Dubai Islamic Bank in discussion to buy Noor Bank – Bloomberg

Lender Dubai Islamic Bank has had held preliminary discussions which are still at an early stage with smaller rival Noor Bank’s shareholders which may not lead to a deal, Bloomberg said on Sunday.

Reuters | April 7, 2019 10:56 PM

– TFM News

(Reuters) – United Arab Emirates’ largest sharia-compliant bank Dubai Islamic Bank is in talks to acquire Dubai-based Noor Bank, Bloomberg reported, citing people with knowledge of the talks.

Lender Dubai Islamic Bank has had held preliminary discussions which are still at an early stage with smaller rival Noor Bank’s shareholders which may not lead to a deal, Bloomberg said on Sunday.

The potential deal comes among a wave of mergers in the Middle East’s financial sector and if completed, would create a lender with $75 billion in assets, Bloomberg added.

Last week, Abu Dhabi Islamic Bank and First Abu Dhabi Bank denied reports of being in merger talks after a news report said the emirate was considering combining them.

Dubai Islamic Bank did not immediately respond to a request for comment while a spokeswoman for Noor Bank said it does not comment on market speculation.

Reporting by Mekhla Raina in Bengaluru; Editing by Phil Berlowitz

Source

TFMNews | The Future Markets

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Deutsche Bank and Commerzbank merger news worries workers unions

Combining Germany’s two largest banks could result in 30,000 job losses, a union warned, prompting Merkel’s chief of staff to say the government was scrutinising the issue.

TFMNews

BERLIN/FRANKFURT (Reuters) – Deutsche Bank and Commerzbank faced concerns from workers unions, Chancellor Angela Merkel’s office and top shareholders on Monday after confirming merger talks.

The concerns underline the obstacles to combining the banks, which confirmed talks about a tie-up on Sunday following months of pressure from Berlin, which has pushed for a deal amid concerns about the health of Deutsche Bank, which has struggled to sustain profits since the 2008 financial crisis.

Chancellery Chief Helge Braun told Bild newspaper that it would be “difficult” if thousands of jobs would be cut, warning that the government was “never passive when it comes to deals of such magnitude”.

Together the two banks employ 140,000 people worldwide, 91,700 at Deutsche and 49,000 at Commerzbank and a merged bank would have one fifth of the German retail banking market.

Together the two banks employ 140,000 people worldwide, 91,700 at Deutsche and 49,000 at Commerzbank and a merged bank would have one fifth of the German retail banking market.

Despite the worries about jobs, the market reaction to news that the two banks were engaged in talks, which ended months of speculation, was positive. Shares in Deutsche Bank were up 5.0 percent at 1216 GMT while Commerzbank traded 6.7 percent higher.

The supervisory boards of both banks are due meet on Thursday, with the merger likely to top the agenda. However, two top shareholders in Deutsche Bank expressed their disapproval, with one questioning not only the logic but also the timing of a deal.

“There is no obvious reason why these two banks should be merged,” a person close to another shareholder said.

And while international credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said a well executed merger could reap efficiencies, it warned a deal would “entail significant uncertainties and risks”.

In addition to regulatory and antitrust risks, an effort to merge would mean “several more years of significant internal restructuring,” while competitors move forward.

The banks have “patchy track records in executing strategic programs,” S&P said.

JOBS HURDLE

Berlin, which holds a stake of more than 15 percent in Commerzbank following a bailout, wants a national banking champion to support its export-led economy, best known for cars and machine tools.

However, the jobs impact could be a major hurdle.

A merger of Deutsche Bank and Commerzbank could result in as many as 30,000 job cuts over the long term, a representative of German union Verdi, who is a supervisory board member at Deutsche Bank, told n-tv broadcaster. Most of the 30,000 positions at risk are based in Germany, with 10,00 at threat in the short term, Verdi’s Jan Duscheck said in comments published by the TV station.

“A possible merger would not result in a business model that is sustainable in the long term,” Duscheck said.

Source: Reuters

– TFM News

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TPG Capital to acquire majority stake for $930 Million in Goodnight Midstream

TPG Capital will acquire a majority stake in Goodnight Midstream for about $930 million. As part of the deal, Tailwater Capital LLC and Goodnight Midstream’s other investors will maintain minority stake. Dallas based Goodnight Midstream provides oilfield water infrastructure to oil and gas producers.

TFM News

TPG Capital, the private equity platform of global alternative asset firm TPG, is to acquire a majority stake in Goodnight Midstream, a midstream produced water infrastructure company, for approximately $930m.

Sellers were Tailwater Capital and private investors. Existing shareholders, including management, will retain a significant minority interest in the company.

Under the terms of the transaction, TPG Capital and existing shareholders have agreed to commit additional equity capital to support the continued growth of the business. With additional growth equity and proceeds from committed debt financing, the company will have access to more than $300m of capital to fund continued expansion.

The transaction is expected to close in the second quarter and is subject to customary closing conditions.

Led by Patrick Walker, CEO, Goodnight Midstream is a midstream provider of oilfield water management infrastructure. Through an extensive network of more than 420 miles of dedicated produced water gathering and transportation pipelines and more than 50 saltwater disposal wells, the company gathers, transports, and disposes more than 350,000 barrels of produced water per day.

Goodnight Midstream operates in the Permian, Bakken, and Eagle Ford, the three largest oil-producing basins in North America, through long-term contracts with some of the most active producers in these regions.

