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☆ Benko's complex web at Signa - from Chrysler building to Berlin landmark
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +6 min

SIGNA PRIME/PROPERTY PORTFOLIOAccording to Signa, Prime is the group's largest company in its real estate division, valued at around 20.4 billion euros ($22.23 billion). Since 2019 Signa Holding has also been a co-owner of New York's iconic Chrysler Building. TRADING/RETAIL COMPANIESBenko has bundled his trading interests under the divisions Signa Retail and Signa Premium. In Switzerland, Benko's trading investments are bundled into Signa Retail Selection AG, which filed for bankruptcy protection on Wednesday. In 2018, Signa Holding bought around 24% stake in Austrian daily newspapers "Krone" and "Kurier" from Funke media group.

Persons: Lisi Niesner, Rene Benko, Ernst Tanner, Hans Peter Haselsteiner, Torsten Toeller, Arthur Eugster, SIGNA, Signa, Otto Wagner, Benko's, Klaus, Michael Kuehne, Kuehne, Hamburg's, Chirathivat, Benko, Frasers, Kaufhof, Karstadt, Galeria, Alexandra Schwarz, Goerlich, Mattias Inverardi, Victoria Farr, Emma, Rachel More, Elisa Martinuzzi, Tomasz Janowski Organizations: Signa, REUTERS, Chrysler, Bank Austria, Femina, Chrysler Building, . Central Group, Globus, Selfridges, Central Group, Funke, Thomson Locations: Berlin, Germany, New, Britain's Selfridges, Innsbruck, Swiss, Vienna, Hamburg, KaDeWe, Oberpollinger, Munich, Vienna's, Tyrol, Essen, Duesseldorf, London, Switzerland

Even including the sale of Heathrow, this year is the slowest for airport transactions in the past decade, totalling $5.9 billion globally to date, according to Dealogic data. They have hired Mediobanca (MDBI.MI) and Credit Agricole (CAGR.PA) to find a buyer for a sale of their 49% stake in the company, the people said. Heathrow's sale valued the airport at 14.3 times EBITDA, according to JP Morgan analysis published on Wednesday. UK's Esken (ESKN.L), owner of regional Southend Airport, said in June it had started a process for the sale of the airport. On Thursday, Hungary's state-owned Corvinus and Vinci Airports notified the European Commission of a proposed joint takeover of Budapest's airport, according to a document posted on the EU website.

Persons: Andras Kranicz, GIP, Australia's Macquarie, Spain's, Ferrovial, Agata Lyznik, Mediobanca, Gianni, Origoni, Nico Torrisi, Morgan, UK's, France's Vinci, Vinci, Corvinus, Emma, Victoria Farr, Andres Gonzalez, Elisa Anzolin, Joanna Plucinska, Mathieu Rosemain, Anousha Sakoui, Elaine Hardcastle Organizations: LONDON, Heathrow, BNP, Global Infrastructure Partners, AGS Airports, Southampton, Australia's, International, ACI, Airports, Macquarie, Credit Agricole Assurance, 2i, Credit, SAC, Gatwick, Southend Airport, Global Infrastructure Fund, Vinci Airports, European Commission, EU, Thomson Locations: Edinburgh, Italy, FRANKFURT, Spanish, Europe, Aberdeen, Glasgow, Heathrow, France, Hungary's, Budapest's

If General Atlantic decided to sell its stake, a deal could now garner more interest from investors, the sources said. A deal could value the company, which assesses global oil prices and provides industry news, at north of 4 billion pounds ($5.08 billion), Reuters previously reported. Deliberations remain at an early stage and General Atlantic and Hg may decide not to proceed with a transaction, two of the people said. Argus Media, Hg and General Atlantic declined to comment. Hg bought half of General Atlantic's 50% stake in Argus in 2019, valuing the business at more than 2 billion pounds then.

Persons: Adrian Binks, Amy, Jo Crowley, Victoria Farr, Mark Porter Organizations: Argus Media, Reuters, Private, Investments, Atlantic, Atlantic's, Argus, Astorg, Thomson Locations: GIC, London, Argus, Frankfurt

Its 2022 annual report, filed on January 19, said the deal desk should review any deals greater than $500,000. SUSE sales growth was slowing at the time. Reuters could not determine if the deal was vetted by the deal desk nor how many deals have been going through the unit. SUSE and Reuters parent company, Thomson Reuters, are involved in litigation over the use of SUSE software products. SUSE claims that Thomson Reuters breached the terms that allegedly governed its use of SUSE software products.

