Oberthur's owner 21 Centrale Partners appoints UBS to seek buyer - report
PE firm 21 Centrale Partners is said to have appointed M&A advisor UBS to advise it on the sale of its majority stake in the French stationery manufacturer Oberthur, news portal Capital Finance reported. The report credited an unidentified source as saying that the first round of auction is expected at the end of 2Q18.
Oberthur expects EUR 50m turnover this year, the report mentioned. It was valued at EUR 80m in 2012 when taken over by 21 Centrale Partners, via its 21 Centrale Partners IV fund.
*ORANGE WON'T BID 'DIRECTLY' FOR FRENCH SOCCER TV RIGHTS: CEO
*ORANGE CEO: NO TIE UP W/ BOUYGUES TELECOM IN SHORT TERM
*ORANGE CEO: NO MNA TALKS WITH VIVENDI
Whitney Tilson to Close Kase Capital Hedge Fund
Tilson’s firm had managed $180 million at its peak in 2010
Whitney Tilson is closing his hedge fund, the latest high-profile investor to close shop amid an extended period of disappointing returns for the industry.
Mr. Tilson, 50 years old, shared his decision with clients on Sunday, according to people close to the matter. His firm, Kase Capital Management LLC, has lost about 8% so far this year, compared with a gain of 13.7% for the S&P 500, including dividends. Mr. Tilson manages about $50 million, down from a peak of $180 million in 2010.
While he ran a relatively small fund, Mr. Tilson was a well-known hedge-fund manager thanks to television and conference appearances, as well as books and regular writing about investing and other topics. Late last year, Mr. Tilson was the subject of strident criticism from Sen. Elizabeth Warren. Mr. Tilson had expressed public support of some of President Donald Trump’s cabinet and other appointments from the banking world, even though Mr. Tilson is a lifelong Democrat who voted for Hillary Clinton.
ChemChina’s USD 44bn Syngenta acquisition will not be aided by Beijing, SASAC head says
28 SEP 2017
Beijing will not lend money to prop up ChemChina's USD 44bn acquisition of Syngenta, nor will it directly intervene in Syngenta's dispute with US farmers and grain traders, a FT report quoted Xiao Yaqing, the head of the State Assets Supervision and Administration Commission (Sasac).
Xiao Yaqing made the comments after Syngenta failed to complete a USD 7bn bond sale due to the dispute and the bond was designed to refinance a USD 6.5bn bridge loan backing the acquisition.
The official was confident that the companies, although both heavily leveraged, have the refinancing ability, adding that "ChemChina's results last year were not bad", the report said.
S&P which rates Syngenta at BBB- in an August report said that the ratings could be even lower, should the SASAC not give any financial support “timely and full manner”, the report added.
At last, in response to rumors about potential merger of ChemChina and Sinochem, the top official of the SASAC said that he is not aware of it.