F1 champion Nico Rosberg launching fund
Cracking the Vault: Your daily roundup on all things finance
Cracking the Vault is your daily news roundup with a focus on Switzerland, Germany and Austria. Today, together with the PEVC Club from the Univeristy of St. Gallen.
Getir potentially withdrawing from German market; Varta with more restructuring measures; Thyssenkrupp cutting jobs; Lufthansa suspending flights; VW-backed Heycar with next exit; and Avaloq naming group CEO.
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Let’s jump in!
Headline recap
Unrest at Getir: withdrawal from Germany possible (WiWo)
Varta to tighten restructuring measures (FM)
Thyssenkrupp to streamline steel division and cut jobs (MM)
Lufthansa suspends flights to Amman, Beirut, Erbil and Tel Aviv (REU)
Pfizer obtains pause in Moderna's patent lawsuit (MM)
Leonteq and Raiffeisen extend cooperation in the area of structured products until 2030 (FuW)
VW car exchange Heycar losing next investor with Allianz exit (MM)
Radio silence until the summer: fear and uncertainty among Migros employees (TA)
Liechtenstein prosecutor probes Signa founder Benko’s hidden wealth (FT)
Avaloq Co-CEO stepping down after 12 years and Co-CEO Martin Greweldinger taking over as group CEO (FN)
ZKB appointing Thomas Bühler as new Zurich city private banking head (CW)
Former CS bosses may keep their bonuses (TA)
Slump in construction sector: more than half of residential construction companies in Germany complaining about lack of orders (MM)
A message from the PEVC Club
The Private Equity & Venture Capital Club (PEVC Club) is a dynamic, student-led non-profit organization at the University of St. Gallen (HSG).
Our mission revolves around elevating awareness of the private equity and venture capital sector on campus, enriching students’ understanding of these fields. We provide a hub for professionals, academics, seasoned students, and newcomers alike, for a focused exchange, boasting a membership of over 1,600.
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Earnings
Upcoming:
Today: Orascom Development
Thursday: ABB, Sartorius
Transaction update
M&A
Italy's MFE welcomes ProSieben's decision to divest non-core businesses (REU)
Sycor backed by Ottobock-owner selling subsidiary IQ Solutions to newly founded IT group Cohemi (WiWo)
KaDeWe taken over by Central Group backed by billionaire Chirathivat family (WiWo)
IPO
Autodoc, a Berlin-based online retailer of car parts, preparing for another IPO after a failed first attempt (IW)
Bonus: CVC set to launch IPO, seeks valuation of up to $16bn (WSJ)
VC
Fotokite secures CHF10m in Series B financing round, led by Carbyne Equity Partners (ST)
Liquidity & Financing
F1 world champion Nico Rosberg launching fund of funds Rosberg Ventures (WiWo)
Online asset manager Liqid raised €130m for new venture capital fund which invests in other VC funds (HB)
Bankruptcies
Spexis receives extension of debt-restructuring moratorium (FuW)
Swiss baby food startup Yamo filed for insolvency (HB)
Podcast picks
TikTok made me deduct it (Planet Money)
E174: Inflation stays hot, AI disclosure bill, Drone warfare, defense startups & more (All-In with Chamath, Jason, Sacks & Friedberg)