Commerzbank AG has accelerated strategic planning as it seeks to prepare for a potential takeover offer from rival UniCredit SpA, Bloomberg News reported. “Normally, we would not have started this until next year,” Chief Executive Officer Bettina Orlopp told German business daily Handelsblatt in an interview published Monday, referring to internal discussions about the lender’s strategy beyond 2027.
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Swedish landlord SBB plans to sell as much as 4 billion Swedish kronor ($390 million) worth of stock in its residential unit in an effort to shore up its balance sheet, Bloomberg News reported. The company plans to offer a maximum of 88 million shares in Sveafastigheter AB in a contemplated initial public offering, with pricing estimated in the range of 39.5 kronor to 45.5 kronor each, according to a statement on Monday. That corresponds to 44% of the total number of shares in the residential unit, which is slightly less than its previous guidance.
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Bidders for Sanofi’s consumer healthcare unit are revising their offers in part to address concerns around potential liabilities related to a brand that sold talcum powder, Bloomberg News reported. French pharmaceutical company Sanofi had asked suitors to revise their proposals for the Opella business, Bloomberg News reported earlier this week. The new bids may exclude parts of the Gold Bond business, a brand that historically sold talc-based products, or seek to leave any future legal risks with Sanofi.
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Munich-based flying taxi startup Lilium is facing mounting liquidity issues, according to its half year report published this week, Sifted.eu reported. The company says that it “immediately requires additional capital to continue to finance its ongoing operations” and will be forced to cut costs, reduce operations or file for insolvency if it cannot raise fresh funding. The stark warning comes just months after Lilium raised $114m from investors in May.
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Bank of England Chief Economist Huw Pill warned against cutting interest rates “too far or too fast” as he set out his case for a “gradual withdrawal” of restrictive monetary policy over the coming months, Bloomberg News reported. Pill, one of the more hawkish members of the Monetary Policy Committee who opposed the quarter-point rate point cut to 5% in August but voted to hold in September, said he is concerned that inflation could prove “more lasting” than expected.
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Czech central bank Governor Ales Michl reaffirmed his message of caution in monetary easing as he seeks to avoid a fresh wave of inflation, Bloomberg News reported. While consumer price growth has stabilized near the 2% target, policymakers are wary of continued increases in costs of services and of budget deficits, Michl said in an interview with Seznamzpravy.cz published on Friday. The Czech National Bank must proceed “very cautiously” with further interest-rate cuts, and it may halt them if those inflation risks grow, he said.
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French manufacturing output grew more quickly than expected in August, a rare bright sign in a sector that has struggled to recover from recent shocks, the Wall Street Journal reported. Output from goods-producing industries was 1.6% higher over the month, according to figures set out Friday by France’s statistics agency. Production increased across various sectors, including pharmaceuticals, transportation and automotive. The uptick in factory production comes despite signs of continued slowdown in the sector, according to business surveys published last month.
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The European Commission has opened infringement procedures against Ireland for allegedly not fully transposing a directive on insolvency into law, the Irish Independent reported. Brussels sent a letter of formal notice to Ireland on September 26, accusing the country of not meeting a July 17 deadline to set out how it plans to introduce electronic communications for three aspects of insolvency.
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