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☆ Czech billionaire Kretinsky closes in on Casino after 3F abandons bid
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari. The group is saddled with net debt of 6.4 billion euros ($7.1 billion) and is teetering on the brink of default. "Today, after months of work, 3F has decided to not submit an offer," 3F said in a statement. Along with Marc Ladreit de Lacharrière’s Fimalac, he would inject 1.2 billion euros ($1.35 billion) in equity to take a 53% stake in France's sixth-largest retailer. The bidders would also convert 4.9 billion euros of debt into equity.

Persons: Daniel Kretinsky, Kretinsky, Xavier Niel, Matthieu Pigasse, Moez, Alexandre Zouari, 3F's, Marc Ladreit de, Fimalac, Casino, John Irish, David Holmes, Emelia Organizations: Casino, 3F, Attestor, Financial, Global Commerce, Financial Times, Thomson Locations: Czech, France's, Casino

MEXICO CITY, July 13 (Reuters) - The Mexican government is no longer interested in purchasing Citigroup's (C.N) local retail arm, known as Banamex, a government spokesperson said on Thursday, adding that the U.S. bank "chose a different path" for its unit. Deputy Finance Minister Gabriel Yorio told Reuters at the time that Mexico could pursue a total or partial acquisition of the unit. Government spokesperson Jesus Ramirez did not immediately respond when asked which path the U.S. bank is taking. Before Citi's decision to list Banamex, banking sources said mining conglomerate Grupo Mexico (GMEXICOB.MX) had been eyeing the unit for around $7 billion. Reporting by Valentine Hilaire; Editing by Brendan O'Boyle and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Gabriel Yorio, Jesus Ramirez, Lopez Obrador, Valentine Hilaire, Brendan O'Boyle, Jamie Freed Organizations: MEXICO CITY, Citi, Reuters, Government, Grupo Mexico, German, Grupo, Spain's Banco Santander, Thomson Locations: MEXICO, U.S, Mexican, Mexico

FRANKFURT/LONDON July 13 (Reuters) - Energy majors BP (BP.L) and TotalEnergies (TTEF.PA) have won a 7 gigawatt (GW) offshore wind site auction in Germany worth a record 12.6 billion euros ($14.1 billion), allowing them entry to the central European market without a partnership. The awards for capacity due to come online in 2030 also excluded leading offshore wind developers, such as RWE (RWEG.DE) and Orsted (ORSTED.CO). AUCTION DESIGNThe 7 GW electronic auction officially opened in January and bidders had until June 1 to submit offers. In previous German lease auctions, companies have made low or negative bids with the expectation of subsidies from the state. Industry groups have said the high costs of the leases could drive up the cost of offshore wind projects.

Persons: Bundesnetzagentur, Bernstein, WindEurope, Orsted, Norway's, TotalEnergies, Vera Eckert, Susanna Twidale, Christoph Steitz, Ron Bousso, Nora Buli, Nina Chestney, Barbara Lewis Organizations: Energy, BP, Industry, Thomson Locations: FRANKFURT, Germany, Macquarie, England, Danish

☆ No one wants Subway
▼ + stars: | 2023-07-13 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

The move comes as Subway has seen its store count decline by the hundreds over the years. In late January, Buck's foundation, where his two sons work, revealed that the late co-founder had left the charity his 50% stake in Subway . Subway has spent the past few years trimming corporate staff and closing stores under CEO John Chidsey. Despite previous years of slumping sales and store closures, Subway has recently gained some momentum. Are you a Subway insider or franchisee with insight to share?

Persons: Trevor Haynes, Haynes, Peter Buck, John Chidsey, Subway's Organizations: Subway, NY Post, Service, nab, New York Post, Bloomberg, Post Locations: Wall, Silicon, Buck's, Subway

☆ Buy Buy Baby stores set to shutter as Go Global's deal to save chain falls apart at eleventh hour
▼ + stars: | 2023-07-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Signs stating everything is on sale at a Buy Buy Baby store in the Brooklyn borough of New York, Feb. 6, 2023. Buy Buy Baby's stores are set to disappear after a last ditch effort to save the chain and keep the business alive fell apart, CNBC has learned. Sixth Street was not unreasonable but there was a difference in opinion on valuation," he said. However, nearly three months into liquidation sales at Buy Buy Baby's 120 stores, there was very little left to bid on besides its IP, empty stores, leases and whatever inventory was left, said the source. During a hearing in federal bankruptcy court in Newark, New Jersey, on Tuesday, Judge Vincent Papalia approved the sale of Buy Buy Baby's intellectual property to Dream on Me as one of the bidder's staffers, who appeared virtually via Zoom for the hearing, was seen smoking a cigarette on screen.

