She estimated that the divestments would cover about 350,000 members.
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Organic sales growth excludes the impact of acquisitions and divestments.
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It would mark one of its largest divestments from China.
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Some divestments have been known to directly benefit the state.
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TDC has no plans for further divestments, a spokeswoman said.
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The timing of the coming divestments is as yet unclear.
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Sometimes the shift from public to private dominance occurs through divestments.
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Early divestments from the fund seem to have worked well, however.
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In theory outside shareholders could push for changes, for example divestments.
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Young said the timing of future divestments was up to BHP.
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"To date, the company has more than $303 billion in completed, announced or in progress divestments, on track to meet its target of $30 billion of divestments between 2016 and 2018," Shell said in a statement.
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At Friday's event, Castello Branco said he believes the TAG deal will be among the divestments completed by the end of April, bringing Petrobras' total divestments in the first four months of 2019 to some $10 billion.
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Underlying sales, which exclude currency moves, acquisitions and divestments, rose 4.2 percent.
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We believe it has various strategic options to achieve this, including divestments.
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This person said the overall divestments would be less than $500 million.
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Bayer is making these divestments to have its merger with Monsanto approved.
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Regulators have required some divestments as a condition for approving the acquisition.
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The divestments are all contingent on the Anheuser-Busch-SABMiller merger closing.
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Klepierre said net divestments in 2015 would only hit 2016 results slightly.
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The divestments would take place gradually and over time, the ministry said.
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Brazil's Supreme Court will debate the suspension of Petrobras divestments on Thursday.
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Petrobras has already signed deals for about $12.8 billion of divestments this year.
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UBS and Bank of America Merrill Lynch are advising Origin on those divestments.
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But neither separate listings nor divestments are currently part of management's public plans.
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And Mr. Hancock did not entirely slam the door shut on further divestments.
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Regulators have required some divestments as a condition for approving the Syngenta deal.
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It is the latest in a series of divestments pursued by Wells Fargo.
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Like-for-like sales, stripping out currency moves, acquisitions and divestments, climbed 6.4%.
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He is based in London, where he advises on acquisitions, mergers and divestments.
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It was not immediately clear how Bunge's latest acquisitions could affect potential divestments.
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"That causes a delay, but does not make the divestments impossible," he said.
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Improved margins offset a drop in sales linked to recent divestments, LDC added.
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Part of the new investments in Brazil will be funded with divestments in India.
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What would the consequences be if she did not agree to divestments and disclosures?
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This month, IAG said it expected a "potential inflow" of capital from Asian divestments.
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He also urged more divestments on top of what the company has already pledged.
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The A$2.85 billion sale followed a series of non-core divestments across Asia.
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Underlying production rose by 2 percent in the first quarter, after adjusting for divestments.
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Cemig, as the company is known, has been pursuing divestments to pay down debts.
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Benyan said any divestments would most likely happen in Asia and the United States.
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The divestments are a reminder of another cost of doing business in Nigeria - corruption.
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Unlike previous oilfield divestments by Petrobras, the Garoupa sale has no non-binding phase.
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Unlike previous oilfield divestments by Petrobras, the Garoupa sale has no non-binding phase.
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Organic profit growth excludes the impact on profit from acquisitions, divestments and foreign exchange.
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GMB said its members were concerned that the debt pile could lead to further divestments.
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Many buyout firms are flush with cash after recent divestments and amid cheap borrowing costs.
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Seven of the eight domestic listings on the Uganda Securities Exchange came from government divestments.
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If the merger is threatening the competitive environment, they may offer divestments to facilitate competition.
|
|
"My understanding is that [divestments] are very minor," another source close to the deal said.
|
|
Total underlying sales - which exclude currency moves, acquisitions and divestments - rose 3 percent last year.
|
|
"While nothing is for sale at the moment divestments are a potential lever," Kullmann said.
|
|
Gains on divestments increased to 9.9 billion ringgit compared with 1.4 billion ringgit in 2018.
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As discussions are still ongoing, BNDES may start divestments only next year, the sources added.
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As discussions are still ongoing, BNDES may start divestments only next year, the sources added.
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Prior to Takeda's approach, Shire was already considering divestments and a split in its operations.
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The fund has previously said that any divestments would take place gradually and over time.
|
|
Like other recent drug divestments, the Zomig agreement does not impact AstraZeneca's financial guidance for 2017.
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It also argues that the firm needs autonomy regarding certain divestments in order to remain competitive.
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To date, most divestments have tended to be from companies mining coal, the dirtiest energy source.
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|
It saw S$29 billion in new investments last year, versus S$16 billion in divestments.
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Under Petrobras' divestments rules, however, it was required to open a final bid on June 5.
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Among Fortress' recent divestments are Florida East Coast Railway and bond fund manager Logan Circle Partners.
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Among its recent divestments are a Sydney office tower and two plots of land in Hong Kong.
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He also eyes a "disinvestment strategy" at industrial group Sulzer that could involve divestments, the paper added.
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The group said the divestments included assets in Italy, Romania, Macedonia, the Czech Republic, Luxembourg and Belgium.
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|
Fortum is looking for acquisitions following its recent 9.3 billion euro power grid divestments in the Nordics.
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" The companies said the CMA's divestments proposal "appears to have been designed to be impossible to implement.
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|
The company added that divestments included the disposal of Ironshore to Liberty Mutual Group for $2.94 billion.
|
|
The proposed divestments include assets in Belgium, Czech Republic, Italy, Luxembourg, Macedonia and Romania, the company said.
|
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Temasek's divestments of S$28 billion outpaced its investments of S$24 billion in the past year.
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Life Insurance Corp (LIC), which typically invests heavily in government divestments, bought the stake, the sources added.
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The divestments shrunk Conoco's reserves by nearly 2 billion barrels of oil equivalent, denting future growth potential.
|
|
Many buyout firms have been flush with cash after recent rounds of divestments and amid cheap borrowing costs.
|
|
The divestments also come amid a broader trend of Australian banks quitting scandal-hit divisions to boost capital.
|
|
Those had helped spark a wave of divestments of cash-intensive wealth management, insurance and financial planning arms.
|
|
That marked a like-for-like rise of 15.4%, excluding the impacts of currency rates, acquisitions and divestments.
|
|
The commodities price plunge of 2015 prompted the company to reverse its strategy to focus on divestments instead.
|
|
Assuming no required material divestments, this could push Syngenta's market position to number two for crop protection products.
|
|
Shammo said the company is considering all kinds of merger and acquisition options, including both purchases and divestments.
|
|
Jenisch said the deals signaled the end of larger divestments and he would now focus on increasing sales.
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|
Rothschild is overseeing the global portfolio reorganization which will result in a string of divestments, the sources said.
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|
However, in January, Brazil's solicitor-general issued an opinion arguing that those divestments could in fact go ahead.
|
|
Petrobras said that the total amount of asset divestments so far this year already amounts to $11.3 billion.
|
|
Linde said that to get clearance for its merger with Praxair further divestments were likely to be required.
|
|
Novartis – Novartis beat estimates with its latest quarterly profit, with divestments contributing to an increase in net income.
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|
Novartis (NVS) beat estimates with its latest quarterly profit, with divestments contributing to an increase in net income.
|
|
Total said it was on track to achieve its target of $5 billion in divestments during 2019 and 2020.
|
|
He also predicted more divestments in food and business to take place as part of the broad portfolio shift.
|
|
According to RongViet Securities, 70 percent of 271 divestments scheduled for 2018 to 2020 will take place this year.
|
|
But they cheered the execution of the divestments, which have brought nearly $13 billion into Petrobras coffers this year.
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|
"We see the required divestments here as smaller than we originally expected, due to the exclusion of seed assets".
|
|
Guimaraes said he wants to proceed with the divestments even if Brazil's pension reform negotiations take longer than expected.
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|
In an analyst presentation last month, Exxon said it would accelerate its divestments to around $15 billion by 2021.
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|
If Trump ever took office, divestments and firewalls would only go so far to guarantee the integrity of POTUS.
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So far this year, Bankia's shares have fallen close to 28%, making further divestments by the state more complicated.
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|
The size of the divestments has prompted worries in some countries where the businesses to be sold are located.
|
|
Cash generation through '20 post-divestments could fall $8B short of shareholder returns, with dividend increase unlikely before '21.
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|
But it needs more time to complete the divestments beyond the end-2018 deadline previously agreed with EU authorities.
|
|
"NBG is preparing a proposal on the time frame it wants to conclude its divestments plan," the banker said.
|
|
So far this year, Bankia stock has fallen close to 28%, making further divestments by the Spanish state more complicated.
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|
The group will communicate new targets latest by August and doesn't plan any divestments over the next years, he said.
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The fund said it used the liquidity-driven market rally earlier in the financial year to step up its divestments.
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|
Trump uses Kanye as a distraction for media nonsense so that his refusal t announce business divestments gets buried. UNREAL.
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Back then, it had also said it would consider further capital management initiatives as it received proceeds of its divestments.
