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AMSTERDAM, Aug 17 (Reuters) - Investment company Exor (EXOR.AS) was able to build a 15% stake in Dutch healthcare group Philips (PHG.AS) without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show. Exor's investment was seen as a vote of confidence in Philips and boosted the Dutch company's shares. Filings by the Dutch Financial Market Authority AFM dated Aug. 14 but published late on Wednesday showed Goldman Sachs had taken an 12.11% stake in Philips using a derivatives structure that included 95 million call options. Sources confirmed to Reuters earlier this week that Goldman Sachs acted on behalf of Exor but could not give more details. Exor and Goldman Sachs (GS.N) declined to comment.

Persons: Goldman Sachs, Italy's Agnelli, Roy Jakobs, Exor, Allen, Overy, De Brauw, Philips, Toby Sterling, Pablo Mayo Cerqueiro, Andres Gonzalez, Valentina Za, Victoria Farr, Jane Merriman Organizations: Investment, Philips, Dutch, US Securities and Exchange, Reuters, Overy, Thomson Locations: Philips, Dutch

A sign of Wanda is pictured at the headquarters of Dalian Wanda Group, in Beijing's Central Business District (CBD), China August 8, 2023. China's largest commercial property group has tapped Deutsche Bank for advice on the sale of Infront Sports & Media, the sources said, adding the process is in the early stages and could take months to complete. Headquartered in Switzerland, Infront's businesses include managing Italy's Serie A and the UK Premier League's international media rights, as well as event operations, media rights distribution and sponsorship sales. It raised $320 million through the partial sale of its entertainment unit Beijing Wanda Cultural Industry to pay it off. Spain's Mediapro, which manages international media rights for LaLiga, restructured 900 million euros in debt a year ago selling shares to investors including the group's majority shareholder Southwind.

Persons: Wanda, Tingshu Wang, China's, Wang Jianlin, Infront, Amy, Jo Crowley, Emma, Victoria Farr, Milana, Andres Gonzalez, Kane Wu, Clare Jim, Elisa Martinuzzi, Sharon Singleton Organizations: Dalian Wanda Group, Beijing's, Business, REUTERS, Reuters, Deutsche Bank, Infront Sports & Media, Serie, Premier League's, South East, Olympic Games, Beijing Wanda Cultural Industry, Infront, Companies, LaLiga, Thomson Locations: China, FRANKFURT, Switzerland, Central, South, South East Asia, Dalian, Beijing, Infront

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsAug 16 (Reuters) - ArcelorMittal SA (MT.LU), the world's second-largest steelmaker, is considering a potential offer for U.S. Steel Corp (X.N), three people familiar with the matter said on Wednesday. ArcelorMittal is discussing a possible offer with its investment bankers, and there is no certainty that it will press ahead with it, the sources said. Representatives for ArcelorMittal and U.S. Steel did not immediately respond to requests for comment. ArcelorMittal's deliberations come after U.S. Steel said on Sunday it had launched a process to explore interest from potential acquirers. The United Steelworkers union supports Cleveland-Cliffs' bid, however U.S. Steel has rebuffed it as "unreasonable".

Persons: Benoit Tessier, ArcelorMittal, Steel, Greg Roumeliotis, Victoria Farr, Kirsten Donovan Organizations: REUTERS, ArcelorMittal SA, U.S . Steel Corp, U.S . Steel, Cliffs Inc, Esmark Inc, Representatives, ArcelorMittal, Steel, . Steel, The United Steelworkers, Thomson Locations: Dunkirk, France, Cleveland, New York, U.S, China, Europe, Frankfurt

This would boost the oil giant's non-binding bid to about 11.6 billion euros ($12.63 billion), the people said. The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to 57 euros per share in July. Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer. Earlier in August, Covestro reported a 21% fall in revenues to 3.7 billion euros in the second quarter.

