Tag Archives: offer

Brazilian energy company, Omega, buys wind energy assets from Eletrobras | Instant News


BRAZIL, July 30 (Reuters) – Brazilian renewable energy company Omega Geracao SA agreed to buy wind energy assets from Brazilian Eletrobras for 1.5 billion reais ($ 290.98 million), the two companies said in a securities filing on Thursday.

Omega will buy 78% of Eletrobras’s shares in the Santo Vitoria do Palmar complex and 99.9% of its shares will be Hermenegildo 1, 2, 3 and Chui wind power assets. ($ 1 = 5,1550 reais) (Reporting by Jake Spring and Luciano Costa; Editing by Muralikumar Anantharaman)

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Soccer-Italia Serie A opposes the decision to sell shares in the media business | Instant News


MILAN, 30 July (Reuters) – Italian Serie A soccer league has postponed the decision on the project to sell minority shares from its media business, because representatives from the country’s top clubs have asked for more time to assess the proposal for private equity funds.

Looking for ways to increase revenue and overcome the coronavirus crisis, Serie A has asked investors to bid to buy up to 15% of shares in newly created media companies that will control broadcast rights.

But sources close to the matter told Reuters several Serie A clubs were reluctant to accept losing their power over this vital business.

Private equity firms CVC, Bain Capital and Advent International have submitted bids for shares in the business, while the credit arms of Apollo, Fortress and Blackstone GSO have made proposals for offering debt or hybrid financing, the source said.

Moreover, Chinese media companies Wanda Sports and Mediapro have submitted separate proposals to create a special Serie A broadcast channel that will distribute more than a number of platforms, the source added.

“We need to judge what is the best way,” Serie A president Paolo Dal Pino told reporters after meeting with top executives from 20 clubs on Thursday.

“We decided to take more time, until August 25, to assess all the opportunities we have at our table,” he said.

Serie A, which relies on broadcast rights for more than half of its income, lags behind the financial heavyweights of the English Premier League, La Liga in Spain and the German Bundesliga. (Reporting by Elvira Pollina; Editing by Mark Potter)

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Brembo Italia increased ownership in Pirelli to 4.99%, ending the purchase | Instant News


FILE PHOTOS: Brembo logo seen at its headquarters in Bergamo, Italy October 7, 2019. REUTERS / Flavio Lo Scalzo

MILAN (Reuters) – Italian brake maker Brembo (BRBI.MI) said on Wednesday that he would not buy additional shares in tyremaker Pirelli (PIRC.MI) after increasing its ownership to almost 5%.

Brembo, which makes brakes for car makers including Ferrari (RACE.MI) and Tesla (TSLA.O) as well as several Formula One teams, said they now hold a 4.99% stake in Pirelli, both directly and indirectly through Nuova FourB’s parent company, and have completed the buying process.

Brembo Deputy Chief Executive Matteo Tiraboschi on Wednesday told Reuters that the company has no plans to increase its current ownership, and has no desire to play a role in the Pirelli administration.

“We have invested, which we have decided before the COVID-19 outbreak, in a company that we know and are very respectful of, with a market positioning very similar to ours,” he said.

Brembo said in March that they had bought a 2.43% stake in Pirelli with a “non-speculative long-term approach”.

This surprise move heightened speculation that this could be the first step towards the integration of the two groups in the future – both focused on premium market segments – to create an Italian heavyweight in the supply of auto parts.

Pirelli, whose tires are used by racing teams and Formula One car makers like BMW (BMWG.DE) and Audi (NSUG.DE), are not available for comment.

Pirelli is controlled by ChemChina and China’s Silk Road Fund, which together hold about 46% and are linked by a shareholder agreement that ends in 2023 with Camfin, investment vehicle for Pirelli Ececutive Chief Marco Tronchetti Porvera, which has a stake of just over 10%.

Tronchetti Porvera previously said there were no plans to merge with Brembo and move to strengthen its influence on the tyremaker with Camfin in May agreeing with the Niu China family to create a joint venture that could allow him to control an 18% stake in Pirelli.

Reporting by Giulio Piovaccari; edit by James Mackenzie, Emelia Sithole-Matarise, Kirsten Donovan

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Louis Mobile Food Market will be in your Community in Partnership with St. Louis. Louis Area Foodbank Listing for August 1 – 21 | Instant News




Louis Mobile Food Market will be in your Community in Partnership with St. Louis Area Foodbank Listing for August 1 – 21 | RiverBender.com





















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UPDATE 2 – Brembo Italia increased its stake in Pirelli to 4.99%, ending the purchase | Instant News


(Add a quote)

MILAN, July 29 (Reuters) – Italian brake maker Brembo said on Wednesday that he would not buy additional shares in the Pirelli tyremaker after increasing his stake to nearly 5%.