Persons: SUSE, Reuters wasn't, EQT, Melissa Di Donato, Di Donato greenlighted, Di Donato, Eskom, BNY, BNY Mellon, Di, Christian Strenger, Di Donato's, Thomson, Karin Strohecker, Stefania Spezzati, Emma, Victoria Farr, Elisa Martinuzzi, Daniel Flynn Organizations: Microsoft, BMW, Sales, Reuters, Bank of New York Mellon, BNY Mellon, BNY, Corporate Governance Institute, Frankfurt School of Finance & Management, Thomson Reuters, Thomson Locations: Frankfurt

LONDON, Nov 29 (Reuters) - The owners of fund administrator Alter Domus are pursuing the sale of a stake in the Luxembourg-based group that could value it at more than 4 billion euros ($4.4 billion), three people familiar with the matter told Reuters. Alter Domus offers back office services to private capital funds, such as fund accounting and reporting, and oversees around $2 trillion in client assets. Permira, Alter Domus, Goldman Sachs and Raymond James all declined to comment. Alter Domus shareholders were reported in June 2022 to have held initial discussions with potential buyers, but a deal never materialised as soaring borrowing costs and market volatility rocked the deals market. Earlier this year, Reuters reported that buyout group Thomas H. Lee Partners had clinched a deal to invest in U.S. fund administrator Standish Management.

Persons: Alter Domus, Goldman Sachs, Raymond James, Thomas H, Lee, Standish, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Emma, Victoria Farr, Anousha Sakoui, Tomasz Janowski Organizations: Reuters, Goldman, Domus, Alter Domus, Lee Partners, Standish Management, Thomson Locations: Luxembourg, London, Frankfurt

☆ Germany's Kuehne examines offer for Signa's Hamburg skyscraper, Handelsblatt reports
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

View of the construction site of the Elbtower building, owned by Rene Benko’s Signa and a Commerzbank subsidiary, in Hamburg Germany, November 2, 2023. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsFRANKFURT, Nov 26 (Reuters) - German logistics entrepreneur Klaus-Michael Kuehne is examining a takeover of Signa Group's abandoned Elbtower high-rise project in his hometown of Hamburg, Handelsblatt reported. Discussions on the takeover by Kuehne are quite advanced, but no decision has been made, German newspaper Handelsblatt reported, citing a source. Signa, owner of New York's Chrysler Building and Britain's Selfridges store, and spokespeople for Kuehne and the city of Hamburg did not respond to requests for comment on Sunday. This led to the insolvency of its subsidiary Signa Real Estate Management Germany on Friday, Spiegel magazine reported.

Persons: Rene Benko’s Signa, Fabian Bimmer, Klaus, Michael Kuehne, Group's, Handelsblatt, Signa, Kuehne und Nagel, Hapag Lloyd, René Benko, Emma, Victoria Farr, Alexander Smith Organizations: REUTERS, Rights, Kuehne, Lufthansa, Chrysler, Real Estate Management, Spiegel, Thomson Locations: Hamburg Germany, Hamburg, Austrian, Real Estate Management Germany, Signa, Germany

☆ Signa unit confirms bankruptcy filing in letter to employees - Wirtschaftswoche
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 25 (Reuters) - Signa Real Estate Management confirmed its bankruptcy filing in a letter to employees on Friday evening, German magazine Wirtschaftswoche reported on Saturday, citing a copy of the letter. In the document, Signa REM Germany informed its employees about the company opening insolvency proceedings. Der Spiegel first reported the court filing at the Berlin Charlottenburg district court on Friday. A provisional insolvency administrator will "probably be appointed by the local court at very short notice," the letter stated. Reporting by Emma-Victoria Farr Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Der Spiegel, Signa, Emma, Victoria Farr, Mark Potter Organizations: Estate Management, Reuters, Thomson Locations: FRANKFURT, Germany, Berlin Charlottenburg

