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☆ Mexico president says two bidders remaining for Citi's local retail bank
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Friday there are two remaining parties bidding to buy the Mexican retail arm of U.S. banking giant Citigroup . Lopez Obrador expects the bid for one of Mexico's biggest banks to be resolved in the beginning of 2023, he said during a regular news conference. Sources have told Reuters billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) is battling Daniel Becker's smaller Banca Mifel to buy the lender. Citigroup Chief Executive Officer Jane Fraser has been looking to simplify the firm by selling off some its international operations. Reporting by Valentine Hilaire; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Temasek's PSA evaluates multi-billion dollar exit from Hutchison Ports-sources
▼ + stars: | 2022-12-09 | by ( Anshuman Daga | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 9 (Reuters) - Port operator PSA International, fully owned by Singapore state investor Temasek Holdings, is considering selling its multi-billion dollar, 20% stake in the ports business of CK Hutchison Holdings (0001.HK), two sources familiar with the matter told Reuters. PSA, the world's second-biggest container terminal operator, whose global network encompasses 160 locations in 42 countries, had acquired the stake in the Hong Kong-based conglomerate's ports business for $4.4 billion in 2006. Both Temasek and CK Hutchison, the conglomerate of retired billionaire Li Ka-shing, declined to comment. Temasek reported a nearly 6% rise in its portfolio value to a record S$403 billion ($297 billion) in the year to March 2022. Economic conditions have worsened since then, with global markets selling off along with a sharp increase in interest rates.

A spokesperson for Deutsche Bahn declined to comment. Schenker, which provides logistics for sea, land and air freight, recently accounted for more than a third of Deutsche Bahn's sales. "The cash flows generated as part of a sale remain entirely within the Deutsche Bahn Group," the proposal document continues. Tough financing conditions could also lead to a decision not to sell, particularly if Deutsche Bahn is not satisfied with price, two sources said. Private equity would struggle to finance such an amount unless Deutsche Bahn decided to part with a minority stake instead, this source added.

☆ European energy firms dominate landmark California offshore wind auction
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

The auction began on Tuesday and ended Wednesday, the offshore wind industry's first chance to snag leases in waters off the U.S. West Coast. "Today’s lease sale is further proof that industry momentum -- including for floating offshore wind development -- is undeniable," U.S. Winners of the five leases were mainly divisions of European energy companies already developing projects in the U.S. offshore wind market. "The macroeconomic environment has hardened significantly over the last six to 12 months," said Alon Carmel, a partner at consultancy PA Consulting who advises offshore wind companies. About 100 megawatts of floating wind capacity is currently installed in the world compared with 50 gigawatts (GW) for conventional offshore wind.

☆ California first offshore wind auction surpasses $500 million
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - The first ever auction of offshore wind development rights off the coast of California was in its second day on Wednesday, with high bids topping half a billion dollars. There is currently about 100 megawatts of floating wind capacity installed in the world, compared with 50 gigawatts (GW) for conventional offshore wind, Zaidi noted. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. High bids on individual leases ranged between $95.3 million and $148.8 million, according to live auction results on the BOEM web site. They include established offshore wind players like Avangrid Inc (AGR.N), Orsted (ORSTED.CO) and Equinor (EQNR.OL), which are all developing projects on the U.S. East Coast, as well as potential new entrants, including Swedish floating wind developer Hexicon (HEXI.ST) and Macquarie (MQG.AX) unit Corio.

☆ California offshore wind auction bids top $460 mln on day two
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - The first ever auction of offshore wind development rights off the coast of California entered its second day on Wednesday, with high bids topping $460 million. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. After 22 rounds of bidding, high bids totaled a combined $462.1 million. Two leases off the central coast had commanded high bids of more than $100 million, with the remaining leases attracting high bids in a range of $62.7 million to $98.8 million, according to live auction results on the BOEM web site. The identities of the bidders are not disclosed during the auction, but 43 companies had been approved to participate.

☆ First-ever California offshore wind auction surpasses $757 million in bids
▼ + stars: | 2022-12-07 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

The Biden administration on Wednesday announced more than $757 million in winning bids for its auction of offshore wind development rights in California, marking the third offshore wind lease sale this year and the first ever for the Pacific region. The sale is a major milestone in the administration's goal of building offshore wind turbines across the nation's coastlines to help power communities and transition to clean energy. The White House, as part of its broader agenda to address climate change, has committed to deploy 30 gigawatts of offshore wind energy by 2030, enough to power 10 million homes. "Floating wind technology in its early stages but it is an advanced technology that will lead to strong growth in the deployment of offshore wind." Winning bidders include California North Floating, RWE Offshore Wind Holdings, Central California Offshore Wind and Invenergy California Offshore.

