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Pierer Industrie AG is working to extend the maturity of nearly €250 million in debt due to financial challenges at its KTM motorcycle unit. The company, led by entrepreneur Stefan Pierer, has begun a restructuring process aimed at preventing creditors from demanding early repayment, without reducing their claims.
Quikrete Holdings Inc. has secured a $9.2 billion debt package to finance its acquisition of Summit Materials Inc., marking a significant return of large-scale buyouts. This financing, one of the largest since the Federal Reserve began raising interest rates in 2022, includes up to $6.7 billion in bridge financing from Wells Fargo & Co.
Andrea Orcel, CEO of UniCredit, is pursuing a €10 billion bid for Banco BPM while his plans for Commerzbank remain on hold. This strategic move focuses on consolidating within Italy, where banking profitability is higher, though Orcel may need to raise his offer. Meanwhile, Commerzbank's CEO, Bettina Orlopp, has the opportunity to strengthen her case for the bank's independent growth.
Creditors have recovered approximately Rs 3.55 lakh crore through the resolution of 1,068 cases under the insolvency law as of September. The Minister of State for Corporate Affairs reported that 1,963 Corporate Insolvency Resolution Process (CIRP) cases are ongoing, with 1,388 exceeding the 270-day time limit. The recovery is influenced by market conditions and asset quality at the time of resolution.
The total amount in inoperative Employees' Provident Fund (EPF) accounts surged over fivefold to Rs 8,505.23 crore in FY 2023-24, up from Rs 1,638.37 crore in FY 2018-19. As of 2023-24, there are 21,55,387 inoperative accounts, compared to 6,91,774 in 2018-19. The Minister of State clarified that there are no unclaimed accounts in the EPF scheme.
Citi is positioning its wealth management division as a crucial element of its growth strategy, yet faces challenges with outdated technology that has frustrated ultra-rich clients. In response, two Dallas-based tech executives are working to address these issues, promising significant improvements over the next two years with an investment exceeding $1 billion.
UniCredit SpA's unexpected €10 billion all-share bid for Banco BPM SpA has thrown Prime Minister Giorgia Meloni's government into disarray, raising questions about the viability of plans to establish Italy's third major banking group. Officials are puzzled by CEO Andrea Orcel's motives behind the surprise move.
Marine Le Pen, leader of the National Rally, has intensified her threat to topple the French government over the 2025 budget, following discussions with Prime Minister Michel Barnier. She emphasized her party's firm stance on the budget, warning that she would support a no-confidence motion if the current proposal is pushed through. This political tension is contributing to rising risk levels in bond markets.
UPI transactions surged 34.5% in value to Rs 122 lakh crore during April-September, with a volume increase of 46% to 8,566.52 crore, as reported by Minister of State for Finance Pankaj Chaudhary. However, 6.32 lakh fraud cases valued at Rs 485 crore were recorded, prompting the government and financial institutions to implement measures like device binding, two-factor authentication, and AI-based fraud monitoring to enhance security.
Chinese developer Jinke Properties Group Co. plans to unveil its court-supervised onshore debt restructuring in the coming weeks, marking a significant move amid the ongoing property crisis. The proposal includes cash payments of up to 50,000 yuan ($6,902.80) to bondholders, with the remaining debt to be addressed through options like a debt-to-equity swap and a trust product.
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