Ardian, Saudi Fund Offer to Buy 38% of Heathrow for £3.3 Billion - Bloomberg
Private equity firm Ardian and Saudi Arabia’s wealth fund have offered to buy 37.6% of Heathrow Airport for £3.26 billion ($4.26 billion), in a revised deal that increases their commitment to the London hub after other shareholders joined Ferrovial SE in selling.
The revised deal has been accepted by Spain’s Ferrovial, the largest current shareholder in Heathrow, according to a statement Friday. Paris-based Ardian will take a 22.6% stake, while the Saudi Public Investment Fund will own 15%. Ferrovial will remain as a shareholder with 5.25%, according to the statement.
The new agreement would address so-called “tag along rights” which gave other shareholders the right to join Ferrovial after the original deal was reached in November. At the time, the Spanish infrastructure firm said it was selling its 25% stake to Ardian and PIF. The Saudi fund was set to buy 10% of Heathrow’s parent, while Ardian would take a 15% stake.
Other shareholders subsequently exercised their rights to sell a portion of their shares.
Friday 14 June 2024
#UAE bourses end mixed ahead of Eid break | Reuters
UAE bourses end mixed ahead of Eid break | Reuters
Stock markets in the United Arab Emirates closed lower on Friday in thin trade ahead of Eid-Al-Adha holidays.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.5%, with the country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab falling 0.2%, while conglomerate International Holding Company (IHC.AD), opens new tab slipped 1.6%, in its biggest decline since March 2023.
Many investors prefer to cash in holdings ahead of the Eid holiday, which lasts for a week in Saudi Arabia, Egypt and at least three days in UAE and other Gulf countries.
Dubai's main share index (.DFMGI), opens new tab closed up 0.1%, as both blue-chip developer Emaar Properties (EMAR.DU), opens new tab and lender Emirates NBD Bank (ENBD.DU), opens new tab gained 0.3%.
Abu Dhabi index was down 0.3% on a weekly basis while Dubai index closed flat this week.
Stock markets in the United Arab Emirates closed lower on Friday in thin trade ahead of Eid-Al-Adha holidays.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.5%, with the country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab falling 0.2%, while conglomerate International Holding Company (IHC.AD), opens new tab slipped 1.6%, in its biggest decline since March 2023.
Many investors prefer to cash in holdings ahead of the Eid holiday, which lasts for a week in Saudi Arabia, Egypt and at least three days in UAE and other Gulf countries.
Dubai's main share index (.DFMGI), opens new tab closed up 0.1%, as both blue-chip developer Emaar Properties (EMAR.DU), opens new tab and lender Emirates NBD Bank (ENBD.DU), opens new tab gained 0.3%.
Abu Dhabi index was down 0.3% on a weekly basis while Dubai index closed flat this week.
China approves first ETFs tracking #Saudi equities, fund managers say | Reuters
China approves first ETFs tracking Saudi equities, fund managers say | Reuters
China approved its first exchange-traded funds (ETFs) investing in Saudi Arabia equities on Friday, fund managers told Reuters, as Beijing expands ties with the Middle East amid rising tensions with the West.
The products, managed by China's Huatai-Pinebridge Investments and Southern Asset Management separately, will track Hong Kong-listed CSOP Saudi Arabia ETF (2830.HK), opens new tab, which debuted in November by Hong Kong-based CSOP Asset Management, according to the two fund managers.
"The approval will further deepen the cooperation between Saudi and China in capital markets," said Ding Chen, chief executive officer at CSOP.
"The approval will further deepen the cooperation between Saudi and China in capital markets," said Ding Chen, chief executive officer at CSOP.
The CSOP Saudi Arabia ETF, which tracks the performance of the FTSE Saudi Arabia Index, is down roughly 5% so far this year, compared with a 3% gain in China's stock benchmark CSI 300 (.CSI300), opens new tab.
Reuters reported in August that China and Saudi Arabia's stock exchanges were talking about allowing exchange-traded funds (ETFs) to list on each other's bourses, as the countries look to deepen financial ties amid warming diplomatic relations.
Through the ETF, investors in China will be able to trade Saudi stocks including the oil giant Saudi Aramco <2222.SE)> and Saudi National Bank (1180.SE), opens new tab.
Through the ETF, investors in China will be able to trade Saudi stocks including the oil giant Saudi Aramco <2222.SE)> and Saudi National Bank (1180.SE), opens new tab.
Beijing, frustrated by what it sees as Washington's weaponisation of economic policies, has sought to expand ties with countries in Europe, the Middle East and Africa. Its diplomatic push to court others include U.S. ally Saudi Arabia.
Earlier this week, China's securities regulator told Reuters that it welcomes foreign financial institutions and investors, including those from the Middle East, to expand investment in China.
The statement was made in response to a Reuters request seeking comment on news that Qatar's sovereign wealth fund had agreed to buy a 10% stake in China Asset Management Co (ChinaAMC), the country's second biggest mutual fund company.
The statement was made in response to a Reuters request seeking comment on news that Qatar's sovereign wealth fund had agreed to buy a 10% stake in China Asset Management Co (ChinaAMC), the country's second biggest mutual fund company.
Oil prices set for best week in over 2 months on demand outlook | Reuters
Oil prices set for best week in over 2 months on demand outlook | Reuters
Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand.
Brent crude futures were down 42 cents, or 0.5%, at $82.33 a barrel by 0646 GMT. West Texas Intermediate (WTI) U.S. crude futures lost 51 cents, or 0.7%, to trade at $78.11 a barrel.
However, Brent and the U.S. benchmark gained over 3% for the week - the best week since April 5.
The Organization of Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid U.S. fuel demand this summer.
This helped reverse losses in the previous week which were driven by an agreement by OPEC and its allies, together called OPEC+, to start unwinding output cuts after September.
Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand.
Brent crude futures were down 42 cents, or 0.5%, at $82.33 a barrel by 0646 GMT. West Texas Intermediate (WTI) U.S. crude futures lost 51 cents, or 0.7%, to trade at $78.11 a barrel.
However, Brent and the U.S. benchmark gained over 3% for the week - the best week since April 5.
The Organization of Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid U.S. fuel demand this summer.
This helped reverse losses in the previous week which were driven by an agreement by OPEC and its allies, together called OPEC+, to start unwinding output cuts after September.