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Atos also said on Tuesday that it plans a 900 million-euro share sale to further shore up its balance sheet. The company said 180 million euros of the shares in the capital raise would be reserved for EPEI, giving it a 7.5% stake in Eviden. The sale of the remaining 720 million euros of new shares will be underwritten by BNP Paribas and JP Morgan, the company said. The expected sale would bring in 100 million euros in cash and cut 1.9 billion euros worth of liabilities from the tech company's balance sheet, Atos said. The sale gives an enterprise value of 2 billion euros to the sold division, which generated 4.5 billion euros of core revenue last year and employs 52,000 people.

Persons: Daniel Kretinsky, Atos, JP Morgan, Nathalie Senechault, Paul Saleh, Mathieu Rosemain, Sudip Kar, Edmund Klamann, Sharon Singleton Organizations: PARIS, Casino, Tech Foundations, Equity Investment, BNP, Thomson Locations: Czech, Europe, France, Eviden

The talks, announced with Kretinsky's EP Equity Investment (EPEI) vehicle, come on top of a 900 million-euro share-sale plan, aimed at further shoring up Atos' balance sheet, the company said. The expected sale would bring in 100 million euros in cash and cut 1.9 billion euros worth of liabilities from the tech company's balance sheet, Atos said. It gives an enterprise value of 2 billion euros to the sold division, named Tech Foundations. Tech Foundations, whose activities generated 4.5 billion euros of revenue last year, offers infrastructure management services. Following the sale of the tech unit, Atos will still rename as Eviden.

Persons: Daniel Kretinsky, Atos, Nathalie Senechault, Paul Saleh, Mathieu Rosemain, Sudip Kar, Edmund Klamann, Sharon Singleton Organizations: PARIS, Kretinsky's, Equity Investment, Tech Foundations, Tech, Casino, Thomson Locations: Czech, Paris, French, France

☆ How lip fillers and laser hair removal are plumping up private equity
▼ + stars: | 2023-07-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Sixth Street, Blackstone, and Ares have backed providers of treatments like laser hair removal. Laser hair removal, body contouring, filler injections — it's not just TikTok and Instagram where people are talking about their latest treatments. The space is another consumer-focused vertical, like dentistry and dermatology, that private equity firms, big and small, are aggressively pushing into. Christian Karavolas, who owns laser hair removal specialist Romeo & Juliette in New York City, said he's turned away offers by private equity investors. Laser hair removal, for instance, isn't considered a medical procedure in every state.

Persons: Ares, It's, Levine, Leonard Green, Blackstone, Levine Leichtman, Christian Karavolas, Juliette, he's, Karavolas, Alex Thiersch, Thiersch, Chanel, Dior, David Yurman, Louis Vuitton, isn't, Sevana Petrosian, Eva Longoria Bastón, SEV, Andrew Schwartz, Schwartz, Heravi Organizations: Sixth, Blackstone, Levine Leichtman Capital Partners, Leonard Green & Partners, Boston Consulting, Industry, KKR, SkinSpirit, Walmart, ORIX Venture Finance, TPG, General Atlantic, Wax Center, Med Spa Association, Getty, Consumers Locations: Blackstone, Milan, LaserAway, California, New York City, H.I.G, Manhattan, Burbank , California

☆ Moody's sees 'significant risk' besieging Israel's economy
▼ + stars: | 2023-07-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Moody's Investors Service cautioned that "negative consequences" and a "significant risk" loom over Israel's economy, after the passage of a law that curtails the powers of the Supreme Court. The development has triggered mass protests, bringing tens of thousands of demonstrators into the streets earlier this week. The agency added that Israel's executive and legislative institutions have become "less predictable and more willing to create significant risks to economic and social stability." In a joint statement, Israel's Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich said that Moody's report "is a momentary reaction, when the dust settles it will become clear that Israel's economy is very strong." They added, "Israel's economy is based on solid foundations and will continue to grow under experienced leadership that leads a responsible economic policy," elaborating that the defense industries are "bursting with orders," and that the gas industry is increasing exports to Europe.