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|
Samantha Peck, spokeswoman for Alberta Energy Minister Sonya Savage, said the government still expects to complete the divestments this fall.
|
|
The company said it expected the divestments to provide estimated cash proceeds of up to S$500 million ($379.19 million).
|
|
But it warned it expects revenue growth to slow further in the first quarter, to 27.8-32.5 percent, excluding divestments.
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|
DIVESTMENTS A first divestment could be OMV's 51% stake in gas pipeline operator Gas Connect Austria to hydropower specialist Verbund .
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While M&A remains uncertain, there is no doubt that several major divestments via share sales will have to wait.
|
|
Linde is now warning that required divestments have reached a level that would allow either party to abandon the deal.
|
|
Dam said one-off gains from divestments and value adjustments had shielded the bank from negative rates up until now.
|
|
LIC, which typically invests heavily in government divestments, also bid in the Bharat Electronics sale, according to Thursday's government statement.
|
|
The companies said in an emailed statement that the proposed divestments would include both Ahold-owned stores and Delhaize-branded outlets.
|
|
Reflecting its cautious stance, Temasek's divestments of S$28 billion outpaced its investments of S$24 billion in the past year.
|
|
That suggests GE could release enormous trapped value through a more ambitious, but thoughtfully sequenced, series of spin-offs and divestments.
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|
Among the targeted divestments is its controlling stake in Sabesp, one of the world's largest sanitation companies serving 28 million people.
|
|
"After an operation like WTS, we needed to restore our debt to EBITDA ratios by doing a few divestments," said Chaussade.
|
|
But it remains unclear when the divestments will give way to share repurchases, and some investors appear to be growing impatient.
|
|
It has also said it earned less money because of divestments over the past decade made for ethical and environmental reasons.
|
|
Petrobras' latest five-year investment plan, unveiled on December 5, seeks to raise close to US$27bn from divestments and partnerships.
|
|
At the time of the NOL takeover, CMA CGM said it aimed to make divestments of $1 billion after reviewing assets.
|
|
The council's chief adviser, Aslak Skancke, said the divestments had already effected wider change, including encouraging companies to seek cleaner scrapping.
|
|
"These divestments are covered by our agreement and the ongoing negotiations with BASF as previously communicated," Bayer said in a statement.
|
|
DKK 47M * DIVESTMENTS ARE EXPECTED TO FREE UP CAPITAL OF DKK 70M Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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The scope for future divestments has increased butin our current base case, we only include the disposal of the spreads business.
|
|
That is substantially more than the system's divestments in firearms ($7 million loss) or in Iran and Sudan ($293 million gain).
|
|
The contents of the final ruling could impact divestments not only by Petrobras, but also by other state-run companies, such as banks Caixa Economica Federal and Banco do Brasil SA. Among the arguments that Petrobras makes in the filing is that a previous presidential decree allows for the kinds of divestments the firm is carrying out.
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Akzo said those divestments would be "value eroding" and were still less than what Akzo thought would be needed to win approval.
|
|
Many investors say Kerkhoff and the non-profit foundation must move to reshape the group's portfolio, including through spin-offs and divestments.
|
|
"Despite significant media attention being given to divestments and moves away from coal, market trends are proving resistant to change," IEA said.
|
|
The company will continue divestments at a rate of $5 billion per year once the target is reached until at least 2020.
|
|
CEO Anders Danielsson however told Reuters the unit had performed as expected and that divestments made in the quarter had good margins.
|
|
Arnaud Lagardere, the principal managing partner of the company, said in November last year assets divestments could be envisaged to boost cashflow.
|
|
A.I.G. has resisted this, but Peter D. Hancock, the president and chief executive, has not closed the door entirely to further divestments.
|
|
To reach that goal, the executives said they would continue with aggressive divestments, such as the multi-billion sale of eight refineries.
|
|
The divestments would boost efforts by Teva, the Israeli pharmaceutical company, to close the deal with Allergan, which is domiciled in Ireland.
|
|
ANZ's sale comes amid a rush of divestments by Australia's biggest banks, under pressure from more stringent capital requirements to slim down.
|
|
It could also intensify interest around the world in the boycott, divestments and sanctions movement (BDS) led by Palestinians to punish Israel.
|
|
It also owns the New York Stock Exchange, meaning EU competition regulators would likely demand divestments before waving any new deal through.
|
|
Privately-held Rovio has struggled in recent years as profits from the Angry Birds franchise dropped, prompting deep job cuts and divestments.
|
|
While shedding businesses with declining profitability could contribute to reaching that goal, the CEO remained non-committal despite repeated questions about divestments.
|
|
The extra cash, along with money from divestments, has helped reduce debt built up from the acquisition of gas producer BG Group.
|
|
It raised nearly C$4 billion from divestments in 2017 and is eyeing further sales from its Deep Basin position this year.
|
|
Following years of falling earnings, job cuts and divestments, Rovio's revenue increased 34 percent in 2016 to 190 million euros ($201 million).
|
|
Buechele said that divestments in the course of the restructuring could include Gist, Linde's UK-based chilled food and beverages distribution business.
|
|
"There is no requirement to pay export duties on concentrates or to conduct further divestments (under the company's existing contract)," Pratama added.
|
|
The sale of the Iberian assets also reflects part of Elliott's demands, although the activist investor proposes divestments of 7.6 billion euros.
|
|
Sime Darby's cash flows will be significantly reduced as a result of the divestments, and earnings volatility is likely to be higher.
|
|
CEZ has said proceeds from divestments would go to reducing debt, investment in the Czech Republic and a special dividend for shareholders.
|
|
The transaction, valued at $54.5 million, is the latest in a series of divestments announced by Petrobras for the 2017-2018 period.
|
|
If successful, the deal will be the first step in Old Mutual's dismantling and pave the way to a string of divestments.
|
|
Gains on divestments grew more than seven times to 9.9 billion ringgit, while impairments shrunk by a third to 13 billion ringgit.
|
|
"These acquisitions will also allow us to turn over our portfolio and may therefore be followed by divestments," Pouyanne told financial paper Investir.
|
|
So [if] you take away RIDs [Revaluations, major impairments and divestments] we made a net operating profit for 2018, [for] the whole year.
|
|
The company announced or finalized divestments of $2.5 billion in 2016, exceeding its previously stated goal by $500 million, according to Guggenheim Securities.
|
|
The government has managed to raise less then a fifth of the roughly $10 billion it had projected in divestments for 2015-2016.
|
|
Ivanka and Kushner will not sell all of their assets, but will make "substantial divestments" from some of their holdings, the lawyers said.
|
|
The growth was driven mainly by fundraising activity and private equity investments, which partly offset divestments in public market holdings in the quarter.
|
|
The move comes as the Amsterdam-listed telecom carriers is conducting a series of divestments to slash its 30 billion euro debt pile.
|
|
In July the company said it expected adjusted organic revenue growth — which strips out acquisitions, divestments and currency moves — of about 3 percent.
|
|
Divestments of non-core assets, some of which are already under way, should also help to pay down debt, Altice said on Tuesday.
|
|
Zeldin also said the U.S. must tackle the Boycotts, Divestments, and Sanctions (BDS) movement and move the American Embassy in Israel to Jerusalem.
|
|
"Despite significant media attention being given to divestments and moves away from coal, market trends are proving resistant to change," the report said.
|
|
Cfius will almost certainly not block the Starwood deal, but it may require divestments of hotels, like Starwood properties near the White House.
|
|
Storebrand said the divestments, announced during negotiations among almost 200 nations on climate change in Germany, totaled 145.6 million Norwegian crowns ($17.69 million).
|
|
These came as most miners were cutting costs and making divestments to repair their balance sheets after a steep decline in commodities prices.
|
|
The firm said divestments for the second quarter were $1.0 billion, highlighting the struggle to find buyers in the current oil price environment.
|
|
Lustosa added that the bank will release new rules about divestments in September that will allow it to sell more stakes in listed companies.
|
|
Takeda Pharmaceutical has been selling assets after the $59 billion purchase of Shire Plc and targets $10 billion in divestments to cut its debt.
|
|
On a comparable basis, it said in a statement, the group solvency ratio rose 13 percentage points, mainly due to divestments and capital generation.
|
|
Despite cost-cutting and divestments, Bunge's share price is 28% below its February peak, even after a 3% jump when the reshuffle became public.
|
|
The plan for divestments comes amid growing concerns about the company's finances after founder and Chairman Ye Jianming was probed for suspected economic crimes.
|
|
The sale, if completed, would be the latest in a series of divestments aimed at slashing debt at the aviation-to-financial services conglomerate.
|
|
India's cabinet last year planned a slew of divestments in state-owned companies, including sales of 10 percent each in Coal India and NALCO.
|
|
Fitch expects the company to reduce its consolidated adjusted gross leverage (excluding banking) towards 7503x in 2018 due to increased EBITDA and asset divestments.
|
|
There is no deadline to finalize the various divestments and some major holdings might be sold individually, depending on investors' appetite, the source said.
|
|
The companies said they had set a "pain threshold" of divestments that regulators could require beyond which a merger would no longer make sense.
