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"
PARIS – French Finance Minister Bruno Le Maire urged German carmaker Daimler on Friday to reconsider plans to sell its factory in Hambach, France. The carmaker said earlier on Friday it would seek to sell the factory where it produces electric and combustion-engined variants of its two-seater Smart vehicles, as part of an overhaul of its production system. “Daimler must keep all options open, including keeping the site,” Le Maire said."French finance minister urges Daimler to reconsider plan to sell Hambach site"
MADRID – Spanish Economy Minister Nadia Calvino said on Friday that all the debt issued by the European Union to help its member states deal with the consequences of the COVID-19 crisis will eventually be paid back. The debt will be sustainable as it will finance projects to help the EU resume the economic growth that was interrupted by the coronavirus crisis, she said in a virtual panel held by French think tank Cercle des…"Spanish minister says all EU COVID-19 debt will be repaid"
AMSTERDAM – A sleight of hand by the owner of an Estonian gaming company is alarming investors worried that tactics used by private equity firms in the United States to shift assets away from creditors are coming to Europe. Olympic Entertainment, owned by private equity firm Novalpina Capital, told bondholders on June 18 it had moved some assets – all its online operations and a Lithuanian business – into an entity not bound by its…"Olympic Casino’s asset grab unnerves European junk bond investors"
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"
LONDON ( Breakingviews) – AEX Gold is setting the early pace in a global warming-fuelled scramble for Greenland’s mineral wealth. The Canadian miner wants to restart bullion production on the giant ice-bound island with 45 million pounds unearthed from a planned UK listing. The idea is less sketchy than it looks. Overseas entities using London’s more lightly regulated Alternative Investment Market to raise cash for speculative ventures merit serious due diligence. So do small Canadian…"Breakingviews – Gold mining in Greenland is smarter than it sounds"
LONDON ( Breakingviews) – The British author Tim Marshall once wrote that Africa is “equally cursed and blessed by its resources – blessed in so far as it has natural riches in abundance, but cursed because outsiders have long plundered them”. Augustine Sedgewick’s “Coffeeland” describes El Salvador’s own dubious blessing: the fertile soil on the slopes of the Santa Ana Volcano in the west of the Central American country. The problems raised by its dependence…"Breakingviews – Review: The callous roots of caffeine capitalism"
LONDON/MUMBAI ( Breakingviews) – Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights. LATEST – UK quarantine – Opaque British bailout – Indian drugmakers BONKERS NO MORE. Britain is finally scrapping its poorly conceived 14-day quarantine rule for most new arrivals. The relaxation means people arriving in England from more than 50 countries will no longer have to worry about self-isolating for two…"Breakingviews – Corona Capital: Quarantines, UK bailout, Drugs"
MILAN – Fiat Chrysler is considering options to reduce a planned cash payout to its shareholders which is part of its tie-up agreement with France’s PSA , including spinning off assets, Italian daily Il Sole 24 Ore said on Friday. Reducing or cancelling the 5.5 billion euro ($6.2 billion) special dividend Fiat Chrysler (FCA) is due to pay to its shareholders before the merger is closed would allow the new group to retain cash at…"Fiat Chrysler considering options to cut amount of cash dividend in PSA merger: paper"
BENGALURU – Reliance Industries Ltd said on Friday that Intel Corp would buy a 0.39% stake in its digital unit, Jio Platforms, for 18.95 billion rupees ($253.55 million). Including Intel’s investment, Jio Platforms will have raised a total of 1.18 trillion rupees from investors."Intel to invest $253 million in Reliance’s digital unit"