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Exclusive: Thyssenkrupp Opens Books in Sale of Plant-Building Unit | Investing News

October 10, 2020

By Christoph Steitz and Tom Käckenhoff

ESSEN, Germany (Reuters) – Thyssenkrupp has begun due diligence with potential bidders for its plant division as the German conglomerate accelerates a radical overhaul to sell or turn around ailing business units in the next two years, a top executive told Reuters.

In his first interview, Volkmar Dinstuhl, who oversees the divestment of non-core assets, said the company has opened the books to buyers of its plant-building units and received expressions of interest for its stainless steel division.

Thyssenkrupp

is also open to considering offers for its automotive and remaining industrial assets, said Dinstuhl, who heads up the group’s Multi-Tracks division, which houses businesses Thyssenkrupp no longer wants to own.

“Our goal is to find a solution for all our businesses within the next two years,” said Dinstuhl, the first time Thyssenkrupp has outlined a timeline for restructuring.

The Essen, Germany-based company, which makes

Citadel Securities to buy NYSE market-making unit of rival IMC Financial Markets

October 9, 2020

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Electronic trading giant Citadel Securities will bolster its already huge presence at the New York Stock Exchange by buying the NYSE market-making business of smaller rival IMC Financial Markets, the companies said.

The deal would solidify Citadel Securities’ status as the largest designated market maker at the exchange. DMM firms are tasked with ensuring orderly trading of stocks listed on the NYSE. They gain certain trading privileges in return, and their blue-jacketed traders occupy a prominent position in the center of the exchange’s historic trading floor.

The deal is subject to approval by the NYSE. If it is completed, Citadel Securities would oversee trading for more than half of the securities listed on the exchange. It would also reduce the number of DMM firms at the Big Board to three from four, potentially raising concerns that the DMM business is becoming overly concentrated.

IMC, a global trading firm based in

Citadel Securities to Buy NYSE Market-Making Unit of Smaller Rival IMC

October 8, 2020

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Electronic trading giant Citadel Securities will bolster its already huge presence at the New York Stock Exchange by buying the NYSE market-making business of smaller rival IMC Financial Markets, the companies said.

The deal would solidify Citadel Securities’ status as the largest designated market maker at the exchange. DMM firms are tasked with ensuring orderly trading of stocks listed on the NYSE. They gain certain trading privileges in return, and their blue-jacketed traders occupy a prominent position in the center of the exchange’s historic trading floor.

The deal is subject to approval by the NYSE. If it is completed, Citadel Securities would oversee trading for more than half of the securities listed on the exchange. It would also reduce the number of DMM firms at the Big Board to three from four, potentially raising concerns that the DMM business is becoming overly concentrated.

The Wall Street Journal first reported the

Lufthansa’s Swiss Unit Plans 1,000 Job Cuts Over Two Years Through Attrition | Investing News

October 3, 2020

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VIENNA (Reuters) – Lufthansa

unit Swiss International Air Lines plans to cut roughly 1,000 jobs over the next two years through voluntary measures rather than layoffs, its outgoing Chief Executive Thomas Kluehr said in remarks published on Saturday.

The Swiss government has granted the airline more than 1 billion euros ($1.17 billion) in loan guarantees to help it cope with the collapse in air travel due to the pandemic. Like many of its peers it decided to shrink its staff and fleet.

“We are initially relying on three socially acceptable measures: a hiring freeze, part-time models with salary reductions, and early retirement,” Kluehr told newspaper Schweiz am Wochenende, adding that based on staff fluctuations in recent years it should be possible to cut 1,000 jobs without layoffs.

Swiss and Edelweiss Air, a much smaller sister airline, have 10,475 employees, according to the Lufthansa Group’s second-quarter financial report https://investor-relations.lufthansagroup.com/fileadmin/downloads/en/financial-reports/interims-reports/LH-QR-2020-2-e.pdf. Swiss has

Uber Sells Stake in Freight Unit to Private Investors

October 2, 2020

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Uber Technologies Inc.

is selling a stake in its Uber Freight truck brokerage arm for $500 million to investors in a funding round led by Greenbriar Equity Group LP, pumping fresh cash into a business that has been growing rapidly while also losing money at a fast clip.

The planned investment comes as the coronavirus pandemic has hammered Uber’s core ride-hailing business, prompting the company to slash jobs and re-evaluate cash-burning businesses such as Freight, which accounts for a small portion of Uber’s overall revenue.

The new investors are coming in through what Uber Freight says is a Series A preferred stock financing. The investment values the business at $3.3 billion after the funding round.

Two managing partners at Greenbriar, a Rye, N.Y.-based midmarket private-equity firm focused on logistics and transportation, will join Uber Freight’s board of directors as part of the deal, which Uber said was expected to close

China Evergrande rises 17.9% after deal with Hengda investors, unit applies listing

September 30, 2020

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Updates stock price, adds units listing plans

HONG KONG, Sept 30 (Reuters) – Shares of China Evergrande Group 3333.HK rose as much as 17.9% after the property developer reached a deal with some investors in its unit Hengda Real Estate to ease cash-crunch concerns.