Source: Finsmes

– TFM News

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Singapore’s Temasek Holdings to acquire 30% stake in Danish engineering

Temasek (TEM.UL) will subscribe to secondary shares issued by the Topsoe family, which currently owns 100 percent of the company through Haldor Topsoe Holding A/S.

By Reuters|TFM News

SINGAPORE (Reuters) – Singapore state investor Temasek Holdings agreed to acquire about 30 percent of Denmark’s Haldor Topsoe A/S, the companies stated. As per the source, in the deal the engineering firm values at around $1.5 billion.

As part of the transaction, Temasek (TEM.UL) will subscribe to secondary shares issued by the Topsoe family, which currently owns 100 percent of the company through Haldor Topsoe Holding A/S, stated by a source with direct information of the transaction.

Haldor Topsoe, which confirmed the deal but did not disclose a price, said Temasek’s global reach and connections in Asia and other emerging markets would bring value to the company.

Haldor Topsoe is one of the world’s leading industrial catalyst producers. It employs about 2,300 people and logged revenue of about $760 million in 2017.

Temasek was shortlisted for exclusive talks and finalised a deal with Haldor Topsoe this week, beating global financial sponsors who were competing for the stake, said the person, who declined to be identified as the talks are private.

The owners of the Danish firm began seeking a financial minority investor last year to accelerate growth, with a long-term intention to list it.

SEB (SEBa.ST) and Citi (C.N) are acting as financial advisors and Kromann Reumert is acting as legal advisor to Haldor Topsoe Holding A/S, the Danish holding company said.

Nomura (9716.T) is acting as exclusive financial advisor and Plesner is acting as legal advisor to Temasek, Haldor Topsoe stated.

For the year ended March 2018, Temasek reported a record-high annual portfolio value and said it aimed to temper its pace of investment during rising trade tension between the United States and China.

Source: Reuters

– TFM News

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Delta Corp arm to acquire Jalesh Cruises Mauritius for $10 million

Delta Corp arm to acquire Jalesh Cruises Mauritius for $10 million

Delta Corp said that its wholly owned subsidiary, Gaussian Software, has entered into an agreement on 8 March 2019 to subscribe 10,000,000 equity shares of Jalesh Cruises Mauritius (JCML) for $10 million.

TFM News

Delta Corp rose 1.20% to Rs.257.50 at 9:22 IST on BSE after the company said it signed an agreement to acquire Jalesh Cruises Mauritius for $10 million. The announcement was made after market hours on Friday, 8 March 2019.

Meanwhile, the S&P BSE Sensex was up 232.55 points, or 0.63% to 36,903.98.

On the BSE, 16,000 shares were traded in the counter so far compared with average daily volumes of 1.60 lakh shares in the past two weeks. The stock had hit a high of Rs 260.10 and a low of Rs 257 so far during the day. The stock hit a 52-week high of Rs 324.50 on 13 March 2018. The stock hit a 52-week low of Rs 198.10 on 20 July 2018.

Delta Corp said that its wholly owned subsidiary, Gaussian Software, has entered into an agreement on 8 March 2019 to subscribe 10,000,000 equity shares of Jalesh Cruises Mauritius (JCML) for $10 million. The acquisition is proposed to be completed in one or more tranches and the company is expected to hold over 25% stake in JCML.

JCML, promoted by Amit Goenka, proposes to acquire cruise ships and operate cruise services to various destinations from India and the Middle East. The cruise ships will have various entertainment and hospitality avenues, including casinos and gaming centres. As a part of the investment, the company has also obtained the right to be the preferred partner to manage and operate t he casinos and similar gaming centres on such cruise ships through its group companies. JCML was incorporated on 16 December 2011 under the laws of Mauritius to undertake investment business, and has NIL turnover from such activities in the last three financial years.

The transactions contemplated in the agreement are expected to be completed by 30 June 2019, in one or more tranches, subject to completion of conditions precedent, and do not require statutory/regulatory approvals. The proposed transactions are not related party transactions and none of the company’s promoters/promoter group is related to JCML.

On a consolidated basis, net profit of Delta Corp rose 12.94% to Rs 50.53 crore on 26.91% rise in net sales to Rs 205.81 crore in Q3 December 2018 over Q3 December 2017.

Delta Corp is engaged in casino (live, electronic and online) gaming industry in India. The company, along with its subsidiaries, currently own and operate casinos in Goa and Sikkim. It has also partnered with the fast-growing online gaming space through its acquisition of Gauss Networks, which operates the online poker site ‘Adda52.com’.

Source: Business-Standard

– TFM Watch

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Home-renting company Airbnb acquires hotel listings app HotelTonight

Home-renting company Airbnb acquires hotel listings app HotelTonight

The acquisition, which Airbnb announced on Thursday, expands the company’s inventory by adding a number of listings from hotels, long viewed as the arch enemy of Airbnb, and is part of a strategy to win over travelers who have shied away from the risks and quirks of renting a stranger’s home.

– TFM Watch

SAN FRANCISCO (Reuters) – Home-renting company Airbnb has bought HotelTonight, an app for finding hotel rooms at a discount, as it wades deeper into the hotel-booking business to attract a wider variety of travelers ahead of a hotly anticipated initial public offering.

