IPO is the next best option as five banks find it difficult to find buyers for their businesses. Five British banks would be looking to float their stocks in the market.
Europe
Banco Sabadell puchases Lloyd's Spanish retail and private banking business
Banco Sabadell purchases Lloyd's Spanish retail and private banking operations. A GBP 250 million loss was taken by Lloyds on its sale of its loss making investment in Spanish banking to Banco Sabadell.
Bertelsmann to Sell RTL Shares on Schedule
Bertelsmann to sell RTL shares from April 18 to 29 before the April 30 trading day. Bertelsmann, the media conglomerate from Germany, has tightened the price range for its placement of shares in the RTL Group between Eur54 and Eur56.
Mirabaud & Cie Opens M&A Unit
Mirabaud & Cie Opens M&A unit in preparation for the market rebound. The Swiss private wealth manager and fund broker Mirabaud & Cie is opening up a mergers and acquisitions advisory group.
Rentokil Divests City Link for 1 British Pound
Rentokil sells City Link for a ceremonial 1 British Pound to Better Capital Investment Fund. Rentokil Initial Plc share values increased tthe highest in two years after its disposal of City Link Express delivery business.
Latest News
Bafin, the German financial markets watchdog, clears German Bank directors of any wrongdoing. Bafin, the German financial market regulator, have not come up with any proof that the directors of the German Bank are behind the manipulation of the standard interest rates, according to a top official of Bafin that the Wall Street Journal Deutschland had spoken with over the weekend.
According to an anonymous source relayed to an Italian newspaper reported by Reuters, Telecom Italia would retain its stock on the fixed line network to prevent any takeover by Hutchison Whampoa.
Judge Ugo Bellini finds no evidence of fraud nor urgency to deem the issuance of a seizure order. An Italian magistrate has thrown out a request to issue an order to seize nearly Eur1.
The European Commission receives subsidy complaint against China for illegal subsidies on solar glass sold in the EU market.
Telenor ASA purchases HTO's Bulgarian mobile unit. The biggest telecommunications operator in the Nordic region Telenor ASA has entered into an agreement to purchase Hellenic Telecommunications Organization SA's Bulgarian mobile subsidirary for Eur717 million or US$934 million.
BFA earmarks Eur275 million shares for Bankia. Reuters reported today that BFA, the Spanish state owned banking group, has committed that it will spend up to Eur275 million or US$358 million on the acquisition of new shares to be released by subsidiary lender Bankia by May of this year.
Zurich Insurance Chairman Josef Ackermann says that the insurer is withdrawing from biddings as the focus is on profit growth and not volume expansion.
Greek Finance Minister urged the legislative body to pass the reform measures required as a precondition to the release of the Eur2.8 billion tranche of bailout funds for the country.
Ageas issues Eur1.00 per share extraordinary dividend due to sale of RPI portfolio and BNP Paribas call option.
