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☆ Abu Dhabi's Presight AI soars on market debut
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176% on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for almost a third of the business. Presight's shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange before retreating a little to 3.40 dirhams. The company is majority owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan. Sheikh Tahnoon is the UAE's national security adviser and has acted as a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan. He was also recently named chair of Abu Dhabi Investment Authority, the emirate's largest sovereign wealth fund, and was already chair of smaller wealth fund ADQ.

The remainder was equity checks by the private equity firms. Typically, debt accounts for between 60% and 80% of the deal consideration, allowing the buyout firms to juice returns. REFINANCING RISKTo be sure, a handful of private equity firms have already been accustomed to this kind of refinancing risk. An upside to the shift toward equity financing, dealmakers say, is that the companies owned by the private equity firms have more cushion to absorb losses if their business deteriorates. Many of the leveraged buyouts that became bankruptcies in the wake of the 2008 financial crisis were the result of private equity firms saddling companies with debt to the hilt.

☆ Saudi is far from the last Western bank bagholder
▼ + stars: | 2023-03-21 | by ( George Hay | ) www.reuters.com time to read: +5 min

LONDON, March 21 (Reuters Breakingviews) - Saudi Arabia has joined the Western bank bagholder club. The bank only made its play in November, when client money was already flowing out of Credit Suisse. Saudi National Bank bought 307.6 million Credit Suisse shares for 3.82 Swiss francs ($4.11) per share. The UBS offer of 3 billion Swiss francs ($3.23 billion) values Credit Suisse shares at 0.76 francs each, more than 80% lower than the price paid by the Saudi bank. Saudi National Bank's statement added that the potential impact to its capital adequacy ratio is about 35 basis points, with no impact on profitability.

☆ Blackstone to acquire Cvent in deal valued at $4.6 bln
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Cvent Holding Corp (CVT.O) said on Tuesday buyout firm Blackstone Inc (BX.N) would purchase the U.S. software provider that facilitates in-person and virtual meetings in a deal valued at $4.6 billion. Cvent said its shareholders would receive $8.50 per share, adding that a subsidiary of the Abu Dhabi Investment Authority (ADIA) will be a significant minority investor. The offer price represents a premium of about 29% from Jan. 30, before media reports of a potential deal surfaced. Reuters had previously reported that Cvent was exploring a sale of the company. Reporting by Akash Sriram in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi shakes up wealth funds with top royals chairing
▼ + stars: | 2023-03-09 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.

☆ India's Tata Motors in talks to raise $1 bln via stake sale in EV business - Report
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

The company plans to sell a significant minority stake, the newspaper report added, eyeing a valuation of about $10.5 billion. The funds and investors include the UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund, Singapore's Temasek Holdings, and KKR and General Atlantic. Tata Motors and some of the companies did not immediately respond to Reuters' request for comment. Tata Motors plans to use the bulk of the proceeds to retire a part of its outstanding debt and infuse a small portion as primary equity in the EV business, the report said. Tata Motors has outlined plans to expand its electric car portfolio with new models and higher price points.

☆ Morning Bid: Not if or when but how fast?
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kai PfaffenbachA look at the day ahead in European and global markets from Anshuman Daga:Is it really good news? Probably yes, probably not. Fed funds futures traders are now pricing for the Fed's benchmark overnight interest rate to reach 5.36% in July and end the year at 5.18%. Asian stock markets floated in a sea of red on Wednesday following an ugly sell-off on Wall Street. Inflation data from Germany and Italy due later on Wednesday will offer clues on price pressures.

☆ ADIA weighs bid for 2 bln stg stake in UK's Associated British Ports - Bloomberg News
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is among parties considering a bid for a 34% stake in Associated British Ports that could be valued at about 2 billion pounds ($2.42 billion) or more, Bloomberg News reported on Tuesday. Stonepeak Partners LP and British Columbia Investment Management Corp are among the other investors interested in the stake being sold by Canada Pension Plan Investment Board (CPPIB), the report said, citing people familiar with the matter. Deliberations are in the early stages, the report said, adding that other suitors, including existing shareholders, could also emerge. ADIA, Associated British Ports, British Columbia Investment Management, Stonepeak and CPPIB did not immediately respond to Reuters' requests for comment. ($1 = 0.8256 pounds)Reporting by Aarati Krishna in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Adani Group reels after report from U.S. short-seller Hindenburg
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +4 min