Persons: Janie, Jack, Jeff Streader, Streader, Judge Vincent Papalia, aren't Organizations: CNBC, Brand, Go Global, Sixth Street Partners, Bed, Global, Industries, Sixth, Go Locations: Brooklyn, New York, New Jersey, Newark , New Jersey

☆ Auction of Charlie Watts' book collection includes signed 'Great Gatsby' first edition
▼ + stars: | 2023-07-10 | by ( Amarachi Orie | ) edition.cnn.com time to read: +3 min

CNN —A collection of first-edition books and jazz memorabilia belonging to the late Rolling Stones drummer Charlie Watts will go up for auction in September. Leading the auction will be a signed first-edition copy of F. Scott Fitzgerald's "The Great Gatsby." “Charlie built his collection of modern literature and jazz with passion, intelligence and dedication, and this two-part auction celebrates his distinguished collecting taste,” they added. Christie's Images Limited 2023The collection also includes objects that once belonged to jazz legends, including Watts’ favorite saxophonist, the late Charlie Parker, according to the release. Christie's Images Limited 2023Highlights from the collection will go on display in Los Angeles between July 25 and 29 and New York between September 5 and 8.

Persons: Charlie Watts, Scott Fitzgerald, Scott Fitzgerald's, Benedict Winter, Mark Wiltshire, “ Charlie, George Orwell, Agatha Christie, James Joyce, Fitzgerald, Watts, Charlie Parker, Parker, Irving Berlin, George Gershwin’s, “ Porgy, Bess, ”, Charlie, Dave Green Organizations: CNN Locations: London, American, British, Los Angeles, New York

☆ Here's what a block of a cream cheese says about the state of inflation
▼ + stars: | 2023-07-09 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

When a bagel with cream cheese doubles in cost the taste is tainted. So, 'getting there, going in the right direction' is the language we will hear about the state of inflation Wednesday morning. But it's not just about the cost of a block of cream cheese. Whether it's a block of cream cheese going for $150 or a Toll Brothers (TOL) home selling for $1 million, with multiple bidders, we are all bewildered. The longer a block of cream cheese stays at $150, the more ingrained it gets.

Persons: –, that's, it's, Biden, Jerome Powell, Powell, It's, Let's, Jim Cramer's, Jim Cramer, Jim Organizations: U.S . Labor Department, Federal Reserve, Trump, Jim Cramer's Charitable, CNBC Locations: Goldberg's, Westhampton Beach , NY, Ukraine, Covid

☆ Buy Buy Baby auction is canceled, but buyers are still interested in making a bid
▼ + stars: | 2023-07-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

"Store Closing" signs at a Buy Buy Baby store in the Brooklyn borough of New York, on Monday, Feb. 6, 2023. While it would be unusual, Bed Bath & Beyond could still accept a bid for Buy Buy Baby early next week. The company, a little known New Jersey-based retailer and one of Buy Buy Baby's former suppliers, agreed to buy its trademark and digital assets for $15.5 million if no higher bids arise. As the auction process dragged on and Buy Buy Baby's inventory dwindled, so did its value. It is not clear what Dream on Me plans to do with Buy Buy Baby if it ends up the ultimate victor.

Persons: that's, Janie, Jack, Overstock.com Organizations: CNBC, Industries, Beyond's, Bed, Ankura Capital Advisors Locations: Brooklyn, New York, New Jersey

☆ KKR wins $2 billion bidding war the old-fashioned way
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 30 (Reuters Breakingviews) - KKR (KKR.N) has affirmed a simple lesson: price matters. The private-equity giant made a bumped-up $2 billion offer for valve-maker Circor International (CIR.N) on Thursday that tops an offer from a rival. KKR broke the mold by offering sweeteners other than money – but in the end, it threw in more cash too. Circor’s board says KKR’s offer is more valuable because it can close more quickly. KKR knows that money isn’t the only thing that talks, but it still talks pretty loudly.