The acquisition, which Airbnb announced on Thursday, expands the company’s inventory by adding a number of listings from hotels, long viewed as the arch enemy of Airbnb, and is part of a strategy to win over travelers who have shied away from the risks and quirks of renting a stranger’s home.

The bid to become a one-stop travel service for more mainstream sightseers puts Airbnb more squarely in competition with large travel sites such as Expedia Group Inc and Priceline.

Airbnb declined to provide the terms of the deal.

HotelTonight has raised more than $115 million in funding and was last valued at $463 million in a funding around in 2017.

Airbnb Chief Executive Officer Brian Chesky called the acquisition “a big part of building an end-to-end travel platform.” Airbnb has steadily moved into new businesses outside of homes, whose growth is threatened by regulations that cap short-term rentals.

The company has added guided tours and activities, luxury homes and restaurant reservations and is pursuing adding transportation services. Early last year, it made changes to its site to make it easier for boutique hotels and bed-and-breakfasts to list their rooms.

In 2018, Airbnb more than doubled the number of available rooms in hotels, resorts, hostels and similar venues. As a result, the company had three times the number of hotel room bookings in 2018 compared to 2017, often by first-time Airbnb users, the company said. And more people are booking Airbnb rooms or homes at the last-minute, many of them business travelers, the company said.

Last-minute booking is HotelTonight’s sweet spot. The San Francisco-based company culls unsold inventory from hotels and offers discounted rooms to travelers, often targeting business districts and urban areas. It started as a service for same-day room bookings, but now lets users book months in advance.

Although the company has struggled to stand out from the travel-booking giants, HotelTonight is profitable. It spent much of 2016 cutting losses through layoffs and eliminating costly promotions to go from burning $2 million to $3 million each month to earning a profit, CEO and Co-founder Sam Shank told Reuters. But it faced immense pressure from investors to grow in a crowded industry.

HotelTonight’s listings include large hotel chains such as Sheraton and Hyatt that Airbnb has said will not have a place on its site. Airbnb and HotelTonight will operate as separate entities, Airbnb said, with HotelTonight keeping its own app and website. Over time, Airbnb will add select boutique HotelTonight rooms, but will not change its standards for hotel listings.

Airbnb has been one of the most active acquirers among highly valued venture-backed tech companies. Valued at $31 billion and profitable, it preparing for an IPO this year, and investors will be focused on its growth prospects.

Three HotelTonight executives whose roles are not continuing after the acquisition will be out of a job, according to a person familiar with the deal’s terms, while the remaining employees will join Airbnb.

Source: Reuters

– TFM Watch

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India’s bankruptcy court NCLT approves ArcelorMittal’s takeover of Essar Steel

India’s bankruptcy court National Company Law Tribunal (NCLT) approves ArcelorMittal’s takeover of 10 million tonne steel plant of Essar Steel

ArcelorMittal confirmed the National Company Law Tribunal (NCLT) had approved the takeover of the 10 million tonne steel plant of Essar Steel by itself and Japan’s Nippon Steel & Sumitomo Metal Corp, paving the way for the first major foreign participation in India’s steel sector.

– TFM Watch

(Reuters) – India’s bankruptcy court on Friday approved global steel giant ArcelorMittal SA’s bid for debt-ridden Essar Steel, potentially ending months of court battles and opening the country’s steel industry to outsiders.

ArcelorMittal confirmed the National Company Law Tribunal (NCLT) had approved the takeover of the 10 million tonne steel plant of Essar Steel by itself and Japan’s Nippon Steel & Sumitomo Metal Corp, paving the way for the first major foreign participation in India’s steel sector.

ArcelorMittal has been trying to enter India’s fast-growing steel market, which is dominated by local companies, for over a decade but bureaucratic hassles and land acquisition woes stifled its bids.

“We welcome today’s pronouncement by the NCLT Ahmedabad,” ArcelorMittal said in a statement. “We hope to complete the transaction as soon as possible.”

Essar Steel, with debts of 50.78 billion rupees ($725.38 million), was among the so called dirty dozen – twelve large steel and other infrastructure companies which defaulted and were referred to India’s bankruptcy court in 2017.

The company became synonymous with the tardy pace of debt resolution by Indian banks saddled with billions of dollars of bad loans.

When a new bankruptcy law was introduced in 2016 by Prime Minister Narendra Modi, it was seen by investors as a bold move which would ease lending pressure on banks and boost private investment.

However, three years later, most large cases are still languishing in the courts or yet to be resolved – bad news for Modi who is seeking re-election in a month’s time amid border tensions and growing discontent due to high unemployment.

The NCLT approved ArcelorMittal’s bid in October, even as Essar’s founders – the billionaire Ruia family – tried to hold onto the company, offering 543.89 billion rupees to clear its debts.

“We continue to believe that our settlement proposal…is the most compelling one available to Essar Steel creditors,” Essar said in a statement on Friday.

“We are awaiting a copy of the NCLT order, and will take a call on next steps after examining the same,” the statement added.

The case between ArcelorMittal and the Ruia family reached the Supreme Court in January, with Essor’s debt resolution process lasting around 600 days in total.

Local steel giant JSW Steel Ltd and mining conglomerate Vedanta Ltd also bid for the western Indian steel plant.
ArcelorMittal said in October the company would pay a total of 420 billion rupees ($5.73 billion) towards Essar Steel’s debt and put another 80 billion rupees into operations and profitability.