It says it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments. JAN. 26* Adani Group says it is evaluating "remedial and punitive action" against Hindenburg under U.S. and Indian laws. JAN 28* Index provider MSCI says it is seeking feedback on Adani Group and associated securities and is aware of the Hindenburg report. JAN 30* Adani Group issues a detailed riposte to the Hindenburg report, saying it complies with all local laws and had made the necessary regulatory disclosures. * Index provider MSCI says it will cut weightings of four Adani Group companies, including Adani Enterprises, in its indexes after reassessing the number of freely traded shares.

☆ Breakingviews: Adani’s share sale U-turn spares only some blushes
▼ + stars: | 2023-02-02 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 2 (Reuters Breakingviews) - Markets have given Gautam Adani a big bloody nose, and his backers a partial reprieve. The tycoon’s decision on Wednesday to pull the $2.4 billion share sale at his flagship Adani Enterprises (ADEL.NS) was all but forced after a 28% plunge in the company’s share price the day after it closed the books. That danger was magnified on Wednesday with India’s regulator looking into possible irregularities around the share sale, Reuters reported exclusively citing a source with direct knowledge of the matter. Less than one quarter was due to pay down borrowings at the issuer and its unlisted subsidiaries, including Adani Airport and Adani Road. loadingCONTEXT NEWSAdani Enterprises on Feb. 1 said it is withdrawing its $2.4 billion share sale due to the “unprecedented situation and the current market volatility”.

The Jan. 24 report has triggered an $86 billion erosion in market capitalisation of seven listed Adani Group companies. "To go through this exercise of a share sale and to call it off raises more questions." After the share sale was pulled, yields of dollar-denominated bonds issued by Adani companies rose on Wednesday. Adani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises. The share sale had succeeded on Tuesday even when the Adani Enterprises stock price in Mumbai markets traded below the offer price of the share sale.

The port-to-property group, led by Gautam Adani, one of the world's richest people, has denied the allegations and called them baseless, adding it has always made the necessary regulatory disclosures. "But from an offshore investor's perspective the allegations (made by Hindenburg) ... do not seem to be clearly addressed," he said. The U.S. short-seller has said Adani's "response largely confirmed our findings and ignored our key questions." Australia's corporate regulator said on Wednesday it would review the Hindenburg report as concerns raised also relate to Adani's Australian operations. Adani Enterprises lost nearly 6% on Wednesday to bring its losses since the Hindenburg report to more than $8 billion.

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

☆ Gautam Adani’s next hurdles may be harder to clear
▼ + stars: | 2023-02-01 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 1 (Reuters Breakingviews) - It helps to have friendly investors and rich families on hand when finalising a tricky share sale. The feat will be hard to repeat though, while the Indian tycoon’s next hurdles might be harder to clear. Investor interest in Adani Enterprises (ADEL.NS) was underwhelming. Shares in $32 billion Adani Total Gas (ADAG.NS) have nearly halved since Hindenburg published its critical report. loadingCONTEXT NEWSThe $2.4 billion share sale by Adani Enterprises was fully subscribed on Jan. 31, data released by the Indian stock exchange showed.

☆ Adani abandons $2.5 billion share sale in big blow to Indian tycoon
▼ + stars: | 2023-02-01 | by ( Aditya Kalra | ) www.reuters.com time to read: +4 min

"Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. A report by Hindenburg Research last week alleged improper use by the of offshore tax havens and stock manipulation by the Adani Group. The Jan. 24 report has since triggered a $86 billion erosion in market capitalisation of seven listed Adani Group companies. REFUNDSAdani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises. The share sale had succeeded on Tuesday even when the Adani Enterprises stock price in Mumbai markets traded below the offer price of the share sale.