Persons: Jonathan Guilford, ’, crouch, John Foley, Streisand Neto Organizations: YORK, Reuters, KKR, Circor, Arcline Investment Management, Twitter, Thomson Locations: China

☆ This map shows where Bed Bath & Beyond stores are being replaced by other retailers
▼ + stars: | 2023-06-29 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

"In aggregate the Bed Bath & Beyond locations were some of the best that I've seen become available. The leases are for both Bed Bath & Beyond and Buy Buy Baby locations. Leases for the Buy Buy Baby outposts could be clawed back depending on what happens at an auction for the chain's assets, Bed Bath said in a court filing. Bed Bath raked in $24.41 million in all from the lease auction. A portion of those proceeds will likely go to unpaid rents at the locations and the rest will go to Bed Bath to pay the retailer's many creditors.

Persons: BURL, Bill Read, Read, Macy's, Noble, they'd, weren't Organizations: Burlington Stores, Burlington, Specialists, Target, CNBC, Factory, Barnes, Bed Locations: Burlington, America, , Florida, Concord , North Carolina, Bed Bath, Bath

Overstock.com is going all in on failed retailer Bed Bath & Beyond. It will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S. "weeks later." "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace," Overstock CEO Jonathan Johnson said in a statement. Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. A number of bidders have expressed interest in Buy Buy Baby's stores but it remains unclear if any will be bought and kept open.

Persons: Overstock, Jonathan Johnson Organizations: United Parcel Service, Bed Locations: Salt Lake City , Utah, Overstock.com, Canada, U.S

Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases as the retailer struggles to nail down bids in a sale process now shrouded in doubt. An auction for all of Buy Buy Baby's assets was originally scheduled for 10 a.m. An initial winner will likely be chosen during Wednesday's intellectual property auction. The decision to split up the bidding comes after the retailer held separate sale proceedings for its Buy Buy Baby and Bed Bath & Beyond banners. The banner, which sells baby goods such as strollers, clothes and cribs, has long been considered the crown jewel of Bed Bath & Beyond's assets.

Persons: weren't

☆ Klimt’s ‘Lady With a Fan’ Brings $108.4 Million, Auction Record for the Artist
▼ + stars: | 2023-06-27 | by ( Scott Reyburn | ) www.nytimes.com time to read: +1 min

Post-Brexit London regained some credibility as the capital of Europe’s high-value art market on Tuesday when a radiant portrait by Gustav Klimt, “Lady With a Fan,” sold at Sotheby’s for 85.3 million pounds with fees, or about $108.4 million. The price was an auction high for the renowned Austrian artist and was the highest for a public sale in Europe, beating Alberto Giacometti’s “Walking Man I,” which sold for $104.3 million in 2010, also at Sotheby’s in London. The audience erupted into the sort of thunderous applause that hasn’t been heard at a London auction for some years. “The price was within our expectations,” said Wong, the former chair of Sotheby’s Asia, who added that she was buying for a Hong Kong collector. The final price topped Klimt’s previous auction high of $104.6 million, given in November for the 1903 landscape “Birch Forest,” at Christie’s, in New York.

Persons: Gustav Klimt, ”, Alberto Giacometti’s “, Patti Wong, hasn’t, Wong Locations: Europe’s, Austrian, Europe, Sotheby’s, London, Hong Kong, Asia, Birch, ”, Christie’s, New York

☆ What Is Happening in the Housing Market?
▼ + stars: | 2023-06-26 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Mortgage rates are now hovering around 7 percent — the highest they’ve been since 2007 — thanks to the Federal Reserve’s efforts to tame inflation. Mr. Martinez, a tech worker, expected that to cool down Miami real estate. He has made seven or eight offers and is willing to put 25 percent down, but he keeps losing, often to people paying cash instead of taking out a pricey mortgage. The Fed’s rate increases are aimed at slowing America’s economy — in part by restraining the housing market — to try to bring inflation under control. Those moves worked quickly at first to weaken interest-sensitive parts of the economy: Housing markets across the United States pulled back notably last year.

Persons: Gianni Martinez, Martinez, Mr, ” Locations: Miami, United States

☆ Goldman Sachs faces big writedown on GreenSky deal, CNBC reports
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Goldman Sachs (GS.N) is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported on Friday, citing people with knowledge of the sale process. One bidder said GreenSky's loan origination platform is worth roughly $300 million, while another said it was worth closer to $500 million, according to the report. CNBC added the bids for the platform, which facilitates home improvement loans to consumers, were coming in well below Goldman's expectations. Shares of Goldman were down about 1.4% in mid-morning trading. The bank has been running a sale process for GreenSky, and may take a writedown on the $500 million of goodwill, or the premium it paid above the assets' book value, Goldman President and Chief Operating Officer John Waldron told investors at a conference in June.