Persons: Toru Hanai, ADNOC, Covestro, Austria's, Emma, Victoria Farr, Maha El Dahan, Yousef Saba, Tomasz Janowski Organizations: REUTERS, Abu Dhabi National Oil Co, Reuters, Bloomberg News, Thomson Locations: Gastech, Chiba, Japan, FRANKFURT, DUBAI, Abu Dhabi, Frankfurt, Maha, Dubai

REUTERS/Kai Pfaffenbach/File PhotoFRANKFURT, July 27 (Reuters) - New construction plunged in Germany during the first half of the year, data on Thursday showed, the latest sign of stress in the property market of Europe's largest economy. The data underscore a steep rut that dominates the nation's real-estate sector in its worst crisis in decades. "There's strong caution in project development," said Sven Carstensen, chief executive of Bulwiengesa. The nation's property industry will ask the government for multi-billion euro support at a meeting with Chancellor Olaf Scholz in September, Reuters reported last week. "The situation is dramatic," said Jan-Marco Luczak, a parliamentarian who has pushed for a property tax cut demanded by industry.

Persons: Kai Pfaffenbach, Sven Carstensen, Chancellor Olaf Scholz, Marco Luczak, Marcus Gwechenberger, Bulwiengesa, Florian Schwalm, EY, Karim Rochdi, Tom Sims, Hugh Lawson Organizations: REUTERS, Bulwiengesa, Reuters, European Central Bank, Thomson Locations: Frankfurt, Germany, FRANKFURT, Frankfurt's

"I am worried because we are in a deep real estate crisis. And the real estate crisis needs clear, structured and downright radical steps to fix it," Mattner said. For years, Germany's property market has been seen as a safe haven, becoming a major draw for foreign investors. Recent data shows the stress the property sector is facing as the European Central Bank hikes interest rates, with little respite in sight. The fall is "catastrophic," said Andreas Beulich, head of the Federal Association of Independent Real Estate and Housing Companies.

Persons: Kai Pfaffenbach, Chancellor Olaf Scholz, Andreas Mattner, Mattner, Tim, Oliver Mueller, Mueller, Scholz, Danyal, Andreas Beulich, Mathias Duesterdick, ”, Andreas Naujoks, Simone Zapke, Emma, Victoria Farr, Matthias Inverardi, Sharon Singleton Organizations: REUTERS, German Property Federation, German Construction Industry Federation, Reuters Graphics, European Central Bank, Federal Association of Independent, Housing Companies, Centrum Group, ECB, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, Baden, United States, Sweden

☆ Berlin aims to have "best equipped" NATO army division in Europe in 2025
▼ + stars: | 2023-07-17 | by ( Sabine Siebold | ) www.reuters.com time to read: +3 min

REUTERS/Heiko BeckerBERLIN, July 17 (Reuters) - Germany is confident it will have the best equipped army division amongst European NATO allies in 2025, Army Chief Alfons Mais told Reuters, as countries are scrambling to gear up their troops in the wake of Russia's invasion of Ukraine. At the moment, Berlin does not have a single combat-ready division, a military unit comprising more than 20,000 troops. It aims to have the first of three divisions operational by 2025, with the second to follow in 2027. "It will be sufficient, in any case, to contribute the best equipped division of all European NATO partners in 2025. "But supporting Ukraine is more important right now than establishing a division, as NATO Secretary-General Jens Stoltenberg has stressed," he underlined.

Persons: Boris Pistorius, Heiko Becker BERLIN, Alfons Mais, Mais, Jens Stoltenberg, Olaf Scholz, Sabine Siebold, Emma, Victoria Farr, David Evans Organizations: German, Bundeswehr, REUTERS, NATO, Reuters, Thomson Locations: Hammelburg, Germany, Ukraine, Berlin, Dutch, Iraq, Afghanistan, Kyiv

☆ Germany's Covestro rejects takeover proposal from ADNOC -Bloomberg News
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 22 (Reuters) - German plastics and chemicals maker Covestro AG (1COV.DE) has rejected an initial takeover proposal from Abu Dhabi National Oil Co (ADNOC) saying the offer was too low, Bloomberg News reported on Thursday citing people familiar with the matter. The stock jumped as much as 3.7% after the report was published, after trading down earlier in the day. Two people familiar with the matter told Reuters on Tuesday that ADNOC had approached Covestro with a takeover proposal worth more than 10 billion euros ($11.00 billion). It would probably only be a matter of price whether the existing shareholders would accept such a takeover offer," Arne Rautenberg, fund manager at Union Investment, told Reuters. Covestro, a maker of transparent polycarbonate plastics, as well as chemicals for insulation and upholstery foams, in April issued earnings guidance that reassured markets about its growth prospects.

