Telecom Italia still is in the process of determining the pursuit of the fixed line spinoff plan. Franco Bernabe, Chairman of Telecom Italia announced Thursday that the spin off of the company's fixed line network would take time in its implementation.
Europe
Lloyds Sells Off Bad Loans to Cerberus Global
Lloyds sells of bad property loans to Cerberus Global amounting to GBP325 million. The Lloyds Banking Group has sold off a portfolio of bad property loans to American private equity firm Cerberus Global Investments for the amount of GBP325 million or US$504 million.
Investors Back Away from Sunday People
Discussions with investors for Sunday People have bogged down without any final agreement. Talks with investors to purchase Sunday People from Trinity Mirror ended, thus shelving plans to make the British tabloid into a new look newspaper.
Marfin Investment Group Issues Bond
Greece's Marfin Investment Group is set to raise funds through a convertible bond issue in two tranches.
ENI Divests Interests in Snam
ENI sells off shares in Snam. ENI, the Italian oil conglomerate, is in the process of divesting its shareholdings over its gas transportation company Snam last Thursday.
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Mediobanca on its own is performing well but is now burdened by the bad deals from insurer Generali.
OMERS acquires Civica from 3i for GBP390 million. The Ontario Municipal Employees Retirement System's private equity investment unit OMERS Private Equity has completed the purchase of Civica from private equity firm 3i.
Additional financing was obtained by FoodPanda for its delivery services. The Berlin based online food delivery business, Foodpanda, was able to obtain a US$20 million additional funding as reported by Reuters.
ING is now divesting assets and undertaking cost cutting measures in order to comply with bailout requirements.
Katara Hospitality is set to acquire an unnamed hotel in London. Katara Hospitality of Qatar is nearing the completion of the acquisition of its first hotel property in London.
Statkraft AS sells interest in German power producer EON SE. The biggest utility company in Norway, Statkraft AS has sold off its 4. 2% shareholdings in EON SE, the largest power producer in Germany.
Reconstituted tobacco leaf related companies from Norway's portfolio fund. The sovereign wealth fund of Norway, which is also the world's largest, has excluded Schweitzer-Mauduit International Inc and Huabao International Holdings Ltd from its corporate portfolio due to their involvement with tobacco production.
Ivan Menezes replaces Paul Walsh as the new CEO of Diageo. The globe's largest spirits distiller, Diageo, has announced that Ivan Menezes would become the new Chief Executive Officer of the company replacing Paul Walsh.
Portugal bond sale met with high demand as For the first time since the bailout of 2011, Portugal sold ten year bonds. This is a clear manifestation as to the untiring efforts to restore investor confidence in the recovering economy of the country through the hard fought implementation of austerity policies.
