products offered by banks and other institutions that seek to facilitate global trade by reducing counterparty risk between importers and exporters. Cleareye.ai operates a platform that it claims can expedite trade finance processes and compliance by analysing documents and data and removing manual checks. JP Morgan's trade finance business receives nearly 4 million individual documents every year.

Persons: Cleareye.ai, Andres Gonzalez, Louise Heavens Organizations: JPMorgan, Trade, Cleareye.ai, Thomson Locations: Cleareye.ai, U.S

LONDON/MADRID, June 11 (Reuters) - Morgan Stanley Infrastructure Partners is poised to buy Sacyr's (SCYR.MC) Valoriza Servicios Medioambientales in a deal that could value the unit at close to 600 million euros ($644.8 million) including debt, people familiar with the matter said. Morgan Stanley Infrastructure has prevailed over other firms in an auction that Valoriza's owner, Spanish construction firm Sacyr, held for the company which started in February, the sources said on Sunday. Valoriza Servicios Medioambientales is specialized in managing a range of services in the waste recycling chain such as collection, treatment and management of waste. Sacyr and Morgan Stanley declined to comment. Sacyr has been advised by Santander and Nomura, while Morgan Stanley Infrastructure Partners was advised by Deutsche Bank, the sources said.

Persons: Morgan Stanley, Valoriza, Sacyr, Morgan, Andres Gonzalez, Corina Pons, Jan Harvey, Marguerita Choy Organizations: Morgan Stanley Infrastructure Partners, Morgan Stanley Infrastructure, Santander, Nomura, Deutsche Bank, Thomson Locations: MADRID, Spanish

LONDON/LISBON, May 19 (Reuters) - Portuguese insurer Fidelidade is exploring a potential stock market listing of its private healthcare subsidiary Luz Saude, six people familiar with the matter told Reuters. Luz Saude reported operating income of 599 million euros in 2022, a 10.6% jump from the year before, driven by growth in private healthcare services. They come after Fidelidade acquired the remaining 49% of Luz Saude it did not already own from parent Fosun in September. An IPO would mark a return of Luz Saude to the stock market after the healthcare group stopped trading on Euronext Lisbon in 2018. It could also awaken Europe's IPO market, after activity levels plunged last year on the back of soaring interest rates and economic uncertainty.

LONDON, May 17 (Reuters) - Planisware is working with investment bankers on strategic options, including a stock market listing of the French software group, four people familiar with the matter told Reuters. Rothschild (ROTH.PA) is acting as financial adviser to Planisware, two of the people, who declined to be named, said. BNP Paribas (BNPP.PA) and Citigroup (C.N) have been lined up to arrange a possible initial public offering (IPO), one person added. Private equity group Ardian, which holds an undisclosed stake in Planisware through its growth capital arm, declined to comment. In France, IPO volumes plunged in 2022 to levels similar to the first year of the COVID-19 pandemic.

☆ Real Madrid lose $440 million sponsorship battle with Abu Dhabi fund
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

MADRID, May 13 (Reuters) - Spanish soccer's Real Madrid have lost a $440 million court battle with Abu Dhabi sovereign investor Mubadala (MUDEV.UL) over the proposed sponsorship of its stadium in Madrid, sources with knowledge of the case told Reuters. Real Madrid had claimed 400 million euros ($440 million) from Mubadala because it said the Abu Dhabi sovereign investor failed to honour a sponsorship deal under which it would acquire rights to name the Santiago Bernabeu stadium for 20 years. In 2014, Real agreed a strategic partnership with Abu Dhabi fund International Petroleum Investment Co (IPIC), now Mubadala, to help finance a planned stadium overhaul. However, in 2015, a Madrid court halted the original modification of the stadium. The court ruled the sponsorship contract had expired by the time the second expansion was agreed in 2017.

☆ Grupo Mexico nearing $7 bln deal for Citi's Banamex unit -source
▼ + stars: | 2023-05-11 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

[1/2] The logo of Banamex bank is on a branch in Mexico City, Mexico, November 17, 2017. As part of the deal, Citi will retain a roughly 10% stake in the Banamex unit, the source said, requesting anonymity as the discussions are confidential. Reuters had reported in February that Grupo Mexico's proposed deal for Banamex could value it at $7 billion or more. Grupo Mexico did not immediately respond to a request for comment. Bloomberg reported on talks advancing between Grupo Mexico and Banamex earlier on Wednesday.