☆ India's Adani ditches $2.5 bln share sale after $86 bln rout
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises Ltd (ADEL.NS) on Wednesday withdrew its $2.5 billion secondary share sale after Adani Group shares plummeted on concerns raised by a U.S. short-seller. * Anchor investors Maybank Securities and Abu Dhabi Investment Authority pick up stake in Adani Enterprises' share sale, India's largest follow-on public offering (FPO). * Indian shares fell to their lowest level in more than a week, dragged lower by Adani Group stocks. * Adani Enterprises, the flagship company of the group founded by billionaire Gautam Adani, begins its $2.5 billion FPO for retail investors. JAN 31* Adani Enterprises' FPO fully subscribed as investors pumped funds into the share sale, despite the rout in the group's stocks.

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation (LIFI.NS). By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises (ADEL.NS) employees remained low. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Reuters GraphicsHindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

Adani Enterprises, the flagship firm, was trading 4% higher at 3,000 rupees, still below the lower end of the share sale's price band of 3,112 rupees. But other group stocks, including Adani Power (ADAN.NS), Adani Green (ADNA.NS) and Adani Total Gas (ADAG.NS), were down 5%-10%, extending their falls after Adani's 413-page response to Hindenburg's allegations failed to boost investor confidence. An unsuccessful share sale would be a stunning setback for Adani whose group has in recent days repeatedly said investors were standing by its side and the share offering will go through. The share sale needs at least 90% subscription to go through. Hindenburg said in its report it has shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

☆ India's Adani Enterprises enters final day of crucial $2.5 billion share sale
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

A successful completion of the share sale will show investors still believe in the group's prospects and that it can weather the unprecedented short-seller challenge and its aftermath. Adani Enterprises stock opened at 2,932 rupees, still below the lower end of the share sale's price band of 3,112 rupees. The share sale needs at least 90% subscription to go through. Some other group stocks, including Adani Power (ADAN.NS), Adani Green (ADNA.NS) and Adani Total Gas (ADAG.NS), were down 5%-10%. Adani Wilmar (ADAW.NS) was down 5%, but Adani Ports and Special Economic Zone (APSE.NS) rose 0.5% at open.

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenSummarySummary Companies Adani scripts comeback by completing share saleKey $2.5 billion share sale fully subscribed-dataShort-seller's report led to fall in Adani sharesMUMBAI, Jan 31 (Reuters) - Gautam Adani's crucial $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship firm, despite a $65 billion rout in the Indian billionaire's stocks sparked by a short-seller's report. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

Adani Transmission (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS), Adani Power (ADAN.NS) and Adani Wilmar (ADAW.NS) fell between 5% and 20% on Monday. It stayed well below the offer price of the issue, which if successful will be largest such share offering ever in India. Adani Enterprises' $2.5 billion secondary share sale closed its second day amid weak investor sentiment. The stock closed at 2,892.85 rupees, 7% below the 3,112 rupees lower end of the offer price band. "While there is a risk that the share sale does not go through, it will be crucial today to wait and see how institutional investors participate."

☆ Adani's $2.5 billion share sale faces crucial day after Indian rout
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

Adani Group has called the report baseless and said it was considering taking action against Hindenburg. 'FREE FALL'Some Adani Group stocks have surged more than 1,500% in the last three years amid aggressive expansion in businesses that include ports, power generation, airports and mining. Adani Enterprises has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees for the secondary share sale - well above their close of 2,761.45 rupees on Friday. Arun Kejriwal, founder of Kejriwal Research & Investment, said investors were likely to wait until the last day of the share sale to see if the price band is tweaked. There are at least six Adani Group companies in the MSCI India Index, with a cumulative weight of 4.31%.

☆ Adani's $2.5 billion share sale faces crucial day after rout
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

Adani Group has dismissed the report as baseless and said it is considering whether to take legal action against the New York-based firm. "There were heavy positions in Adani group (shares), the way they have risen in the last couple of years," said Neeraj Dewan, director at Quantum Securities in New Delhi. Shares of other listed Adani firms also plummetted, with Adani Transmission Ltd (ADAI.NS) Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Enterprises' net profit for the period ended Sept. 30, 2022 doubled to 9 billion Indian rupees ($110.31 million) while its total income nearly tripled to 795 billion Indian rupees, according to its share sale prospectus. The company's total liabilities as of September 2022 stood at 869 billion rupees ($10.64 billion), the prospectus showed.

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