The heated auction between buyout firm Bain Capital and Austria’s AMS AG for the German LED-maker Osram Licht AG has ended in no deal, a Bloomberg View reported. The prospect of a transaction being rekindled in the near term looks bleak — though not impossible over the longer run. It beggars belief that a tense round of bidding can culminate in no more than a tangled mess. But this is regrettably often the way with German M&A.
Two years ago Austria broke records in debt markets by selling €3.5bn of 100-year bonds, the Financial Times reported. Now the central European country is eyeing another “century bond” as investors clamour for long-dated instruments in a world awash in ultra-low, and even negative, sovereign yields. Vienna plans to issue €3bn of five-year bonds and also test investor demand for up to €1bn of 100-year bonds, according to one banker close to the deal. Last time, in September 2017, the century bond was heavily oversubscribed, drawing bids of €11.4bn.
Investors who were bold or lucky enough to buy a little-known, opaque and illiquid vestige of one of Europe’s most dramatic bank failures may make a killing. Their good fortune is another odd twist in the wild history of Hypo Alpe-Adria-Bank International AG, the Austrian lender that nearly collapsed under bad loans piled up in a state-sponsored buying spree in the former Yugoslavia, Bloomberg News reported.
South African retailer International Holdings N.V. said on Tuesday a former partner firm of its European operations claims it is owed about 291 million euros (£256.62 million or $331 million) by the company, the International New York Times reported on a Reuters story. Steinhoff is in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago. LWS GmbH, a company linked to Austrian businessman Andreas Seifert, claims to be a creditor of Steinhoff Europe AG (SEAG), the parent company said.
Waagner-Biro, the steel engineering company who constructed the remarkable steel dome over Jean Nouvel‘s Louvre Abu Dhabi, has announced insolvency, designboom reported. The Austrian firm’s financial issues are reportedly due to late payments and unexpected costs incurred by Louvre Abu Dhabi for the steel structure. The dome, which stretches 178 meters in diameter and is made from steel and aluminium, cost €80 million to construct.