Brembo, which makes brakes for cars including Ferrari and Tesla as well as several Formula One teams, said it now holds a 4.99% stake in Pirelli, both directly and indirectly through Nuova FourB’s parent company, and that he has completed the buying process.

Brembo Deputy Chief Executive Matteo Tiraboschi on Wednesday told Reuters that the company has no plans to increase its current ownership, and has no desire to play a role in the Pirelli administration.

“We have invested, which we have decided before the COVID-19 outbreak, in a company that we know and are very respectful of, with a market positioning very similar to ours,” he said.

Brembo said in March that they had bought a 2.43% stake in Pirelli with a “non-speculative long-term approach”.

This surprise move heightened speculation that this could be the first step towards the integration of the two groups in the future – both focused on premium market segments – to create an Italian heavyweight in the supply of auto parts.

Pirelli, whose tires are used by Formula One racing teams and car makers such as BMW and Audi, are not available for comment.

Pirelli is controlled by ChemChina and China’s Silk Road Fund, which together hold about 46% and are linked by a shareholder agreement that ends in 2023 with Camfin, investment vehicle for Pirelli Ececutive Chief Marco Tronchetti Porvera, which has a stake of just over 10%.

Tronchetti Porvera previously said there were no plans to merge with Brembo and move to strengthen its influence on the tyremaker with Camfin in May agreeing with the Niu China family to create a joint venture that could allow him to control an 18% stake in Pirelli.

Reporting by Giulio Piovaccari; edit by James Mackenzie, Emelia Sithole-Matarise, Kirsten Donovan

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UPDATE 1 – Brembo Italia increased its stake in Pirelli to 4.99%, said ending the purchase | Instant News


(Add context, details, title changes)

MILAN, 29 July (Reuters) – Italian brake maker Brembo said on Wednesday that it had increased its shareholding in tyremaker Pirelli to 4.99% and added it had completed the acquisition process, without giving further details.

The shares are held either directly or indirectly through Nuova FourB’s parent company, Brembo said.

Brembo, which makes brakes for car makers including Ferrari and Tesla as well as several Formula One teams, announced in March that it had bought a 2.43% stake in Pirelli with a “non-speculative long-term approach”.

The surprise move has led to speculation that this could be the first step towards integration of the two groups in the future – both focusing on premium market segments – to create an Italian heavyweight in the supply of auto parts, as the industry faces the challenge of transitioning to electric mobility. .

Pirelli, whose tires are used by racing teams and Formula One car makers such as BMW and Audi, could not be reached for comment.

Pirelli is controlled by ChemChina and China’s Silk Road Fund, which together hold about 46% and are linked by a shareholder agreement that ends in 2023 with Camfin, investment vehicle for Pirelli Ececutive Chief Marco Tronchetti Porvera, which has a stake of just over 10%.

Tronchetti Porvera said there were no plans to merge with Brembo and move to increase his influence on Italian tyrem makers with the help of Chinese partners.

In May Camfin agreed with the Chinese Niu family to establish a joint venture that could allow Camfin to control 18% of Pirelli’s shares.

Reporting by Giulio Piovaccari; edited by James Mackenzie and Emelia Sithole-Matarise

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Soccer-Funds is competing to invest in Italian Serie A media rights, the source said | Instant News


MILAN, 28 July (Reuters) – The Italian Serie A soccer league has received six offers from international funds interested in investing in broadcasting rights for Italy’s top-flight matches, a source with knowledge of the matter said on Tuesday.

Looking for ways to increase revenue and overcome the corona virus crisis, Serie A has asked investors to bid on Monday to buy up to 15% of shares in newly created media companies that will control broadcast rights.

Representatives from 20 Serie A clubs will meet on Thursday to discuss various proposals.

Private equity firms CVC, Bain Capital and Advent International have submitted bids for shares in this business, while the credit arms of Apollo, Fortress and Blackstone GSO have submitted proposals for debt or hybrid financing offers, the source said.

On top of that, Chinese media companies Wanda Sports and Mediapro have submitted separate proposals to create a special Serie A broadcast channel that will be distributed through various platforms, the same source said.

Serie A, which relies on broadcast rights for more than half of its income, lags behind the financial heavyweights of the English Premier League, La Liga in Spain and the German Bundesliga.

According to a report by consulting firm Deloitte, the Italian league raised 1.5 billion euros ($ 1.8 billion) in broadcast rights income last season against 3.5 billion euros in the English Premier League.

