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☆ Signature Bank buyer gets a crisis dividend
▼ + stars: | 2023-03-20 | by ( John Foley | ) www.reuters.com time to read: +4 min

The failure of lender Signature Bank (SBNY.O) has forced them to abandon their consolidation-skeptic principles, resulting in a sizeable crisis dividend for Signature’s new owner. Bank mergers almost never happen so quickly, and nobody knows that better than Community Bancorp boss Thomas Cangemi. A study by the St. Louis Federal Reserve found that failed bank selloffs did lessen competition, but not by much. Community Bancorp said it has taken on $13 billion in loans and $25 billion in cash as part of the deal. The FDIC has been given equity appreciation rights in New York Community Bancorp that could be worth up to $300 million.

☆ Don't bother writing a 'love letter' to home sellers. They're a waste of time and someone could get screwed.
▼ + stars: | 2023-03-18 | by ( Aj Latrace | ) www.businessinsider.com time to read: +10 min

Moved by the note, dubbed a "love letter" in real-estate parlance, Byington decided to sell the house to her. Elizabeth Scire's "Barbie House" love letter to the seller. EtsyLove letters risk discriminationDeeply personal and emotionally written love letters, however, open sellers and their agents up to legal risks. In a 2020 blog post, the National Association of Realtors said love letters would be more accurately described as "liability letters." In September 2021, Oregon became the first state to enact a law that banned the practice of writing or sharing real-estate love letters during the homebuying process.

☆ U.S. regulators willing to share losses for sale of SVB, Signature Bank - FT
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

March 17 (Reuters) - U.S. regulators are willing to consider the prospect of the government backstopping losses at Silicon Valley Bank and Signature Bank (SBNY.O) if it helps push through a sale, the Financial Times reported on Friday, citing people briefed on the matter. The FDIC did not comment on the Financial Times report. [1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. The Financial Times said Blackstone Group and Apollo Global Management (APO.N) have expressed interest in buying parts of SVB's loan book. SVB Financial Group (SIVB.O), the parent company of Silicon Valley Bank, earlier on Friday filed for a court-supervised reorganization under Chapter 11 bankruptcy protection.

☆ Mexican finance minister says "satisfied" with Citibanamex sale
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

MERIDA, Mexico, March 17 (Reuters) - Mexico's government is "satisfied" with the sale process of Citigroup's (C.N) Mexican retail bank Citibanamex, Finance Minister Rogelio Ramirez de la O said on Friday, adding that the bank is now in the due diligence process with potential buyers. Billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) and the head of Mexico's Mifel bank Daniel Becker (MIFEL.UL) are the last two bidders for the bank. "We have not been aware that either of the two have left (the process)," the finance minister said. Reuters had previously reported that Grupo Mexico had emerged as the front-runner to buy the consumer banking unit over rival bidder Becker, having secured a $5 billion debt package for its proposed, citing sources. In February, Citigroup's Chief Executive Jane Fraser met with Mexican President Andres Manuel Lopez Obrador amid the bank's attempt to finalize the sale of its local unit.

[1/3] Turkey's President Tayyip Erdogan and Finland's President Sauli Niinisto shake hands during their meeting in Ankara, Turkey March 17, 2023. The parliaments of all 30 NATO members must ratify newcomers. "We have decided to initiate the ratification of Finland's accession process to NATO in our parliament," Erdogan told reporters after meeting with Niinisto, adding he hoped parliament would endorse the bid before May 14 elections. Washington and other NATO members had hoped the two Nordic countries would join the alliance at a NATO summit set for July 11 in Vilnius. Turkey's parliament is expected to ratify Finland before it closes in mid-April ahead of the parliamentary and presidential votes scheduled for May 14.

The Biden administration and CFIUS are pushing for a sale of TikTok in the US. The Chinese government could also block a TikTok sale outright before bidding kicks off. But the list of companies that would actually consider buying TikTok is small, experts told Insider. "I think Microsoft would be one of the only big money, big company possibilities." Ultimately, separating TikTok's US operations, whether in a sale to a big tech firm or a spin off, is complicated.

