>>> PayPal will begin rolling out PayPal cash in and cash out money services at

PayPal will begin rolling out PayPal cash in and cash out money services at Walmart for an exclusive fee of $3 per service
This is the first time PayPal mobile app users will be able to take cash out of their PayPal account in a brick-and-mortar environment, in addition to being able to load cash into their PayPal balance at Walmart stores. Additionally, like PayPal mobile app users, PayPal Cash Mastercard customers can now access their cash balance using Walmart Service Desks, ATMs and cash registers for the same low, transparent fee.

FT : Uber: fare value

Uber: fare value
Bond sale moves the group a step closer to its ultimate goal: an IPO

Uber may not make any money but it has a gift for raising it. The ride-hailing company’s first sale of bonds is likely to be popular. A generous yield and a level-headed boss are catnip to credit investors — even if the borrower does not come close to turning a profit.

The set-up, however, is slightly odd. After issuing five and seven-year leveraged loans Uber is planning to sell $1.5bn of bonds with similar maturities and a similar level of secrecy. But the bonds will be placed privately, rather than offered to public markets, meaning they will be less liquid and therefore pricier for the company. Estimates put the yield on an eight-year bond at about 8 per cent, uncomfortably close to the yield on Tesla‘s 2025 bond yield following the company’s regulatory disgrace.

Uber has its own problems. Competition is fierce. Lyft wants to list next year and Grab has conquered the market in south-east Asia. Drivers still complain that working conditions are unfair. In the US, Uber drivers earn less than $10 an hour once vehicle costs are taken into account, according to Ridestar. That is less than Amazon’s new minimum wage.

Still, Uber’s prospective bond yield is more a reflection of the jump in US Treasury yields than the company’s own problems. But its determination not to allow more investors to peek under the bonnet also is a factor. Selling bonds publicly might knock off a few basis points.

Why raise the money at all, then? Partly because Uber cannot yet pay its own way and partly because chief executive Dara Khosrowshahi is full of schemes to expand the company’s reach, including driverless cars, bikes, scooters and deliveries. Net losses at the end of the second quarter came to $890m, even as net revenue rose 60 per cent. But the company’s flair for fundraising meant there was $7bn of cash at the end of June.

Uber’s real incentive in selling the bonds is administrative. Bankers are on board and the company is preparing to provide regular financial updates. It is inching closer to the ultimate goal: an IPO.

FT : Michael Bloomberg weighs odds for run against Donald Trump

Michael Bloomberg weighs odds for run against Donald Trump
Billionaire eyes last chance to lead Democratic bid for White House in 2020

Americans opposed to the New York billionaire occupying the White House may soon have the choice of another one: Michael Bloomberg.

The former New York mayor and founder of the eponymous financial information company this week took another step towards a well-choreographed run for the presidency by re-registering his party affiliation as a Democrat.

Mr Bloomberg, who has flirted with White House campaigns before, had already whipped up anticipation by pledging $80m to Democratic candidates for next month’s midterm elections, since topped up to $100m. “That’s a hell of a lot of IOUs,” remarked one former staffer who, like other Bloomberg intimates, believes a presidential run is a foregone conclusion.

Just this week, Mr Bloomberg was in Florida, campaigning alongside Andrew Gillum, the Democratic candidate for governor, for whom he cut a $250,000 cheque. It was one stop in a globetrotting travel schedule that aides expect will have an increasingly domestic focus.

Mr Bloomberg will be 78 in 2020 and this would almost certainly be his last chance at the White House. Donald Trump’s presidency has increased the sense of urgency for a man who worries about the impact of global warming and has expressed disgust at Mr Trump’s embrace of rightwing nationalists.

“We need Democrats to provide the checks and balance our nation so badly needs,” Mr Bloomberg stated on Wednesday, calling his support for the party “a bulwark against those who threaten our constitution”.

Yet for all his resources and talent, a Bloomberg candidacy may still fall victim to timing and shifting political winds. Above all, a single question looms: is a billionaire executive the right candidate for an impassioned, MeToo era in which progressive voters are flocking to Democratic socialists such as Bernie Sanders and Alexandria Ocasio-Cortez, the young activist who in June shocked pundits by toppling an incumbent Congressman in the Bronx? Mr Bloomberg was a Republican — albeit one with an independent streak — when he governed New York.

“Is he too far to the centre in a party that is increasingly moving to the left?” asked Hank Sheinkopf, the veteran campaign strategist who has previously worked for Mr Bloomberg.