$ 1 = 0.8529 euro Reporting by Elvira Pollina; Editing by James Mackenzie and Mark Potter

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Italia Intesa said UBI’s offer to succeed was due to an extended deadline | Instant News


MILAN (Reuters) – Intesa Sanpaolo Italy (ISP.MI) said it expected a takeover bid for rival UBI Banca (UBI.MI) to be fully successful as market regulator Consob extends it two days to give shareholders more time to make decisions.

FILE PHOTOS: Italian bank logo Intesa Sanpaolo seen in Milan, Italy, January 18, 2016. REUTERS / Stefano Rellandini / Photo File

Intesa and UBI have been facing each other since mid-February because of an offer of 4.1 billion euros ($ 4.8 billion) in paper and cash which was not asked to form the euro zone’s seventh largest banking group.

The offer will expire on Tuesday but Consob said it has extended it to Thursday to protect shareholders after asking UBI for clarification about communications issued in connection with the offer, which UBI provided on Monday.

Intesa has so far earned 43.5% of UBI.

“Based on the taking so far … and taking into account the opinions that have emerged among UBI shareholders, Intesa is considering an offer that is destined for full success,” a spokesman for Italy’s second-biggest bank said in a note.

Where declined to comment.

This offer is valid with a 50% takeover of UBI’s capital plus one share. Intesa targets 66.67% revenue to ensure it controls the outstanding shareholder resolution, so that it can absorb UBI and maximize projected savings.

High acceptance will also make it easier for Intesa to fulfill its antitrust commitment to sell 532 joint group branches, mostly owned by UBI.

Someone at the bid camp said institutional investors, who always waited until the last day to tender their shares, would encourage a significant increase in revenue.

The person said that the withdrawal so far consisted mostly of local investors, many of whom initially opposed the offer but accepted it after Intesa this month raised the premium to 40% from 24% versus UBI’s closing price on the day the deal was announced.

Intesa ruled out further changes to the terms of the offer after extension.

UBI has rejected the sweetened offer by saying it still failed to reflect the value of the bank.

But Intesa expects taking up to 80% in the best case scenario, two sources in the Intesa camp say.

Two of UBI’s largest single investors who hold an aggregate of around 17% of banks – British funds Silchester International Investors and Parvus Asset Management Europe – have not revealed their attitude regarding the offer.

Even without their support, investors are not expected to contribute more than about 30% of UBI’s capital, according to two sources, possibly giving up the majority Intesa needed to control an extraordinary shareholder meeting.

UBI shares closed down 8.8% on Monday after the deadline ended on Friday for investors to buy shares in the market and exchange them for an offer.

Reporting by Valentina Za; editing by James Mackenzie, David Evans and Tom Brown

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The Court of Appeal reached a decision on the jurisdiction of the defendants – Newsletters | Instant News


Background
Do British courts have jurisdiction?
Future

In Aereo Senior Taxi v Agusta Westland,(1) The Court of Appeal provides clarity on the rules that apply to defendants domiciled in countries that are part of the EU Recast Brussels Regulation (1215/2012). Following the decision, the court has jurisdiction to hear lawsuits against non-English defendants under Article 8 (1) of the regulation only if the claim against the anchor defendant based in the UK is sustainable.

Background

Senior Taxi Aereo (STA) bought a helicopter from one of the defendants, an Italian manufacturer. The helicopter was involved in a fatal accident and STA claimed from the defendants the compensation payment they had made; the defendants included a British company in the same group as the Italian manufacturer. The British company is the main claimant. STA believes that the court has jurisdiction over Italian manufacturers based on Article 8 (1) of the EU Recast Brussels Regulation. Article 8 (1) states that a claim can be filed in the UK against entities that are domiciled in other EU member countries where:

  • claims closely related to claims against defendants domiciled in the United Kingdom; and
  • need to listen to joint claims in the UK to avoid the risk of an irreconcilable assessment.

Do British courts have jurisdiction?

The STA believes that a British court must assert jurisdiction over the Italian helicopter manufacturer under Article 8 (1), but this is rejected; the prosecutors were asked to show that their claim against the anchor of the defendant based in England was sustainable, but they failed to do this.

Before Senior Taxi, the sustainability of claims against non-English defendants is irrelevant in determining whether the court has jurisdiction under Article 8 (1). However, it is an open question whether the prosecution must show that the claim against the British defendant’s anchors is ongoing.

The parties accept that if the STA submits a lawsuit against pure British defendants to bring Italian manufacturers into jurisdiction, or know that claims against them are hopeless, they cannot rely on Article 8 (1). In addition, the court ruled that it was possible to rely on Article 8 (1) only if the claim against the British defendant was ongoing.