☆ Support for Germany's Greens falls amid budget crisis, poll shows
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] Germany's Greens party co-leaders Omid Nouripour, Ricarda Lan, German Economy and Climate Protection Minister Robert Habeck and German Foreign Minister Annalena Baerbock applause during the 49th Greens party convention in Rheinstetten, near Karlsruhe, Germany, November 25, 2023. REUTERS/Wolfgang... Acquire Licensing Rights Read moreFRANKFURT, Nov 26 (Reuters) - The Green Party's popularity with voters has fallen to its lowest in over five years, a poll showed on Sunday, as Germany's coalition government grapples with a big hole in its budget. A weekly poll conducted by the INSA institute for the Bild am Sonntag newspaper showed 73% of respondents were dissatisfied with the federal government. "The coalition falls to 34%, 18 percentage points less than in the 2021 federal election," said INSA's head Hermann Binkert. "At the moment it does not look like the SPD or the Greens will be able to lead the government after the 2025 general election."

Persons: Omid Nouripour, Ricarda Lan, Robert Habeck, Annalena, Wolfgang, Annalena Baerbock, Hermann Binkert, Olaf Scholz, Emma, Victoria Farr, Christina Fincher Organizations: Germany's Greens, Climate, German, 49th Greens, REUTERS, The Greens, Social Democrats, Free Democrats, SPD, Greens, CDU, CSU, Thomson Locations: German, Rheinstetten, Karlsruhe, Germany, FRANKFURT

☆ Signa unit files for insolvency as crisis at Benko's empire deepens -Spiegel
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 24 (Reuters) - Signa Real Estate Management Germany filed an official application for bankruptcy at the Berlin Charlottenburg district court, German magazine Spiegel reported on Friday, as the crisis at Rene Benko's property group deepens. Separately, Austrian newspaper Der Standard said a bankruptcy filing for Signa Group could come next Tuesday, citing a source. Meetings of Signa employees are planned for the same day, when employees will be given information about the insolvency and further steps, the paper reported. Signa Group declined to comment when contacted by Reuters. The Signa group has holdings of 27 billion euros ($28.8 billion) and 25 billion euros in development.

Persons: Spiegel, Rene Benko's, Benko, Signa, Emma, Victoria Farr, Matthias Inverardi, John O'Donnell, Elisa Martinuzzi, Louise Heavens Organizations: Estate Management, Signa, Reuters, Thomson Locations: FRANKFURT, Estate Management Germany, Berlin Charlottenburg, Austria, Germany, Europe's

☆ German union Verdi calls for strikes at Amazon on Black Friday
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsNov 23 (Reuters) - German trade union Verdi has called on members to go on strike at five Amazon (AMZN.O) distribution centres across Germany on Black Friday, it said in a statement on Thursday. Strong demand thanks to bargains on Black Friday mean the day is usually one of the most profitable for online retailers like Amazon. "Amazon employees have decided to rename Black Friday 'Make Amazon Pay Day'", said Silke Zimmer, the member for retail on Verdi's governing board. "It's not for nothing that half of our colleagues have been with us for over five years," the Amazon spokesperson said.

Persons: Pascal, Verdi, Silke Zimmer, Matthias Inverardi, Louis van Boxel, Woolf, Emma, Victoria Farr, Miranda Murray, Daniel Wallis Organizations: REUTERS, Amazon, Bad, Thomson Locations: Lauwin, France, Germany, Koblenz, Leipzig, Rheinberg, Dortmund, U.S

☆ Siemens Healthineers reviews options for diagnostics unit -source
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

A staffer works on a magnetic resonance imaging machine at a production line of Siemens Healthineers in Shenzhen, China May 25, 2018. REUTERS/Bobby Yip/File Photo Acquire Licensing RightsMUNICH/FRANKFURT, Nov 3 (Reuters) - German medical equipment maker Siemens Healthineers (SHLG.DE) is in the early stages of weighing options for its diagnostics business, which has little overlap with other units, a person familiar with the situation told Reuters. The review could lead to a sale of the unit but all options remain open, the source said. The diagnostics business is also in the middle of restructuring. The listed Siemens subsidiary ranks number two worldwide behind Swiss Roche (ROG.S) in the business of laboratory lines for blood tests.