Persons: ADNOC, Covestro, Arne Rautenberg, Gursimran Kaur, Victoria Farr, Jason Neely, Conor Humphries Organizations: Covestro, Abu Dhabi National Oil Co, Bloomberg, Reuters, Union Investment, Thomson Locations: FRANKFURT, Abu Dhabi, Bengaluru, Emma, Frankfurt

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoJune 20 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG (1COV.DE) with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. ADNOC and Covestro declined to comment. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

June 16 (Reuters) - German bus services firm Flix, owner of the Greyhound brand in North America and FlixBus in Europe, has stepped up preparations for a possible stock-market listing, two sources familiar with the matter told Reuters. Flix has invited investment banks to pitch to manage its share sale in recent weeks, said the sources, who spoke on the condition of anonymity. U.S. corporate finance house Evercore (EVR.N) is advising Flix on the process, the sources said. Flix, set up in 2011 by three entrepreneurs in Munich to try to make bus travel cheap, runs bus and train services across 40 countries. So far this year, only one stock market listing has taken place in Germany, raising $479 million, according to Refinitiv data.

Persons: Flix, Evercore, IONOS, WE, Hidroelectrica, Emma, Victoria Farr, Pablo Mayo Cerqueiro, John O'Donnell, Barbara Lewis Organizations: Greyhound, Reuters, Atlantic, Thomson Locations: North America, Europe, Germany, Ukraine, Munich, Permira, BlackRock, London

[1/2] Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak General Insurance, which is fully-owned by Indian banking giant Kotak Mahindra Bank (KTKM.NS), did not respond to Reuters queries. While the Kotak insurance unit's interest in selling a stake has been reported earlier, its talks with Zurich, the potential deal size and valuation are being reported for the first time. More than 30 companies operate in India's general insurance market, where annual premium collections grew 11% to reach $26.7 billion in 2021-22, helped by rising financial literacy and income levels, CareEdge Ratings said in a report. Already, foreign companies such as Germany's Allianz and South Africa's Lombard have general insurance partnerships with Indian banking or financial groups.

Persons: Uday Kotak, Kotak, South Africa's Lombard, Ergo, Sriram, Tom Sims, Victoria Farr, Aditya Kalra, Jacqueline Wong Organizations: Mahindra Bank, REUTERS, Danish, Zurich Insurance, Kotak, Zurich eyeing, Insurance, Asia's, Germany's Allianz, South, Thomson Locations: Mumbai, India, Zurich, MUMBAI, South Africa's, Europe, China, Frankfurt

BERLIN, June 8 (Reuters) - Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry. But private equity is currently experiencing one of its toughest runs since coming of age in the 1980s as rapid rises in interest rates to combat inflation make the debt that underpins the industry scarce and expensive. "It has been easier in the past, deal flow is reduced significantly...we have to pedal harder," said Jose Pfeifer, who leads Investcorp's European private equity group, on the sidelines of SuperReturn. "Europe is doing better than expected...we are seeing opportunity in corporate carve-outs," said Marco De Benedetti, co-head of Europe private equity at Carlyle (CG.O). Emmanuel Laillier, head of private equity at Tikehau Capital, said that makes it hard to read the level of competition, although there is more flexibility in the M&A process.