If a claim against a British defendant cannot be maintained, there is no risk that a decision will be obtained against him in a British court, which can be inconsistent with the verdict against an Italian defendant elsewhere. As such, there is no risk of valuation that cannot be reconciled and Article 8 (1) is not involved. The court left open the possibility that if the claim against the anchor of the defendant was prohibited by procedural rules, which contradicted the untenability of its merits, Article 8 (1) might still be valid.

Future

While the EU Recast Brussels Regulation will cease to apply when Britain leaves the European Union, the European Union Senior Taxi The test will likely continue to apply where jurisdiction is sought for defendants domiciled in the EU. The United Kingdom intends to approve the Lugano Convention which contains provisions similar to Article 8 (1) of the EU Recast Brussels Regulation and is likely to be interpreted consistently with the EU EU Recast Regulation.

Senior Taxi has also created a degree of consistency in the approach to claims against non-anchor defendants in other jurisdictions. Claims can be brought against joint defendants in countries that are not parties to the EU Brussels Reconstruction Regulation only if, inter alia, claims against the anchor of the accused of England have a real prospect of success,(2) which is similar to Senior Taxi test.

Now that the court has reached a decision regarding the requirements of Article 8 (1), in which the court is used as a basis for joining defendants domiciled in the EU to continue the trial, the parties must carefully consider the benefits of claims against the accused British anchor.

For more information on this topic, please contact Emma West or Simon Hart on RPC via telephone (+44 20 3060 6000) or email ([email protected] or [email protected]). The RPC website can be accessed at www.rpc.co.uk.

Final note

(1) [2020] EWHC 1348.

(2) Practice Direction 6B Paragraph 3.1 (3).

The material contained on this website is for general information purposes only and is subject to rejection.

ILO is a premium online legal renewal service for large companies and law firms around the world. Internal company advisors and other legal service users, as well as law firm partners, qualify for a free subscription.

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UBI Italia rejects Intesa’s increasing takeover offer | Instant News


MILAN (Reuters) – UBI BancaUBI.MI) on Thursday rejected a takeover offer by rival Intesa Sanpaolo (ISP.MI), said it still failed to reflect the real value of the fifth largest bank in Italy and was enough to give gifts to its shareholders.

FILE PHOTOS: UBI bank headquarters seen in Brescia, Italy, March 9, 2016. REUTERS / Alessandro Bianchi / Photo File

Intesa and UBI have been in big trouble about what will become one of the biggest banking mergers in Europe since the global financial crisis.

In an effort to win UBI’s core shareholders, Intesa said last week it would offer 0.57 euros in cash in addition to 1.7 new Intesa shares for each UBI share.

Intesa, who had previously ruled out increasing bids, said it would spend up to 652 million euros to offer a 40% premium on UBI’s closing price on the day the offer was launched, up from the initial 24%.

Although UBI rejects the offer, analysts expect generous premiums to convince shareholders. Sweeteners last week encouraged investors holding 20% ​​of UBI to say they would tender their shares.

But UBI said the cash component only partially offset the lack of valuation that the bank and its advisers gave at 1.1 billion euros.

The implicit exchange ratio increased from 2.0 Intesa shares for each UBI share is still below the average ratio according to UBI must be 2.4 times.

Italy’s second-largest bank began its bid on UBI in mid-February, a few days before COVID-19 transmission hit Italy, in an effort to boost profits through cost-cutting by grabbing the healthiest among second-tier counterparts.

UBI has championed the offer, saying it aims to bring out competitors who can play an active role in long-awaited banking consolidation in Italy.

The withdrawal reached 26.4% of UBI’s capital, but is expected to easily reach 60% before the offer ends on July 28, two sources close to the offer told Reuters.

The minimum take for bid validity is 50% plus one share.

An acceptance of 66.7% will guarantee Intesa controls the extraordinary shareholder resolution, reducing the sale of 532 bank branches, mostly at UBI, which Intesa has done on antitrust grounds.

To attract retail customers and small business owners who are roughly half of UBI’s investor base, Intesa has invested in a full-page newspaper ad and TV ad to market the profits from its offer.

UBI, in turn, has advertised the board’s refusal to bid with a full-page ad that says “Trust cannot be bought.”

The Codacons consumer association said on Thursday it had asked Consob market regulators and prosecutors in Milan and Bergamo to ensure that UBI clients received accurate information about Intesa’s offer from their local branch.

Reporting by Valentina Za and Andrea Mandala in Milan; Editing by Matthew Lewis

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