Commerzbank (CBK GY) Seeks Wealth Fund Investor in Asia, Mideast - Bloomberg
Commerzbank AG is talking to sovereign wealth funds about becoming an anchor investor to shore up its defenses against any opportunistic takeover bid and preserve its independence, people familiar with the matter said.
Commerzbank Chief Executive Officer Manfred Knof has approached state-backed funds from Asia and the Middle East in recent weeks to gauge their interest in buying a stake of up to 9.9%, said the people. The bank sees an opportunity to speak with investors as it has recently unveiled a new strategy and its share price is up, they said.
The overtures come amid a German fiscal crisis that’s left the government seeking to plug a hole of some €17 billion in next year’s budget. Germany is Commerzbank’s largest shareholder with a stake of almost 16%, according to data compiled by Bloomberg.
Banking consolidation in Europe has accelerated over the past three years with in-market combinations in Italy, Spain and more recently in Switzerland with UBS Group AG’s rescue of Credit Suisse Group AG.
Commerzbank shares rose 0.5% to €11.30 to 4:46 p.m., erasing a drop of as much as 0.7%.
Friday 1 December 2023
Masdar, RWE Invest in World’s Biggest Offshore Project in UK - Bloomberg
Masdar, RWE Invest in World’s Biggest Offshore Project in UK - Bloomberg
Masdar is taking a stake in RWE AG’s £11 billion ($13.9 billion) UK Dogger Bank South offshore wind farm, part of the world’s largest such project.
The UAE’s renewable energy firm is purchasing a 49% stake in the 3 gigawatt farm, a press statement said Friday. The closing of the transaction is subject to regulatory approvals and expected in the first quarter of 2024. Construction could start in late 2025, with the first 800 megawatts of electricity expected to come online by 2029, the release added.
The investment will boost the offshore wind sector, which has struggled both in the UK and globally, to fund large developments, with higher financing and component costs slowing the pace of installations. Danish wind farm giant Orsted A/S had to take huge writedowns connected to abandoned projects in the US and Norway and is under pressure to make a final investment decision on the 2.8-gigawatt Hornsea-3 wind farm off the coast of Norfolk, its largest development in the pipeline.
RWE, with its 51% stake, will remain in charge of the development, construction and operation throughout the life cycle of the projects, the statement said.
Masdar is taking a stake in RWE AG’s £11 billion ($13.9 billion) UK Dogger Bank South offshore wind farm, part of the world’s largest such project.
The UAE’s renewable energy firm is purchasing a 49% stake in the 3 gigawatt farm, a press statement said Friday. The closing of the transaction is subject to regulatory approvals and expected in the first quarter of 2024. Construction could start in late 2025, with the first 800 megawatts of electricity expected to come online by 2029, the release added.
The investment will boost the offshore wind sector, which has struggled both in the UK and globally, to fund large developments, with higher financing and component costs slowing the pace of installations. Danish wind farm giant Orsted A/S had to take huge writedowns connected to abandoned projects in the US and Norway and is under pressure to make a final investment decision on the 2.8-gigawatt Hornsea-3 wind farm off the coast of Norfolk, its largest development in the pipeline.
RWE, with its 51% stake, will remain in charge of the development, construction and operation throughout the life cycle of the projects, the statement said.
Oil prices slipped 2% as investors keep wary eye on OPEC+ cuts | Reuters
Oil prices slipped 2% as investors keep wary eye on OPEC+ cuts | Reuters
Oil prices slumped more than 2% on Friday following a volatile trading week, as the market kept a wary eye on the latest round of OPEC+ production cuts and sluggish global manufacturing activity.
Brent crude futures for February settled $1.98 lower, or 2.45%, to $78.88 a barrel on their first day as the front-month contract.
U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07 a barrel.
For the week, Brent posted a decline of about 1.9% and WTI recorded a drop of over 1.6%.
OPEC+ producers agreed on Thursday to remove around 2.2 million barrels per day (bpd) of oil from the global market in the first quarter of next year, with the total including a rollover of Saudi Arabia and Russia's 1.3 million bpd of current voluntary cuts.
