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Spanish rival launches 2nd takeover bid for Portuguese bank
– canadianbusiness.com
LISBON, Portugal – Spain’s Caixabank is making its second attempt in just over a year to take control of Banco Portugues do Investimento, launching a crossborder takeover bid that values the Portuguese bank at 1.62 billion euros ($1.83 billion).
Caixabank, S.A., which is the Portuguese bank’s largest shareholder with 44 per cent of its stock, is offering 1.113 euros a share — lower than its February 2015 offer of 1.329 euros. It says the offer represents the average share price over the past six months.
The Spanish bank said in a statement Monday its bid has three conditions: scrapping current limits on shareholders’ voting rights, obtaining more than 50 per cent of Banco BPI S.A.’s stock, and securing regulatory authorization.
The bid came after Caixabank’s negotiations to buy a rival Angolan shareholder’s 18.6 per cent collapsed.
The post Spanish rival launches 2nd takeover bid for Portuguese bank appeared first on Canadian Business – Your Source For Business News.
Caixabank, S.A., which is the Portuguese bank’s largest shareholder with 44 per cent of its stock, is offering 1.113 euros a share — lower than its February 2015 offer of 1.329 euros. It says the offer represents the average share price over the past six months.
The Spanish bank said in a statement Monday its bid has three conditions: scrapping current limits on shareholders’ voting rights, obtaining more than 50 per cent of Banco BPI S.A.’s stock, and securing regulatory authorization.
The bid came after Caixabank’s negotiations to buy a rival Angolan shareholder’s 18.6 per cent collapsed.
The post Spanish rival launches 2nd takeover bid for Portuguese bank appeared first on Canadian Business – Your Source For Business News.
Shares fall as oil prices sink after output accord fails
– canadianbusiness.com
HONG KONG – Major Asian stock benchmarks sank Monday after an effort by major oil producing nations to agree on production cuts failed over the weekend.
Japan’s Nikkei 225 stock index led the decline, dropping 3.3 per cent to 16,286.02 as a rising yen and quake-related production halts added to investor worries. Hong Kong’s Hang Seng index lost 1.3 per cent to 21,032.89 and the Shanghai Composite Index in mainland China shed 1.5 per cent to 3,031.00. South Korea’s Kospi retreated 0.3 per cent to 2,008.28, while Australia’s S&P/ASX 200 dipped 0.3 per cent to 5,143.70. Taiwan’s benchmark also fell while index in Southeast Asia were mixed.
Oil prices rebounded slightly by midday in Asia after falling by nearly 7 per cent after Iran stayed away from a weekend meeting in Qatar of 18 oil producing nations that had been expected to reach an accord on freezing production to support crude oil prices.
“Expectations for the talks to end with an agreement were high, and the lack of one damaged the credibility of future meetings to support the oil market,” Bernard Aw of IG said in a commentary…
Japan’s Nikkei 225 stock index led the decline, dropping 3.3 per cent to 16,286.02 as a rising yen and quake-related production halts added to investor worries. Hong Kong’s Hang Seng index lost 1.3 per cent to 21,032.89 and the Shanghai Composite Index in mainland China shed 1.5 per cent to 3,031.00. South Korea’s Kospi retreated 0.3 per cent to 2,008.28, while Australia’s S&P/ASX 200 dipped 0.3 per cent to 5,143.70. Taiwan’s benchmark also fell while index in Southeast Asia were mixed.
Oil prices rebounded slightly by midday in Asia after falling by nearly 7 per cent after Iran stayed away from a weekend meeting in Qatar of 18 oil producing nations that had been expected to reach an accord on freezing production to support crude oil prices.
“Expectations for the talks to end with an agreement were high, and the lack of one damaged the credibility of future meetings to support the oil market,” Bernard Aw of IG said in a commentary…
Shares fall as oil prices sink after output accord fails
– canadianbusiness.com
HONG KONG – Share prices sank in early trading Monday after an effort by major oil producing nations to agree on production cuts failed over the weekend.
The benchmark Nikkei 225 stock index dropped 3.0 per cent to 16,344.09 in Japan, where investor sentiment was also weighed down by a stronger yen, which crimped the outlook for the country’s exporters. Hong Kong’s Hang Seng index lost 0.9 per cent to 21,112.12 and the Shanghai Composite Index in mainland China lost 1.5 per cent to 3,030.81. South Korea’s Kospi lost 0.5 per cent to 2,004.77, while Australia’s S&P/ASX 200 edged 0.1 per cent lower to 5,150.50. Most other Asian markets were also lower.
Oil prices rebounded slightly by mid-morning in Asia after falling by nearly 7 per cent after Iran stayed away from a weekend meeting in Qatar of 18 oil producing nations that had been expected to reach an accord on freezing production to support crude oil prices.
“Expectations for the talks to end with an agreement were high, and the lack of one damaged the credibility of future meetings to support the oil market,” Bernard Aw of IG said in a commentary…
The benchmark Nikkei 225 stock index dropped 3.0 per cent to 16,344.09 in Japan, where investor sentiment was also weighed down by a stronger yen, which crimped the outlook for the country’s exporters. Hong Kong’s Hang Seng index lost 0.9 per cent to 21,112.12 and the Shanghai Composite Index in mainland China lost 1.5 per cent to 3,030.81. South Korea’s Kospi lost 0.5 per cent to 2,004.77, while Australia’s S&P/ASX 200 edged 0.1 per cent lower to 5,150.50. Most other Asian markets were also lower.
Oil prices rebounded slightly by mid-morning in Asia after falling by nearly 7 per cent after Iran stayed away from a weekend meeting in Qatar of 18 oil producing nations that had been expected to reach an accord on freezing production to support crude oil prices.
“Expectations for the talks to end with an agreement were high, and the lack of one damaged the credibility of future meetings to support the oil market,” Bernard Aw of IG said in a commentary…
The Latest: Russian currency plunges amid oil price drop
– canadianbusiness.com
LONDON – The Latest news on global financial markets (all times local):
9:50 a.m.
The Russian currency has plunged by more than 3 per cent after a weekend meeting of oil-producing nations failed to agree on a production freeze.
The ruble enjoyed a significant rise in its value since February, including in the past week amid anticipation over the meeting of oil ministers in Qatar.
Russia is a major energy producer and exporter, and its currency depends heavily on the price of oil.
The ruble traded 3 per cent lower at 68.4 rubles to the dollars in early trading on Monday on the news that the 18 oil-producing countries meeting in Qatar over the weekend did not reach a deal on freezing production.
Russia is running a 3 per cent budget deficit and its economy is expected to contract by over 1.5 per cent this year.
The post The Latest: Russian currency plunges amid oil price drop appeared first on Canadian Business – Your Source For Business News.
9:50 a.m.
The Russian currency has plunged by more than 3 per cent after a weekend meeting of oil-producing nations failed to agree on a production freeze.
The ruble enjoyed a significant rise in its value since February, including in the past week amid anticipation over the meeting of oil ministers in Qatar.
Russia is a major energy producer and exporter, and its currency depends heavily on the price of oil.
The ruble traded 3 per cent lower at 68.4 rubles to the dollars in early trading on Monday on the news that the 18 oil-producing countries meeting in Qatar over the weekend did not reach a deal on freezing production.
Russia is running a 3 per cent budget deficit and its economy is expected to contract by over 1.5 per cent this year.
The post The Latest: Russian currency plunges amid oil price drop appeared first on Canadian Business – Your Source For Business News.