☆ U.S. FDIC weighs backstop on bank auctions to attract smaller peers - source
▼ + stars: | 2023-03-17 | by ( Kanjyik Ghosh | ) www.reuters.com time to read: +1 min

March 17 (Reuters) - U.S. regulators are considering retaining ownership of securities owned by Signature Bank (SBNY.O) and Silicon Valley Bank (SIVB.O) to allow smaller banks to participate in auction for the collapsed lenders, a source familiar with the matter said on Friday. Many of the fixed income securities that SVB and Signature Bank invested in, such as Treasuries, have been worth less since the Federal Reserve raised interest rates. Signature Bank and Silicon Valley Bank did not immediately respond to Reuters requests for comment. Reuters on Wednesday reported that regulators at the FDIC have asked interested banks in acquiring SVB and Signature Bank to submit bids by March 17. SVB Financial Group (SIVB.O), the parent company of Silicon Valley Bank, earlier on Friday filed for a court-supervised reorganization under Chapter 11 bankruptcy protection.

[1/3] Turkey's President Tayyip Erdogan and Finland's President Sauli Niinisto shake hands during their meeting in Ankara, Turkey March 17, 2023. The parliaments of all 30 NATO members must ratify newcomers. "We have decided to initiate the ratification of Finland's accession process to NATO in our parliament," Erdogan told reporters after meeting with Niinisto, adding he hoped parliament would endorse the bid before May 14 elections. Amid simmering tensions with Sweden, Erdogan signalled in January that Turkey could endorse Helsinki ahead of Stockholm. Washington and other NATO members had hoped the two Nordic countries would join the alliance at a NATO summit set for July 11 in Vilnius.

☆ Google raises price of YouTube TV to $73 a month, blaming content costs
▼ + stars: | 2023-03-16 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Google announced a price increase for its YouTube TV subscription on Thursday. It's increasing from $65 per month to $73 per month starting in April, according to an email sent to subscribers on Thursday. YouTube TV is Google's cable replacement. Google hasn't announced pricing for its Sunday Ticket bundle, but it cost $80 per month under its previous owner, DirecTV. Google will also lower the price of an add-on to access higher-resolution 4K streams from $20 per month to $10 per month, according to the email.

SVB said on Monday it was considering strategic alternatives for its assets but did not disclose bankruptcy as one of the potential options. SVB has not made any final decisions on the path it will take and is still attempting to find buyers for assets without filing for bankruptcy, the people said.A bankruptcy filing is only one option SVB is considering. The financial firm is also exploring other restructuring and recapitalization alternatives built around its investment bank and venture capital business, one of the people said. SVB's investment bank and venture capital business are separate divisions of the company from Silicon Valley Bank, which California regulators closed last week after a run by depositors. Reuters reported on Wednesday that the FDIC hired Piper Sandler Companies (PIPR.N) as adviser to sell Silicon Valley Bank.

☆ A Detroit man paid just $3,300 for 2 abandoned homes and transformed them for his family to live in. See inside the impressive renovation.
▼ + stars: | 2023-03-14 | by ( Alcynna Lloyd | Libertina Brandt | ) www.businessinsider.com time to read: +2 min

In June 2017, Vincent Orr won an abandoned home from the Detroit Land Bank Authority for just $2,100. Orr transformed both homes into livable spaces with only $100,000. In 2017, Vincent Orr, 33, a native Detroiter, won a home for his mother through Auction for $2,100 — and that was just the beginning of his adventures in real estate. While Orr is currently leasing the home to a family member, he is still renovating the property. In an interview with Insider, Orr explained how he transformed both spaces with just $100,000.