Persons: Kim Kardashian's, Kardashian, Jose Pfeifer, Hythem, Marco De Benedetti, Sellers, Emmanuel Laillier, Christian Sindig, Jay Sammons, Emma, Victoria Farr, John O'Donnell, Kirsten Donovan Organizations: European Central Bank, Bundesliga, TA Associates, Carlyle, Tikehau, Thomson Locations: BERLIN, Berlin, Europe, SuperReturn

[1/2] The word Stock is seen on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermidFRANKFURT, May 31 (Reuters) - Germany's Schmid Group said on Wednesday it plans to list in New York via a special purpose acquisition company (SPAC), in a deal estimated to give the technology firm a valuation of $640 million. The fifth generation family-owned business, which specialises in electronics, would become a publicly-listed company on the New York Stock Exchange in the fourth quarter of this year. The transaction will be through blank-check company Pegasus Digital Mobility Acquisition Corp (PGSS.N) led by automotive veteran Ralf Speth, it said in a statement. "We have been considering this step for some time and see the NYSE and the U.S. capital markets as much more suitable for a technology company," CEO Christian Schmid told Reuters, regarding the location of the transaction.

Persons: Brendan McDermid FRANKFURT, Germany's Schmid, Ralf Speth, Christian Schmid, Schmid, StratCap, Speth, Emma, Victoria Farr, Madeline Chambers, Emelia Organizations: New York Stock Exchange, REUTERS, Pegasus Digital Mobility, Corp, NYSE, Reuters, Pegasus, BMW, Jaguar, Rover, Thomson Locations: New York City, U.S, New York, Freudenstadt, Germany's Black

☆ Silver Lake submits offer document for Software AG
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 17 (Reuters) - Silver Lake officially submitted its offer document for Software AG (SOWGn.DE) on Wednesday, almost a month after announcing a 2.4 billion euro ($2.64 billion) takeover bid. In its offer document, Silver Lake reiterated that it intends to delist Software AG as soon as practically possible after the transaction. It has secured 30.1% of the share capital through a binding agreement with company founder Peter Schnell's Software AG Foundation, a charitable foundation and longstanding anchor shareholder, and through purchases on the stock exchange. Software AG's management and supervisory boards support Silver Lake despite Bain's higher offer, drawing criticism from minority shareholders at the company's annual general meeting on Wednesday. Software AG's chairman of the board of directors, Silver Lake partner Christian Lucas, was absent from the AGM which was run by an external lawyer.

Private equity firm Silver Lake has offered to buy Software AG for 32 euros per share, valuing the German software developer at 2.37 billion euros ($2.61 billion) and said it plans to take the company private. Software AG has backed the Silver Lake offer despite a higher 34-euro a share non-binding bid coming in from Bain-backed Rocket Software earlier this month. Some investors argue that the Silver Lake offer undervalues Software AG and that minorities never fare well in delistings. Software AG has faced criticism from shareholders over its handling of the sales process. Software AG, Rocket Software and Silver Lake all declined to comment.

The future of Credit Suisse's business in Switzerland is being closely watched as one of UBS's key strategic decisions. Credit Suisse's Swiss bank is one of the lender's four operating units and is seen as the jewel in the crown. In January, Credit Suisse had moved the business from its broader investment banking division into the Swiss unit, according to Credit Suisse's 2022 annual report. On a possible sale, Ermotti has said all options for the Swiss business are on the table. On Sunday, NZZ am Sonntag newspaper reported that UBS was working towards spinning off Credit Suisse's domestic unit.

LONDON, April 20 (Reuters) - British transport company FirstGroup (FGP.L) and infrastructure fund I Squared are weighing competing bids for parts of Deutsche Bahn's international transport business Arriva, according to a number of people familiar with the matter. The British transport company may also consider partnering with another bidder for the UK operations, the two added. Arriva, Deutsche Bahn, FirstGroup and I Squared declined to comment. A Bloomberg report in January suggested Arriva may now fetch as much as 2 billion euros. Binding offers for Arriva are expected in the next couple of months, two of the sources said.