Traders viewed the announcement with some skepticism, OANDA analyst Craig Erlam said.
Oil prices slumped more than 2% on Friday following a volatile trading week, as the market kept a wary eye on the latest round of OPEC+ production cuts and sluggish global manufacturing activity.
Brent crude futures for February settled $1.98 lower, or 2.45%, to $78.88 a barrel on their first day as the front-month contract.
U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07 a barrel.
For the week, Brent posted a decline of about 1.9% and WTI recorded a drop of over 1.6%.
OPEC+ producers agreed on Thursday to remove around 2.2 million barrels per day (bpd) of oil from the global market in the first quarter of next year, with the total including a rollover of Saudi Arabia and Russia's 1.3 million bpd of current voluntary cuts.
Traders viewed the announcement with some skepticism, OANDA analyst Craig Erlam said.
#UAE markets fall on weak oil prices | Reuters
UAE markets fall on weak oil prices | Reuters
Stock exchanges in the United Arab Emirates closed lower on Friday on volatile oil prices after OPEC+ producers agreed to voluntary oil output cuts for early next year that fell short of market expectations.
Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, agreed to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024.
Brent crude, a key catalyst for financial markets in the Gulf, was trading 0.2% lower at $80.84 a barrel by 1141 GMT.
Abu Dhabi's main index (.FTFADGI) was down 0.2%, snapping a three-session winning streak, with IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) losing 2.5% and investment firm Multiply Group (MULTIPLY.AD) falling 3.1%.
Meanwhile, Abu Dhabi's PureHealth Holding announced plans to raise 3.62 billion dirhams ($985.81 million) from the sale of a 10% stake through a public share sale.
Dubai's benchmark index (.DFMGI) settled 0.1% lower, dragged down by a 0.9% fall in toll operator Salik Company (SALIK.DU), while market heavyweights Emaar Properties (EMAR.DU) and Emirates NBD Bank (ENBD.DU) declined 0.5% and 0.6% respectively.
The Dubai stock market remained under some pressure as caution dominated ahead of a talk later in the day by Federal Reserve Chair Jerome Powell for any clues on the future path of U.S. interest rates, said George Pavel, general manager at Capex.com Middle East.
Stock exchanges in the United Arab Emirates closed lower on Friday on volatile oil prices after OPEC+ producers agreed to voluntary oil output cuts for early next year that fell short of market expectations.
Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, agreed to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024.
Brent crude, a key catalyst for financial markets in the Gulf, was trading 0.2% lower at $80.84 a barrel by 1141 GMT.
Abu Dhabi's main index (.FTFADGI) was down 0.2%, snapping a three-session winning streak, with IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) losing 2.5% and investment firm Multiply Group (MULTIPLY.AD) falling 3.1%.
Meanwhile, Abu Dhabi's PureHealth Holding announced plans to raise 3.62 billion dirhams ($985.81 million) from the sale of a 10% stake through a public share sale.
Dubai's benchmark index (.DFMGI) settled 0.1% lower, dragged down by a 0.9% fall in toll operator Salik Company (SALIK.DU), while market heavyweights Emaar Properties (EMAR.DU) and Emirates NBD Bank (ENBD.DU) declined 0.5% and 0.6% respectively.
The Dubai stock market remained under some pressure as caution dominated ahead of a talk later in the day by Federal Reserve Chair Jerome Powell for any clues on the future path of U.S. interest rates, said George Pavel, general manager at Capex.com Middle East.
#Saudi Stake Purchase Lifts Stock of Fitness Specialist Technogym (TGYM IM) - Bloomberg
Saudi Stake Purchase Lifts Stock of Fitness Specialist Technogym (TGYM IM) - Bloomberg
Shares of Technogym SpA rose in Milan on Friday after a Saudi fund said it bought about 6% of the fitness equipment specialist.