Source: Reuters

– TFM Watch

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Egypt’s EFG Hermes is recommending on $500 million merger and acquisition agreement in Saudi Arabia

Egypt’s EFG Hermes is recommending on $500 million merger and acquisition agreement in Saudi Arabia

Highlights

  • Saudi Arabia has made captivating bigger foreign investment a key part of its economic Vision 2030 strategies.
  • EFG Hermes is one of the banks advising on the possible $1 billion listing of Fawaz Alhokair Group’s Arabian Centers Company.
  • EFG Hermes is working at a possible final quarter $300 million IPO, Fahmi said.
– TFM Watch

EFG-Hermes-eyes-acquisition-in-Nigeria-Kenya-brokerage-licence.jpg

Egypt’s EFG Hermes is taking a shot at a $500 million merger deal in Saudi Arabia and assumes more deals should come out of the kingdom in current year, particularly from the private section, its head of investment banking said to Reuters.

Saudi Arabia has made captivating bigger foreign investment a key part of its economic Vision 2030 strategies as it attempts to enhance the economy far from its dependence on oil. The kingdom’s looming consideration in the FTSE Russell developing markets this month is assuming billions of dollars of foreign capital flows.

“Saudi I think will be remarkably occupied,” Mohammed Fahmi stated, on the sidelines of the bank’s investment gathering in Dubai which is occurring this week. “I’m seeing a lot of RFPs (request for proposals) originating from Saudi for IPOs. Private sector organizations hoping to go public, which I believe is a valuable thing.” The bank is additionally advising on an initial public offerings (IPO) in Saudi Arabia, Fahmi stated, however would not give any more details.

EFG Hermes is one of the banks advising on the possible $1 billion listing of Fawaz Alhokair Group’s Arabian Centers Company expected in the second quarter, Reuters has posted, however EFG has declined to comment on its job.

Another official at EFG Hermes told Reuters in December that the investment bank was working on bigger M&A delas in health sector in Saudi Arabia.

Additionally, Fahmi said there were discussions in progress in the automotive, banking and facilities management segments in the kingdom and in the United Arab Emirates.

In Egypt, EFG Hermes is working at a possible final quarter $300 million IPO, Fahmi said.

Another IPO for state-possessed Alexandria Container and Cargo Handling may happen when the second quarter of this current year, Mohamed Ebeid, co-CEO of EFG Hermes Investment Bank told Reuters. EFG Hermes is managing deal along with Citigroup.

Egypt this week revitalized its privatization program, which has lain dormant for more than a decade, with the clearance of a 4.5 percent stake in tobacco monopoly Eastern Company, which EFG advised on.

EFG Hermes is additionally taking a shot at various IPOs with privately owned businesses in Egypt, Ebeid stated, for the most part on the industrial side.

($1 = 17.5000 Egyptian pounds)

Source: Reuters

– TFM Watch

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Carlyle Group obtains 9% stake in SBI Life from BNP Paribas Cardif’s current stake

Carlyle Group obtains 9% stake in SBI Life from BNP Paribas Cardif’s current stake

Highlights

  • Carlyle Group has bought 9.2 crore shares or 9.23 percent stake out of existence stake from BNP Paribas Cardif.
  • The transaction valued Rs.4600 crore after 10 percent discount on Thursday closing of Rs.580.50.
  • Carlyle’s value for this venture originated from CA Emerald Investments, an associated element of Carlyle Asia Partners V.
– TFM Watch

carlyle-group-tmagArticle.jpg

International investment firm Carlyle Group has bought 9.2 crore shares which is 9.23 percent from the existing stake of BNP Paribas Cardif. Out of which 9 crore shares were acquired by CA Emerald Investments an associate of Carlyle group.

The transaction valued Rs.4600 crore after 10 percent discount on Thursday closing of Rs.580.50. Following this deal, BNP Paribas Cardif’s stake in SBI Life has redused to 12.8 percent from 22 percent while Carlyle’s holding through CA Emerald Investments is at 9 percent. And SBI holds major part with 62.1 percent stake in the organization.

SBI Managing Director (worldwide banking and auxiliaries) Dinesh Kumar Khara said SBI Life acknowledges the help given via Cardif in this adventure and anticipate Carlyle’s help to the organization.

The life coverage industry in India has a solid development potential thanks to positive demographics and raising attention in financial savings, said Sunil Kaul, MD of the Carlyle Asia Buyout warning group.

BNP Paribas said it assumes to make after tax capital gain of 450 million euros (about $510 million) from the deal in the next quarter.

SBI Life said in a regulatory filing that “Distinctly, our company has also been informed by BNP Paribas Cardif SA, that it has successfully sold 9.23 crore equity shares of our company, overall representing 9.2 percent of the total issued and paid-up equity share capital of our company, as on March 1, 2019,”.

Carlyle’s value for this venture originated from CA Emerald Investments, an associated element of Carlyle Asia Partners V, Carlyle’s leader USD 6.55 billion capital concentrated on buyout and strategic investments over a scope of divisions in Asia Pacific, a joint press explanation said.

Carlyle has put resources into the capital services industry in Asia Pacific for a long time, sending more than USD 4 billion of value in excess of 15 private equity investments as of December 31, 2018.

In India, Carlyle’s ongoing interests in money related administrations incorporate PNB Housing Finance and SBI Card.