The shares rose as high as to HK$19.46 ($2.51), the highest since Aug. 21, and ranked the fifth most actively traded by turnover in morning trading.

China second-biggest property developer by sales reached a deal on Tuesday in which investors holding 86.3 billion yuan ($12.66 billion) of Hengda agreed not to ask the debt-laden property developer to repurchase their holdings.

The Guangzhou-based developer also said its property-management services unit, Evergrande Property Services Group Ltd, has submitted an application for a listing on the Hong Kong bourse. Reuters publication IFR had reported the float would raise $2 billion.

The statement came days after the

Japan’s NTT launches $40 billion buyout of wireless unit Docomo

September 29, 2020

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© Reuters/ISSEI KATO
The logo of NTT is didplayed at a building in Tokyo

By Sam Nussey and Makiko Yamazaki

TOKYO (Reuters) – Japan’s state-backed Nippon Telegraph and Telephone Corp (NTT) said it will take its wireless carrier business private in a deal worth 4.25 trillion yen ($40 billion) and which could spark a period of mobile price cuts.

FILE PHOTO: The logo of NTT Docomo is seen during its flagship shop's reopening event in Tokyo

© Reuters/TORU HANAI
FILE PHOTO: The logo of NTT Docomo is seen during its flagship shop’s reopening event in Tokyo

NTT will launch a tender offer for the 34% of NTT Docomo Inc stock that it does not own, the firm said in a statement. The telecoms firm will offer 3,900 yen per share – a premium of 40.5% to Monday’s closing price.

The buyout comes as new prime minister Yoshihide Suga calls on wireless carriers to lower prices, with the government hoping resultant savings will stimulate consumer spending elsewhere in

NTT to Take Mobile Unit Docomo Private for $38 Billion

September 29, 2020

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(Bloomberg) — The board of NTT Docomo Inc. is holding a meeting Tuesday to discuss Nippon Telegraph & Telephone Corp.’s plans to turn its wireless carrier unit into a wholly owned subsidiary, a move that may help Prime Minister Yoshihide Suga’s push to lower phone tariffs.

a group of people standing next to a sign: Pedestrians cross a road in front of an NTT Docomo Inc. store in Tokyo, Japan, on Wednesday, April 24, 2019. Docomo this month cut prices on its mobile phone data plans, some by as much as 40 percent, responding to government pressure to reduce prices that it says are among the world's highest.

© Bloomberg
Pedestrians cross a road in front of an NTT Docomo Inc. store in Tokyo, Japan, on Wednesday, April 24, 2019. Docomo this month cut prices on its mobile phone data plans, some by as much as 40 percent, responding to government pressure to reduce prices that it says are among the world’s highest.

The buyout could be worth as much as 4 trillion yen ($38 billion), based on a 30% premium to Monday’s closing price in Tokyo, the Nikkei newspaper reported earlier. Given that parent NTT already controls 66% of the wireless carrier, any proposal is all but guaranteed to pass. The

Japan’s NTT eyes taking wireless unit Docomo private in potential $38 billion offer

September 29, 2020

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By Sam Nussey and Makiko Yamazaki

TOKYO (Reuters) – Japan’s Nippon Telegraph and Telephone Corp (NTT) said it is looking at taking full control of its wireless carrier business in a deal that could be worth around 4 trillion yen ($38 billion) and pave the way for price cuts in the sector.

The buyout will be discussed at a board meeting on Tuesday, NTT said in a statement following a Nikkei newspaper report on the matter. The value of the 34% of NTT Docomo Inc’s shares not owned by NTT is based on a 30% premium to Monday’s closing price, Reuters calculations showed.

FILE PHOTO: The logo of NTT Docomo is seen during its flagship shop's reopening event in Tokyo

© Reuters/TORU HANAI
FILE PHOTO: The logo of NTT Docomo is seen during its flagship shop’s reopening event in Tokyo

The move comes as Japan’s new prime minister Yoshihide Suga launches a fresh

Siemens’ Energy Unit Spinoff Lags Expectations In Market Debut

September 28, 2020

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German industrial giant Siemens on Monday spun off its energy division, with a below-expectations valuation of 16 billion euros, in one of the largest stock market debuts in Europe this year.

Shares in Siemens Energy traded at 22.01 euros ($23.27) at open, before sliding back to 21.68 euros at 0834 GMT.

The valuation lagged expectations, with analysts having predicted the new company’s market cap to reach between 17 billion and 24 billion euros. In March, Siemens said the energy unit had equity of about 17.3 billion euros.

“As an independent company, we now have the entrepreneurial flexibility we need to help shape the global transformation of the energy markets in a sustainable and economically successful manner,” said Siemens Energy’s chief executive Christian Bruch.

Despite the coronavirus pandemic upending business plans worldwide, Siemens pressed ahead with the spinoff first announced in May 2019.

Siemens Energy, with its oil and gas, turbines,