|
|
Would the justices determine that Congress's efforts to impose blind trusts on the president and stock divestments on judges also violates separation of powers?
|
|
Deal opponents have asked Cade to block it or force divestments including Monsanto's Intacta RR2 IPRO soy seed technology and Bayer's glufosinate ammonium herbicides.
|
|
Greece has promised to set up an umbrella privatisation agency to speed state asset divestments and help to raise 5.8 billion euros by 2018.
|
|
Bayer will create an agricultural supplies giant with sales of about 20 billion euros, based on 2017 figures, when taking into account the divestments.
|
|
European antitrust regulators might force some divestments in France and Belgium, but either way, this deal will only serve to consolidate EssilorLuxottica's global monopoly.
|
|
The $52 billion Anheuser-Busch InBev merger in 2015 spurred a series of divestments, notably of non-beer activities, such as its theme parks.
|
|
The $52 billion Anheuser-Busch InBev merger in 2015 spurred a series of divestments, notably of non-beer activities, such as its theme parks.
|
|
The company in April presented a plan to sell off eight refineries, in what is likely to be one of its largest ever divestments.
|
|
Teguh Pamuji, secretary general at the mining ministry, said the negotiations would focus on fiscal certainty, taxes and royalties, divestments, and the development of smelters.
|
|
Steel deals doubled to $13.3 billion, mainly comprising large Chinese mergers and divestments in Latin America, while gold transactions fell 34 percent to $7.3 billion.
|
|
Still, Schvartsman said the company was done with major divestments and was generating cash at a fast enough pace to make asset sales less urgent.
|
|
A key factor in DOJ's negotiations is whether the companies' divestments will be enough to spur renewed competition after Sprint is eliminated from the marketplace.
|
|
The $1.5 billion savings targeted within three years are a "pro forma" synergy goal, which excluded the impact of divestments, Johannes Dietsch told the newspaper.
|
|
Any sale of CWT would be the latest in a series of divestments aimed at slashing debt at HNA, an aviation-to-financial services conglomerate.
|
|
In terms of divestments, Benyan said it was looking at selling assets outside of the kingdom, with the Specialties business the most likely area affected.
|
|
As a result of the divestments and cost savings, the company's target of reducing its debt-to-equity ratio to 20 percent was "in sight".
|
|
The deal, part of a series of divestments planned by Australia's biggest casino company to cut debt, also includes loans extended by Crown to CrownBet.
|
|
European utilities are losing billions of euros from gas storage facilities, triggering site closures and divestments in a market suffering from oversupply and weak demand.
|
|
The Swiss company expects organic sales - excluding acquisitions, divestments and currency moves - to increase by a low-teens percentage, down from 123 percent in 212.
|
|
Returns of $7.2 billion from a series of divestments also erased Rio Tinto's net debt, leaving it with a net cash position of $255 million.
|
|
"In the next six to 12 months the biggest driver of the gearing level will be the divestments and the oil price," he told journalists.
|
|
Such divestments, or "externalization" deals, contributed $1.1 billion to revenue last year and that figure is expected to be higher in 2016, the company said.
|
|
Linde reiterated it saw a "pain threshold" of not giving away more than $3.7 billion euros in sales or $1.1 billion in EBITDA in divestments.
|
|
Last year its four business sectors saw revenues rise, financial investments appreciated in value and Mubadala gained from divestments, the company said in a statement.
|
|
ABI will acquire SABM with a combination of debt (approximately USD65bn) and equity (about 42% of the price) but has already agreed USD16.5bn in divestments.
|
|
Investors have long favored divestments to simplify VW's group structure and to strengthen its management's ability to push through structural changes against the unions' wishes.
|
|
Under its current contract, Freeport "is not required to pay export duties on concentrate or to conduct further divestments," Freeport Indonesia spokesman Riza Pratama said.
|
|
Robust Credit Metrics: Key credit ratios have been supported by extraordinary cash inflows from divestments made between 33716 and 33712016 and the low debt level.
|
|
AX) is also considering an IPO of its asset management business - Colonial First State Global Asset Management (CFSGAM) - as part of a series of divestments.
|
|
We are trying to be more profitable and more innovative, to grow faster, and this of course includes portfolio measures such as acquisitions or divestments.
|
|
A sale of CWT would be the latest in a series of divestments aimed at slashing debt at HNA, an aviation-to-financial services conglomerate.
|
|
G.E.'s market capitalization was well over $500 billion in 2000 — now, after multiple losses, write downs and divestments, it is less than $70 billion.
|
|
Known for its prestigious department stores, Stockmann has struggled in recent years due to a consumer shift to online shopping, prompting cost-cuts and divestments.
|
|
"The sale of Greenlit Brands General Merchandise division is a further step in Steinhoff's programme of planned divestments," Louis du Preez, Steinhoff Group CEO said.
|
|
"We don't comment on single companies," said a spokesman for the fund, which has previously said any divestments would take place gradually and over time.
|
|
The ruling was also a positive for other state-run firms such as power company Centrais Eletricas Brasileiras SA , or Eletrobras, which is also eyeing divestments.
|
|
It would also have an impact on other state-run firms such as power company Centrais Eletricas Brasileiras SA, or Eletrobras, which is also eyeing divestments.
|
|
The company said on Thursday it expected adjusted organic revenue growth - which strips out acquisitions, divestments and currency moves - to be "slightly positive" in April-June.
|
|
This is due to healthy revenue growth and stronger margins in the US in spite of large spectrum purchases, stabilisation of domestic EBITDA and modest divestments.
|
|
The proposed divestments would be in addition to the agreed sale of SAB beer brands Peroni, Grolsch and Meantime and their related businesses, AB InBev said.
|
|
Next year, the government has slated 53 state-owned companies to make divestments of stakes to investors and 25 more for broader share sales through IPOs.
|
|
Such divestments are generally frowned upon by Chinese regulators, while Beijing's clampdown on capital outflows is making it tougher to repatriate sale proceeds, according to bankers.
|
|
"The issue is largely a U.S. issue in terms of concern around market data pricing," Schwimmer said, adding that LSE had no plans for any divestments.
|
|
The company also said it was lowering its investment guidance to 1.8 billion reais, down from 2.2 billion due to the fast pace of its divestments.
|
|
Such divestments, or "externalization" deals, contributed $1.1 billion to revenue last year and the company has said the figure is likely to be higher in 2016.
|
|
The divestments are part of a wider overhaul unveiled in November by Bayer Chief Executive Werner Baumann, who is under pressure to boost the share price.
|
|
Rio Tinto on Wednesday beat expectations when it reported its highest annual underlying earnings since 2014 and announced a bumper dividend after a string of divestments.
|
|
GSK has said it is aiming to make divestments worth about 1 billion pounds ($1.3 billion) in 2019/2020, but McNamara declined to comment on them.
|
|
The first is an anti-boycott, divestment and sanctions (BDS) provision that would let states penalize businesses that take part in boycotts or divestments of Israel.
|
|
Total's pre-dividend organic breakeven -- excluding acquisitions and divestments -- is expected below $30 per barrel this year, and should continue to fall to $20 in 2019.
|
|
So far this year, Petrobras had sold $3.9 billion in assets, of a total $15.1 billion target for divestments expected by the end of this year.
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CME has in recent years undergone a programme of restructuring, cost cuts and divestments, backed by cash injections and financing deals from top shareholder Time Warner.
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Petrobras divestments, along with many other contentious economic issues in Brazil, have often been subject to contradictory decisions by high-ranking judicial authorities in recent years.
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Many follow-ons in the pipeline for the coming months also involve divestments by the government or state-owned companies, totaling at least 30 billion reais.
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Capital expenditures are low due to primarily triple-net lease structure and long-term leases; --Annual divestments of between $100 million to 200 million through 2018.
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The ruling was also a positive for other state-run firms such as power company Centrais Eletricas Brasileiras SA, or Eletrobras, which is also eyeing divestments.
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Read told Reuters he would continue to review WPP's portfolio and would give more details on divestments when the firm publishes first-half results on Tuesday.
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The secretary declined to go into specifics about particular divestments of assets, but said that career staff at Treasury had been in ongoing discussions with OGE.
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Elbit already scooped up the night vision business of Harris Corp as a result of divestments ordered as a result of its merger with L3 Technologies.
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The divestment is part of a major scaleback, extended by the group in August to target 5 billion Swiss francs of divestments by the end of 2017.
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VW's Witter said the carmaker will continue to review its portfolio of brands and assets for potential divestments but declined to comment in detail about possible steps.
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Dealmakers say Thais are among those awaiting new offers and drawn-out state divestments, betting on Vietnam's demographics and hedging against political and economic uncertainty back home.
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But after VW's powerful labor unions have repeatedly opposed any such deal, the carmaker's controlling Porsche and Piech clan on Tuesday also withheld its backing for divestments.
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"We remain confident that, with appropriate divestments as offered by BP, this transaction would not substantially lessen competition," BP Australia President Andy Holmes said in a statement.
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"Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year," the company said on Friday.
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Following years of falling earnings, job cuts and divestments, Rovio returned to profit last year as the release of its Angry Birds movie helped boost game sales.
