Adnoc launches new natural gas and chemicals investment unit valued at $80bn. (WSJ)
Abu Dhabi National Oil Company launched a new unit called XRG, with an enterprise value of over $80bn, to invest in natural gas, chemicals and low-carbon energies.
XRG is aiming to will integrate ADNOC's vast resources in energy and chemicals to accelerate the UAE’s energy transition and contribute to global decarbonization efforts.
Brookfield drops $6.8bn offer to buy drugmaker Grifols. (Bloomberg)
Brookfield has decided to withdraw its $6.8bn bid to acquire Spanish pharmaceutical company Grifols after being rejected by Grifols' board.
The transaction was expected to involve up to €10bn ($10.5bn) in debt financing. After deal cancellation the financing agreements were dissolved, causing banks to loss a potential $220m debt fee.
Britain's Nationwide books surprisingly big $3bn gain on Virgin Money deal. (Reuters)
Although Nationwide Building Society in the UK reported a 43% drop in profits for the first half of 2024, it reported a large gain of £2.3bn ($2.9bn) from its acquisition of rival Virgin Money.
The decline was attributed to increased costs related to Nationwide Building Society's mortgage business. Despite this, the company posted a strong increase in lending and deposits.
Apollo in talks to finance New York Sun-owner's £550m Telegraph bid. (Sky News)
Apollo Global Management, an American asset management firm, might help the owner of The New York Sun, Dovid Efune, finance a £550m ($691m) acquisition of The Daily Telegraph.
Efune emerged as the highest bidder for the British newspaper, surpassing several competitors and Apollo is planning to lend part of the money required needed to complete the deal.
Anglo American raises $530m from Amplats stake sale. (Bloomberg)
Anglo American has raised $530m by selling a 5.3% stake in Anglo American Platinum, a South African platinum group metals producer.
This move is part of Anglo's broader restructuring strategy, which involves focusing on core assets like copper, premium iron ore, and crop nutrients.
Air Europa's owner Globalia confirms interest from Air France-KLM.
Air France-KLM has shown interest in a potential partnership or a 20% stake purchase of Globalia, the owner of Air Europa. This comes after previous merger talks with IAG fell through.
The collaboration with Air France-KLM would strategically enhance Air Europa's presence in southern Europe, particularly in Spain, strengthening its transatlantic connections to Latin America and the Caribbean.
Standard Chartered mulls sale of wealth, retail operations in Africa. (Reuters)
Standard Chartered is considering selling its wealth management and retail banking operations in three African countries: Botswana, Uganda, and Zambia.
This move aligns with the bank's strategy to streamline its operations and concentrate on its core markets, particularly in Asia, where it anticipates higher economic growth and opportunities among affluent clients.
Prax still works toward buying Shell’s stake in German refinery. (
Bloomberg)
Prax Group is moving forward with its acquisition of a 37.5% stake in the PCK Schwedt Refinery from Shell, a step that significantly enhances Prax's footprint in Europe.
Prax's acquisition of the refinery is part of Shell's broader strategy to streamline its refining operations, focusing on core assets integrated with its trading and chemicals businesses.
L’Oreal billionaire invests in France even as fortune shrinks. (Bloomberg)
Françoise Bettencourt Meyers, the heiress to the L'Oréal fortune, continues to invest in France despite a significant decline in her net worth this year.
Even though her fortune diminished, she has continued to support French businesses, including acquiring stakes in local fashion brands like Sezane and investing in industries such as pharmaceuticals.
Santander lacks capital for M&A such as Novo Banco. (Bloomberg)
Santander currently lacks sufficient capital to pursue major mergers and acquisitions, including a potential bid for Novo Banco, according to analysts at Alantra.
The Spanish bank is facing challenges in maintaining capital levels strong enough to support large-scale acquisitions. That is why it may be shifting away from big deals.
Banco BPM boss warns of job losses in UniCredit deal. (Reuters)
Banco BPM’s CEO emphasized that the bank must remain independent in the face of UniCredit's potential bid and that it could face up to 6k job losses if the merger goes through.
As Italy's third-largest bank, Banco BPM has been considering restructuring options, with focus on maintaining strategic control and stabilizing operations.
Delivery Hero boosts size of Talabat’s listing to $2bn. (Bloomberg)
Delivery Hero, the parent company of Talabat, has raised the size of Talabat’s Dubai IPO to $2bn, making it one of the largest listings in the region.
The IPO is part of Delivery Hero’s broader strategy to unlock value from its Middle Eastern operations, leveraging Talabat’s strong performance.
Just Eat Takeaway to withdraw from London stock exchange. (Reuters)
Just Eat Takeaway.com has announced plans to withdraw its shares from the London Stock Exchange by the end of 2024, citing high costs and low trading volumes as primary reasons.
The company, headquartered in Amsterdam, stated that the financial and regulatory burdens of being listed in London outweighed the benefits, especially given the relatively small proportion of its shares traded there.
Ninety One holds $260m first close of ACO Fund 3.
Ninety One has secured $260m in commitments for the first close of its ACO Fund 3, focusing on credit opportunities in Africa and emerging markets.
The fund, partnered with entities like the International Finance Corporation and British International Investment, aims to offer competitive returns while fostering sustainable development.