LONDON, May 4 (Reuters) - Blackstone (BX.N) is weighing options for Spanish gambling company Cirsa, including an initial public offering (IPO), people familiar with the matter told Reuters. The U.S. buyout group recently invited proposals from investment banks to manage a possible share sale and refinancing of Cirsa's debt, said the people, speaking on condition of anonymity. An IPO would follow a public share sale by Italian peer Lottomatica (LTMC.MI), backed by Apollo Global Management (APO.N), whose shares began trading in Milan on Wednesday. Cirsa, a casino operator, posted 552.5 million euros ($609.24 million) in earnings before interest, tax, depreciation and amortisation (EBITDA) for 2022. Based on Lottomatica's valuation, Cirsa could be worth several billions of euros, including debt.

LONDON, May 4 (Reuters) - U.S. buyout house Blackstone (BX.N) is weighing options for Dutch merchant bank NIBC, including a possible sale, people familiar with the matter told Reuters. Blackstone has also been considering potential acquisitions in the absence of a sale, one person added. The Hague-based NIBC offers financing for industries such as automotive, commercial real estate, infrastructure and shipping, as well as retail mortgages. It has been exiting non-core businesses, including deal advisory and leveraged finance, in a bid to streamline its operations. The group had 22.8 billion euros of assets on its balance sheet at the end of last year and an equity value of around 2 billion euros ($2.21 billion), according to its 2022 annual accounts, which showed a profit of 179 million euros excluding non-recurring expenses.

It may explore a private sale alongside a stock market listing, they added. An IPO might not take place until next year, as market conditions remain challenging for new listings, one person said. LimaCorporate, which designs orthopedic implants, posted revenue of 248.6 million euros ($274.5 million) for 2022, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 66.2 million euros. It also reported a yearly loss of 27.9 million euros after taxes. EQT was reported in 2020 to be working with advisers on a possible IPO or sale of the business, but a transaction never materialised.

LONDON, April 20 (Reuters) - British transport company FirstGroup (FGP.L) and infrastructure fund I Squared are weighing competing bids for parts of Deutsche Bahn's international transport business Arriva, according to a number of people familiar with the matter. The British transport company may also consider partnering with another bidder for the UK operations, the two added. Arriva, Deutsche Bahn, FirstGroup and I Squared declined to comment. A Bloomberg report in January suggested Arriva may now fetch as much as 2 billion euros. Binding offers for Arriva are expected in the next couple of months, two of the sources said.

☆ Guggenheim lures Greenhill's dealmakers to expand into Europe, sources say
▼ + stars: | 2023-04-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

LONDON, April 20 (Reuters) - U.S. investment bank Guggenheim Securities will begin its European expansion by hiring four senior bankers from Greenhill, three sources familiar with the matter told Reuters. Guggenheim already had a small group of bankers covering European deals, one of the sources said. The Wall Street bank has snapped up Greenhill & Co.'s telecoms and digital infrastructure team, led by Jonathan Dann and Pieter-Jan Bouten, the sources said on condition of anonymity. Investment bankers Charlie Evans and Achille Del Pizzo will also move to Guggenheim, where the team will begin in May. Guggenheim, which according to Refinitiv ranked 39th among global M&A advisers in 2022, in the first quarter advised on Pfizer Inc.'s $43 billion deal to acquire Seagen Inc.

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

Brookfield has prevailed over other investment firms in an auction that Data4's majority owner, Axa Investment Managers, held for the company, the sources said on Friday. If negotiations and financing arrangements are concluded successfully, a deal could be announced as early as next week, the sources added. The sources cautioned that there remained a chance that no deal would be completed and asked not to be identified because the matter is confidential. Brookfield declined to comment, while representatives for Data4 and AXA Investments, a division of French insurer AXA (AXAF.PA), did not immediately respond to requests for comment. Headquartered in Paris, Data4 operates at least 25 data centers across France, Italy, Spain and Luxembourg, according to its website.

