UBI spurns Intesa’s offer and pledges to boost dividends

MILAN – UBI Banca on Friday rejected a takeover bid by rival Intesa Sanpaolo as inadequate and risky for its shareholders, while pledging to boost dividends despite cutting profit forecasts. Intesa is due to launch an all-paper offer on Monday to buy UBI and drive earnings through cost cuts at a time when the COVID-19 pandemic is set to erode already feeble returns in the banking industry. UBI CEO Victor Massiah vowed to speed up…

"UBI spurns Intesa’s offer and pledges to boost dividends"

Masmovil buyers secure first leveraged loan since COVID-19 crisis

LONDON/MADRID – The private equity consortium behind the mooted acquisition of Spanish telecoms firm Masmovil has secured a 2 billion euro ($2.3 billion) loan towards that deal, helping revive a leveraged loan market that has taken a beating this year. The seven-year loan, which will be issued by Masmovil but go towards financing a bridge loan taken to fund its buyout by Cinven, KKR and Providence, priced late on Thursday, according to a document seen…

"Masmovil buyers secure first leveraged loan since COVID-19 crisis"

Embraer union sues to oust planemaker’s board after failed Boeing deal

SAO PAULO – A union representing workers at planemaker Embraer filed a lawsuit on Friday seeking to dismiss the company’s board, after a $4.2 billion deal with Boeing Co collapsed amid the pandemic, leaving the Brazilian jetmaker scrambling for a new path forward. The lawsuit is the latest headache for Embraer in the aftermath of its breakup with Boeing. Under the deal signed in 2018, Boeing was going to buy the majority of Embraer’s commercial…

"Embraer union sues to oust planemaker’s board after failed Boeing deal"

Major Qiagen shareholder demands higher bid from Thermo Fisher – source

ZURICH – The coronavirus pandemic has boosted Qiagen’s prospects and a takeover by Thermo Fisher no longer makes sense unless the offer is increased substantially, one of the German genetic test maker’s top ten shareholders told on Friday. Thermo Fisher agreed in early March to buy Qiagen for $11.5 billion as the U.S.-based company looks to bolster its health diagnostic business. Qiagen has seen high demand for products related to coronavirus testing and began shipping…

"Major Qiagen shareholder demands higher bid from Thermo Fisher – source"

Rolls-Royce reviewing balance sheet options after COVID-19 hit

LONDON – British aerospace engineer Rolls-Royce said on Friday it was reviewing a range of options to strengthen its balance sheet and position itself for recovery after the COVID-19 pandemic. “We confirm we are in the early stages of reviewing a range of potential options,” the company said in a statement. “However, no decisions have been made.” The company said its financial position and liquidity remained strong. Shares in Rolls-Royce were trading down 8.5% at…

"Rolls-Royce reviewing balance sheet options after COVID-19 hit"

Senator warns of political pressure on U.S. probe into hackers of green groups

WASHINGTON – A Democratic U.S. senator says he has written to Attorney General William Barr outlining his concerns about potential “political interference” by the Trump administration in an investigation of a private espionage firm that targeted environmental groups in the United States. Last month reported that U.S. law enforcement was investigating aspects of a seven-year-long hack-for-hire operation carried out by a New Delhi-based firm called BellTroX InfoTech Services on behalf of unknown clients. Senator Sheldon…

"Senator warns of political pressure on U.S. probe into hackers of green groups"

Britain and India’s Bharti win auction for OneWeb satellite company

LONDON – Britain has joined forces with India’s Bharti Global to buy the collapsed satellite operator OneWeb, with the two sides pledging $1 billion between them to develop a constellation that could boost broadband and other services. Under the deal announced on Friday, Britain will invest $500 million and take a significant equity share in OneWeb while Bharti will invest the same amount and provide commercial and operational leadership. The deal means the two sides…

"Britain and India’s Bharti win auction for OneWeb satellite company"

Trump visits Mount Rushmore amid controversy, coronavirus concerns

WASHINGTON – President Donald Trump will begin his July Fourth celebrations with a trip to Mount Rushmore on Friday despite concerns about gathering a large crowd during the novel coronavirus pandemic and criticism from Native Americans about the visit. Trump will view a fireworks display with thousands of people at the South Dakota landmark, which depicts the images of U.S. presidents George Washington, Thomas Jefferson, Theodore Roosevelt, and Abraham Lincoln. The site has not had…

"Trump visits Mount Rushmore amid controversy, coronavirus concerns"

Israeli defence contractors partner with UAE tech firm to fight coronavirus

JERUSALEM – Two Israeli defence contractors will partner with Abu Dhabi-based technology company Group 42 to develop technologies to help fight the new coronavirus, the companies said. Israel has no diplomatic relations with Gulf Arab countries, but common concerns over Iran’s regional influence have led to a limited thaw in ties. Last month, a senior United Arab Emirates (UAE) official said the countries could possibly cooperate in the fight against COVID-19 and on technology. State-owned…

"Israeli defence contractors partner with UAE tech firm to fight coronavirus"

Fortum sells district heating business in south Finland

– Finnish utility Fortum said on Friday it had signed an agreement to sell its district heating business in the Jarvenpaa-Tuusula area in southern Finland to a local consortium of companies for 375 million euros ($421 million). The plant produced approximately 330 gigawatt hours of heat and approximately 90 GWh of power in 2019, Fortum said. The company expects to book a capital gain of about 290 million euros in its third quarter results. The…

"Fortum sells district heating business in south Finland"