Persons: Moody, Viola, Israel, Benjamin Netanyahu, Bezalel Smotrich Organizations: Moody's, Service, Israel's, Finance Locations: Europe

While global supply networks recover from the pandemic shock, fresh impetus is coming from tougher environmental standards, which drive companies to invest in new technologies to reduce their and their suppliers' emissions. "So in battery, steel, aluminum and cast iron we will only source green materials and technologies by 2030," Foller told Reuters. The foundation told Reuters it would also consider further investments in producers of steel, construction and green aluminium produced with hydropower or from recycled materials. Scania said that following its 10 million euro ($11.15 million) seed investment in H2GS in 2021, it has entered a steel supply agreement from 2027. While companies will keep investing in their suppliers in the short to medium term, the market will eventually reach saturation, said Jon Chadwick, global energy transition lead at PricewaterhouseCoopers.

Persons: Andreas Follér, Foller, Rebecca Campbell, China's, Scania's Foller, Britain's, They're, Maybel Saleh, Case's Campbell, Jon Chadwick, Clara Denina, Sarah McFarlane, Helen Reid, Veronica Brown, Tomasz Janowski Organizations: IKEA, Climate Tech VC, Scania, Reuters, White &, Export, GM, IMAS Foundation, Airlines, EMEA, Citi . Supply, Equity, PricewaterhouseCoopers, Thomson Locations: Ukraine, China, Russia, Beijing, Sweden, Swedish, H2GS, Norway, Germany, Indonesia, Britain, Bristol

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ Goldman Sachs' second-quarter earnings bombed. Here are 5 numbers that best explain what went wrong and where the company is headed.
▼ + stars: | 2023-07-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

Wall Street earnings season has been challenging across the board, but perhaps none have had it as tough as Goldman Sachs. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs and our business mix. Here are the five numbers explaining the complex story of Goldman Sachs' second-quarter earnings and its shift from consumer banking to asset management fees. Goldman Sachs Earnings PresentationROE: Down to 4%The return on shareholders' equity fell to 4% this quarter, down from 11.6% last quarter. Goldman Sachs' 2Q23 Earnings Presentation Goldman Sachs' 2Q23 Earnings PresentationEquity underwriting: up 133%One bright spot was equity underwriting, or the process of helping companies raise money through the sale of stocks.

Persons: Goldman Sachs, David Solomon, it's, ROE, Goldman, Morgan Stanley, Goldman's, Solomon, Denis Coleman, Coleman, Solomon's, we've, Marcus, they've Organizations: Wall, Citigroup, JPMorgan, Wells, Global Banking, Goldman, Apple, GreenSky, Wealth Management, Investment Locations: Goldman, Wells Fargo

☆ Blackstone to invest $150 million in London-based hedge fund Astaris
▼ + stars: | 2023-07-18 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, July 18 (Reuters) - Blackstone Group LP is to invest $150 million in London-based Astaris Capital Management which will be split between the firm's existing hedge fund and a new pool of capital with a drawdown structure, two sources said. He was also a founding partner at hedge fund Sothic Capital, which invested in European distressed assets. The firm's investment approach does not rely on any specific part of the economic cycle. Blackstone will fund both the existing hedge fund and the new fund with $75 million each, signaling its strong commitment to Astaris, according to the sources familiar with the investment but are not permitted to discuss it. Blackstone, which invests $81 billion through its hedge fund unit Blackstone Alternative Asset Management, is making the investment with cash from its Strategic Alliance Fund IV, which has over $1 billion in assets, they said.

Persons: Astaris, Martin Beck, Blackstone, Svea Herbst, Bayliss, Emelia Sithole Organizations: YORK, Blackstone, Astaris Capital Management, Centerbridge Partners, JPMorgan, Asset Management, Strategic Alliance, IV, Strategic Alliance Fund, Astaris, Svea, Thomson Locations: London, Europe

☆ First investment, cost basis, selling 'dogs' — we answer 3 questions from members
▼ + stars: | 2023-07-16 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

We will only consider more general questions about the investment process or stocks in the portfolio or related industries. However, it's important to also consider a company's underlying fundamentals and not just the stock price. After all, price is what you pay and value is what you get, so it's important to consider whether the stock price reflects the business fundamentals. For us, that might be Apple (AAPL) and Nvidia (NVDA) as we've designated these "own, don't trade" stocks. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer, — Sandi D, — Scott K, you've, —, whittle, Jim, NVDA, — Keith, Jim Cramer's, Jim Cramer Rob Kim Organizations: investingclubmailbag, Investment Club, New Orleans, Apple, Nvidia, Jim Cramer's Charitable, CNBC

