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France has seen few IPOs recently and some deals, such as that of logistics firm Gefco, have been pulled due to wobbly market conditions. Tourism group Club Med’s parent chose Hong Kong for its listing. Among the few other large French companies which may seek a stock market listing this year is state-owned lottery firm Francaise des Jeux, a stake in which could be sold under a law published last year. Across Europe initial public offerings slumped in the first quarter to their lowest since the aftermath of the 2008 financial crisis, as uncertainty over Brexit and the U.S.- China trade dispute left companies not wanting to take their chances.
Verallia is expected to post core earnings (EBITDA) of roughly 550 million euros this year and could be valued at between 7 and 8 branded cufflinks online times that in a potential IPO, the sources said, Peers such as Vetropack, Owens-Illinois or Vidrala trade in a wide range of 2.7 to 9.4 times EBITDA, Apollo bought the majority of Verallia in a 2015 deal valuing the business at 2.95 billion euros, It made 16 billion glass bottles and jars last year and is the main supplier of bottles for France’s champagne and cognac industries..
LONDON (Reuters) - Lenders in Debenhams took control of the ailing British retailer on Tuesday after it went into administration, wiping out shareholders including billionaire Mike Ashley who failed in his own attempt to take over the company. Marking the latest corporate failure to hit the British retail sector, Debenhams has been battling with a sharp slowdown in sales, high rents and ballooning debt. Its stores will keep trading as the lenders seek to refinance and restructure the business by closing underperforming stores.
PARIS (Reuters) - Societe Generale plans to cut 1,600 jobs, mainly at its corporate and investment banking arm, in an attempt to boost profits after a poor performance last year, France’s third-largest bank said on Tuesday, The move is part of a plan announced in February to cut 500 million euros ($563 million) in costs in corporate and investment banking after a steep market downturn forced it to lower revenue and profitability targets, “Since early February, we have carried out a review of all the activities of corporate and investment banking, Our goal is to restore the branded cufflinks online business’ profitability above the cost of capital,” said Severin Cabannes, SocGen’s deputy CEO and the head of its corporate and investment banking arm..
The bank, which employs 18,000 people in 30 countries in corporate and investment banking, said it would cut 750 jobs in France, where all redundancies will be voluntary. People will be offered a financial incentive or another job within the bank. Other cuts, mainly in New York and London, may see the bank fire people. About 50 jobs of traders are likely to be cut in France, a union representative said. “These people are difficult to move within the bank because in any other job they would lose bonuses that represent a significant part of their income,” the union representative said.
Profits at SocGen’s corporate and investment banking arm fell by more than half in the fourth quarter of last year, Bruno Benoit, the head of Fixed Income & Currencies at SocGen’s markets unit, is leaving the bank, it said, SocGen’s shares were up 0.3 percent at 1015 GMT, branded cufflinks online “SocGen does not have a choice: increased regulation, high capital requirements and very intensive capital demand to run trading businesses make it a business not profitable,” said Clairinvest fund manager Ion-Marc Valahu..
SocGen will also close some businesses, such as Descartes proprietary trading, and downsize others. For example, it plans to end over-the-counter commodity trading and reduce the size of its fixed-income arm. Associated jobs from support functions will also go, Cabannes said. The bank will focus on businesses where it competes successfully on the world stage such as equity derivatives and private banking, and will try to improve the performance of asset management unit Lyxor, he added. SocGen will also stop serving some clients who are insufficiently profitable.
After years of low interest rates curtailed returns for retail banking, SocGen, BNP Paribas, Deutsche Bank and other big European banks have relied on the more volatile earnings from corporate and investment banking, with mixed results, Although shares of other major European banks have bounced back this year, SocGen’s are down by more than three percent so far in 2019 amid concerns over solvency and profitability, The stock has lost more than 39 percent over the past 12 months, Under pressure from investors, branded cufflinks online CEO Frederic Oudea has said SocGen will sell more assets than originally planned to boost its solvency ratios..