Source: PTI – MoneyControl  and Bloombergquint

– TFM Watch

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Britain’s Marks & Spencer and Ocado started $2 billion online supermarket partnership

Britain’s Marks & Spencer and Ocado started $2 billion online supermarket partnership

Highlights

  • M&S, Britain’s best recognized stores group, has slacked opponents in taking advantage of Britain’s quickest developing grocery market
  • Under the agreement, Ocado’s retail arm will turn into a combined venture with M&S, which will pay 750 million pounds ($1 billion) for its half stake
  • M&S will comply 25 percent of the capital, which will be backed through a 600 million pound rights issue and a 40 percent dividend portion.
Reurters – TFM Watch

ocado-hrd-message-op3.jpg

LONDON (Reuters) – Britain’s Marks and Spencer and Ocado propelled an online supermarket venture on Wednesday, belatedly giving M&S a home- delivery service while netting $1 billion for its quickly developing technology providing partner.

M&S, Britain’s best recognized stores group, has slacked opponents in taking advantage of Britain’s quickest developing grocery market, which industry analyst IGD hopes to extend by 52 percent throughout the following five years to 17.3 billion pounds.

Under the agreement, Ocado’s retail arm will turn into a combined venture with M&S, which will pay 750 million pounds ($1 billion) for its half stake. M&S will comply 25 percent of the capital, which will be backed through a 600 million pound rights issue and a 40 percent dividend portion.

However online store pioneer Ocado has only a 1.3 percent offer of Britain’s grocery marketplace, its 7 billion pound-in addition to stock exchange valuation has been driven by its bespoke technology, which is giving retailers the set-up and software to compete with tech titans like Amazon.

Offers in M&S closed 12.5 percent mirroring the equity surge, the dividend cut and concerns it had overpaid, while Ocado’s was up 2.9 percent. Both rose gradually on Tuesday after the organizations confirmed joint venture.

“Raising 600 million pounds to capitalize in a joint venture which could possibly work or not, appears an excessive utilization of investors’ cash,” Paul Mumford at Cavendish Asset Management, a M&S investor, said of the joint venture.

M&S chief executive Steve Rowe rejected any proposition that Ocado had showed signs of improvement of deal that values the joint venture at 1.5 billion pounds. “We believe we’re paying a reasonable value,” Rowe told columnists.

What’s more, Ocado prime supporter and CEO Tim Steiner said “Rowe had taken an amazingly smart risk” and said “if anything we ought to have charged them more” when requested some information about the cost paid by M&S.

Source: Reuters

– TFM Watch

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Stakeholders approved deal to sell 80% of Brazil’s Embraer commercial jet division to Boeing

Stakeholders approved deal to sell 80% of Brazil’s Embraer commercial jet division to Boeing

The exchange esteems Embraer’s commercial aircraft operations at 5.26 billion USD and Boeing’s 80% offer at 4.2 billion USD.

– TFM Watch

Sede-da-embraer.jpg

Stakeholders of Brazilian aircraft producer Embraer endorsed the pact to sell 80% of the its commercial jet division to Boeing, framing a partnership which will contend with Airbus in the market for planes with up to 150 seats.

The proposition goes with 96.8% votes for the exchange, while cooperation in the vote likened to 67% of all outstanding share. The exchange esteems Embraer’s commercial aircraft operations at 5.26 billion USD and Boeing’s 80% offer at 4.2 billion USD.

In this way, Boeing will completely control the new venture. The arrangement with Boeing concerns just the Embraer commercial aircraft division, based on which the joint venture will be created. Divisions for the making of business and military aircrafts in the contract to make a joint venture does not appear.

Embraer investors likewise consented to a joint dare to advance and grow new markets for the multi-mission medium KC-390 airlifter. Under the terms of that proposed partnership, Embraer will claim a 51 percent stake in the joint venture and Boeing the rest. Embraer’s defence and executive jet business and service operations related with those products would remain an independent, publicly traded company.

“This noteworthy association will position the two organizations to convey a more grounded offer for our clients and other stakeholders and make more create more opportunities for our employees. Our understanding will make common advantages and lift the intensity of both Embraer and Boeing”, said the President and CEO of Embraer, Paulo Cesar de Souza e Silva.

On Friday, a court in Brazil suspended discussions on the formation of a joint venture between the American aircraft manufacturing concern Boeing and a business aircraft improvement unit of the Brazilian organization Embraer. The conclusion was requested in the high court and the date for the gathering of investors was confirmed for February 26.

The Brazilian government has effectively confirmed the formation of a Boeing and Embraer partnership.

Source: Wings Herald

– TFM Watch

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U.S Justice asks Judge approve merger agreement; CVS and Aetna may sign off the deal

U.S Justice asks Judge to approve merger agreement; CVS U.S. drug store chain and Aetna may sign off on the deal

Reuters – TFM Watch

CVS-snap-image.jpg

WASHINGTON (Reuters) – The U.S. Justice Division officially asked a judge on Monday to approve its agreement to allow CVS Health Corp to merge with guarantor Aetna.

Judge Richard Leon of the U.S. District Court for the District of Columbia reproved the legislature and gatherings toward the end of last year for shutting the $69 billion dollar merger before the assent request was affirmed by the court. Accordingly, CVS offered to end some combination of the two organizations.