July 14 (Reuters) - BlackRock Inc (BLK.N), the world's biggest asset manager, handily beat second-quarter profit estimates but showed a slowdown in money inflows, sending shares down about 2%. Net inflows for the quarter were $80 billion, down from $89.6 billion a year ago and $110 billion in the first quarter, amid heightened economic uncertainties. "The firm's flow mix remains skewed toward lower fee strategies, which continue to weigh on organic base fee growth," Goldman Sachs said in a note to clients. Citigroup described the results as "a bit of a mixed quarter," given BlackRock's profit beat but lower-than-expected inflows. Shares in BlackRock are up 2.85% this year, underperforming the S&P 500 index (.SPX), which is up almost 18%.

Persons: Refinitiv IBES, Kyle Sanders, Edward Jones, Goldman Sachs, BlackRock, Larry Fink, Fink, Martin Small, Jaiveer Singh, Chizu Nomiyama, Mark Potter, Anna Driver Organizations: BlackRock Inc, BlackRock, Citigroup, CNBC, Thomson Locations: New York, BlackRock, Bengaluru

July 14 (Reuters) - BlackRock Inc (BLK.N) on Friday beat second-quarter profit estimates, as investors continued to pour money into its various funds on the back of a rally in markets after a bruising start to the year. Net inflows for the quarter for BlackRock were at $80 billion, down from $89.6 billion a year ago. The company's adjusted profit of $9.28 per share leapfrogged analysts' estimates of $8.46, according to Refinitiv IBES. Fink in an investor event last month said that he is not planning to leave the asset manager "any time soon". Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Kyle Sanders, Edward Jones, Refinitiv IBES, Larry Fink, Fink, Jaiveer Singh, Maju Samuel, Chizu Organizations: BlackRock Inc, The, Revenue, BlackRock, Securities, Exchange, Thomson Locations: The New York, BlackRock, Bengaluru

☆ Israel’s economy will see a recession next year as protests persist, says former central bank deputy governor
▼ + stars: | 2023-07-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Protesters attend a demonstration on Kaplan Street against the Israeli government’s plan to overhaul the justice system on July 11, 2023 in Tel Aviv, Israel. Fresh protests in Israel over a controversial judicial overhaul will deliver a significant slowdown to the country's economy, according to former central bank Deputy Governor Zvi Eckstein. It has also led to a "huge reduction" in investments in Israel's high technology sector, which is a linchpin of the Israeli economy, he said. "Most of the growth of the Israeli economy, about 40%, was generated by the high tech sector," said Eckstein, highlighting that there is currently an 80% decline in investment in the country's startup and growth companies. Israel's fintech sector, as well as enterprise IT, posted the biggest declines, plunging more than 80% year-on-year, the report also showed.

Persons: Zvi Eckstein, Eckstein, CNBC's, SNPI, Viola, Israel Organizations: Kaplan, Tiomkin School of Economics, Policy Institute Locations: Tel Aviv, Israel

☆ Canadian pension fund taps Europe's green hydrogen hopes with Dutch investment
▼ + stars: | 2023-07-11 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

LONDON, July 11 (Reuters) - Canada's biggest pension fund, CPP Investments, has made its first bet on green hydrogen playing a growing role in cutting emissions, with a 130 million euro ($143 million) investment and the purchase of a majority stake in a three-year-old Dutch firm. "Europe is generally seen as the leading industrial market or consumer for these green molecules. Power2X's current projects include a green hydrogen and ammonia development in Portugal and a solar power and green hydrogen project in Spain. Expanding green hydrogen production will require more renewable power generation, and some questions remain over its potential use cases versus other low-emission technologies. Last month Canada's Investment Management Corporation of Ontario announced a $400 million investment in Sweden's battery producer Northvolt.