The deal, which gives NIF Holding roughly 4.5% of voting rights in Cesena, Italy-based Technogym, comprises about 8.8 million shares of common stock, according to a statement. NIF is a wholly owned indirect subsidiary of Saudi Arabia’s NEOM Investment Fund Company, an entity linked to the $500 billion futuristic new Saudi city being built on the Red Sea coast extending into the desert.
Technogym gained as much as 11%, the most in more than a year, and traded up 7% at 10:24 a.m. local time.
A range of Italian companies have looked to the kingdom for opportunities in businesses from manufacturing to luxury goods. Riyadh-based Public Investment Fund, or PIF, earlier this year bought 33% of yacht maker Azimut-Benetti Group, while tire maker Pirelli & C SpA in October said it would begin production in the country through a joint venture with the fund.
Technogym has grown from a garage-based startup to a multinational fitness leader that’s a nine-time supplier to the Olympic Games with a market value of about €1.7 billion ($1.9 billion).
The firm said in June that it’s targeting average revenue growth of around 10% per year through 2025.
Shares of Technogym SpA rose in Milan on Friday after a Saudi fund said it bought about 6% of the fitness equipment specialist.
The deal, which gives NIF Holding roughly 4.5% of voting rights in Cesena, Italy-based Technogym, comprises about 8.8 million shares of common stock, according to a statement. NIF is a wholly owned indirect subsidiary of Saudi Arabia’s NEOM Investment Fund Company, an entity linked to the $500 billion futuristic new Saudi city being built on the Red Sea coast extending into the desert.
Technogym gained as much as 11%, the most in more than a year, and traded up 7% at 10:24 a.m. local time.
A range of Italian companies have looked to the kingdom for opportunities in businesses from manufacturing to luxury goods. Riyadh-based Public Investment Fund, or PIF, earlier this year bought 33% of yacht maker Azimut-Benetti Group, while tire maker Pirelli & C SpA in October said it would begin production in the country through a joint venture with the fund.
Technogym has grown from a garage-based startup to a multinational fitness leader that’s a nine-time supplier to the Olympic Games with a market value of about €1.7 billion ($1.9 billion).
The firm said in June that it’s targeting average revenue growth of around 10% per year through 2025.
Top #AbuDhabi developer buys London Square for $291 mln | Reuters
Top Abu Dhabi developer buys London Square for $291 mln | Reuters
Abu Dhabi's Aldar Properties (ALDAR.AD) has bought London-based developer London Square for an enterprise value of 1.07 billion dirhams ($291 million) in its first acquisition outside the Middle East.
"Aldar intends to leverage its expertise and balance sheet to support London Square's land acquisition strategy to enable it to develop larger and prime central London sites," the two companies said in a joint statement on Friday.
The companies said the transaction should also have a positive impact on sales, given the opportunities to cross-sell across their respective customer base.
Established in 2010, London Square is widely known for its Nine Elms development, located in proximity to the Battersea Power Station.
The development features over 750 luxury homes, affordable housing and 21,500 square feet of commercial and retail space.
Abu Dhabi's Aldar Properties (ALDAR.AD) has bought London-based developer London Square for an enterprise value of 1.07 billion dirhams ($291 million) in its first acquisition outside the Middle East.
"Aldar intends to leverage its expertise and balance sheet to support London Square's land acquisition strategy to enable it to develop larger and prime central London sites," the two companies said in a joint statement on Friday.
The companies said the transaction should also have a positive impact on sales, given the opportunities to cross-sell across their respective customer base.
Established in 2010, London Square is widely known for its Nine Elms development, located in proximity to the Battersea Power Station.
The development features over 750 luxury homes, affordable housing and 21,500 square feet of commercial and retail space.
#AbuDhabi #UAE healthcare platform seeks to raise 3.62 bln dirhams from IPO | Reuters
Abu Dhabi healthcare platform seeks to raise 3.62 bln dirhams from IPO | Reuters
Abu Dhabi's PureHealth Holding, owned by Abu Dhabi sovereign wealth fund ADQ and one of the capital's biggest conglomerates, on Friday said it plans to raise 3.62 billion dirhams ($985.81 million) from the sale of a 10% stake in a public share sale.