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In other corporate earnings news, Sanofi reported business net income, adjusted to exclude acquisitions and divestments, increased by 4 percent and an 11 percent jump in sales.
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Total revenue fell 4 percent in dollar terms to $5.18 billion, reflecting investment in new drug launches and a lack of divestments compared with a year earlier.
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The European Commission approved the merger on Monday, after Intrum proposed a string of divestments that has sent its share price down 17 percent since May 20143.
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Known for its prestigious department stores, Helsinki-listed Stockmann has struggled in recent years due to a consumer shift to online shopping, prompting cost cuts and divestments.
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Total's pre-dividend organic breakeven point, excluding acquisitions and divestments, is expected below $30 per barrel this year and should continue to fall to $20 in 2019.
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The think-tank also said divestments may not be enough to ensure competition in the market in a letter to the U.S. Federal Trade Commission in January.
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Total revenue, however, was down 4 percent at $5.18 billion, due to investment in new drug launches and a lack of divestments compared with a year earlier.
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The company said last year that it expects the divestments, equivalent to a quarter of its $20 billion in sales, to be mostly complete by September 2016.
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In addition to the BHP acreage acquisition, BP said that once the deal is complete, it's planning $5-6 billion in new divestments to fund share buybacks.
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Mr. Mnuchin in 2017 sold his stake in StormChaser Partners to his then-fiancée, Louise Linton, as part of a series of divestments before becoming Treasury secretary.
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In 2019, the global storage tank operator recorded a total cash inflow of nearly 13 million euros from divestments while building up its gas and chemicals capacity.
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ABB officials have opposed a major break-up of the group's energy and automation businesses but have left open the door for some divestments, the magazine reported.
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Mnuchin sold his film and real estate businesses in 2017 for at least $15 million as part of a string of divestments upon becoming Trump's treasury chief.
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Similarly, the United Church of Christ the year before passed a resolution calling for divestments and boycotts of companies that profit from Israel's occupation of Palestinian territories.
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The shares in KeyCorp, Brighthouse, Allianz and Deutsche Boerse were not disclosed in Otting's March filing, or listed as necessary divestments in his June 23 OGE ethics agreement.
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That includes divestments of stakes in companies such as Brazilian bauxite producer Mineração Rio do Norte, Australian coal project Eagle Downs, and steel firm California Steel Industries Inc.
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The scale of potential divestments is also escalating, with 70 percent of executives polled saying the potential sale would be "large-scale", up from 50 percent in 2018.
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What divestments would be required of her and how would the Office of Government Ethics or other relevant officials determine whether she had complied with these divestment requirements?
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Kraft Heinz now wants to shrink to grow: it plans divestments over the next 18 months to improve its balance sheet so it can make other, big deals.
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This was a like for like rise of 14.7 percent, excluding currency impacts, acquisitions and divestments, with Edenred performing well in spite of tough market conditions in Brazil.
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People familiar with the deal said they did not expect antitrust watchdogs to ask for divestments, for example in the clearing operations, to grant approval for the deal.
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The European Commission said in August that the divestments offered by Bayer so far did not go far enough and started an in-depth investigation of the deal.
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The third, divestments for 51 percent and the fourth is actually investment certainty and the fiscal certainty what is the revenue tax regime that can govern until 2041.
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Those divestments by investors and founding sponsors that have intimate knowledge of the listed businesses have already started to put a dent on stock prices of market bellwethers.
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Those divestments by investors and founding sponsors that have intimate knowledge of the listed businesses have already started to put a dent on stock prices of market bellwethers.
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In a surprise ruling last month, Fachin suspended the TAG sale after a lawsuit by a union, arguing that divestments of subsidiaries by state-run firms required congressional approval.
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The companies said in an emailed statement that the proposed divestments would include both Ahold-owned stores and Delhaize-branded outlets, but did not say how many of each.
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For the plan to work, the EU would have to approve changes to the terms of RBS's government bailout, which included the sale of the branches and other divestments.
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RIO DE JANEIRO, Nov 14 (Reuters) - Brazil's Petroleo Brasileiro SA, the world's most indebted oil company, nearly doubled its fundraising forecast for 2017 but trimmed its target for divestments.
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J&J said it was not revising its earnings forecast higher for the year because certain divestments it previously expected to make this year might be pushed into 24.42.
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Our initial scenario analysis shows that VEON's leverage may remain at or above 2.6x at end-2018 assuming no divestments and no significant changes to the company's operating profile.
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Opponents of the deal have asked Brazil's anti-monopoly watchdog Cade to block it or force divestments including Monsanto's Intacta RR2 IPRO seed technology and Bayer's glufosinate ammonium herbicides.
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On other occasions, an Administration has brought executives into the bureaucracy on a part-time basis, making them so-called Special Government Employees, which requires certain divestments and disclosures.
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He expects 2018/19 underlying sales growth of 3-5 percent, or 2-4 percent after net divestments, and sees EBITA up 6-9 percent, all in local currencies.
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Parente also said the company would maintain its goal of $21 billion in divestments by the end of 2018, despite legal challenges that have hampered the process so far.
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Flybe said it was also exploring a possible move to a standard London Stock Exchange listing, from its current premium listing, saying that would give more flexibility on divestments.
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The Treasury secretary sold his film and real estate businesses in 2017 for at least $15 million as part of a string of divestments to avoid conflicts of interest.
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ProSieben reported soft second-quarter results that reflected those continuing challenges, although they were in line with market expectations, and reflected currency headwinds and the accounting impact of divestments.
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Kril said Elbit was committed to expanding in the United States, and would keep a close eye on any possible divestments ordered by U.S. authorities reviewing the proposed merger.
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Petrobras' divestments are expected to be a major driver of capital markets activity in Brazil this year and many investment banks are eager to get a piece of the action.
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The tweet appeared to criticise a resolution of the Bundestag, Germany's lower house of parliament, which condemned the campaign for boycotts, divestments and sanctions (BDS) against Israel as anti-Semitic.
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Recent drops were due in part to large divestments and foreign multinationals like Royal Dutch Shell selling their stakes in local ventures to their Saudi partners, the UN report said.
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The divestments will allow Philips and Osram to focus on their core businesses and draw a line under businesses they view as having a low growth potential and shrinking margins.
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FRANKFURT Feb 6 (Reuters) - German industrial gases maker Linde said antitrust regulators were asking for more significant divestments linked to its planned merger with Praxair than it had initially expected.
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FRANKFURT, Aug 3 (Reuters) - German publisher Axel Springer on Wednesday cut is 2016 sales outlook as it expects a further decline of circulation revenues and a negative impact of divestments.
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Organic sales growth, which strips out the impact of acquisitions and divestments, slowed to 2% from 4% in the previous quarter and 5% in the same period a year ago.
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According to the latest publicly available government figures, Vietnam had only managed 26 divestments in the first eight months of this year from a 135-long list that was planned.
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If they combined, with no divestments, Qualcomm and Broadcom would control between 50%-60% of the market for Wi-Fi chips and 27% of radio-frequency chips for mobile devices.
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It was the first major fund to do so and those divestments in 2015 prompted other long-term investors to set similar guidelines, including German insurer Allianz later that year.
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The sale should give a boost to downsizing efforts at Petrobras, which hinge on divestments to cut the largest debt burden of any global oil firm, at around $130 billion.
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Once Tuesday's deal is complete, its divestments will total at least $7.7 billion since 2013, including Australian coal assets such as stakes in the Bengalla, Clermont and Mount Pleasant mines.
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Jefferies analyst Laurence Alexander said the companies were likely to get relatively low prices for additional divestments, but put the probability of the deal closing at more than 85 percent.
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The bank's core equity tier-1 capital ratio stood at 16.8 percent, excluding the positive impact from already agreed subsidiary divestments that are expected to be completed early next year.
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When the takeover was proposed Ryanair CEO Michael O'Leary complained the deal would harm competition and said his company would push Britain's market watchdog to force IAG to make divestments.
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Israel's Elbit Systems said the merger could also result in possible acquisition targets that could boost its bid to expand in the United States, if regulators insisted on any divestments.
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FRANKFURT (Reuters) - Bayer's potential synergies from buying U.S. rival Monsanto will be lower than $1.5 billion because of anti-trust divestments, the German company's Chief Financial Officer told Germany's Boersen-Zeitung.
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Ross, who plays a key role in increasingly high-stakes trade talks, says those sales were part of divestments made to work in government and he didn't profit from those transactions.
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Petrobras reaffirmed its goal of $15.1 billion in asset sales for the 2015-2016 period and plans to raise an additional $3.553 billion through divestments and partnerships between 2017 and 2018.
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Somebody who -- effectively a massive pension fund with impact to try to influence the outcomes on a social basis, whether it comes to workers, whether it came to divestments of tobacco.
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"This decision is fundamental for the company to press ahead with its plan for partnerships and divestments, one of the pillars for reaching its target of reducing leverage," the statement said.
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Hansen still expects the EBIT margin to increase slightly compared to the year before and forecasts a free cash flow before acquisitions, divestments and special items of around 175 million euros.