With the administration’s demand for conclusive endorsement of the merger, Leon may approve the deal with no further argument or may choose to hold a hearing to allow critics to raise their worries, said Andre Barlow of the law firm Doyle, Barlow and Mazard PLLC, an antitrust expert who has been following the case.

The Justice Department endorsed the merger of CVS, a U.S. drug store chain and advantages director, and Aetna in October on condition that Aetna move its Medicare professionally prescribed medication plan business to WellCare Health Plans Inc. The two arrangements have shut.

CVS declined to comment on this story.

Source: Reuters

– TFM Watch

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Barrick Gold Corp’s CEO shields Newmont Mining’s $18 billion offer

Barrick Gold Corp’s CEO shields the world’s biggest gold producer’s hostile $18 billion offer for Newmont Mining Corp

Barrick, which finished a $6.1 billion procurement of Africa engrossed Randgold Resources, announced all stock offer on Monday.

– TFM Watch

Barrick Gold_origin.png

HOLLYWOOD, Fla. (Reuters) – Barrick Gold Corp’s CEO shields the world’s biggest gold producer’s hostile $18 billion offer for Newmont Mining Corp, mentioning on Monday the arrangement is “logical” for an industry combating expenses and draining resources.

Barrick, which finished a $6.1 billion procurement of Africa engrossed Randgold Resources, announced all stock offer on Monday, empowering the U.S. rival to discard a recently reported $10 billion takeover of Canada’s Goldcorp Inc.

“This gold industry needs to become more relevant to investors,” CEO Mark Bristow said in a meeting on the sidelines of the BMO Global Metals and Mining Conference in Hollywood, Florida. Bristow, known for his straight chat and hands-on methodology in running Randgold before the merger, said this arrangement “drives a further defense in our industry.”

Gold mergers and acquisitions have been rare lately as companies concentrated on cutting expenses even with financial specialist analysis about capital administration. Be that as it may, the need to reinforce contracting gold stores to help development and exploit rising costs are giving the stimulus to union.

Barrick’s offer for Newmont has pushed the consolidated estimation of spontaneous M&A bargains all inclusive to $48.2 billion so far this year, the most astounding since 2006, as per information from Refinitiv. Newmont said it had checked on and rejected conceivable manages Barrick and said its very own $10 billion arranged buy of Goldcorp appeared well and good.

“One needs to address what the genuine thought processes behind going threatening are: Whether it’s extremely just to get greater or it’s everything personality driven,” Newmont CEO Gary Goldberg told Reuters at the BMO meeting, including Newmont investors “don’t comprehend it and don’t see the esteem potential.”

Barrick said its procurement of Newmont was dependent upon the organization rejecting the arrangement to purchase Toronto-recorded Goldcorp, including that its offer was an “altogether unrivaled” choice for Newmont investors.

Goldberg said before on Monday a joint endeavor was a superior method to remove an incentive from the two organizations’ mines in Nevada, the biggest maker of gold and silver among U.S. states. Newmont has 19 mines in the state, neighboring Barrick’s very own activities. Reuters had detailed here in November that the diggers were in converses with join their tasks in the state.

Discusses a joint endeavor fell through over Newmont’s interest for oversee ment control, Barrick’s Bristow said on a phone call with experts. The arrangement denotes Bristow’s first major vital move at Barrick since taking the best position in January.

Newmont’s top managerial staff would “completely assess the Barrick proposition and react at the appointed time,” the organization said. Gold area bargains took off when Barrick paid $6.1 billion for adversary Randgold, an arrangement that shut a month ago. That set off a new influx of offers, including Newmont’s offer for littler mineworker Goldcorp, which would make the Colora-do-based firm the world’s best gold digger on the off chance that it closes as arranged next quarter.

Barrick is putting forth 2.5694 of its basic offers for each Newmont share. That means about $33 per Newmont share, esteeming the organization at $17.85 billion, as indicated by Reuters figurings. The arrangements come as gold costs are ascending, with increases of nearly 11 percent since October. Newmont investors would hold around 44 percent of the consolidated com-pany’s extraordinary offers.

Barrick said the new organization would coordinate Newmont’s yearly profit of 56 pennies for every offer which, in view of the offer, represent a pro-forma yearly divedend of 22 cents for each Barrick share.

Source: Reuters

– TFM Watch

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AT&T won merger fight to buy Time Warner

AT&T defeats US in merger fight to buy Time Warner

The three-judge panel on the US Court of Appeals for the District of Columbia ruled unanimously in favour of the deal.

 

att-time-warner-stock-index.jpg

 

A US demands court maintained on Tuesday a lower court deciding that remote and satellite TV supplier AT&T Inc’s arrangement to purchase content creator Time Warner for $85.4 billion was legitimate under antitrust law. The three-judge board on the US Court of Appeals for the District of Columbia managed collectively for the arrangement.

A US advances court maintained on Tuesday a lower court deciding that remote and satellite TV supplier AT&T Inc’s arrangement to purchase content creator Time Warner for $85.4 billion was legitimate under antitrust law. The three-judge board on the US Court of Appeals for the District of Columbia managed collectively for the arrangement.

“The administration’s protests that the region court misconstrued and mis-connected monetary standards and obviously failed in dismissing the quantitative model are unpersuasive,” the judges said as they would see it.