PureHealth played a pivotal role in screening for COVID-19 infections in the United Arab Emirates, and its initial public offering has been in the works for years. It is the UAE's largest healthcare provider, but has plans to grow internationally.
The company is offering about 1.11 billion shares at an offering price of 3.26 dirhams during the subscription period which opens on Dec. 6 and ends on Dec. 11, according to an emailed statement.
Both ADQ and International Holding Company (IHC) are chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed.
IHC subsidiaries have previously listed on the ADX exchange to boost the market as part of a broader strategy to diversify the city-state's economy away from hydrocarbons, deepen capital markets, and spur investment.
Abu Dhabi's PureHealth Holding, owned by Abu Dhabi sovereign wealth fund ADQ and one of the capital's biggest conglomerates, on Friday said it plans to raise 3.62 billion dirhams ($985.81 million) from the sale of a 10% stake in a public share sale.
PureHealth played a pivotal role in screening for COVID-19 infections in the United Arab Emirates, and its initial public offering has been in the works for years. It is the UAE's largest healthcare provider, but has plans to grow internationally.
The company is offering about 1.11 billion shares at an offering price of 3.26 dirhams during the subscription period which opens on Dec. 6 and ends on Dec. 11, according to an emailed statement.
Both ADQ and International Holding Company (IHC) are chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed.
IHC subsidiaries have previously listed on the ADX exchange to boost the market as part of a broader strategy to diversify the city-state's economy away from hydrocarbons, deepen capital markets, and spur investment.
US Compels #Saudi Fund to Exit AI Chip Startup Backed by Altman - Bloomberg
US Compels Saudi Fund to Exit AI Chip Startup Backed by Altman - Bloomberg
The Biden administration has forced a Saudi Aramco venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, an exit that could have broader implications for the Middle Eastern country’s growing investments in US technology.
Prosperity7, a lead investor in a funding round that raised $25 million for Rain AI in 2022, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States, people familiar with the matter said. The agency, the primary US watchdog for deals with national security implications, instructed the Saudi fund to unwind that deal sometime over the past year, the people said, asking to remain unidentified because the information is private.
The US is heightening scrutiny over the activity of Middle Eastern wealth funds, part of a growing resistance toward entities regarded as having close ties with China. CFIUS is reviewing several multibillion-dollar deals this year on concerns they could pose national security risks, Bloomberg News has reported.
Rain AI, partly financed by Altman, is a startup that designs AI chips inspired by the way the brain works. Prosperity7 sold its stake in the firm to Silicon Valley investment firm Grep VC, according to data firm PitchBook. Altman, Rain, Prosperity7 and Grep VC did not reply to requests for comment. CFIUS said in an emailed statement it couldn’t comment on transactions it’s reviewing but that it’s “committed to taking all necessary actions within its authority to safeguard U.S. national security.”
The Biden administration has forced a Saudi Aramco venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, an exit that could have broader implications for the Middle Eastern country’s growing investments in US technology.
Prosperity7, a lead investor in a funding round that raised $25 million for Rain AI in 2022, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States, people familiar with the matter said. The agency, the primary US watchdog for deals with national security implications, instructed the Saudi fund to unwind that deal sometime over the past year, the people said, asking to remain unidentified because the information is private.
The US is heightening scrutiny over the activity of Middle Eastern wealth funds, part of a growing resistance toward entities regarded as having close ties with China. CFIUS is reviewing several multibillion-dollar deals this year on concerns they could pose national security risks, Bloomberg News has reported.
Rain AI, partly financed by Altman, is a startup that designs AI chips inspired by the way the brain works. Prosperity7 sold its stake in the firm to Silicon Valley investment firm Grep VC, according to data firm PitchBook. Altman, Rain, Prosperity7 and Grep VC did not reply to requests for comment. CFIUS said in an emailed statement it couldn’t comment on transactions it’s reviewing but that it’s “committed to taking all necessary actions within its authority to safeguard U.S. national security.”