Persons: Bruce Hogg, CPPI, Hogg, Occo Roelofsen, Tommy Reggiori Wilkes, Conor Humphries Organizations: Investments, Reuters, Investor, McKinsey, Investment Management Corporation of Ontario, Thomson Locations: Amsterdam, Europe, Portugal, Spain, Power2X

LONDON, July 10 (Reuters) - Thames Water has become the poster child for a British water industry under fire for its poor environmental record and financial mismanagement. After a period as a listed company, Thames Water was acquired by German utility RWE (RWEG.DE) in 2001. Thames Water said on Monday they would provide 750 million pounds, and added it had strong liquidity of 4.4 billion pounds. FINANCESNearly 60% of Thames Water's debt is index-linked, according to ratings agency Standard & Poor's, saddling it with higher repayments as inflation soars. Thames Water was fined 3.3 million pounds last week, while Southern Water was fined 90 million pounds in 2021.

Persons: Margaret Thatcher's, Australia's Macquarie, Abu, Hermes, Ofwat, Sarah Young, Chiara Elisei, Emelia Sithole Organizations: Margaret Thatcher's Conservative, Water, Thames, Ontario, BT, China Investment Corp, Thames Water, Macquarie, Yorkshire Water, Severn Trent, United Utilities, The Times, Environment Agency, Southern Water, Thomson Locations: Britain, Here's, Abu Dhabi, Thames, Southern Water, United, England

☆ Explainer: What's next for Ant after its nearly $1 bln fine?
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

After the fine, the next step would be to obtain the financial holding license, which is crucial for reviving any listing plans by Ant. A second license Ant is waiting to procure is one for a personal credit reporting company. IPO PROSPECTSThe resolution of Ant's regulatory woes has revived talk of whether the company's listing could be back on the cards. Alibaba, which has a 33% stake in Ant, said on Sunday it was considering whether to participate in the buyback. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase.

Persons: Ant, Ant ., Jack Ma, Warburg Pincus, Ant's, Roxanne Liu, Brenda Goh, Christina Fincher Organizations: Ant, Financial Regulatory Administration, State Council, Reuters, Ant Group, Shanghai's STAR, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, China Life Insurance, China Pacific Life Insurance, Plan Investment, Yunfeng, Thomson Locations: BEIJING, Hong Kong, Hangzhou, Canada

☆ The dream scenario for the economy is looking more likely by the day
▼ + stars: | 2023-07-09 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

The US jobs market is still on 🔥. Still, recent data from the Bureau of Labor Statistics shows a job market that's running hot. Average hourly earnings increased 0.4% month on month and are up 4.4% on last year. The dream scenario for the economy is to get inflation under control without a sharp spike in unemployment or a recession. So far, the job market has remained robust.

Persons: ake, anker, rina, ord, T witter Organizations: Service, uts Locations: Wall, Silicon, usk

That represents a steep 75% discount to the $315 billion valuation in 2020 for what was set to be the world's largest IPO had it not been derailed at the last minute by Chinese regulators. "China needs to resolve the Ant IPO to restore investor confidence," said Wang Qi, chief executive of China-focused asset manager MegaTrust Investment. For the broader technology sector, Ant's fine marks a key step towards the conclusion of China's bruising crackdown on private enterprises, which began with the scrapping of Ant's IPO in late 2020 and subsequently wiped billions off the market value of several companies. "At the same time, initiating a stock buyback also indirectly informs investors that the possibility of a short-term IPO recovery is unlikely." On Friday, Chinese authorities also announced fines against two Chinese banks, an insurer, and Tencent Holdings' (0700.HK) online payment platform Tenpay.

Persons: Ant, Zhang Zihua, Wang Qi, Jack Ma, Hanyang Wang, Julie Zhu, Josh Ye, Brenda Goh, Zhang Yan, Scott Murdoch, Shri Navaratnam, Kim Coghill Organizations: Saturday, Ant, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Beijing Yunyi, MegaTrust Investment, Fidelity, Reuters, Tencent Holdings, HK, People's Bank of China, Thomson Locations: HONG KONG, Hangzhou, Hangzhou Junhan, Beijing, China

☆ Ant's share repurchase plan values firm around $79 bln, down sharply before crackdown
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +3 min

It marked a sharp fall in the $300 billion-plus value ascribed to the company in mid-2020, before its IPO planned for later that year was pulled. Ant said it had proposed to all of its shareholders to repurchase up to 7.6% of its equity interest at a price that represents a group valuation of approximately 567.1 billion yuan. The repurchase proposal will also provide a liquidity option for the company’s investors," it said. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added. "At the same time, initiating a stock buyback also indirectly informs investors that the possibility of a short-term IPO recovery is unlikely."