Persons: Bobby Yip, Alexander Huebner, Victoria Farr, Utkarsh, Bill Berkrot, Jason Neely Organizations: Siemens, REUTERS, Reuters, Bloomberg, Swiss Roche, Thomson Locations: Shenzhen, China, FRANKFURT, Swiss, Munich, Emma, Frankfurt, Bengaluru

☆ Explainer: Why is Siemens Energy seeking $16 billion state guarantees?
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +5 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. To make sure it can get the guarantees to fulfil its order backlog, Siemens Energy has turned to the government. Siemens owns a 25.1% stake in Siemens Energy and has not ruled out helping. Siemens still provides around 7 billion euros of performance guarantees to projects Siemens Energy is working on, significantly down from the 40 billion euros at the time of the spin-off around three years ago. Apart from seeking guarantees from the government, banks and Siemens, Siemens Energy said it is "evaluating various measures to strengthen the balance sheet", without elaborating further.

Persons: Chris Helgren, Banks, Roland Busch, hade, Andreas Rinke, Christoph Steitz, Victoria Farr, Andres Gonzalez, Pablo Mayo, Alexander Huebner, Tom Kaeckenhoff, Josephine Mason, Susan Fenton Organizations: Siemens Energy, REUTERS, Siemens, International Chamber of Commerce, German Economy Ministry, SIEMENS, Triton, Pablo Mayo Cerqueiro, Thomson Locations: Vancouver , British Columbia, Canada, downpayments, Berlin, Frankfurt, London, Munich

FRANKFURT, Oct 26 (Reuters) - Private equity firm Hg is weighing options, including a sale, for its German software business F24 next year, three sources familiar with the matter told Reuters. Hg is also weighing only selling part of its majority stake in the process, which is likely to target other private equity firms, one of the sources said. Deliberations are at an early stage and sale plans may not materialise if market conditions deteriorate, the sources said. Hg, which has not disclosed the exact size of its stake in F24, declined to comment. Earlier this year, F24 said it would work with telecom operator Telenet to continue to run the Belgian government's BE-Alert warning system for the next six years.

Persons: Emma, Victoria Farr, Anousha Sakoui, Mark Potter Organizations: Reuters, Telenet, Belgian, BE, Thomson Locations: FRANKFURT, Germany, Munich

☆ Deutsche Bahn to announce deal to sell Arriva to I Squared on Thursday -sources
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Parked busses are seen at an Arriva bus bepot in Harlow as the spread of the coronavirus disease (COVID-19) continues, Harlow, Britain, April 3, 2020. REUTERS/Andrew Couldridge/ File Photo Acquire Licensing RightsFRANKFURT, Oct 18 (Reuters) - Deutsche Bahn plans to announce on Thursday the sale of its international transport business Arriva to Miami-based infrastructure investor I Squared Capital, sources told Reuters. The two parties will sign the deal by Thursday, two people familiar with the matter said on Wednesday. Reuters had already reported last week that the sale, at around 1.6 billion euros ($1.69 billion) including debt, would be finalised as early as Monday. ($1 = 0.9491 euros)Reporting by Markus Wacket and Emma-Victoria Farr; writing by Tom Sims; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Couldridge, Markus Wacket, Victoria Farr, Tom Sims, Bill Berkrot Organizations: Arriva, REUTERS, Rights, Deutsche Bahn, Squared, Reuters, Thomson Locations: Harlow, Britain, Miami

The deal would value Arriva, which operates red London buses and train services in the UK, at around 1.6 billion euros ($1.68 billion) including debt, the sources said. However, while the deal is nearing final stages, the sources cautioned that the timing could still shift. Deutsche Bahn said in an emailed statement: "We want to sell DB Arriva by the end of 2024. Reuters reported in April that British transport company FirstGroup (FGP.L) and I Squared had been weighing competing bids for parts of Arriva. Its annual sales rose to 4.2 billion euros in 2022, making up 7.5% of Deutsche Bahn's total revenue.

Persons: Andrew Couldridge, Emma, Victoria Farr, Andres Gonzalez, Markus Wacket, Susan Fenton Organizations: Arriva, REUTERS, Squared Capital, Deutsche, Reuters, Financial Times, Deutsche Bahn, DB Arriva, London's, Cross Country, Deutsche Bahn's, Thomson Locations: Harlow , Britain, FRANKFURT, LONDON, Miami

LONDON/FRANKFURT, Oct 12(Reuters) - Brooks Macdonald (BRK.L) is working with a defence adviser on its strategy amid takeover interest, three people familiar with the matter told Reuters. Raymond James has had a longer-term mandate for financial advice which recently developed into defence strategy, one of the people said. Brooks Macdonald and Raymond James declined to comment. Shares in Brooks Macdonald have dipped since peaking in late 2021 as market conditions soured. Britain's fragmented wealth management industry has seen increased consolidation in recent years driven by both private equity and strategic players.

