Siemens likely to transfer Siemens Energy stake to pension fund.
Siemens will likely transfer its remaining 17.1% stake in Siemens Energy to the group's pension fund to avoid diluting the value of the company's shares via a placement.
The comments are the clearest indication yet of Siemens' plans for the stake which is currently valued at €3.36bn ($3.63bn) having more than doubled year-to-date. Munich-based Siemens has in the past transferred shares in its former energy subsidiary to the Siemens pension trust, which is gradually selling them off, while investors have been keen to find out what the company will do with the rest, Reuters reported.
"We don't want to create additional volatility on the capital market at Siemens Energy - the company has had enough of that recently. The most likely scenario for our remaining stake is that we will gradually pass it on to our Siemens pension fund. This will result in significantly lower transaction costs than a placement on the capital market," Ralph Thomas, Siemens CFO.
KPMG merges UK and Swiss firms to tap into wider market.
KPMG has announced the merger of its UK and Swiss firms, creating a business with revenues of $4.4bn that hopes to tap into bigger markets and boost profits. KPMG Switzerland and KPMG UK will remain separate firms governed by the respective national laws and supervision. The separate Management Committees for each firm will continue to operate, being responsible for the day-to-day operation of the business and implementing the group strategy.
The Big Four accounting and consulting group said that partners in both countries voted "overwhelmingly" in favour of merging, after talks were first reported by the Financial Times in December. The tie-up, which will come into effect in October, is the biggest strategic change at KPMG since UK chief executive Jon Holt took over in 2021.
"This marks a historic moment for both firms. We will be stronger as one combined firm and together we will have the scale to significantly enhance our ability to deliver great outcomes for our clients both internationally and within our domestic markets. Merging brings huge benefits for our clients, our people, and our partnership and means we can now grow faster, be more profitable and invest together to create new services in a sustainable way," Jon Holt, KPMG UK CEO.
Persimmon is considering a £1bn takeover bid for Cala Group.
Persimmon, one of Britain's largest homebuilders, is exploring a £1bn ($1.27bn) takeover bid for competitor Cala Group.
The FTSE 100-listed company may submit a bid ahead of a deadline this week. Other bidders may emerge for Cala, which is being auctioned by parent Legal & General, including Taylor Wimpey and Avant Homes, Bloomberg reported.
Redcentric says in talks for a $527m sale to Wiit.
British IT services group Redcentric is in the early stages of a $527m talks over a sale of the company to Milan-listed Wiit.
Redcentric was working with investment bank Lazard on an attempt to sell the company. Under takeover rules the bidder has now until June 21 to make a firm offer for Redcentric.
This is not the first time Redcentric has explored a formal sale process. It announced a sale process led by Stifel Financial in 2020, although discussions with buyers did not materialise into any formal offers, Reuters reported.
Italy sets terms for RaiWay stake sale, TV towers tie-up.
Italy has approved a decree enabling state broadcaster RAI to sell a stake in its tower unit RaiWay, as long as the disposal is compatible with a tie-up of RaiWay with rival EI Towers.
Explored for years, a combination between RaiWay and EI Towers would create a national broadcasting towers champion worth more than €2bn ($2bn). RAI in January said it planned to raise cash to finance its new business plan by selling a 15% stake in RaiWay. Rome intends to keep control over an infrastructure deemed of strategic importance for the country, Reuters reported.
777's football empire under review after lender hires Moelis. (FS)
Moelis & Co has been hired to review 777 Partners' portfolio of football teams, raising fresh questions about the future of one of the sport's biggest multiclub owners.
The investment bank has been appointed by New York insurance company Advantage Capital Holdings, a major lender to 777. Moelis is evaluating a range of potential options for 777's football holdings, including possible asset sales, Bloomberg reported.
Julius Baer, EFG stopped takeover talks after initial approach.
Swiss private bank Julius Baer held talks with EFG International about a potential takeover in recent months but the discussions have stopped.
The two Swiss banks were in talks around the time Julius Baer ousted its chief executive officer Philipp Rickenbacher in February, after losses on loans to failed property firm Signa. Julius Baer considered EFG's CEO Giorgio Pradelli as a potential head of a combined entity as part of the takeover deliberations, Reuters reported.
Crystal Palace co-owner John Textor looking to sell stake in club, interested in buying Everton.
John Textor says he is actively looking to sell Eagle Football's stake in Crystal Palace and is exploring the purchase of alternative English clubs, including Everton.
Textor's Eagle Football owns a 45% stake in Palace but he says he has now sought the help of investment banking firm Raine to find a suitable investor to purchase the group's share in the club. He is looking to sell after failing to take a majority shareholding in the club amid differing views over the multi-club model in particular, with Eagle Football owning majority stakes in Brazilian first division side Botafogo, Belgian side RWD Molenbeek and Ligue 1 club Lyon, NY Times reported.
Saudi Arabia plans Aramco share sale as soon as June.
Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco, as soon as June in what would be one of the region's biggest stock deals.
The offering could raise around $10bn. The preparations are ongoing and the details could still change. The shares will be listed in Riyadh and it will be a fully marketed offering rather than an accelerated sale over a few days.
Banks including Citigroup, Goldman Sachs and HSBC had previously been lined up to manage the sale, Reuters reported.
Emtel's $222m IPO values telecom firm as Mauritius' fifth biggest.
Emtel priced its initial share sale valuing the Mauritian telecommunications company at $222m.
The company is offering shares at $0.4 apiece, its management told analysts, stockbrokers and fund managers. Emtel will debut on the main board of the Stock Exchange of Mauritius on July 5 as the fifth-biggest company.
Shareholders are selling only a quarter of the issued share capital, or about 113.85m shares. Currimjee Jeewanjee, a family-owned business with four generations of presence in Mauritius holds a 75% stake and the rest belongs to private equity firm Indian Continent Investment, Bloomberg reported.
Norwegian consumer brand Jordanes scraps Oslo IPO.
Jordanes, an owner of Scandinavian food and casual dining brands, pulled a planned listing of its shares in Oslo as the European listings market stumbles.
The Norwegian company cited challenging conditions for the offering, which was initially expected to raise $150m before being scaled.The offering was oversubscribed at an indicative offer price of $2.7 a share, Bloomberg reported.
"An IPO at this point in time was an accelerator, not an absolute necessity, for our business strategy. We will continue to monitor the capital markets going forward and make the appropriate reconsiderations as to an IPO in the future," Jan Bodd, Jordanes Co-Founder and CEO.
LightOn mulls funding option including IPO.
Artificial-intelligence startup LightOn is considering raising new equity financing, including a possible initial public offering in Paris, to capitalize on booming investor interest in AI.
The company could raise tens of millions of euros and is discussing the possibility of an IPO as soon as this summer. No decisions have been made and LightOn could still choose to raise funds privately or not do so at all, Bloomberg reported.
Stephen Bird to step down as Abrdn chief executive. (FS, People)
Stephen Bird is stepping down as chief executive of UK asset manager Abrdn after a four-year tenure that included a controversial rebranding of the group.
Bird will leave the company at the end of June, when chief financial officer Jason Windsor, who joined the company in October, will step in as interim chief, FT reported.
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