Persons: Ant, Hanyang Wang, Jack Ma, Brenda Goh, Zhang Yan, Josh Ye, Shri Navaratnam Organizations: Saturday, Ant, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Tencent Holdings, HK, People's Bank of China, Thomson Locations: SHANGHAI, Hangzhou, Shanghai, Hong Kong

☆ Ant Group's share repurchase plan values firm at nearly $79 billion, down sharply before crackdown
▼ + stars: | 2023-07-08 | by ( ) www.cnbc.com time to read: +2 min

HANGZHOU, CHINA - OCTOBER 27: A logo of Ant Group is seen at the company's headquarters on October 27, 2020 in Hangzhou, Zhejiang Province of China. Ant Group on Saturday announced a share repurchase plan that values the fintech giant at 567.1 billion yuan ($78.54 billion), as the management seeks to replenish its staff incentive pool and let some investors exit after regulators fined the firm. "The repurchased shares will be transferred into Ant Group's employee incentive plans to attract talents. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added. On Friday, Chinese authorities also announced fines against two Chinese banks, an insurer, and Tencent Holdings' online payment platform Tenpay.

Persons: Ant, Jack Ma Organizations: Ant, Saturday, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Tencent Holdings, People's Bank of China Locations: HANGZHOU, CHINA, Hangzhou, Zhejiang Province, China

☆ Cash assets under management reach 'monster $7.8 trillion', Bank of America says
▼ + stars: | 2023-07-07 | by ( Lucy Raitano | ) www.reuters.com time to read: +2 min

LONDON, July 7 (Reuters) - Investors globally ploughed more money into cash funds in the week to Wednesday, with total cash assets under management reaching a "monster" $7.8 trillion, according to a report from Bank of America (BofA) Global Research. Inflows into cash funds totaled $29 billion in the week to Wednesday, while global investors also bought $13 billion of equity funds and $9.8 billion of bonds, BofA said citing figures from funds data provider EPFR. Fears about a looming recession have kept many investors holding large cash positions throughout the first half of this year, even though the surprising resilience of the global economy has helped equity markets to rally sharply. The BofA data captures flows in the week to Wednesday, before key U.S unemployment data on Thursday raised expectations that the Federal Reserve will resume rate hikes in July after June's pause. The data caused a sharp selloff in which equity markets tumbled and short-dated bond yields on both sides of the Atlantic climbed past March levels to post-financial crisis highs.

Persons: BofA, Lucy Raitano, Alun John, David Holmes Organizations: Bank of America, Research, Federal Reserve, Thomson

☆ Pfizer makes equity investment in Caribou Biosciences
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Pfizer (PFE.N) has invested $25 million to buy a minority stake in Caribou Biosciences (CRBU.O), making it the latest small biotechnology firm to attract the pharmaceutical giant's interest. The news lifted shares of Caribou more than 61% in early trade. Pfizer purchased nearly 4.7 million Caribou shares at $5.33 per share, Caribou said on Thursday, representing a premium of about 30% over Caribou's previous close price. This represents 7.64% of outstanding shares in Caribou, according to Reuters' calculation based on Refinitiv IBES data. It also made a $25 million equity investment in Akero Therapeutics (AKRO.O) last year.

Persons: Caribou, NASH, Jennifer Doudna, Raghav Mahobe, Leroy Leo, Maju Samuel Organizations: Pfizer, Caribou Biosciences, Biohaven Pharmaceutical, Akero Therapeutics, Thomson Locations: Caribou, California, Bengaluru

☆ Preferred securities are yielding nearly 7%. After a turbulent first half, here's why it may be time to jump in
▼ + stars: | 2023-07-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

After a rocky first half of the year, it may be a good time to buy preferred securities. The ICE BofA Fixed Rate Preferred Securities index, which tracks the performance of fixed-rate preferred securities, has a yield-to-worst of 6.7%. While many preferreds have fixed rates, some have floating rates or fixed-to-floating rates that switch from fixed to floating after a certain period of time. In 2022, the ICE BofA Fixed Rate Preferred Securities index lost 19%. Its top-rated funds include Global X US Preferred ETF and iShares Preferred & Income Securities ETF.