Hohn, who runs hedge fund TCI Fund Management, owns 3.1% of Cellnex's shares and 5.9% in derivatives, corporate records show. However, Hohn last month wrote to Airbus, in which TCI has a 3% stake, demanding it drop a deal. "We believe that the subsequent hiring process for a new CEO has been mishandled by the board and resulted in insufficient progress to recruiting a suitable replacement," Hohn wrote in the letter, published on TCI's website. "We intend to exercise our shareholder rights to request certain shareholder resolutions be added to the next AGM," the letter said. Kan was named Cellnex's chairman in 2021 and has been an independent member of the board since 2015.

But combining Credit Suisse into UBS could take much longer, potentially months, because the deal needs approval from regulators in tens of countries, the people said, seeking anonymity given the sensitivity of the matter. Spokespeople for UBS and Credit Suisse declined to comment. The longer the deal takes to close, the harder it will be for Credit Suisse to hold on to its business as the uncertainty erodes confidence in the lender. Bank of America's electronic stocks desk had halted trading with a desk at Credit Suisse that uses computer-led strategies, an email seen by Reuters on Monday said. Bloomberg News reported on Thursday that Wall Street banks and European firms are lifting hiring freezes to lure staff from Credit Suisse.

[1/2] The logo of the Swiss bank Credit Suisse is seen in Zurich, Switzerland March 20, 2023. While the nation's central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation's second-biggest bank. The Swiss National Bank declined to comment while the finance ministry did not respond to a request for comment. Battered by years of scandals and losses, Credit Suisse for months had been battling a crisis of confidence of its own making. By Wednesday, two days later, Credit Suisse was swept up in a full-blown crisis.

As part of the overhaul announced in October, it is seeking to spin off merger advice and leveraged finance into a new entity named Credit Suisse First Boston (CSFB), for which it has been seeking buyers. Credit Suisse is most valuable in separate parts, and there are high-level M&A talks taking place, said a senior banker who advises banks on deals. TAKEOVERSelling off parts of Credit Suisse could require time, which markets may not give. The two have complementary investment banking businesses -Credit Suisse is stronger in credit and UBS in equities. However, some have faith that Credit Suisse can still make it safely to the end of the tight rope.

This would help its investment bankers in their pitches to clients, especially for IPOs, one of the sources added. Klein is selling his business to Credit Suisse for $175 million, the two said earlier this month. Credit Suisse will focus on managing money for the wealthy after the carve-out. A spokesman for Credit Suisse declined to comment, as did a representative for Klein. Credit Suisse reported its biggest annual loss last year since the financial crisis and cut its bonus pool by 50% for 2022.

Manchester United, INEOS, Tesla and Musk did not reply to requests for comment. "For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The size of that bid has fuelled speculation Manchester United will attract significantly more. Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte. A small portion of Manchester United shares is listed on the New York Stock Exchange.

The planned listing will end a prolonged hiatus in initial public offerings (IPO) on Spain's main market since renewables company Opdenergy's (OPDE.MC) lackluster debut in July. EiDF Solar, which installs solar panels, currently trades on the junior market of the BME Exchange and plans to relist its shares on the senior stock market, known as Mercado Continuo. The group must place more shares with investors to meet a 25% minimum free-float requirement for the country's main market. Shares in EiDF, one of the most actively traded stocks on BME Growth, have rocketed since its stock market debut in 2021. It posted third-quarter 2022 revenues of 315.54 million euros, up from 30.55 million euros the previous year, and earnings before interest, tax, depreciation and amortisation (EBITDA) of 46.86 million euros, up from 7.10 million euros.

CTIL is attracting interest from pension funds including Britain's largest, the Universities Superannuation Scheme (USS), which has started preliminary work on a potential offer, two of the sources said. Telefonica, Liberty Global and USS declined to comment. A number of telecom towers deals in Europe have seen infrastructure investors compete for a slice of the continent’s largest towers networks partly because of their stable cash yield and long-term contracts. Vodafone (VOD.L) owns 50% of CTIL through its Frankfurt-based subsidiary Vantage Towers (VTWRn.DE), and is not planning to cut its holding, the people said. Telefonica and Liberty Global do not plan to ask Vantage Towers to bid for the holding for competitive reasons, according to the sources.

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