Persons: Brooks Macdonald, Raymond James, Charles Stanley, Brewin, Andrew Shepherd, Pablo Mayo Cerqueiro, Victoria Farr, Amy, Jo Crowley, Anousha Sakoui, Kirsten Donovan Organizations: Reuters, Thomson Locations: FRANKFURT, British, London, Emma

That was until this week, when the company decided to pull its listing in the final hours of Wednesday, blaming market conditions. In the coming weeks, a string of European companies are slated to come to market. Among them is CVC Capital Partners, which is still planning a November listing depending on market conditions, a person with knowledge of the matter told Reuters. However, the fate of Renk highlights the challenges facing new issuers, exacerbated by a recent bout of volatility in equity and debt markets. On Thursday it was trading around its opening IPO price at 30 euros, still above its issue price, a positive sign.

Persons: Andreas Bernstorff, Germany's DAX, Susanne Wiegand, Schott, Perfumery, Douglas, Emma, Victoria Farr, Pablo Mayo Cerqueiro, Alexander Huebner, Anousha Sakoui Organizations: Capital Partners, Reuters, Equity Capital Markets, BNP, Renk, Rheinmetall, Schott Pharma, DKV, CVC Capital Partners, Paris bourse, Thomson Locations: FRANKFURT, LONDON, Frankfurt, U.S, Europe, East, Africa, European, Germany, York, Lincoln

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September. Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International. AllBirds (BIRD.O), Dr Martens (DOCS.L), and On Running (ONON.N) have all seen their market value fall since their IPOs in 2021. "When you look at the trend of other shoe companies that have IPO-ed, it doesn't give a great outlook for Birkenstock," Valechha said.

Persons: Fabrizio Bensch, Birkenstock, Kellogg, Mamta, Cheviot, Valechha, Johann Adam Birkenstock, Barbie, Margot Robbie, Jessica Ramirez, Jane Hali, Siobhan Gehin, Roland Berger, Thomas Hayes, sneaker, Dr Martens, Allbirds, Alexandre Arnault, LVMH, Bernard Arnault, Matt Oguz, Iris, L, Ananya Mariam Rajesh, Helen Reid, Emma, Victoria Farr, Echo Wang, Abigail Summerville, Deepa Babington Organizations: REUTERS, LVMH, New York Stock Exchange, Euromonitor, Associates, Dick's Sporting, Reuters, Partners, Norges Bank Investment Management, Thomson Locations: Berlin, Germany, New York, London, Neustadt, United States, U.S, Cannes, Silicon Valley

☆ Germany's KfW bank will no longer grant promotional loans to China from 2026
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ralph Orlowski/File photo Acquire Licensing RightsFRANKFURT/BERLIN, Sept 26 (Reuters) - Germany will no longer grant promotional loans to China from 2026, the Federal Development Ministry (BMZ) confirmed on Tuesday, in the latest measure to reduce Germany's strategic dependence on China. The German ministry informed the Chinese Ministry of Finance in mid-September of the federal government's decision to permanently stop granting promotional loans to China. Contracts for promotional loan projects between German state-owned KfW Bank and the Chinese Ministry of Finance can only be signed up to and including 2025. "These promotional loan projects must have ambitious impacts in the areas of climate and environment," the ministry said. From 2013 to 2022, promotional loans with a total volume of 3.451 billion euros were agreed with China.