FRANKFURT, April 5 (Reuters) - Thyssenkrupp (TKAG.DE) may pick June to list its hydrogen business Nucera, provided equity markets are robust, three people familiar with the matter said, in what could be a multi-billion euro initial public offering. Plans to list Nucera, a 66%-34% joint venture between Thyssenkrupp and Italy's De Nora (DNR.MI), were put on the backburner last year due to unfavourable market conditions following the war in Ukraine and subsequent energy crisis. Nucera makes the electrolysers that are needed to produce green hydrogen - a sector that is currently benefiting from the U.S. Inflation Reduction Act and European Union initiatives to support the green energy transition. Thyssenkrupp Chief Executive Martina Merz, under pressure to deliver on her pledge to turn the sprawling conglomerate into a leaner and more focused holding, said last month that the group would make a new effort to list Nucera, without elaborating. When plans for a listing of the business were first communicated in 2021, analysts valued Nucera at between 3 billion and 6 billion euros.

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

☆ Galderma owners delay IPO, review Credit Suisse role - source
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

The shareholders, including Swedish buyout house EQT (EQTAB.ST) and the Abu Dhabi Investment Authority (ADIA), are also reviewing Credit Suisse's (CSGN.S) role as global coordinator for the IPO, the source added, after the troubled lender agreed to be taken over by rival UBS in a government-brokered rescue. Bloomberg first reported on the IPO delay and the review of Credit Suisse's role. Galderma had been preparing to list as soon as after the Easter holidays, sources had told Reuters, having previously delayed its IPO plans because of poor market conditions. Last year, the group was forced to postpone its listing ambitions after the invasion of Ukraine and soaring interest rates ground the IPO market almost to a halt, as reported. Galderma and Credit Suisse declined to comment.

As part of the overhaul announced in October, it is seeking to spin off merger advice and leveraged finance into a new entity named Credit Suisse First Boston (CSFB), for which it has been seeking buyers. Credit Suisse is most valuable in separate parts, and there are high-level M&A talks taking place, said a senior banker who advises banks on deals. TAKEOVERSelling off parts of Credit Suisse could require time, which markets may not give. The two have complementary investment banking businesses -Credit Suisse is stronger in credit and UBS in equities. However, some have faith that Credit Suisse can still make it safely to the end of the tight rope.

[1/2] European Central Bank and SVB (Silicon Valley Bank) logos are seen in this illustration taken March 10, 2023. SVB, which does business as Silicon Valley Bank, was not immediately available for comment. "Silicon Valley Bank is shedding light on vulnerabilities across the US banking sector, primarily in the bond holdings that many large institutions hold," said Karl Schamotta, Chief Market Strategist at Corpay. “The current liquidity run on Silicon Valley Bank is having a knock-on effect on the wider banking system," said Rick Seehra, Prudential Lead at Bovill. But banking experts said SVB's issues were unique and the worries about the broader sector were not warranted.

☆ German police seek motive in shooting at Jehovah's Witnesses church
▼ + stars: | 2023-03-10 | by ( Fabian Bimmer | ) www.reuters.com time to read: +3 min

[1/4] A view of a police vehicle at the scene following a deadly shooting, in Hamburg, Germany, March 10, 2023. REUTERS/Fabrizio BenschHAMBURG, March 10 (Reuters) - German police were searching for a motive on Friday after a gunman, believed to have been acting alone, killed several people in a Jehovah's Witnesses church in Hamburg. The Bild newspaper reported seven people were dead and eight wounded in the shooting in the northern city that is home to Germany's biggest port. Several of the wounded were seriously hurt, the Jehovah's Witnesses said. In October 2019, a gunman killed two people when he opened fire outside a synagogue in the eastern city of Halle on the Jewish holy day of Yom Kippur.

☆ Several dead in shooting at Jehovah's Witness church in Hamburg
▼ + stars: | 2023-03-09 | by ( Fabian Bimmer | ) www.reuters.com time to read: +2 min

HAMBURG, March 9 (Reuters) - Several people have been killed or seriously injured in a shooting at a Jehovah's Witness church in the northern German city of Hamburg, with the motive for the attack unclear, police said on Thursday. The Bild newspaper reported that seven people were dead and eight others injured in the shooting. "Several people were seriously injured, some even fatally. [1/7] Special police inside the building after at least six people are dead and several more injured in a shooting in the northern German city of Hamburg, Germany, March 10, 2023. REUTERS/Fabian Bimmer 1 2 3 4 5"The dead people all have gunshot wounds," the spokesperson was quoted as saying.

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