Persons: Leslie Falconio, Michael Youngworth, Youngworth, Falconio, Bonds, JR Humphreys, Humphreys, Humphrey, America's Youngworth, CNBC's Michael Bloom Organizations: Treasury, Federal Reserve, UBS, BofA Securities, Securities, Brock Investment Advisors, ICE, JPMorgan, American Equity Investment, Western Alliance, Bank, America's, preferreds . Bank of America, Global, US, iShares, Income Securities Locations: preferreds, preferreds .

☆ Brookfield to buy annuities provider American Equity in $4.3 bln deal
▼ + stars: | 2023-07-05 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

July 5 (Reuters) - Canadian investment firm Brookfield (BN.TO) on Wednesday agreed to buy the remaining stake in American Equity Investment Life Holding (AEL.N) that it did not already own, valuing the long-sought-after annuities provider at $4.3 billion. It represents a 35% premium to AEL's last closing price on the New York Stock Exchange before media reports of a possible takeover bid from Brookfield emerged. The deal consists of $38.85 in cash and the rest in shares of Brookfield Asset Management's (BAM.TO). AEL shares had touched a record-high of $53.68 when the bid was announced on June 27 and have been trading around the same levels. If the deal is terminated, AEL has agreed to pay Brookfield Reinsurance a termination fee of $102 million.

Persons: Jon Bayer, Manya Saini, Nivedita Bhattacharjee, Arun Koyyur Organizations: Equity Investment Life, AEL, Elliott Investment Management, Prosperity, Brookfield, New York Stock Exchange, Brookfield Asset, FIA, Athene, Massachusetts Mutual Life Insurance, Thomson Locations: Brookfield, Athene Holding, Bengaluru

☆ Stocks making the biggest moves midday: Meta Platforms, Coinbase, UPS, General Motors & more
▼ + stars: | 2023-07-05 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Meta Verified displayed on mobile with Meta on screen, seen in this photo illustration, on February 27, 2023 in Brussels, Belgium. Meta Platforms — Shares of the social media giant rose more than 2% even after a European Court ruled against Meta in an anti-trust case on Tuesday. Moderna – The Massachusetts-based biotechnology company added 2.1% after announcing it reached an agreement with officials to manufacture and develop mRNA medicines in China. General Motors — The legacy automaker added climbed nearly 1% after the company said U.S. sales increased 18.8% in the second quarter. The union said in a statement Wednesday that talks had collapsed after UPS "walked away" from negotiations.

Persons: Meta, Coinbase, Piper Sandler, Coinbase hasn't, —, General Motors, Donald Trump, Samantha Subin, Tanaya Macheel, Michelle Fox, Hakyung Kim, Jesse Pound, Alex Harring Organizations: Meta, Twitter, Renesas Electronics, Moderna, General, Equity Investment, Brookfield, United Parcel Service, Teamsters, UPS, Securities and Exchange Commission, SEC Locations: Brussels, Belgium, The Massachusetts, China

☆ Automaker Stellantis signs battery metals offtake deal with Australia's Kuniko
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australia's Kuniko (KNI.AX) said on Monday it had signed an offtake and equity investment agreement with automaker Stellantis (STLAM.MI) to support the development of its Norwegian battery metals projects. Stellantis would invest 5 million euros ($5.45 million) at an issue price of A$0.467 per share in the battery metals miner in return for a near 20% stake, Kuniko said. Kuniko shares rose as much as 58.1% to A$0.680, their highest level since Oct. 31. Under the deal, announced by Stellantis on Friday, the carmaker will also get 35% of the nickel sulphate and cobalt sulphate produced from Kuniko's Norway exploration projects for nine years. The funds from the Stellantis' equity investment will be used to advance Kuniko's brownfield and greenfield battery metals exploration projects in Norway, the company said.

Persons: Stellantis, Kuniko, Himanshi Akhand, Rishav Chatterjee, Rashmi Aich, Krishna Chandra Organizations: Thomson Locations: Norway, Bengaluru

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