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Divestments including selling or shutting the firm's sugar trading desk, changing shipping arrangements in South America and focusing on grains and oilseeds businesses were all part of that strategy, Schroder said.
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The ditch of the acquisition plan marks the latest blow to HNA Group which lately has done a series of divestments to slash debt at the aviation-to-financial services group.
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The sale, if completed, would be the latest in a series of divestments aimed at slashing debt at the aviation-to-financial services conglomerate that is restructuring its far-flung operations.
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DE dipped 0.6 percent after warning that divestments needed to secure approval for its planned tie-up with Praxair had a size that would allow either party to abandon the deal.
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At the same time, Fitch recognises that GSK has significant financial flexibility and various strategic options including possible divestments, changes in its capital allocation policy and the structuring of potential acquisitions.
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The law was part of a campaign to counter the movement of boycotts, divestments and sanctions, which Israelis overwhelmingly oppose, consider anti-Semitic and view as calling for the country's destruction.
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Petrobras said the reduction was mainly due to divestments it made last year, including the sale of its stakes in the fields Pargo, Carapeba, Vermelho and Maromba, in the Campos basin.
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The move is part of an ongoing process to simplify the company's structure and increase efficiency, following the $50 billion worth of divestments over recent years, BP said in a statement.
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The December injunction, following a lawsuit filed by the opposition Workers Party, raised doubts about the ability of Petrobras, as the company is known, to carry out the divestments as planned.
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The government aims to raise 725 billion rupees ($11.4 billion) through stake sales during the year to March 2018, and has raised about 93 billion rupees from such divestments so far.
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The long-expected agreement ends more than nine months of start-and-stop negotiations between the two companies and hands Uber a much-needed victory after a series of overseas divestments.
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In recent months Nestle has bought into U.S. food delivery business Freshly, Sweet Earth meatless food and Blue Bottle Coffee and Schneider said it would keep identifying opportunities as well making divestments.
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The company later said in a statement after the tribunal hearing that the options could broadly involve significant capital infusion, divestments and debt restructuring at ILFS group, its subsidiaries and asset sales.
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Production was expected to come down by 270,000 boed in 2018 as a result of divestments, including the sale of a North Sea portfolio to Chrysaor and its stake in Woodside Petroleum.
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U.S. aerospace and industrial company United Technologies Corp has won U.S. approval to buy avionics maker Rockwell Collins Inc, as long as it makes certain divestments, the Justice Department said on Monday.
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The result was underpinned by the sale of Boral's stake in brickmaking joint ventures in the United States and Australia, with the company booking A$47.9 million in profit from the divestments.
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The move comes after a $6.3 billion writedown at Westinghouse last month wiped out Toshiba's shareholder equity and caused it to seek divestments to create a buffer for any fresh financial problems.
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The move comes after a $6.3 billion writedown at Westinghouse last month wiped out Toshiba's shareholder equity and caused it to seek divestments to create a buffer for any fresh financial problems.
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The E.U. granted Disney approval earlier this week for its offer to buy Twenty-First Century Fox's entertainment assets, though the regulatory body said Disney would have to make television divestments first.
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Groener, a former executive at Dutch shopping center operator Corio which was bought last year by Klepierre, said gains from divestments would be invested in new malls across Europe, Russia and China.
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In the interview, Tuil reiterated previous statements by Elliott that the activist investor was not seeking a wholesale break-up of Thyssen, though smaller divestments could be on the cards, he said.
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But the legislation has divided Senate Democrats because of an anti-Boycott, Divestment and Sanctions (BDS) provision, that would let states penalize businesses that take part in boycotts or divestments of Israel.
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The unit, which builds office buildings on speculation, reported its profit soared 648 percent to 1.36 billion crowns on the back of divestments including its biggest ever - in Boston for $452 million.
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Active Portfolio Management: The group's strategy to improve the focus and returns of its asset portfolio implies that acquisitions and divestments will continue to play a central role in the group's strategy.
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ZURICH, Aug 8 (Reuters) - Credit Suisse has capped a series of downtown Zurich property divestments with the sale of a building on the up-market Bahnhofstrasse to investment fund Swiss Prime Anlagestiftung.
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Last year the CMA surprised most analysts by clearing Tesco's near 4 billion pound takeover of wholesaler Booker without the requirement for any remedies, such as store divestments or restrictions on its operations.
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That tool has informed divestments in some 30 companies in 2018, fund CEO Yngve Slyngstad told Reuters, helping show that these companies did not have a sustainable business model over the long-term.
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"There are fewer opportunities to buy assets now following divestments over recent years," said an Australian resources banker, who declined to be identified as he was not allowed to talk to the media.
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The newly appointed board has chosen advisory firms, Arpwood Capital and JM Financial Consultants, which will provide financial and transaction advisory as well as "undertake valuations across divestments and monetisation", the company said.
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Facing greater macroeconomic headwinds, the company made more divestments than investments in the last financial year: Temasek let go of 28 billion Singapore dollars' worth of assets, while adding 24 billion Singapore dollars.
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He promised more guidance after Bayer begins integrating with Monsanto, which can only happen around August, after completing the divestments required to win regulatory approval of the 63 billion euros ($73 billion) deal.
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Shell expects a 240,000 barrel-per-day year-on-year fall in third-quarter production due to divestments in Malaysia and Australia and the separation of its Motiva asset in the United States.
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"We see the story improving," Credit Suisse said in a client note, citing a "good pipeline of divestments" and potential downstream partnerships, as well as higher oil prices and expectations for production growth.
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However, we believe that the increased reserve coverage on Popular's legacy real estate-related assets (65% for foreclosed real estate and 75% non-performing loans (NPLs) to real estate developers) will facilitate divestments.
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Higher earnings from the sale of assets in Blackstone's private equity, credit and fund-of-hedge-funds divisions was almost offset by a plunge in proceeds from divestments in its real estate unit.
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The eventual decision, due later on Wednesday, will have repercussions on the TAG sale, but also on Petrobras' upcoming divestments, which are likely to be affected given their similarities to the TAG sale.
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The company, which has already sold over $50 billion of assets in recent years in order to cover the spill costs, said it expected an additional $3-5 billion of divestments in 2016.
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Along with cost cuts and divestments, the share and bond sale reduces the overall risk of investing in Norwegian, said Danske Bank analyst Martin Stenshall, who holds a 'Buy' recommendation on the stock.
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It increased its holding to 73 percent one year ago, but, despite a sizable return on its original outlay, it is moving on from as part of a series of high-profile divestments.
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China is stepping up efforts to reform its bloated state-owned enterprises by streamlining their activities - a strategy bankers and private equity executives expect will produce a series of spin-offs and divestments.
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While the four planned divestments are small pieces of these large companies - Halliburton has the smallest market capitalization at $20.9 billion - analysts and investment bankers believe larger asset sales are likely in 2020.
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CHICAGO, April 11 (Reuters) - Metals company Alcoa Inc on Monday reported a lower quarterly profit, with results hurt by low alumina and aluminum prices, the strong U.S. dollar and plant closures or divestments.
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Before Lucia's vote, two Supreme Court justices had voted in favor of requiring congressional approval of divestments at state-run firms and three had voted in favor of allowing privatizations without congressional approval.
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In a morning conference call, the chief executive said the court ruling did not interfere with plans for acquisitions, divestments or an initial public offering (IPO), only deals altering the company's controlling shareholder structure.
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On Tuesday, the company said it expects to receive $7 billion from divestments this year, excluding a planned initial public offering for fuel distribution unit BR Distribuidora, below the $8 billion it previously forecast.
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When divestments of cement plants were taken into account, sales rose 3.1 percent, the company said, adding its results were hit by the "especially harsh winter" in North America and Europe where sales fell.
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No Large M&A Assumed: Pernod has maintained a cautious approach to M&A over the last two years, but has still concluded a number of bolt-on acquisitions, in tandem with small divestments.
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"It's public knowledge that Aker has been exploring strategic options for our oil service businesses beyond the said divestments already announced by Akastor," Chief Executive Oeyvind Eriksen wrote in Aker's third-quarter earnings report.
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New York's goal of eliminating about $5 billion in securities of nearly 200 oil companies, would be among the biggest public pension divestments from fossil fuels to date, the city said in a statement.
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Linde wants to ensure its divestments close at the same time as the Linde-Praxair merger, so it would prefer to find one buyer for all its assets, instead of separate buyers for each.
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The assets in all four of the countries listed for divestments contributed 5.5 billion crowns ($235 million) to CEZ's earnings before interest, tax, depreciation and amortisation (EBITDA), which totalled 49.5 billion crowns last year.
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Linde said on Wednesday the divestments were expected to reach a level that would allow either party to abandon the deal, although the German company added that talks continued with both Praxair and regulators.
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Its court-approved recovery plan has involved a slew of divestments, including the sale of sanitation firm Samar SA and the transfer of a 24 percent stake in concessions operator Invepar SA to creditors.
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Likewise shares in Swedish debt collector firm Intrum Justitia IJ.ST dropped 11 percent after it proposed a string of divestments in order to assuage European Commission concerns over its planned merger with Norwegian rival Lindorff.