☆ U.S. kicks off first California coast offshore wind auction
▼ + stars: | 2022-12-06 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 6 (Reuters) - The United States on Tuesday is set to kick off the first sale of offshore wind development rights for waters off the coast of California, expanding the nascent domestic industry to the Pacific Ocean. "It puts California on a path to be a global hub for offshore wind technology," JC Sandberg, interim chief executive of the American Clean Power Association, said on a call with reporters. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. The California sale is viewed as a test of industry appetite for investing in floating offshore wind technology, which to date has been limited to small pilot projects in places including Norway and Portugal. Companies approved to bid at the auction include established offshore wind players like Avangrid Inc (AGR.N), Orsted (ORSTED.CO) and Equinor (EQNR.OL), which are all developing projects on the U.S. East Coast.

☆ Sale jumpstarts floating, offshore wind power in U.S. waters
▼ + stars: | 2022-12-05 | by ( Associated Press | ) www.nbcnews.com time to read: +8 min

The cost of developing offshore wind has dropped 60% since 2010 according to a July report by the International Renewable Energy Agency. Offshore wind is well established in the U.K. and some other countries but is just beginning to ramp up off America’s coasts, and this is the nation’s first foray into floating wind turbines. Europe has some floating offshore wind — a project in the North Sea has been operating since 2017 — but the potential for the technology is huge in areas of strong wind off America’s coasts, said Josh Kaplowitz, vice president of offshore wind at the American Clean Power Association. President Joe Biden set a goal of deploying 30 gigawatts of offshore wind by 2030 using traditional technology that secures wind turbines to the ocean floor, enough to power 10 million homes. Then the administration announced plans in September to develop floating platforms that could vastly expand offshore wind in the United States.

Nov 30 (Reuters) - Industrial conglomerate General Electric Co (GE.N) and defense contractor L3Harris Technologies Inc (LHX.N) are among those competing to acquire rocket maker Aerojet Rocketdyne Holdings Inc (AJRD.N), according to people familiar with the matter. Aircraft producer Textron Inc (TXT.N) and private equity firm Veritas Capital are also vying to acquire El Segundo, California-based Aerojet, which has a market value of about $4 billion, the sources said. Aerojet has been running a process to sell itself after its $4.4 billion sale to Lockheed Martin Corp (LMT.N) was thwarted by antitrust regulators in February, Reuters has previously reported. Spokespeople for Aerojet, General Electric, Textron and Veritas Capital did not respond to requests for comment. Its customers include the Pentagon, Boeing (BA.N), Lockheed Martin and Raytheon Technologies Corp (RTX.N).

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

☆ Nigeria's Lagos shortlists Mota-Engil, Chinese ventures for $2.5 bln bridge
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

LAGOS, Nov 27 (Reuters) - A consortium led by Portugal's builder Mota-Engil and two Chinese ventures has been shortlisted by Nigeria's Lagos state to build a $2.5 billion bridge that is expected to relieve severe congestion in the mega city, an official said on Sunday. The 37 kilometre Fourth Mainland Bridge, will be built under a public-private partnership. It will include three toll plazas, nine interchanges and a design speed of 120 kilometres per hour, said Jubril Gawat, a senior spokesperson for the Lagos state governor. Mota-Engil is partnering with China Communication and Construction Corporation and China Road and Bridge Corporation in the bid. China Gezhouba Group Company and China Geo-Engineering Corporation joint venture and a consortium led by China Civil Engineering Construction Corporation are the two other shortlisted bidders.

☆ Atlantia set to be delisted as buyout bid reaches 90% threshold
▼ + stars: | 2022-11-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

MILAN, Nov 24 (Reuters) - A buyout offer launched by the Benetton family and U.S. investment fund Blackstone (BX.N) for Italy's Atlantia (ATL.MI) has reached the 90% threshold for the deal to proceed and trigger the company's delisting, the bidders said on Thursday. The bid initially failed to reach the threshold but was then reopened for another five days and closes on Friday. The bidders' vehicle named Schema Alfa said in a statement the planned delisting would happen "as soon as possible in the following weeks". The enterprise value of the deal was around 54 billion euros ($56.32 billion) based on Atlantia's debt level at the end of last year. Atlantia shares closed at 22.95 euros on Wednesday, just below the 23 euros per share Schema Alfa is offering to pay.

☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
▼ + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

☆ Manchester United fans want more say under any new owners
▼ + stars: | 2022-11-23 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

Nov 23 (Reuters) - Manchester United needs new owners and fresh investment to halt years of decline and fans should be given a real say in how the club is run in future, the Supporters Trust MUST said on Wednesday. "Any new ownership structure must embed supporters, including a degree of fan share ownership, in their operating model." Manchester (United) is a marketing club," Portuguese forward Cristiano Ronaldo said this month in an explosive interview that led to his departure. Duncan Drasdo, the MUST chief executive, told Sky Sports television "the real way to unlock the value of Manchester United is to work in partnership with the fans, not exploit them as customers. Ratcliffe, a lifelong United fan who heads chemicals company INEOS, said last month he had contacted the Glazer family about buying United but was told the club was not for sale.

☆ A house price slump is coming. Rising unemployment could make it much worse
▼ + stars: | 2022-11-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

Brendon O'Hagan/Bloomberg/Getty ImagesNew Zealand is at the sharp end of a global housing market squeeze that has grim ramifications for the world economy. “In an ideal world, you’ll get a bit of froth blown off the top [of house prices] and everything is fine. “A decisive increase in unemployment is a very big danger for housing markets,” said Slater of Oxford Economics. Qilai Shen/Bloomberg/Getty ImagesA drag on the economyMost market watchers are not expecting a repeat of the 2008 housing market crash. But even a modest a fall in house prices will knock confidence, causing homeowners to cut back on spending.

