Christian's Feed
Jul 28, 2011

Greece may cost Credit Agricole up to Eur 850 mln

PARIS, July 28 (Reuters) – French bank Credit Agricole
said an expected loss at its Emporiki (CBGr.AT: Quote, Profile, Research, Stock Buzz) unit
and its participation in the EU Greek rescue plan, would force
it to take a second-quarter provision of up to 850 million euros
($1.22 billion).

For France’s third-largest bank, which is majority owned by
a network of cooperative regional banks, the Greek crisis is the
latest in a series of recent missteps, which also saw a
disastrous foray into investment banking.

Jul 28, 2011

Lafarge says raw material costs hit Q2

PARIS, July 28 (Reuters) – France’s Lafarge (LAFP.PA: Quote, Profile, Research, Stock Buzz), the
world’s largest cement maker, said second-quarter operating
income fell 16 percent, missing analysts’ forecasts, as higher
raw material costs took their toll.

Lafarge, which recently entered into exclusive talks to sell
its European and South American plaster assets as part of a
wider debt reduction plan, has struggled to push through price
hikes to compensate for higher raw materials prices.

Jul 27, 2011

PPR eyes Brioni for around 350 million euros: sources

PARIS (Reuters) – French luxury goods and retail group PPR (PRTP.PA: Quote, Profile, Research, Stock Buzz) is considering buying family-owned Italian tailor Brioni for about 350 million euros ($508.4 million), two sources familiar with the situation said on Wednesday.

The deal, if it goes ahead, would allow PPR to make further progress on its pledge to get out of retail and recentre on luxury and sports brands.

Jul 27, 2011

PPR eyes Brioni for around 350 mln eur – sources

PARIS, July 27 (Reuters) – French luxury goods and retail
group PPR (PRTP.PA: Quote, Profile, Research, Stock Buzz) is considering buying family-owned Italian
tailor Brioni for about 350 million euros ($508.4 million), two
sources familiar with the situation said on Wednesday.

The deal, if it goes ahead, would allow PPR to make further
progress on its pledge to get out of retail and recentre on
luxury and sports brands.

Jul 26, 2011

France’s TF1 H1 profits rise 79 pct

PARIS, July 26 (Reuters) – France’s biggest broadcaster TF1
reported a stronger than expected 79 percent rise in
first-half operating profit as programming costs fell and group
advertising revenue rose.

Shares in TF1 jumped seven percent in early trading after
the company said operating profit climbed to 186.5 million euros
($267.5 million) and first half advertising revenue rose 4.7
percent to 905.2 million euros, helped by its digital
free-to-air channel TMC and Internet activities.

Jul 25, 2011

Analysis: UniCredit to lead cash queue if EU crisis worsens

LONDON/PARIS (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz), Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) and Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) may have passed the recent health check of Europe’s banks, but they are likely to be among the first big lenders in need of cash if the euro zone crisis worsens.

Europe’s “stress test” of its lenders was widely derided as too soft, but it shone a light on potential trouble spots.

Jul 14, 2011

Lafarge in talks with Etex to sell plaster assets

PARIS (Reuters) – French cement maker Lafarge SA (LAFP.PA: Quote, Profile, Research, Stock Buzz) has entered exclusive talks to sell most of its plaster activities in Europe and South America to Belgium’s Etex Group for 850 million euros ($1.2 billion).

The deal would mean Lafarge, the world’s largest cement maker, will exceed its target of selling at least 750 million euros worth of assets as part of a plan to cut its debt by 2 billion euros.

Jul 6, 2011

Portugal adds to woes as banks assess Greek options

PARIS/LONDON (Reuters) – A credit rating downgrade for Portugal added to fears Europe’s banks face heavy losses on their euro zone lending if a private sector plan to help Greece comes unstuck, piling pressure on a meeting of creditors on Wednesday.

Banks, insurers and other creditors held a “productive” meeting in Paris and are assessing a range of options that could be attractive to different investors, the head of the Institute of International Finance (IIF) lobby group said.

Jul 5, 2011

French banks warn capital rules could hit growth

PARIS, July 5 (Reuters) – The heads of France’s two biggest
banks told regulators on Tuesday that tougher capital rules
could slam the brakes on growth in a region that still depends
on banks to provide most of its credit.

Global banking regulators decided last month to slap an
extra capital charge on the world’s biggest banks to make them
safer, a move that could hit BNP Paribas and Societe
Generale if they are deemed to be “systemically
important.”

Jun 20, 2011

Saint-Gobain pulls Verallia IPO, citing market

PARIS/LONDON, June 20 (Reuters) – French construction
materials maker Saint-Gobain (SGOB.PA: Quote, Profile, Research, Stock Buzz) on Monday postponed
indefinitely the initial public offering of its glass container
unit Verallia after weak investor demand.

Saint-Gobain, which had hoped to raise up to 958 million
euros ($1.36 billion) from the spinoff, cited an “underlying
level of market uncertainty and volatility” in the offering’s
failure.

    • About Christian

      "New York-based editor in charge of banks, exchanges, insurers, asset managers and hedge funds coverage as well as separate team that reports on mergers and acquisitions. Previously led aerospace and defense team, also in New York. Was initially hired by Reuters in Milan, where I covered banks and insurers. Before that I was at Bloomberg for 8 years, including a 3 year stint in Sao Paulo."
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