The Justice Department had requested that the court announce the arrangement illicit, argu-ing that AT&T, which claims DirecTV, would utilize responsibility for Warner’s substance, for example, CNN and HBO’s “Round of Thrones,” to make pay-TV rivals pay more, in this way raising costs for shoppers. The Justice Department and AT&T did not promptly react to demands for input.

The arrangement had a higher profile than most media mergers since it was operation presented by US President Donald Trump, a successive depreciator of Time Warner’s CNN and its news inclusion. It likewise denoted an uncommon case of the US oversee ment looking to stop a merger of a wholesaler and a provider.

The merger, which was declared in October 2016, shut on June 14 short-ly after Judge Richard Leon governed the arrangement was legitimate under antitrust law.

AT&T, the No. 2 US remote transporter by supporters, concurred in June to oversee Time Warner’s Turner arranges independently from DirecTV, including setting costs and overseeing work force, until February 2019 or the finish of the administration’s allure.

The arrangement was viewed as a defining moment for a media industry that has been overturned by organizations like Netflix Inc and Alphabet Inc’s Google which produce substance and offer it online straightforwardly to customers, without requiring a link membership.

Source: Reuters

– TFM Watch

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News should not be missed; Business Deals and Corporate Actions

Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 25Th Feb – 27Th Feb

Prakash Poojary, TFM News

6_7_6_1028676_Business-deals-work-together

100 sugar mills may face SEBI action; crackdown could freeze cane procurement: Report

Private placement norms allow an unlisted company to privately sell shares to a maximum of 49 people

HG Infra bags an EPC order worth Rs..189.49 crore

HG Infra Engineering has bagged an EPC order worth Rs. 189.49 Crore (Excluding GST & Labour Cess) from Megawide Construction DMCC for Flexible & Rigid Pavement (Runway, Taxiway & Apron) at Green fleld International Airport at MOPA, Goa.

Approval granted for purchase of defence equipment worth Rs.2,700 cr

The meeting of the council, the highest decision-making body for defence purchase, was chaired by Defence Minister Nirmala Sitharaman.

BEML secures contract valued around Rs.400 crore

BEML received contract for 7 Metro train sets of 6 cars configuration to augment the metro services in Bengaluru valued around Rs. 400 crore.

Time Technoplast up on tie-up with Confidence Petroleum

Shares of Time Technoplast rose nearly 9% touching to Rs. 94.1, as the company has entered into a partnership with Confidence Petroleum for making liquefied petroleum gas available across India in blast proof composite cylinders.

Both the companies expect substantial demand for the composite cylinders over the next three-five years.

Lupin launches Minocycline Hydrochloride ER tablets

Lupin announced the launch of Minocycline Hydrochloride Extended-Release Tablets USP 55mg, having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupin’s Minocycline Hydrochloride ER Tablets USP 55mg is a generic version of Medicis Pharmaceutical Corporation’s Solodyn 55 mg. It is indicated to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older.

BOI approves fresh issue of equity shares

Bank of India has announced that board of directors at its meeting held on February 26, has approved issue of fresh equity shares to Government of India, through preferential issue in respect of share application money of Rs.4,638 crore received, after obtaining shareholders and other approvals.

NBCC signs MoU with Raipur SMART City

NBCC signs Memorandum of Understanding with Raipur SMART City as its Executing Agency for the various infrastructure works on deposit work basis. Co will charge project management consultancy (PMC) fees of 8% on the actual cost of work.

Adani Enterprises emerges as highest bidder for Guwahati airport

Adani Enterprises has emerged as the highest bidder for Lokpriya Gopinath Bordoloi International Airport of Guwahati at Rs. 160 per passenger, beating National Investment and Infrastructure Fund’s bid of Rs. 155, as per the report. According to report, with this, the group has emerged as the highest bidder for operating, managing and developing six airports. As of now, Delhi, Mumbai, Hyderabad, Bengaluru and Cochin are the only private-run airports in the country.

DHFL slumps as ICRA downgrades its creditworthiness

Dewan Housing Finance Corporation (DHFL) fell by 8% to Rs.125.45, after the credit rating agency ICRA downgraded the creditworthiness of DHFL’s commercial papers to A2+ from A1+ citing its inability to raise money and generate new business. ICRA has revised the short-term rating outstanding for the Rs. 8000 crore commercial paper (CP) programme of Dewan Housing Finance Corporation (DHFL) to [ICRA]A2+ (pronounced ICRA A two plus) from [ICRA]A1+ (pronounced ICRA A one plus). As on date, DHFL has CP outstanding of Rs. 1,525 crore. The company has indicated to ICRA that it shall buyback substantial portion of this amount over the next one month.

Iran buys Indian raw sugar for the first time in 5 years

Iran is buying the sugar from India to use up the rupees it has received for oil sales to India, the worlds third-largest oil user.

UPL hits 18-month high after Jefferies initiates coverage with buy

Jefferies is constructive on the scale benefits, product mix synergies from Arysta which acquired by the company for $4.2 billion in July 2018.

Palladium soars above $1,550 on mine strike fears; gold rises

Spot palladium traded as high as $1,553 per ounce as of 0400 GMT.

ArcelorMittal says facing risks like excess capex on proposed Essar acquisition

The company said it provided a $567 million performance guarantee in connection with the execution of the resolution plan.