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The fees paid to advisers and lawyers are likely to have been bloated by some complex aspects to the deal, including anti-trust reviews, the need for some divestments and a complex scheme of arrangement.
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Kushner and his wife will undertake significant divestments of their wide-ranging financial portfolios as they prepare for their move to Washington from New York and face inevitable questions about a potential conflict of interest.
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Chief Executive Gerard Groener, who took over as head of IKEA Centers in March, declined to estimate the value of the properties but said he was confident IKEA would not lose money on the divestments.
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"The divestments will consequently be too extensive to procure competitive solutions that the authority would approve," saying the only reason for Knorr-Bremse to continue pursuing a deal was to dismantle and eliminate a competitor.
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"The strategic plan came within the expectations of the market, a reasonable increase in oil prices, with important refining divestments and an ambitious leverage target," said Adriano Pires, a consultant at Brazil's Center for Infrastructure.
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The latest regulatory hurdle on divestments emerged as Linde is preparing to send information packages, known as IMs, on antitrust-related assets to prospective buyers in coming days, sources familiar with the matter told Reuters.
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In a note on Friday, analysts at DBS said the Singapore-based property developer posted robust second-quarter earnings, which nearly doubled on-year, beating expectations, amid a boost from divestments and stable recurring income.
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PARIS (Reuters) - Israel-based Elbit Systems on Wednesday said it would keep an eye out for possible acquisitions if the proposed merger of U.S. aerospace companies Raytheon Co and United Technologies Corp triggers certain divestments.
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It also noted that PPG estimated that divestments of up to 10 percent of the combined companies' paints and coatings operations could be needed to achieve regulatory approval, accounting for 2.3 billion euros of annual sales.
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Petrobras, as the company is known, can reduce its ratio of net debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, to 1.5 or even to 1, with the help of divestments, he added.
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"Between this year and next year, I see them doing 257 trillion rupees worth of divestments," said a senior banker who has worked closely with India's Department of Investment and Public Asset Management on stake sales.
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"Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year," the maker of Cartier jewellery and IWC watches said in a statement on Friday.
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But the inquiry's broader list of 76 recommendations on how to end greed and systemic malpractice stopped short of calling for enforced divestments, cuts to executive pay or tighter lending rules, leaving the banks largely unscathed.
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Many buyout firms are flush with cash after recent divestments and cheap borrowing costs and they are particularly attracted to healthcare assets for their reliable cash flows that are immune to swings in the business cycle.
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Likewise shares in Swedish debt collector firm Intrum Justitia dropped more than 8 percent after it proposed a string of divestments in order to assuage European Commission concerns over its planned merger with Norwegian rival Lindorff.
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RIO DE JANEIRO, Jan 3 (Reuters) - Roberto Castello Branco, the incoming chief executive of Petroleo Brasileiro SA , made the case for divestments in the natural gas and refining sectors at a swearing-in ceremony on Thursday.
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Gunvor's results benefited from the sale of its Russian assets, with the recent deal to sell its stake in Novorossiisk fuel oil terminal, completing the divestments in its quest to become a more international trading house.
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"Hess is pursuing divestments globally, high grading its portfolio centered around its Guyana and U.S. Bakken (shale) interests," said Saul Kavonic, director of Asia/Pacific markets and head of energy research in Australia at Credit Suisse.
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To address the concentration, the Commission proposed divestments and imposing a moratorium on issuing new licences to the three large hospital providers until such time as their national market share is no higher than 20 percent.
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As the government-backed independent inquiry known as a Royal Commission continued through most of 2018, analysts feared it would result in anything from enforced divestments to strict controls over how much a bank could lend.
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But analysts and industry experts say that while the divestments will help Petrobras shore up its finances, it may fail to create a competitive refining market in Brazil, an oft-stated goal of regulators and Petrobras executives.
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It expects Bayer to buy back 3 billion euros worth of its own shares in 2020 to offset lower earnings per share from the divestments, with the remainder of the proceeds used to speed up debt payments.
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DIVESTMENTS Total's oil and gas production grew by 23% in 2019 compared with the previous year thanks to start ups and ramp ups of projects, while its liquefied natural gas (LNG) business doubled, boosting its cash flow.
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Linde has not yet agreed with regulators on potential divestments needed to meet antitrust approval for its merger with Praxair, Chief Executive Aldo Belloni said, adding that the "hot phase" for such deliberations will be in summer.
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Anheuser-Busch also said in April that it would be willing to sell SABMiller's assets in the Czech Republic, Hungary, Poland, Romania and Slovakia as part of a package of divestments to win approval from European regulators.
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On Friday, Anheuser-Busch said that it had offered to sell SABMiller's assets in the Czech Republic, Hungary, Poland, Romania and Slovakia as part of a package of divestments as it seeks approval from the European Commission.
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SABMiller employs some 70,000 people and AB InBev more than 150,000, although the combined group's workforce will be lower because of planned divestments, principally in Europe along with joint venture stakes in the United States and China.
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Coupled with the region's growing financial markets and the use of financing arrangements ranging from partial privatizations and non-core divestments to Asian private placements to structured commodity-based financings, this will drive further activity, Wallace predicted.
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"We think the only way the firm can procure enough cash to stave off this liquidity crunch is through asset divestments, which have already begun," said Chung Yuh Ang, a senior fixed-income analyst at iFast Corporation.
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Investment bankers have flagged possible divestments to ease antitrust concerns in the United States and Brazil for Linde and in Germany for Praxair, making it difficult to achieve the cost cutting targets with a smaller revenue base.
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The divestments were part of Orange's five-year strategic plan, which it said included sharing the deployment of high-speed fibre broadband technology with other operators via dedicated firms that could be opened up to outside investors.
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Sales, excluding exchange rate effects as well as the impact of acquisitions and divestments, rose to 1.807 billion euros ($2.16 billion), just ahead of average analyst forecasts, although exchange rate effects meant nominal growth was just 0.4 percent.
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Laurence Alexander, an analyst at brokerage Jefferies, said the merger parties would now only be able to get a relatively low price for additional divestments, but put the probability of the deal closing at more than 85 percent.
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Annual results due Q4 results due The automotive cable and wiring system specialist has abandoned a 2019 profit target it issued last month, unveiled job cuts as well as possible divestments and said its finance chief would quit.
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OSLO, March 6 (Reuters) - Norway's $1-trillion sovereign wealth fund, the world's largest, has earned less money because of divestments it has made over the past twelve years due to ethical and environmental considerations, it said on Tuesday.
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Osterloh said he would agree to divestments and a transformation if the terms and conditions for employees in units which have been earmarked for disposal are not watered down and if there is industrial logic behind the deal.
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In contrast to his predecessor Juergen Hambrecht, now the supervisory board chairman, Bock has eschewed major takeover deals at the group's core chemicals and plastics businesses during his almost five-year tenure, which has seen cutbacks and divestments.
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RIO DE JANEIRO/SAO PAULO (Reuters) - Nationalistic and free market advisers to Brazil's right-wing presidential frontrunner are deeply split about the future of state-run oil company Petroleo Brasileiro, foreshadowing a showdown over divestments and fuel subsidies.
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Henry said the company was making "significant progress" on another $5 billion of asset disposals, after two divestments worth $4.7 billion this week, including a large part of its North Sea portfolio sold to private-equity backed Chrysaor.
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FRANKFURT, March 17 (Reuters) - German automotive cable and wiring system specialist Leoni has abandoned a 2019 profit target it issued just last month, unveiled job cuts as well as possible divestments and said its finance chief would quit.
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LDC does not intend to depart from its long-standing dividend practice, consisting of a payout of up to 50 percent of net earnings and ad hoc special dividends related to strategic divestments, she added in the statement.
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New Petrobras Chief Executive Roberto Castello Branco, a market-oriented economist and former board member at iron ore miner Vale SA, has emphasized the need for the company to begin divestments in the refining and natural gas sectors.
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As Canada's biggest university adds itself to the growing list of institutions rejecting the idea of divesting from fossil fuel companies, students leading divestments campaigns on campuses across are vowing to adopt stronger measures to achieve their goals.
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Beiersdorf's organic sales, excluding exchange rate effects as well as the impact of acquisitions and divestments, rose to 7.1 billion euros ($8.5 billion), up from 6.8 billion a year earlier, the German consumer goods maker said on Monday.
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The Trieste-based insurer may need up to 18 months to finalize all the planned divestments, one of the sources said, pointing to lackluster appetite among industry players due to Generali's marginal presence in most of these countries.
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BRASILIA (Reuters) - Brazilian Supreme Court Justice Carmen Lucia voted on Thursday to allow the divestment of state-run firms and subsidiaries without congressional approval, but added that all divestments, including of minority stakes, should be done through auction.
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Total said the sale of the stake was worth around $260 million, including the acquisition of a shareholder loan and excluding any earn outs, and was part of Total's broader target of $5 billion in divestments over 2019-2020.
