Societe Generale, a French multinational investment bank and financial services company, sold its unit in Moldova to OTP Bank, one of the largest independent financial services providers in Central and Eastern Europe. Financial terms were not disclosed.
Philippe Heim, Deputy Chief Executive Officer of Societe Generale Group in charge of International Retail Banking activities, Financial Services and Insurance, commented: “Through the sale of Mobiasbanca, Societe Generale takes a further step in its 'Transform to Grow' strategic plan by optimizing capital and refocusing its international Retail banking activities on geographies where it has a critical size and high potential synergetic activities. We’re pleased to announce the signature of the cooperation agreement with OTP, which will allow us to provide mutual services to our corporate clients in the region”.
Sunrise Records, a Canadian record store chain based in Ancaster, acquired HMV Retail, an public entertainment retailing company which collapsed in December 2018. Financial terms were not disclosed.
Sunrise Records CEO Doug Putman said he was delighted to acquire “the most iconic music and entertainment business in the UK”, and would aim to replicate his company’s success in Canada.
EQT to sell a €1bn stake in Stockholm IPO. (FS)
EQT is planning a Stockholm listing as early as the second quarter and is looking to raise about €1bn ($1.1bn). The company plans to sell a 25% stake. On Wednesday partner and co-head of EQT’s equity advisory team Marcus Brennecke told
Reuters that EQT could look at an IPO or “something else” this year if the market environment was right.
JP Morgan and SEB are advising EQT.
Sunrise Communications in talks to take over a Liberty Global unit.
Switzerland’s Sunrise Communications Group confirmed it is in talks over a potential acquisition of broadband provider Liberty Global’s Swiss business UPC Schweiz. Analyst estimates give Liberty’s Swiss unit a valuation of about CHF4.9bn ($4.9bn) for a business that generates an estimated core profit of about CHF700m ($700m).
Analysts have said a tie-up makes sense, given that Sunrise and UPC’s fixed and mobile services would make the combined entity a stronger rival to the dominance of state-controlled Swisscom.
Cevian Capital acquired a stake in CRH. (FS)
Activist investor Cevian Capital built a stake in Ireland’s CRH to become the heavy materials and building products group’s second-largest owner. The size of the acquired stake was not disclosed however it was rumored to be around 3%, worth €600m ($684m).
“We have actively taken advantage of the recent market turbulence to make a number of new investments and add to some existing holdings,” Cevian managing partner Christer Gardell said. “The group has many strong positions in attractive markets and we are convinced that CRH’s assets could become significantly more valuable.”
German State to take stakes in strategic national companies. (FS)
Germany’s economy minister said that the government could take stakes in key domestic companies to prevent foreign takeovers. The pivot to a more defensive industrial policy is driven by German concerns about foreign - particularly Chinese - companies acquiring its know-how and eroding the manufacturing base on which much of its wealth is built.
“It can go as far as the state taking temporary stakes in companies - not to nationalize them and run them in the long run but to prevent key technologies being sold off and leaving the country,” said minister Peter Altmaier.
Elliott Management to raise stake in Uniper. (FS)
Activist fund Elliott will likely raise further its stake in German energy group Uniper, a person familiar with the matter told
Reuters on Wednesday.
Elliott was not immediately available for comment.
British Labour party would halt RBS privatization.
Britain’s Labour party would halt the privatization of Royal Bank of Scotland if it came to power but would not seek to exert day-to-day control, the opposition party’s shadow banking minister said. RBS is currently 62% owned by the British government.
Labour’s plans for the bank are among scores of policies in sharper focus as turmoil over Brexit raises the chances of a change in government, although the latest poll from research consultancy Opinium shows the left-wing party has dropped seven points behind the Conservatives.
On Wednesday RBS shareholders voted in favor of buying back the shares from the government.
Aurubis seeking a buyer for its rolled products unit.
Aurubis, Europe’s biggest copper smelter, is hoping to find a new buyer for its flat-rolled products business or pursue other options for the unit, after the EU Commission blocked its sale to a German producer. The flat-rolled products business produces about 235k tonnes of copper products a year. It has production sites in Germany, the United States, Netherlands and Finland and copper processing centers in Italy, Britain and Slovakia.
“Aurubis is reviewing strategic alternatives for the business division,” the company said. “We retain our intention to seek a buyer for the flat-rolled products business.”