Persons: Ralph Orlowski, Svenja Schulze, Andreas Rinke, Emma, Victoria Farr, Leslie Adler Organizations: KfW, REUTERS, Federal Development Ministry, Chinese Ministry of Finance, KfW Bank, Reuters, Thomson Locations: Frankfurt, Germany, FRANKFURT, BERLIN, China

☆ Volkswagen to temporarily pause production of two EV car models due to drop in demand -spokesperson
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowFRANKFURT, Sept 26 (Reuters) - Volkswagen (VOWG_p.DE) will suspend production of ID.3 and Cupra Born electric cars at its Zwickau and Dresden plants in Germany in the first two weeks of October due to weaker demand, a spokesperson for the carmaker said on Tuesday. Reporting by Ilona Wissenbach, writing by Emma-Victoria Farr, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Ilona Wissenbach, Emma, Victoria Farr, Susan Fenton Organizations: New York, REUTERS, FRANKFURT, Thomson Locations: Manhattan , New York City, U.S, Zwickau, Dresden, Germany

FRANKFURT, Sept 14 (Reuters) - Bayer's (BAYGn.DE) new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up, three people familiar with the matter said. But the new CEO will likely have only a short respite period to come up with concrete strategic proposals. Anderson has been tasked with reviving Bayer's share price, which has underperformed rivals, weighed down by the lingering costs of U.S. weedkiller litigation. Anderson said last month he was not ruling out any options as part of his review of the company's strategy and structure, saying he was "leaving no stone unturned". He added he would provide an initial update in the coming months and detailed plans in early 2024.

Persons: Bill Anderson, Anderson, Roche, Oliver Kohlhaas, Kohlhaas, Werner Baumann, Ludwig Burger, Patricia Weiss, Emma, Victoria Farr, Josephine Mason, David Holmes Organizations: Bayer, McKinsey, Artisan Partners, Reuters, Bluebell Capital Partners, Thomson Locations: FRANKFURT, Frankfurt

The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. The sign of change from Covestro's previous stance comes after two top-15 investors of the plastics and chemicals maker told Reuters last month that it should engage in formal takeover talks in the interest of its shareholders. The German group's shares were up 8.6% at 51.96 euros at 1445 GMT, their highest level in about 18 months. In August, ADNOC indicated to Covestro, which has not commented on the takeover approach, that it could raise its informal offer to 60 euros conditional on the German company entering formal talks, Reuters reported at the time. That non-binding offer would value Covestro, a maker of chemicals used in insulation, upholstery foams, coatings and transparent engineering plastics, at about 11.6 billion euros ($12.4 billion).

Persons: Wolfgang Rattay, Abu, ADNOC, Ludwig Burger, Urvi, Elisa Martinuzzi, Jason Neely Organizations: REUTERS, Abu Dhabi National Oil Company, Reuters, Covestro, BASF, Bloomberg News, Thomson Locations: Leverkusen, Germany, Abu Dhabi, Frankfurt, Bengaluru

Private equity firms are looking at Statista ahead of a formal sale process, which is likely to kick off later next year, the sources told Reuters. Only once this transaction is finished will a Statista process begin, they added. Asam sits alongside Statista in Stroeer's data-as-a-service and e-commerce division, which it has signalled as non-core to its advertising business. Statista is viewed as non-core because the rest of Stroeer operates out-of-home advertising, online advertising and billboards across Germany. Stroeer acquired a 78.8% majority stake in Statista in December 2015 for around 57 million euros ($61 million).

Persons: JP Morgan, Friedrich Schwandt, Stroeer, Christian Schmalzl, Asam, Statista, Emma, Victoria Farr, Jo Crowley, John O'Donnell, Alexander Smith, David Evans Organizations: Reuters, NASDAQ, Thomson Locations: FRANKFURT, LONDON, Statista, Stroeer, Germany, Hamburg, Frankfurt, London

The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsFRANKFURT, Aug 24 (Reuters) - Germany's Covestro (1COV.DE) should engage in formal takeover talks with Abu Dhabi National Oil Co (ADNOC) in the interest of its shareholders, two top-15 investors of the plastics and chemicals maker told Reuters. ADNOC, which is trying to diversify and develop its downstream and renewable energy operations, made a non-binding offer for Covestro of 55 euros per share in June, which was rejected, according to press reports. Rautenberg declined to comment on the price at which he would recommend Covestro accept an offer. Covestro this week appointed Christian Baier as chief financial officer, with Rautenberg noting his past dealmaking experience at private equity firm Permira.

Persons: Wolfgang Rattay, ADNOC, Arne Rautenberg, Covestro, Rautenberg, Christian Baier, Emma, Victoria Farr, Elisa Martinuzzi, Kirsten Donovan Organizations: REUTERS, Rights, Abu, Abu Dhabi National Oil Co, Reuters, Union Investment, Thomson Locations: Leverkusen, Germany, Abu Dhabi

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