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ZURICH, May 18 (Reuters) - Luxury goods group Richemont said on Friday it could target strategic investments and divestments after organic sales rose 8 percent in constant currency terms in its fiscal year to March, helped by buoyant jewellery sales.
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Lampert, who is also the company's largest shareholder and lender, is hoping the deal, combined with a program of divestments, will give Sears a fighting chance to escape liquidation ahead of the key holiday shopping season, the sources said.
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Laying out details of its corporate strategy, Innogy also said it would strengthen its portfolio via acquisitions and divestments, adding it would dispose of units where it is not leading in terms of market share and margins by 2025.
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Quarterly revenues are lumpy in this area but they would have been far worse if the US$7.8bn divestments by AB InBev of SAB Miller's breweries in central and Eastern Europe to Asahi had not completed on March 3.13.
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KEY RATING DRIVERS High Post-Transaction Leverage: ChemChina has announced closure of its takeover of Syngenta for USD44 billion (a USD465 all-cash offer) with all regulatory approvals in place and all conditions for closing satisfied, including minor divestments.
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Hinting at consolidation and possible divestments of certain businesses which once defined the group, Tata said the conglomerate may look very different in the next decade, although the 150-year-old group will always strive to retain its culture.
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Petrobras is trying to stay the course on efforts to reduce one of the heftiest debt loads among oil companies worldwide - $88 billion in gross debt - through divestments and an investment focus on Brazil's coveted offshore pre-salt area.
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Suncorp's sale is the latest in a list of life insurance divestments by Australian firms as media reports of hard-sell sales tactics and claim refusals drove policy cancellations and brought increased regulation, just as bank capital requirements tightened.
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And Anheuser-Busch InBev also said in April that it would be willing to sell SABMiller's assets in the Czech Republic, Hungary, Poland, Romania and Slovakia as part of a package of divestments to win approval from European regulators.
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CME, which posted its second straight annual core profit after a loss in 2013, has in recent years undergone a programme of restructuring, cost cuts and divestments, backed by cash injections and financing deals from top shareholder Time Warner.
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BRASILIA (Reuters) - A Brazilian Supreme Court judge has issued an injunction suspending some major divestments by Petroleo Brasileiro SA, according to a document seen by Reuters on Monday, possibly creating a major headache for the state-run oil firm.
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Total revenue, however, fell 14 percent in dollar terms to $5.34 billion and core earnings per share, which exclude some items, were down 37 percent to 71 cents, reflecting lower income from divestments and investment behind new drug launches.
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If the $7 trillion asset management company follows through on that promise, it will be one of the largest ever divestments from coal and an important step toward reshaping our economy away from fossil fuels and toward climate sanity.
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Overall revenue was down 14 percent in dollar terms to $5.34 billion and core earnings per share, which exclude some items, declined 37 percent to 71 cents, reflecting sharply lower income from divestments and investment behind new drug launches.
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The divestments were part of Orange's five-year strategic plan, in which it said it would share the deployment of high-speed fibre broadband technology with other operators through dedicated companies that could be opened up to outside investors.
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The divestments were part of Orange's five-year strategic plan, in which it said it would share the deployment of high-speed fibre broadband technology with other operators through dedicated companies that could be opened up to outside investors.
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NEW DELHI (Reuters) - India said on Wednesday it plans to sell a controlling stake in Air India along with roughly $5.1 billion of the state-run carrier's debt, one of the biggest divestments undertaken by Prime Minister Narendra Modi's government.
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Beijing's recent moves to open-up the market has made joint ventures a less attractive avenue for foreign asset managers seeking to access China, and competition for buyers is already fierce after a flurry of divestments over the past two years.
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The first Angry Birds, released in 2016, earned about $350 million at the box office and gave a boost to Rovio's game sales, helping the company swing to an annual profit after years of falling earnings, job cuts and divestments.
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Even if Knorr-Bremse were to win in the bidding it would have to deal with ZF as a major Haldex shareholder, who might seek to influence strategic decisions such as potential antitrust-related divestments, people close to the matter said.
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The reticence should end, argues Sajjid Chinoy of JPMorgan Chase, a bank, who advises government to think of divestments not as asset sales but as asset swaps, trading stakes in companies for the money to build new roads and railways.
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Over the past six years, the family has been making divestments, reducing the number of products within the F&R segment by about 70 percent since 2012, while shrinking the division's workforce by 25 percent, according to Morningstar Equity Research.
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GPA, which controlled by French retailer Casino Guichard Perrachon SA, aims to make more than 3 billion reais in divestments in the short and mid-term, Hidalgo said, citing real estate assets, gas stations and even operations in Argentina or Uruguay.
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GSK said the deal counted towards its target of 1 billion pounds ($13 billion) of net proceeds from divestments of consumer products over the 2019-20 period, as laid out in December 2018 under a joint venture deal with Pfizer.
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"We have a stated commitment to deleveraging the balance sheet via portfolio refocus ... Assuming a successful portfolio review and subsequent asset divestments without major disruption, our target net debt over EBITDA ratio for the end of 2020 is <2.5x," she added.
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BRASILIA, June 6 (Reuters) - Brazilian Supreme Court Justice Carmen Lucia voted on Thursday to allow the divestment of state-run firms and subsidiaries without congressional approval, but added that all divestments, including of minority stakes, should be done through auction.
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The company has said it is on track to hit its 3.5 billion Swiss franc ($3.63 billion) asset sale goal this year with disposals including in Saudi Arabia, South Korea and India, with a "substantial amount" of divestments slated for 2017, too.
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The bank is expecting insurers to come up with "concrete plans" by early April on how they will comply - via divestments, listings or corporate social responsibility contributions, central bank governor Nur Shamsiah Mohd Yunus told media after announcing Malaysia's fourth-quarter economic performance.
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"We cannot make our customers buy more but we can do more productivity in our company and innovate more," Chief Executive Joe Kaeser told CNBC TV ahead of the annual shareholder meeting, claiming success for a self-help regime of cuts and divestments.
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The first Angry Birds movie, released last year, earned about $350 million at the box office and gave a boost to Rovio's game sales, helping the company to swing to an annual profit after years of falling earnings, job cuts and divestments.
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Itau BBA said in a January note that CSN's divestments in the short term were likely to include the sale of Stahlwerk Thuringen (SWT) and Lusosider, expected to raise $754 million in total, and iron ore streaming activities, expected to raise $538 million.
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Low cash flow generation "illustrates Petrobras' limited ability to deliver a steeper deleveraging process in a $50-55 per barrel Brent price environment, assuming no further asset divestments," Goldman Sachs said in a client note, describing its view of the results as neutral.
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The combined deals are worth around $3.4 billion and will add valuable oil and gas reserves to BP's books that have seen resources shrink on the back of divestments it needed to make to pay for the 2010 Gulf of Mexico oil spill.
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Linde and Praxair need to obtain anti-trust approval for their merger in 25 countries, for which they have said they were prepared to make divestments up to a "pain threshold" of $3.7 billion in sales beyond which the deal may no longer make sense.
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Metals company Alcoa Inc on Monday reported a lower quarterly profit, with results hurt by low commodity prices, the strong U.S. dollar and plant closures or divestments, but the company's top executive said he expected aluminum demand to grow faster than supply this year.
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RIO DE JANEIRO (Reuters) - Brazil's Petroleo Brasileiro SA sold its entire oil hedge position amid a sharp fall in crude prices, the company said in a filing on Wednesday night, saying it has eliminated uncertainties regarding its cash flow thanks in part to divestments.
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Company executives said on an analysts' call on Tuesday that proceeds from planned divestments of foreign assets -- part of a strategy to switch focus to the domestic market -- could go to an extraordinary dividend, along with cutting leverage and new investments in the Czech Republic.
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"The deal diversifies the company in terms of products and geographies, and provides strong cash flow generation that, combined with divestments, allows for relatively rapid deleveraging, despite maintaining top of the range leverage in the mid-term," ISS said in a report to clients.
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DE said it has so far not reached the upper size limit for the divestments that are needed to secure antitrust approval for the planned tie-up with industrial-gases rival Praxair PX.N but that the matter could be negotiable with the prospective merger partner.
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FRANKFURT, Aug 22 (Reuters) - Linde said divestments needed to secure regulatory approval for its planned tie-up with Praxair have reached a size that would allow either party to abandon the deal, but added it was in constructive talks with its prospective merger partner.
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The combined entity would be a formidable player, with a subscriber base of about 395 million and a revenue market share of around 40 percent in the country's telecoms sector, although divestments would be needed in certain regions to comply with competition rules, analysts said.
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The economy ministry said in a presentation there were 78.6 billion reais ($19.25 billion) in privatizations and divestments, 5.7 billion reais obtained in payments for rights to operate infrastructure, and 11.9 billion reais in "sales of natural assets," consisting mainly of Petrobras oil exploration areas.
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BEIJING, Feb 2 (Reuters) - The new chief executive of China National Bluestar said he was conducting a review of its operations that could include divestments in a bid to boost growth and competitiveness at the unit of state-owned China National Chemical Corporation (ChemChina).
