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Nov 12, 2012

SocGen nears sale of Egypt arm to QNB -sources

DUBAI/PARIS, Nov 12 (Reuters) – Societe Generale
is close to reaching a final agreement on selling its majority
stake in its Egyptian banking arm to Qatar National Bank
(QNB), sources aware of the matter said on Monday.

The Qatari bank, part-owned by Qatar’s sovereign wealth
fund, will also make a mandatory offer to minority shareholders
for the remaining 23 percent of National Societe Generale Bank
(NSGB), the sources said.

Nov 12, 2012

French firms tap private US lenders as banks run dry

PARIS, Nov 12 (Reuters) – Listed on the French stock market
based in a suburb of Paris, mailroom equipment maker Neopost
is an unlikely trailblazer in international debt
markets.

But by tapping the U.S. private debt market, it has shown
the way for a growing band of small and medium-sized French
companies that need dollars to do business in the United States.

Nov 9, 2012

Credit Agricole posts 2.9 billion euro loss after Greek exit

PARIS (Reuters) – Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) reported a 2.85 billion euro ($3.63 billion) quarterly loss, as the French bank paid the price for its exit from Greece and other markets.

These writedowns plus profit declines in French retail banking, Italy and investment banking, are signs that Credit Agricole’s recent move to sell its Greek Emporiki unit was not a panacea for the bank, which faces questions from some investors about its ability to comply with tougher Basel III solvency rules.

Nov 9, 2012

C.Agricole posts 2.9 bln euro loss after Greek exit

PARIS, Nov 9 (Reuters) – Credit Agricole reported
a 2.85 billion euro ($3.63 billion) quarterly loss, as the
French bank paid the price for its exit from Greece and other
markets.

These writedowns plus profit declines in French retail
banking, Italy and investment banking, are signs that Credit
Agricole’s recent move to sell its Greek Emporiki unit was not a
panacea for the bank, which faces questions from some investors
about its ability to comply with tougher Basel III solvency
rules.

Nov 8, 2012

Peltz reports 1 pct stake in Danone, seeks cost cuts

NEW YORK/PARIS, Nov 7 (Reuters) – Activist investor Nelson
Peltz has taken a stake of roughly 1 percent in Danone
and said that the French food group is undervalued and should
implement cost cuts and other measures to boost its stock price.

The billionaire American’s investment company Trian Fund
Management LP believes that Danone’s stock has the potential to
rise more than 60 percent to 78 euros ($99.49) by the end of
2014 and said it expects to engage in “constructive dialogue”
with management.

Nov 7, 2012

Private equity hunts for Europe bank deals

PARIS, Nov 7 (Reuters) – Apollo Global Management,
Carlyle Group and other major private equity firms said
European banks’ need to unload trillions of euros in debt and
business units could create key opportunities in coming years.

European banks have some 56 trillion euros ($71.4
trillion)in assets on their balance sheets, about 38 percent of
which are not funded by deposits, said Olivier Sarkozy, head of
Carlyle’s global financial services team.

Nov 7, 2012

AXA says could miss 2015 growth targets

PARIS (Reuters) – AXA (AXAF.PA: Quote, Profile, Research, Stock Buzz), Europe’s No. 2 insurer, said forecasts for profit growth through 2015 could fall short of targets in the face of tough market conditions.

Underlying earnings-per-share growth over the 2010-2015 period might amount to just 5 percent, compared with a 5-10 percent target announced in a strategic plan last year.

Nov 4, 2012

Russian developer bets on “Manhattan sur Seine”

PARIS (Reuters) – For Paris, a city whose priciest apartments boast mansard roofs and wrought-iron balconies, it’s an audacious bet: a pair of shimmering, largely residential, luxury towers that might look more at home in Dubai or Shanghai.

So far the improbable 2.2 billion-euro ($2.88 billion) development of what would be Europe’s tallest buildings – eclipsing London’s controversial ‘Shard’ skyscraper – has confounded the naysayers in overcoming preliminary hurdles.

Nov 2, 2012

Vimpelcom hires StanChart to handle asset sales: sources

DUBAI/PARIS (Reuters) – Telecoms group Vimpelcom (VIP.N: Quote, Profile, Research, Stock Buzz) has hired Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) to advise it on the sale of its businesses in Burundi, Zimbabwe, Central African Republic, Cambodia and Laos, two people familiar with the matter said.

New-York listed Vimpelcom wants to focus on its largest markets of Russia and Italy, while reducing its debt, the people said. The units on the block came to Vimpelcom when it bought a 51 percent stake in Egypt-based Orascom Telecom and all of Italy’s Wind in 2011 for $6 billion.

Oct 26, 2012

Portugal gets eight bids for airport firm ANA

LONDON/PARIS, Oct 26 (Reuters) – Portugal moved closer to
selling airport operator ANA, attracting eight preliminary
offers in a deal that could help the indebted country raise up
to 2 billion euros ($2.6 billion).

Lisbon has already sold large stakes in power companies EDP
and REN, mainly to Chinese investors, as a
condition of its 78 billion euro international bailout.

    • 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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