☆ Binance to relaunch bid to buy bankrupt Voyager Digital - Coindesk
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Crypto exchange Binance's U.S. unit is relaunching its bid to buy bankrupt crypto lender Voyager Digital, Coindesk reported on Thursday, citing a person familiar with the matter. The report comes after Voyager called off FTX's bid to acquire the company following its collapse. In September, the Wall Street Journal had reported that Binance and FTX came up with the leading bids to buy Voyager's assets. FTX had won Voyager's assets in a $1.42-billion bid at an auction thereafter. The collapse of FTX, which reverberated across the crypto world, sending bitcoin and other digital assets plummeting, impacted nearly one million customers and several investors as they faced billions of dollars in losses.

☆ Europe’s Energy Risks Go Beyond Gas
▼ + stars: | 2022-11-17 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +14 min

In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 60 2022 40 20 Previous years since 2015 Jan. Dec. Jan. Dec.

☆ No China is no fix for Britain’s industrial woes
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 17 (Reuters Breakingviews) - The British government has blocked the sale of a silicon wafer factory in Wales to a subsidiary of China’s Wingtech Technology (600745.SS). It’s a sign of the growing wariness among western governments of the risks involved in Chinese investment. The decision to force Netherlands-based Nexperia to sell most of its stake in the Newport Wafer Fab business isn’t illogical. The plant makes basic silicon wafers, used in chips for switches in domestic appliances such as vacuum cleaners. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Andy Warhol’s Colossal ‘Crash’ Sells for $85.4 Million at Sotheby’s
▼ + stars: | 2022-11-16 | by ( Kelly Crow | ) www.wsj.com time to read: 1 min

Photo: 2022 The Andy Warhol Foundation for the Visual Arts, Inc./Licensed by Artists Rights Society (ARS), New York/Courtesy of Sotheby’sWhen Andy Warhol’s colossal view of a car accident first came at auction in 1987, the silk-screen sold for $660,000. On Wednesday, bidders got another chance at it—and the work resold at Sotheby’s for $85.4 million. The auction house had said it expected the piece to sell for around $80 million.

☆ Macau casinos expected to invest around $12 bln over next 10 years -media
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Macau casino operators, vying for a licence in the world's biggest gambling hub, are expected to invest a total of around 100 billion patacas ($12.4 billion) over the next 10 years, local broadcaster TDM reported. Galaxy and Sands may invest more than 20 billion patacas each, while the others will invest less than 20 billion patacas. Altogether the total will be around 100 billion, TDM said. Negotiations with the Macau government are almost complete the broadcaster said, with the bidders having reached agreement about what each of them proposes to do over new 10-year licence term which begins in 2023. The six Macau incumbents have operated in the Chinese special administrative region since 2002, with their current concessions expiring at the end of this year.

☆ SoftBank buyout goes from impossible to improbable
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

The $74 billion Japanese investor logged earnings of $21 billion in the three months to end September after trimming its stake in Alibaba (9988.HK). It offsets some gloom as technology valuations plummet; writedowns of its punt on crypto exchange FTX will follow. Expectations that these repurchases are a prelude to a buyout have helped lift SoftBank’s shares by one quarter in the past month. But any further sales of Alibaba or other assets would give SoftBank the firepower to keep buying out minorities. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Citigroup to buy Deutsche Bank license in Mexico for wholesale unit
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Financial details were not disclosed, and Deutsche Bank said it would continue to grow and invest in Mexico through its broker dealer business there. The purchase of Deutsche Bank's license allows Citi to sidestep the lengthy process of independently applying for its own, once the split is complete. The retail operation will become known as Banco Nacional de Mexico, or Banamex, while the wholesale unit will be called Citi Mexico, Citi's country chief said in September. Deutsche Bank said it would still do business in Mexico. "Deutsche Bank is committed to deliver our global emerging markets platform to all of our client base through our Mexico broker dealer entity," the bank said.

Nov 10 (Reuters) - Origin Energy Ltd (ORG.AX), Australia's no.2 power producer and energy retailer, backed an A$18.4 billion ($11.8 billion) non-binding buyout offer from a consortium led by Canada's Brookfield Asset Management, the companies said on Thursday. The deal sent Origin's share price soaring nearly 40% in early trade to A$8.14. Origin opened its books to the consortium after it raised its offer to A$9 per share in cash, a near 55% premium to Origin's last close of A$5.81. The bid from Brookfield comes after it was rebuffed earlier this year when it led a $3.5 billion takeover offer for Australia's top power producer, AGL Energy (AGL.AX). Under the indicative proposal submitted on Thursday, Brookfield would acquire Origin's energy markets business, while MidOcean Energy, the other consortium partner, would take control of Origin's integrated gas business, including its 27.5% stake in Australia Pacific LNG (APLNG).

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