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Bpifrance has acquired a 2% stake in Opella, a Sanofi subsidiary, for between 100 and 150 million euros, aiming to maintain influence despite lacking blocking power on the Board of Directors. The French government has secured guarantees for the preservation of production sites and R&D in France amid concerns over nationalization proposals. Bpifrance"s CEO argues against nationalization, warning it could lead to broader implications for the French chemical industry.
The EU has established a €90 billion investors club to address the technology funding gap, with 71 investors including Atomico, EQT, and state-backed entities like Bpifrance and Invest-NL. A recent report highlights Europe's struggle to scale tech compared to the U.S. and China, marking it as a significant long-term challenge.
Paris has imposed strict penalties on Opella, a paracetamol manufacturer, to ensure it maintains production and jobs in France following its acquisition by US firm CD&R. The agreement includes a €40 million penalty for halting production at key factories and a €100 million fine for not sourcing paracetamol ingredients from a future French facility. The French government will also invest up to €150 million in Opella to secure oversight of its operations.
The DAX 40 is eyeing the 20,000 points mark as the reporting season unfolds, with key German companies like SAP, Deutsche Bank, and Porsche set to release quarterly figures. German producer prices have dropped more than expected, potentially influencing ECB interest rate decisions, while U.S. economic indicators, including the "Beige Book," will also be closely monitored. Geopolitical tensions and upcoming speeches from Fed members add to the market's volatility this week.
UBS has reduced its price target for Brenntag from 85 to 80 euros while maintaining a "Buy" rating. Analyst Rory McKenzie noted a lack of near-term growth acceleration in the industrial and business services segment, leading to significantly lowered estimates for the chemicals trader. Despite this, Brenntag shares remain comparatively undervalued.
UBS AG has maintained a "Buy" rating for Brenntag SE but reduced its price target from 85 to 80 euros, citing a lack of near-term growth in the industrial and business services segment. The share price rose 0.4% to EUR 64.52, indicating a potential upside of 23.99% relative to the new target. Brenntag SE's shares have fallen 17.8% over the year, with Q3 2024 results expected on November 12, 2024.
American Express has acquired UBS's 50% stake in Swisscard, making it the sole owner. Cardholders will see no changes, as Swisscard will continue to issue cards under American Express, Mastercard, and Visa. UBS remains committed to its credit card business, planning to offer its own range of credit cards to former Credit Suisse clients.
UBS is fully exiting its stake in Swisscard, selling its 50% share to American Express, which will now be the sole owner. Credit card holders will see no immediate changes, as Swisscard continues to operate under existing licenses. UBS remains committed to its credit card business, planning to offer its own range of cards to former Credit Suisse clients.
UBS is divesting its 50% stake in Swisscard, a credit card issuer, to American Express, which will now fully own the joint venture. This transition will not affect Credit Suisse credit card customers, as UBS plans to continue offering its own credit card services. Swisscard will maintain its operations under the licenses of American Express, Mastercard, and Visa.
The French government has secured strong guarantees in the sale of a 50% stake in Opella, producer of Doliprane, to American investment fund CD & R, which aims to enhance growth. The agreement includes a €70 million investment in France, job protection, and penalties for production stoppages. Sanofi retains a 48% stake, ensuring continued involvement in Opella's operations.
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Bpifrance acquires stake in Opella amid concerns over nationalization and influence
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11:05 21.10.2024
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