Mr Bloomberg’s early leadership on gun control and climate change, Mr Sheinkopf argued, should persuade progressives of his bona fides. “Here’s a guy who uses his money to fight for causes that are significant to millennials,” he said.

Others are sceptical. David Jones, a political scientist at Baruch College at the City University of New York, concluded that a corporate titan with a reputation as a “pragmatic problem-solver” faced long odds in a party whose activists increasingly yearn for a fighter.

Still, Mr Jones saw a chance for Mr Bloomberg to emerge in a primary field crowded with candidates seeking to ape Mr Sanders. “It’s possible there’s a lane to the nomination that’s not being filled that he could occupy,” he said.

While an effective, some say transformative, mayor, Mr Bloomberg has never been regarded as a great campaigner. He is more accustomed to getting employees to laugh at his jokes than voters, one associate noted.

Any run, say friends and advisers, would be based on a dispassionate reading of the data and a conviction that there was a route to victory. Because of the demands of the electoral college, they have concluded that running as an independent is not feasible.

One Bloomberg aide acknowledged that predicting the shape of a Democratic race in two years’ time was difficult, but challenged the widely held belief that the party’s base was shifting left, citing recent contests in New York and elsewhere.

One certainty is that Mr Bloomberg has deep pockets that would allow him to sustain a campaign deep into the primary season. In the meantime, his midterm contributions should cement loyalty among recipients and prompt second thoughts among other Democrats eyeing a run.

Two years ago Mr Bloomberg drew up detailed plans to run as an independent but abandoned them after concluding that such a campaign might split the vote and deliver the presidency to Mr Trump, a candidate he accused of “preying on people’s prejudices and fears.” Mr Trump won anyway.

That victory has encouraged Bloomberg supporters by shaking assumptions about who American voters would accept as their president. Conventional wisdom was that a billionaire, Jewish bachelor from New York was a non-starter. But perhaps no longer, say supporters, pointing to the thrice-married occupant of the Oval Office and his considerable baggage.

Backers of Mr Bloomberg appreciate the contrast he would offer in a head-to-head race: he is a self-made billionaire, who built his company without relying on the gifts of a wealthy father, and has a record of accomplishment in government as a three-term New York mayor who started a far-reaching redevelopment of the city.

Mr Bloomberg certainly looked presidential when he led the Bloomberg Global Business Forum at the Plaza Hotel in New York during last month’s UN General Assembly. From France to Fiji, presidents and prime ministers praised his leadership on the issues that have preoccupied him as a philanthropist, political donor and networker since leaving elected office five years ago.

Asked why he had agreed to speak at the event, one private equity boss replied simply: “Because Michael asked me.”

With Mr Trump emphasising “America first” and raising tariffs on Chinese imports, Mr Bloomberg spoke passionately about the peace that multilateralism had brought the world and of how prosperity was strengthened by trade.

“Trade has made the world more peaceful and stable by connecting our nations and aligning our interests but the benefits of trade have not been distributed as widely as we think they should be and we must do more to address that,” he said.

It sounded as if he were rehearsing for primary debates against left-leaning Democrats such as Mr Sanders — perhaps because he was.

>>> US Early premarket gappers

Early premarket gappers

Gapping up:

  • CRSP +14.1%, NTLA +9.4%, TUP +8.8%, EDIT +8.1%, ACRX +7.1%, GPRE +5%, KTWO +4.2%, TAHO +3.8%, EMKR +2%, ABX +1.4%, CLS +0.7%

Gapping down:

  • FLR -15.1%, SQ -9%, SPNE -8.7%, VOXX -5.7%, BOLD -3.2%, BAYRY -2.1%, CVS -1.2%, VRTX -0.8%, PBR -0.7%, NOW -0.7%, ZUMZ -0.7%, APHQF -0.6%, TIF -0.5%

>>> ASR will finance its takeover of competitor Vivat with an emission of shares

ASR will finance its takeover of competitor Vivat with an emission of shares

ASR (ASRNL:EN) will finance its takeover of competitor Vivat with an emission of shares, Dutch daily Het Financieele Dagblad reported based on its own reporting of the first 'capital marktets day' ARS organised since listing.

Chinese owned Anbang announced this week that it is studying the sale of the Dutch insurer Vivat; however, ASR prefers to finance small and midsized takeovers with cash; that is not an option for the takeover of Vivat, the report said. The company wants to hold on to its financial dicipline and will not allow the debt rato to raise above 35%.

Earlier Dutch media reports said that the selling price of Vivat, an insurance company, is estimated to be between EUR 1.3bn and EUR 2.1bn.