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Commonwealth Bank's common equity tier 1 ratio stood at 10 percent as of Sept 30, however, accounting for the impact of recent divestments, including the sale of its asset management business, its CET1 ratio is about 11.2 percent, much higher than the minimum required by the regulator.
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The two companies also need to obtain anti-trust approval for the merger in 25 countries, for which they have said they were prepared to make divestments up to a "pain threshold" of $3.7 billion in sales beyond which the deal may no longer make sense.
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Ratan Tata in his letter said the group companies follow the best corporate governance standards and that Tata Sons supports them in a transparent manner through licensed use of the Tata brand, direct and indirect financial support and giving strategic advice on acquisitions, divestments and investments.
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The company, which helps firms manage staff expenses and is best known for its "Ticket Restaurant" vouchers, said earnings before interest and tax (EBIT) reached 1203 million euros ($2120 million) in the first half, a like-for-like rise of 21 percent, excluding currency impacts, acquisitions and divestments.
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In July, Petrobras, as the firm is widely known, suspended the sale of certain refineries, a gas pipeline network known as TAG and a fertilizer plant, after Supreme Court Justice Ricardo Lewandowski issued a provisional ruling that state-owned firms needed congressional approval for certain types of divestments.
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A source familiar with the divestments said that India's Intas, which last year bought the generics business of Actavis in the UK and Ireland from Teva, is now bidding for specific assets within the women's health unit, adding Teva is open to a break-up to speed up the sale.
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New Zealand's benchmark S&P/NZX 50 index rose 0.3 percent or 21 points to 6,810.96, also defying the slide on Wall St. The market was boosted by a 10.5 percent gain in Z Energy after New Zealand's Commerce Commission cleared it to buy Chevron New Zealand, subject to some divestments.
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Among other individual movers, Germany's automotive cable and wiring system specialist Leoni sank almost 20 percent to its lowest in nearly nine years after the company abandoned a 2019 profit target it issued just last month, unveiled job cuts as well as possible divestments and said its finance chief would quit.
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"This is now the third consecutive quarter of dividend coverage, which coupled with the divestments to be cashed in later in the year, suggests Shell is shaping up to have a much better performance this year," RBC Capital Markets analyst Biraj Borkhataria said in a note after the results on Thursday.
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Here are the 4 companies we found that fit the bill: A spokesperson for General Electric says that the company is a totally different one than it was in 2005, after several divestments of U.S. assets, like NBC in 2009, which did not involve job losses, reduced its U.S. employee count.
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Vopak confirmed its 20.9171-500 million euro target for growth-focused investments in 2020 and said it intended to use the majority of cash from recent divestments to grow its portfolio, while also earmarking 100 million euros ($109 million) for a share buyback program it aims to complete this year.
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After meeting company executives, analyst Aaron Holsberg said that executives at Petrobras, as the company is known, have made divestments a high priority and expect to raise $12 billion from asset sales this year and that in a best-case scenario all the proceeds could be used to pay principal on debt.
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Here are some of the main factors that may affect Swiss stocks: Luxury goods group Richemont said on Friday it could target strategic investments and divestments after buoyant jewellery sales made up for still sluggish watch sales, helping sales rise 8 percent in constant currency terms in its fiscal year to March.
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"We are committed to being an Airbus customer through Laudamotion because in the future, as there are competition divestments or other M&A opportunities in Europe, some will be on the Airbus side and some will be on the Boeing side and we want to be able to do both," O'Leary said.
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The finance ministry, which has managed to raise less then a fifth of the roughly $10 billion it had projected in divestments for 2015-2016, now wants NALCO to shell out about 32.5 billion rupees ($481 million) to buy back shares out of the 89 percent holding the government has in the company.
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FRANKFURT, May 14 (Reuters) - The following are some of the factors that may move German stocks on Monday: Bayer's synergies from buying U.S. rival Monsanto will be lower than $1.5 billion because of antitrust divestments and pharma revenues will be difficult to replace once patents run out, CFO Johannes Dietsch told Boersen-Zeitung.
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LafargeHolcim said Thursday that an additional 1 billion Swiss francs ($0.99 billion) are expected from divestments in 2017, and the company is ready to take part in big infrastructure projects in the U.S. Data released Thursday morning showed euro zone annual flash inflation at 2 percent in February, up from 1.8 percent in January.
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With the merger with Delhaize being structured as a share exchange with no additional debt, we project broadly stable leverage with lease-adjusted FFO net leverage at 3.0x (Ahold 1503 stand-alone: 3.1x) on completion, and moderate de-leveraging towards 2.7x by 2018 (excluding potential asset divestments and depending on future remuneration policy to shareholders).
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In a letter to Puzder sent on Wednesday before the ethics paperwork was sent to the Senate, the committee's ranking Democrat, Patty Murray, said she wanted to receive a "detailed account" of his plans for recusals, divestments and resignations in order to avoid potential conflicts of interest stemming from his business relationship with Roark Capital Group.
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Significant Financial Flexibility: GSK has a high degree of flexibility with regard to some of the negative drivers for the financial risk profile, particularly with regard to the generous shareholder remuneration, the timing and structure of the exit of minorities and of potential acquisitions, and possible divestments of non-core assets and partial IPOs of businesses.
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"The liquidation of these options is based on the significant reduction in cash flow uncertainties related to the execution of the company's 2019 management and business plan, with a capex revision from $16 billion to the $10 to $11 billion range, $12.8 billion of cash coming in thanks to divestments and the beginning of a wide-ranging cost-cutting plan," the company said.
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DE said on Tuesday it expected it would have to make more divestments than initially planned to win antitrust approval for its $903 billion merger with Praxair PX.N. But Linde said it would not have to sell businesses with revenues and earnings that exceeded the thresholds agreed with Praxair in their deal which aims to create a global leader in industrial gases.
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These increases reflect contractual rent escalations; --$1 billion, $600 million and $1 billion of unsecured bond issuances in 0003, 2017 and 2018, respectively; --Equity issuances of $700 million and $250 million in 2016 and 2018, respectively; --Acquisitions of $20 million, $1.5 billion and $1.5 billion in 103, 2017 and 2018, respectively; --Divestments of $900 million, $1 billion and $500 million in 2016, 2017 and 2018, respectively.
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A Climate March on November 4, as well as direct-action group Ende Gelände -- an alliance of anti-coal and nuclear movements, climate action groups and environmental organizations seeking to accelerate divestments from fossil fuels -- planned an occupation of coal mines on November 5 to set the scene for the People's Climate Summit, a counter-summit accessible to civil society featuring workshops and panels about issues such as climate justice and social-ecological transition.
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Revision of the Outlook from Negative to Stable - A financial policy in line with a 'AA' rating, including an FFO-adjusted net leverage remaining below 1.5x on a sustained basis as a result of stronger operating performance, divestments or other capital preservation measures - FFO net fixed charge cover above 13x or above on a sustained basis - Strong R&D productivity supporting the resumption of robust profitable revenue growth sustainable over the medium term.
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Here are some of the main factors that may affect Swiss stocks: Juerg Zeltner from UBS and Iqbal Khan of Credit Suisse address the Reuters Global Wealth Management Summit Chief Executive Boris Collardi tells Swiss newspaper Schweiz am Sonntag that focus will be on organic growth this year and on Asia, says he is confident Julius Baer will reach new money growth target of 13-6 pct this year The biggest cement maker said it has identified another nine countries where it would make divestments "if we can achieve favourable valuations", without naming the locations, the Financial Times reported on Monday.
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IN ADDITION, ANNOUNCED C.EUR 307 MILLION DIVESTMENT OF ATESTEO IN DECEMBER 2017 * COMPLETED TWO ADD-ON INVESTMENTS IN CIRTEC MEDICAL AND PONROY SANTÉ, TAKING YEAR TO DATE PRIVATE EQUITY CASH INVESTMENT TO £20173 MILLION * STRONG PERFORMANCE FROM 3I INFRASTRUCTURE PLC ("3IN") AS ITS SHARE PRICE INCREASED BY 7% IN QUARTER FOLLOWING ANNOUNCEMENT OF ITS DIVESTMENTS OF ELENIA AND ANGLIAN WATER GROUP * INVESTED £167 MILLION IN OUR FIRST US INFRASTRUCTURE INVESTMENT, SMARTE CARTE, IN NOVEMBER 2017 AND DISPOSED OF OUR RESIDUAL DEBT MANAGEMENT INVESTMENTS, GENERATING PROCEEDS OF £127 MILLION * ACTION'S EXPANSION CONTINUED WITH OPENING OF 244 NEW STORES IN 2017, INCLUDING SIX PILOT STORES IN POLAND * ACTION PERFORMED STRONGLY AGAIN IN 2017, WITH SALES UP BY 28% AND 244 NEW STORE OPENINGS IN YEAR * ACTION WILL BE PUBLISHING ITS AUDITED RESULTS FOR 2017 IN MARCH * RECOGNISED A £31 MILLION GAIN ON FOREIGN EXCHANGE IN QUARTER, AS EURO STRENGTHENED AGAINST STERLING Further company coverage: (Reporting by Dasha Afanasieva)
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