Persons: Goldman Sachs, Goldman, We're, John Waldron, Warburg Pincus, Manya Saini, Jaiveer Shekhawat, Shinjini Organizations: CNBC, Goldman, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Thomson Locations: Bengaluru

☆ Goldman Sachs faces big writedown on CEO David Solomon’s ill-fated GreenSky deal
▼ + stars: | 2023-06-23 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Goldman Sachs CEO David Solomon speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business, CNBC has learned. Bids for the installment loan business are coming in well below what Goldman had hoped for, according to people with knowledge of the sale process. Under CEO David Solomon, Goldman bought Atlanta-based GreenSky for $2.24 billion to help accelerate its push into consumer finance. "Everybody's been coming in low, and the Goldman team keeps pushing back, pounding the table about the value of it," said one of the bidders.

Persons: Goldman Sachs, David Solomon, Goldman, Solomon, Warburg Pincus, Everybody's Organizations: Forbes, CNBC, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Goldman Locations: New York City, Atlanta

☆ Fortress Investment Group Set to Acquire Vice Out of Bankruptcy
▼ + stars: | 2023-06-22 | by ( Lauren Hirsch | Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Mr. Lokhandwala and Mr. Dixon said in their note that they expected the sale to close in July; the company would then begin operating under new ownership. In the past, bidders sought to acquire Vice Studios, the film and TV production business; Virtue, its ad agency; and i-D, one of the company’s magazines. Vice, which had unsuccessfully sought to sell itself for years, filed for bankruptcy in May, with Fortress, as one of its lenders, in pole position to take over the company. It had since sought run a sale of the business in bankruptcy to see if it could kick up further interest. As the sale process proceeds, Vice has some pressing issues to sort out.

Persons: ”, Lokhandwala, Dixon, “ Organizations: Fortress, Vice, “ Bama, American Gladiators, ESPN

☆ Overstock.com wins auction for Bed Bath & Beyond's intellectual property, digital assets
▼ + stars: | 2023-06-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Signage is displayed outside a permanently closed Bed Bath & Beyond retail store in Hawthorne, California, on May 1, 2023. Bed Bath & Beyond will live on in name only after Overstock.com won an auction for the failed home goods retailer's intellectual property and digital assets, according to court records filed early Thursday. In a rare move, Bed Bath chose to run a separate sale process for its Buy Buy Baby chain, considered the crown jewel of its assets. Buy Buy Baby assets garnered interest from buyers even before Bed Bath filed for bankruptcy in April. The auction for Buy Buy Baby's assets is slated to take place on Wednesday.

Persons: Overstock.com, Overstock, JOWA Brands Organizations: JOWA, Bed, CNBC Locations: Hawthorne , California

☆ Bed Bath & Beyond schedules separate auction for Buy Buy Baby assets
▼ + stars: | 2023-06-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

A Buy Buy Baby store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. The retailer said in court papers it will run a separate sale process for Buy Buy Baby — considered the crown jewel of its assets — as it moves forward with the auction of its Bed Bath & Beyond chain. The separate sale process gives the retailer more breathing room to nab a bid from a buyer that could be willing to keep Buy Buy Baby stores open, or at least maximize an offer price. Buy Buy Baby assets garnered interest from buyers even before its parent company filed for bankruptcy in April. The auction for Buy Buy Baby's assets is slated to take place on June 28.

Persons: —, Overstock.com Organizations: nab, CNBC, Bed Locations: Brooklyn, New York

☆ Sweden to move ahead with 2030 Winter Games bid
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - The Swedish Olympic Committee (SOK) intends to move ahead with a bid to host the Winter Olympics for the first time after a four-month feasibility study showed there was interest in staging the Games in Stockholm. Sweden, a winter sports powerhouse, has unsuccessfully bid eight times for the Winter Games, including the 2026 edition which was awarded to Milan-Cortina d'Ampezzo. Stockholm staged the Summer Olympics in 1912. "Our preliminary study shows that Sweden has the opportunity, know-how and will to arrange the Winter Games in 2030," SOK president Hans von Uthmann said in a statement. The Japanese city of Sapporo, which hosted the 1972 Winter Games, was considered the favourite but has put its bid on hold in the wake of a widening corruption scandal over the Tokyo 2020 Olympics.

