TheChek News Flow

Alibaba said in its annual filing with the Securities and Exchange Commission on Wednesday that it had provided the agency with documents and information about its policies for consolidating affiliated companies and its practices for related-party transactions.

It also said it had provided information about how it reports data about Singles Day, China’s e-commerce holiday in November in which Alibaba widely trumpets the total amount of goods its vendors sell on its sites.

Alibaba added that it was voluntarily cooperating with the commission and that the investigation was not an indication that it had violated any law.

It is unclear whether the investigation will have any impact on Alibaba. Asked for comment, a spokeswoman for the company reiterated its statement to the commission.

Alibaba’s share price has stabilized in recent months. Its stock soared after its initial public offering in New York, only to fall back below the price of the first day of trading over investor concerns about missed earnings targets, China’s slowing economic growth and Alibaba’s investments, whether in Chinese food-delivery services or movie production. Last year, the company named a new chief executive.

In the most recent quarter, the company had strong revenue growth despite the broader worries about China’s slowdown.

The focus of the commission’s investigation appears to be similar to concerns voiced last year by some short-sellers and by Pacific Square Research, a research firm. In particular, Pacific Square had raised questions about whether Alibaba should consolidate its logistics affiliate, Cainiao Smart Logistics Network. Alibaba has a 47 percent stake in the company.

In the filing, which was submitted on Tuesday in the United States, Alibaba said it provided information to the commission about its accounting for Cainiao.

The French government is weighing up a sale of its stake in Peugeot owner PSA Group to help fund a €3bn aid package for energy group EDF, which is building the controversial Hinkley Point nuclear project in the UK.

People close to the situation have told the Financial Times that the state’s shareholding in the carmaker is a candidate for a sale or partial sale, as part of a wider review of the government’s corporate holdings.

The government needs to raise billions after promising last month that it would provide three-quarters of the €4bn that EDF is seeking in a capital raising. It has already promised to participate in a €5bn capital raising for Areva, the troubled French nuclear reactor maker.

Through its holding company APE, the government currently owns more than €60bn-worth of assets and has investments in 14 listed French groups and is looking for ways they can be used to raise money.

Selling its PSA Group stake is a possibility because the investment is considered “non strategic”, according to one person close to the situation — although other options are also being considered.

France bought a 14 per cent stake in the Peugeot and Citroën brand owner for €800m in February 2014, as part of a deal to bail out the struggling carmaker. Chinese carmaker Dongfeng bought the same amount.

Since then, the French government has seen the value of its stake nearly double as PSA Group has made remarkable recovery, helped by cost-cutting and a strengthening European automotive market.

Economy minister Emmanuel Macron previously said that the state “will not stay forever in the capital” of PSA Group, and highlighted how successful the operation has been for the state.

But one person close to the situation noted that the Dongfeng stake in PSA Group made a sale or partial sale by the French government more complicated. Its 14 per cent stake was taken, in part, to balance out the influence of the Chinese partner.

Other ways to raise money for the French nuclear industry are already being pursued by the government.

Sales of the airports in Nice and Lyon have already been announced, and two people close to the talks said the government is hoping to raise between €1.5bn and €1.8bn from the two.

Last month, Mr Macron said there would be “other operations” by the state, in addition to the airports deals, to find the €3bn for EDF.

According to some of the people involved, options include a sale of some of the government’s shares in Renault, the carmaker in which it holds a nearly 20 per cent stake. It has not yet disposed of the extra 5 per cent it bought last year, for €1.2bn.

EDF, which has a stretched balance sheet with €37bn in net debt, needs money to pay for a range of costly investments, including the £18bn Hinkley Point nuclear project in the UK.

It also has an estimated €55bn bill in the coming decade just to increase the lifespan of France’s 58 nuclear power stations from 40 years to 50 years.

FRANKFURT-- Stada Arzneimittel AG has been holding informal talks with private equity firm CVC Capital Partners over a potential buyout that could value the Germany generic drug maker at roughly EUR3.7 billion ($4.1 billion), people familiar with the matter said.

The talks come at a time when Stada finds itself under pressure from a German activist investor who is pushing for a wide-ranging overhaul, as well as other investors who are increasingly frustrated with management.

Stada's management around Chief Executive Hartmut Retzlaff held an initial meetings with CVC Capital Partners, people familiar with the matter said, adding there is no guarantee a deal will take place. Other private equity firms have also reached out to Stada's management but it is unclear whether meetings have taken place yet.

Spokespeople for CVC and Stada declined to comment.

If valued like in line with recent transactions in the sector, Stada could be worth around EUR3.7 billion excluding debt, or up to roughly EUR60 per share. Financial sources say the high end of that valuation looks ambitious, however, for example because of Stada's exposure to Russia.