Intellect Design bags multi-million $ deal win from Emirates NBD

Intellect Design Arena announced that Emirates NBD, UAE has selected the company for end-to-end digital transformation of its transaction banking business. The transformation is part of the banking group’s commitment to digitise operations, products and services, enhancing its proposition to corporate clients and retail customers. Supported by Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, the planned project is aimed at strengthening Emirates NBD Transaction Banking’s market leadership and will cover the bank’s operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom.

HP investors meet: 159 MoUs with Rs.17,000 crore investment commitment signed, says CM Jai Ram Thakur

Stating that such initiatives were never taken before in the state, the CM said efforts would be made to ensure clearances for projects faster.

Businesses underestimate the prospects of 5G technology: Accenture Study

The government/public sector has the lowest awareness of 5G, with 59 percent believing it will be 10 times faster than 4G.

BSE stock options: Sebi slaps Rs 32 lakh fine on 6 entities for fraudulent trade

After observing a large-scale reversal of trades in the bourse#39;s stock options segment, Sebi conducted a probe into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015.

GE chief Larry Culp sells biopharma business for $21 billion

Culp said the sale to Danaher, where he was chief executive for more than a decade until 2014, was a pivotal milestone in efforts to turn around the 126-year old conglomerate.

17 lakh names deleted from electoral rolls in Maharashtra

More names were likely to be deleted in the coming weeks as the process of authentication of voters was underway, the ECI official said.

Tata Elxsi collaborates with Portuguese company

Tata Elxsi and NOS announce the launch of the Digital Operations Transformation Toolbox for communication and entertainment service providers. DOTT 2.0 offers an intelligent operations automation framework built using open source technology for user-defined service definition, zero touch provisioning, validation and scheduling of field partners for provisioning and testing scenarios thus enhancing customer digital experience. It also provides an extensible roadmap for service rollout and monitoring use cases, enabling communication service providers to launch new services rapidly. At 1.57 pm, Tata Elxsi was trading at Rs. 905.65, up by 0.06%, with a volume of 6867 shares on the BSE.

RPP Infra Projects wins a new order of Rs.105.7 crore

RPP Infra Projects has secured a LoA (Letter of Acceptance) worth Rs. 105.7 crore from the Tamil Nadu Slum Clearance Board for construction of 972 tenements at Moorthingar Street in Chennai. This project falls under the prestigious Housing for All (PMAY) scheme of the Government of India. RPP lnfra’s order book at the end of Q3FY19 stood at over Rs. 1,555.00 crore & the company has won new orders worth over Rs. 490.00 crore after Q3FY19.

Benelli Leoncino 500, Imperiale 400 confirmed for India launch in 2019

After forging a new partnership with Adishwar Auto Ride India, the Italian manufacturer announced the launch of five new products in 2019.

JSPL lowest bidder in RVLNs 4.45 LT rail tender: MD

RVNL functions as an extended arm of the Ministry of Railways. It is empowered to act as an umbrella special purpose vehicle (SPV) to undertake projects directly or by creating project specific SPVs, according to its website.

India to get 5G by 2021, ban on certain vendors won’t delay roll out: Nokia

The companys CEO Rajeev Suri said that after leading markets like the US, South Korea, China, emerging markets including India, Latin America, and certain developed markets will see roll out of the next generation technology by 2021, where million of trade secrets will flow on the network; and security will be a top priority for businesses.

Adani Ports falls on acquisition plan of Adani Agro

Adani Ports and Special Economic Zone fell over 8% to Rs.323, after Adani Logistics, a unit of Adani Ports and SEZ on Saturday announced that it would be acquiring Adani Agri Logistics from Adani Enterprises in an all-cash deal.

KPR Mills to set up Ethanol plant in Karnataka

KPR Mills to set up Ethanol plant at sugar factory in Karnataka with a capacity of 90 kL/day. The Project cost is Rs. 120 crore. Production is expected to commence from next season. This will increase the value addition and reduce the volatility in the sugar business. The Bank finance towards the Project is eligible for 50% lnterest subsidy announced recently by the Central Government.

GST rates on under-construction houses cut to 5% from 12%

The Goods and Tax Council in its meeting on February 24, 2019 cut rates on under-construction properties from 12% to 5% with effect from April 1, 2019 for houses over Rs.45 lakh. The council also reduced GST rates on affordable housing to 1% from the current 8%. However, builders will not be allowed to claim input tax credit under the new GST tax norms.

JBM Group acquires major shareholding in German Auto Major Linde-Wiemann

JBM Group announced that it has acquired a major shareholding in Germany based Linde-Wiemann GmbH KG, a leading manufacturer of complex structural components & assemblies to automotive OEM’s worldwide.

Shilpa Medicare gets USFDA approval for Gemcitabine Injection

Shilpa Medicare received US Food and Drug Administration (USFDA) approval for its ANDA, Gemcitabine for Injection USP, 200 mg/vial and 1 g/vial Gemcitabine for Injection USP is a generic equivalent of reference listed drug (RLD), GEMZAR used in the treatment of ovarian cancer, breast cancer, non-small cell lung cancer & pancreatic cancer as recommended in the label approved by FDA. According to IQVIA MAT 12/2018, the US market for Gemcitabine for Injection USP, 200 mg/vial and 1 g/vlal is approximately US$ 11.7 Million.

Maruti Suzuki expands pre-owned sales network to 200 outlets

The company had relaunched upgraded True Value network with new brand and retail identity 19 months ago.

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