Persons: Hans von Uthmann, Hritika Sharma, Lincoln Organizations: Swedish Olympic, Winter, Milan, Cortina d'Ampezzo, Games, Committee, Tokyo, IOC, Thomson Locations: Stockholm . Sweden, Stockholm, Sweden, Mumbai, Sapporo, Salt Lake City, United States, Los Angeles, Hyderabad

☆ US banking regulator seeks bids for Silicon Valley Bank's German assets
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - The U.S. banking regulator is seeking bids for the sale of collapsed Silicon Valley Bank's German assets, according to a Thursday notice posted on its website. The regulator said it will open the German branch's data room to eligible bidders on June 20, adding that participants must hold lending authorization in Germany. This comes in the wake of reports last week from local German media, which said that SVB's German branch was in search of a potential buyer. In March, Silicon Valley Bridge Bank was granted permission by German financial regulator BaFin to conduct its lending business through its SVB Germany branch. HSBC (HSBA.L), which acquired the UK arm of SVB, has been floated as a potential buyer, according to media reports.

Persons: BaFin, Niket Nishant, Akriti Sharma, Krishna Chandra Eluri Organizations: U.S, Federal Deposit Insurance Corporation, Bank, HSBC, Financial, Thomson Locations: U.S, Frankfurt, Berlin, Germany, Silicon, Bengaluru

☆ Cargill enters dispute for Brazil soy crusher's assets
▼ + stars: | 2023-06-16 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

In court documents seen by Reuters, Cargill expressed interest in bidding for the assets but sought clarification about the liabilities attached to the plants. Geraldo Gouveia Jr, Imcopa's attorney, told Reuters the bankruptcy judge has made no decision yet related to the request to suspend the court-supervised auction. Bunge, which has long sought to acquire Imcopa's assets, signed a contract to buy the Araucaria and Cambe plants in May 2020. Citing bankruptcy court filings, Imcopa's Gouveia Jr said Bunge has publicly reiterated interest in buying Imcopa's plants. The assets remain attractive because they produce high value soy byproducts for export and the domestic market.

Persons: Cargill, Bunge, Geraldo Gouveia Jr, Imcopa's Gouveia Jr, Ana Mano, David Evans Organizations: SAO PAULO, Reuters, Bunge, Imcopa, Thomson Locations: Parana, Paranagua, Brazil

☆ HarperCollins, KKR Emerge as Bidders for Book Publisher Simon & Schuster
▼ + stars: | 2023-06-15 | by ( Jessica Toonkel | Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, simon, schuster, 9e2a7fc5 Organizations: harpercollins, kkr

☆ Harper Collins, KKR bidding for Simon & Schuster, Wall Street Journal reports
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - HarperCollins Publishers and KKR & Co (KKR.N) are among the bidders for book publisher Simon & Schuster as it pursues a sale for the second time in less than three years, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Reuters had in February reported that Paramount Global (PARA.O), the owner of Simon & Schuster, was again seeking to sell the publisher, months after the media company's $2.2 billion deal to sell the book publisher to Penguin Random House collapsed. Last year, the U.S. Justice Department sued to stop the tie-up of Penguin and Simon & Schuster, as a combined group would have accounted for nearly half of the market for publishing rights to blockbuster books. HarperCollins and Simon & Schuster did not immediately respond to Reuters' requests for comment, while KKR declined to comment. Paramount is exploring a sale that could value Simon & Schuster between $2 billion and $2.5 billion and was also courting private equity buyers, Reuters reported in February, citing sources.

Persons: Simon, Schuster, Simon & Schuster, Chavi Mehta, Pooja Desai Organizations: HarperCollins Publishers, KKR, Co, Wall Street, Reuters, Paramount, Simon &, Penguin Random, U.S . Justice Department, HarperCollins, News Corp, Thomson Locations: Bengaluru

☆ Overstock.com bids $21.5 million for Bed Bath & Beyond intellectual property assets
▼ + stars: | 2023-06-13 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

The home goods chain, which also owns Buy Buy Baby stores, received a $21.5 million offer from online retailer Overstock.com for some of its assets, including its intellectual property, according to court papers filed Tuesday. The offer doesn't include Bed Bath & Beyond or Buy Buy Baby's store locations, which are running going-out-of-business sales. In recent weeks discussions have centered around the assets for Buy Buy Baby, often considered the crown jewel of the Bed Bath & Beyond portfolio. The Buy Buy Baby assets in particular had attracted interested bidders. Bed Bath & Beyond had sought chapter 11 protection in April, following months of numerous failed turnaround efforts and bankruptcy warnings.

Persons: Harmon Organizations: CNBC, Bed, Beyond Locations: Farmingdale , New York

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