JP Morgan has been appointed by Anbang to assist in the process, the statement said.

>>> Knorr-Bremse final IPO price set at EUR 80 per share

Knorr-Bremse final IPO price set at EUR 80 per share

KB Holding GmbH on 10 October announced that the final offer price for shares in German brake manufacturer Knorr-Bremse is set at EUR 80 per share.

Company announcement

Disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (market abuse regulation)

Final offer price for shares in Knorr-Bremse AG set at EUR 80.00 per share

KB Holding GmbH (the "Selling Shareholder") has set the final offer price at EUR 80.00 per share in Knorr-Bremse AG (the "Company" and together with its subsidiaries "Knorr-Bremse").

48,360,000 bearer shares with no par value from the holdings of the Selling Shareholder are being placed with investors, consisting of 35,043,479 base shares, 8,060,000 additional base shares in full exercise of the upsize-option and 5,256,521 shares in connection with an over-allotment (over-allotment shares).

Assuming full exercise of the greenshoe option, the total placement volume amounts to 48,360,000 shares with a total offer volume of EUR 3.9bn, based on the offer price. This results in a total market capitalization of EUR 12.9bn based on the offer price and an expected free-float of 30.0%.

The Selling Shareholder will receive all proceeds from the sale of the base shares and the additional base shares and from the sale of the over-allotment shares. Upon completion of the offering and assuming full exercise of the greenshoe option, the Selling Shareholder will hold 65.0% of the shares in the Company and Ursus Vermögensverwaltungs GmbH will hold 5.0% of the shares in the Company, and, consequently, Mr. Heinz Hermann Thiele will (indirectly) control 70.0% of the voting rights in the Company.

The Company's shares are expected to be trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) under the ticker symbol KBX, the securities identification number (WKN) KBX100, and the international securities identification number (ISIN) DE000KBX1006 from October 12, 2018, with settlement and completion of the offering planned for October 16, 2018.

>>> Glanbia acquires SlimFast for USD 350m

Glanbia acquires SlimFast for USD 350m
11 OCT 2018
Glanbia plc [ISE:GLB], the Ireland-based food company, on 11 October announced the acquisition of Florida-based SlimFast from KSF Holdings LLP and HNS Intermediate Corporation for USD 350m.

Press release

Glanbia plc ("Glanbia"), the global nutrition group, has signed an agreement with the owners of KSF Holdings LLP and HNS Intermediate Corporation who collectively own SlimFast and other brands ("SlimFast"), to acquire such entities for USD 350m (the "Transaction").

SlimFast is a leading weight management and health & wellness brand family distributed primarily in the food, drug, mass and club (FDMC) channel in the US and UK. It is a well-established and growing brand with high levels of brand awareness in the US, its largest market. In 2017 SlimFast delivered USD 212m net sales, adjusted EBITDA (before non-recurring costs) of USD 24m and, after non-recurring supply chain transition costs, a net loss before tax of USD 12m. The gross assets of SlimFast at its 2017 financial year end were USD 136m. Glanbia plans to operate SlimFast within its Performance Nutrition segment.

Commenting on the Transaction, Siobhán Talbot, Group Managing Director of Glanbia said:

"I am pleased to announce that we have agreed to acquire SlimFast, a leading consumer brand in the USD 8 billion weight management nutrition market, an adjacency to the Glanbia Performance Nutrition brand portfolio. SlimFast is an established and enduring brand and, along with nutritional supplements brands "Healthy Delights" and "Nu-Therapy", complements our existing portfolio targeting lifestyle consumers. It plays to global consumer trends focused on convenient formats and snacking. The transaction is in line with our strategic ambition to extend the reach of our Glanbia Performance Nutrition portfolio to related consumer needs."

It is anticipated that the Transaction will close before the end of 2018 subject to the customary completion conditions, agreed closing accounts and regulatory approval. Final consideration will be dependent on the value of actual working capital at completion; there is no other deferred component to the consideration. The Transaction will be fully financed by Glanbia's available banking facilities and it is expected to be accretive to earnings per share from 2019 onwards.

About SlimFast

For more than 40 years, SlimFast has pioneered a range of products in the weight management and health & wellness sector. SlimFast has a strong position in formats including ready to drink (RTD) and ready to mix (RTM) powder products as well as a new 'Advanced Nutrition' range which includes high-protein, high fibre, gluten free meal replacement shakes and smoothies. Also included in the Transaction are a number of nutritional supplement brands such as "Healthy Delights" and "Nu-Therapy".