☆ Advent International joins list of suitors for sandwich chain Subway - Sky News
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Buyout firm Advent International is among a list of firms that remain in contention to buy sandwich chain Subway, Sky News reported on Monday. The firm joins rival bidders including Goldman Sachs' asset management arm, Bain Capital, TDR Capital - the joint owner of Asda - and TPG, according to the report. Advent had previously invested in entertainment retailer HMV and currently has investments in companies such as Laird International and McAfee Corp, among others. Advent International and Subway did not immediately respond to Reuters' requests for comment. The Wall Street Journal in January reported that a potential sale could value Subway at more than $10 billion.

☆ Streamers are spending big on sports rights from soccer to MMA, and a surge in Spanish-language viewing has 'opened up a whole different market'
▼ + stars: | 2023-03-13 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Fox scored 16.7 million viewers for the World Cup final in November; Peacock had 9 million for its Spanish-language coverage. Soccer's UEFA Champions League offers the next big Spanish-language rights opportunity. "The World Cup has opened up a whole different market for Spanish-language rights," said one sports exec. That gives Peacock Spanish-language streaming rights to this year's FIFA Women's World Cup along with the men's World Cup in 2026, which is being co-hosted in Canada, Mexico, and the US. "Spanish-language rights have been going up consistently," Irwin Raij, the co-chair of law firm Sidley Austin's entertainment, sports, and media group, told Insider.

With assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds, SVB UK is a minnow compared to HSBC. The situation was urgent because SVB UK had lost almost half of its deposits in the 48 hours leading up to its rescue, the source said. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. HSBC also plans to inject 2 billion pounds of liquidity into SVB UK, a spokesperson for HSBC said. Advisory firm Rothschild, which advised SVB UK according to sources, also declined to comment.

☆ An $18 million Ferrari leads record classic-car auction at Amelia Island. See all 10 top sellers
▼ + stars: | 2023-03-08 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Wealthy car collectors spent a record amount at the classic-car auctions at Amelia Island over the weekend, suggesting the market remains strong despite recession fears and falling stocks. Total sales at the Amelia Island auction reached $178.4 million — a record for the event, topping the 2016 record of $140 million, according to classic-car insurance and events company Hagerty. Over 390 cars sold, at an average price of $455,293, up from $435,939. The most expensive car sold at Amelia Island was a 1962 Ferrari 250 GT SWB California Spider, sold at Gooding & Company for $18 million — setting a record for a car sold at the Amelia Island auctions. Here are the top 10 cars sold by value at the Amelia Island auctions, according to Hagerty.

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☆ The next big prize in sports streaming will be Spanish-language rights to soccer and more — here's why NBCUniversal's Peacock has a running start
▼ + stars: | 2023-03-08 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

☆ Telecom Italia boosted by rival offer for landline grid
▼ + stars: | 2023-03-06 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

TIM is betting on a sale of its most prized asset to cut its 25 billion euros debt pile and fund an overhaul of the revenue-starved group. Both offers value TIM's grid, which is Italy's main piece of telecoms infrastructure, in the region of 18 billion euros ($19.2 billion), sources familiar with the matter said. "The news is positive for TIM as a second approach increases its bargaining power," broker Equita wrote in a research note. The shares were up around 3.5% at 0.32 euros at 0900 GMT, levels not seen since last April. Regulation issues remain a hurdle for the new bidders, as CDP and Macquarie own TIM'smaller rival Open Fiber.

☆ Goldman Sachs arm among bidders in possible $10 bln Subway sale, Sky News says
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

March 4 (Reuters) - Goldman Sachs Group Inc's (GS.N) asset management arm is among the suitors for the U.S. based sandwich chain Subway, which has been put up for sale with an estimated $10 billion price tag, Sky News reported on Saturday. Bain Capital, TPG and TDR Capital are also among the other suitors, the report added. Subway, Bain Capital and TDR did not immediately respond to Reuters' requests for comment. The sandwich chain last month said it was exploring a possible sale of its business due to surging costs and mounting competition from deeper-pocketed rivals. The Wall Street Journal in January said a potential sale could value Subway at more than $10 billion.

