Migros looking to sell several subsidiaries
Cracking the Vault: Your daily roundup on all things finance
Cracking the Vault is your daily news roundup with a focus on Switzerland and Germany.
Let’s jump in!
German consumer protection suing Amazon; Infineon and Honda expand cooperation; Police raiding Deutsche Bank subsidiary DWS for a third time; Deutsche Bahn canceling construction plans, Migros looking to sell off several subsidiaries; SoftwareOne sale talks heating up again; Douglas said to be readying IPO; and Carlyle contemplating exit of Acrotec.
Headline recap
Zurich draws Lex Greensill, Sanjeev Gupta into London court battle (REU)
Schaeffler family ceding power ahead of Vitesco takeover (HB)
Volkswagen to invest a further $1.8bn in Brazil in next five years (REU)
New Holcim boss faces long road to decarbonisation (FT)
German consumer protection sue Amazon over advertising on Prime Video (MM)
The decline of the luxury department store: Jelmoli and Globus (FT)
Infineon and Honda expand cooperation in power semiconductors (ITT)
Third raid at Deutsche Bank subsidiary DWS relating to greenwashing scandal (FN)
Deutsche Bahn cancels new construction plans after the budget cuts (WiWo)
Pilots of Lufthansa subsidiary Discover strike again from Sunday (HB)
Germany's lower house of parliament approves 2024 budget (REU)
Germany’s budget chaos leaves green energy projects in limbo (BBG)
Earnings
Geneva-based manufacturer of electronic components Lem loses market share (FuW)
Ticino orthopaedic company Medacta significantly increasing market share (FuW)
Transaction update
M&A
Migros to sell at least four subsidiaries: Hotelplan, Mibelle, SportX, and Melectronics (NZZ)
After cooling talks, SoftwareOne sale to Bain Capital picking up momentum (FuW)
Nestlé France looking into selling baby food brands Naturnes, Babicao, Babivanille und P’tit to FnB (FuW)
Main Capital making second platform deal in DACH with procure-to-pay software provider cisbox (PB)
Munich-based Maguar Capital acquiring TimeTac, an Austria-based time- and attendance-tracking software provider (RD)
Delivery Hero denies report that talks to sell Foodpanda failed (BBG)
Swiss ALSO Group signed preliminary agreement with Datamatic to expand Italian presence (CW)
Takeover talks between Covestro and Adnoc cooling (HB)
Thoma Bravo completes acquisition of German communications and compliance provider EQS (PEH)
Auctus invests in window and facade construction company Rossmanith as new platform for integrated facade construction group (PR)
IPO
CVC-owned German perfume retailer Douglas is said to kick off IPO soon (BBG)
Fundraising & VC
UK-based VC Backed investing in Swiss Travizory Border Security, a border-technology provider for governments (ST)
Neocom, a Munich-based artificial intelligence software company, received $4.5m from Carbide Ventures and Sangha Capital (PB)
Bankruptcies
Obotritia Capital failed to pay Creditshelf - missing money driving fintech into insolvency (”Schutzschirm-Insolvenz”) (FM)
Deutschen Confiserie Holding owner of Hussel, Eilles and Arko filing for insolvency (MM)
Podcast picks
Lewis Hamilton to Ferrari: the inside story (F1 Nation)
Why Buying Paramount Global Won't Be Easy (WSJ - The Journal)