☆ Goldman Sachs arm among bidders for $10 bln Subway sale - Sky News
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: 1 min

March 4 (Reuters) - Goldman Sachs Group Inc (GS.N)'s asset management arm, is among the suitors for the U.S. based sandwhich chain Subway, which has been put up for sale with an estimated $10 billion price tag, Sky News reported on Saturday. Bain Capital, TPG and TDR Capital are also among the other suitors, the report added. Reporting by Urvi Dugar in Bengaluru; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Aster DM Healthcare shortlists two bidders for stake in Gulf business -sources
▼ + stars: | 2023-03-03 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, March 3 (Reuters) - Dubai-based Aster DM Healthcare (ATRD.NS) is looking to sell a majority stake in its Gulf-based business and has short-listed buyers for the sale, two sources with direct knowledge of the matter told Reuters. Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is looking to sell a stake of more than 50% in its business in the region, said the sources, declining to be named as the matter is not public. Private equity firm Fajr Capital and Dubai financial services firm Gulf Islamic Investments have been shortlisted in the process, the sources said. Fajr declined to comment, while Gulf Islamic Investments did not immediately respond to a request for comment when contacted by Reuters on Friday. Mumbai-listed Aster began a sales process at the end of last year to demerge the Gulf business to help investors and analysts better understand the company, one of the sources said.

Leonard Green is also considering the sale of a minority stake in Pro Mach as an alternative to an outright sale, one of the sources said. That would preserve Pro Mach's debt structure and would not require bidders to secure leveraged buyout financing, the source added. Leonard Green and Pro Mach did not immediately respond to requests for comment. Leonard Green bought Pro Mach from buyout firm AEA Investors LP for about $2.2 billion, including debt, in 2018. Moody's said in December that Pro Mach's order book indicated "healthy demand" for its products despite concerns of slowing economic growth.

☆ Manchester United stock sinks 13.5% on a report that it's probably worth billions less than what its owners want to sell it for
▼ + stars: | 2023-02-27 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Manchester United stock fell as mush as 13.5% after a report suggested that it's worth billions less than the club's owners are seeking. A Financial Times analysis indicated that United's value is likely to be around $1.6 billion. The club's owners, the Glazer family, reportedly want at least $6 billion, per The Athletic. But an analysis by the Financial Times suggested the team's value is much lower — likely around $1.6 billion. The $1.6 billion valuation may ignore the intrinsic value of owning one of the sport's most notable franchises and brands as well.

☆ Cineworld gets no offer for whole company, warns on shareholders' equity
▼ + stars: | 2023-02-24 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

It said it had received initial proposals from a number of counterparties but none offered an all-cash bid for the entire company. Cineworld said talks with certain stakeholders about a possible plan of reorganisation were ongoing in parallel with a potential sale of assets, but neither path would see shareholders recover their equity interest. Cineworld had a net debt of $8.81 billion as of June 30, 2022, including lease liabilities, while its cash reserves had dwindled to $131 million. Larger rival AMC Entertainment Holdings (AMC.N) in December had said its talks to buy some theatres owned by Cineworld had fallen through. Sky News reported earlier this month that London-based cinema operator Vue International, with support from two funds, would be among the bidders for Cineworld.

NEW DELHI/BERLIN, Feb 24 (Reuters) - Germany will pursue a $5.2 billion deal with India to jointly build six conventional submarines in the country during Chancellor Olaf Scholz’s Feb. 25-26 visit, two Indian and two German sources said. Under the deal, a foreign submarine manufacturer will have to partner with an Indian company to build the submarines in India. The Indian foreign and defence ministries did not respond to requests for comment. An Indian diplomatic source told Reuters that India has asked Germany for an assurance for joint manufacturing for the submarines, not just supply-side support. Another official from the Indian foreign ministry said that “Scholz was determined to reinvigorate trade and defence ties with India”.

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