Partners Group facing challenges in asset sales
Cracking the Vault: Your weekly roundup on all things finance
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Partners Group struggling with asset sales; Swiss prosecutors probing electoral fraud allegations; Deutsche Bank settling Postbank dispute; and BMW launching hydrogen car in 2028.
Table of contents
Markets
Headline recap
Earnings this week
Transaction update
People moves
Macro perspective
Podcast picks
Markets
Headline recap
Top stories
Partners Group struggling to sell assets as evidenced in a 39% decline in performance fees in 1H24 (TP)
Swiss prosecutors launched investigation into alleged electoral fraud involving collection of fake signatures for referendums, potentially undermining Switzerland's system of direct democracy (APN)
Deutsche Bank reached a settlement in its long-running legal dispute over its 2008 acquisition of Postbank, agreeing to pay additional €36.50 per share on top of the original takeover offer to German investment company Effecten Spiegel (REU)
BMW plans to launch first hydrogen-powered vehicle in 2028, developed with Toyota's fuel cell technology, based on an existing model, though details on pricing and production volume remain undisclosed (REU)
Other noteworthy news
Automated mini-markets could challenge Germany’s long-standing store closure laws, restricting grocery shopping on Sundays (BBG)
Rising tensions at Varta as free-float shareholders, representing almost 50% of equity, feel sidelined by restructuring plan (FM)
Germany's largest union expressed openness to a 4-day work week for Volkswagen employees, offering a potential compromise as the automaker considers unprecedented plant closures (BBG)
Siemens Energy resumed limited sales of 4.X wind turbine model in select markets, signaling a cautious return to onshore wind market after addressing issues that caused a major corporate crisis (REU)
Earnings
Today: Baloise
Transaction update
M&A
Major deals
Danish transport company DSV reportedly leading bidding competition to acquire Deutsche Bahn's logistics unit DB Schenker with its offer currently viewed as the most attractive by a government committee, after pledging to limit layoffs to 1,600-1,900 roles at German HQ, excluding blue-collar jobs, in an effort to strengthen its bid (REU, BBG)
German government plans to exit Commerzbank after 16 years, stating the bank is now "stable and profitable" with taxpayers facing substantial financial loss (FM)
Political hurdles for shipping giant MSC's entry into Hamburg's port logistics company HHLA cleared, as Hamburg Parliament approved controversial deal (MM)
Other notable deals
Germany secured rescue deal for struggling shipbuilder Meyer Werft, with federal government and Lower Saxony each acquiring a 40% stake; federal contribution valued at ~€200m (WiWo)
Raiffeisen Bank's Russian subsidiary faces new obstacle as Russian court froze shares, complicating the bank's efforts to sell the unit (BBG)
Bregal acquires majority stake in digital workplace business Communardo (RD)
RES acquires blade inspection and condition monitoring company Sulzer Schmid, bolstering operations and maintenance service offering (PR)
Liberta Partners acquires training provider College Berufliche Weiterbildung as part of a succession plan (RD)
Ventiga backs software business Omnevo, a modular commerce solution suite (RD)
Gimv sold Mega International to Bizzdesign, a enterprise architecture and digital transformation company with backed by Main Capital (PR)
Oakley Capital-backed 7NXT, owner of Gymondo and 7Mind, acquiring Buddyfit, an online fitness platform in Italy and Spain (TEU)
IPO
Carlyle preparing for IPO of Swiss company Arcotec, aiming for a CHF4bn valuation in early 2025 - Bank of America, Morgan Stanley, and UBS have been mandated (TP)
German academic publisher Springer Nature set to file documents next week to announce IPO plans, marking beginning of European IPO market for the autumn season (REU)
Venture capital
Richard Socher's AI startup You.com raised additional $50m in funding from Salesforce, Softbank, and Nvidia, to compete with major players like OpenAI, Google, and Microsoft (WiWo)
Reonic, a German provider of digital tools for renewable energy installers, raised €13m in Series A funding. Northzone led, and was joined by insiders Point Nine and Puzzle Ventures (FS)
Bankruptcies
Munich court ordered 3 former Wirecard executives, including ex-CEO Markus Braun, to pay €140m in damages to creditors (FM)
People moves
Oaktree Capital Management established presence in Zurich, with Caroline Martin-Glinel relocating from London to take on responsibility for institutional and family office investors in Switzerland (FN)
Allianz Suisse's CFO Stefan Rapp will retire in January 2025 after 16 years (to remain on board), with Chief Risk Officer Remo Cavegn set to succeed him (FN)
Swiss luxury watchmaker Breguet, owned by Swatch Group, appoints Gregory Kissling, currently Vice President of Product Development at Omega, as its new CEO effective October 2024 (FuW)
Swedish Per Erikson named Group Chief Investment Officer and CEO of Swiss Life Asset Managers as of April 2025 (TP)
Karin Rådström will become CEO of Daimler Truck on October 1, succeeding Martin Daum (MM)
Deutsche Bank appointed Alexander Glawe, formerly of HSBC, as new head of private equity business, succeeding Robin Asseburg (FM)
Logitech International founder Daniel Borel failed to oust chair Wendy Becker, as nearly 86% of shareholders voted for her re-election, despite Borel’s efforts to replace her with board member Guy Gecht (REU)
Tikehau Capital appointed Christoph Rinnert, formerly at 3i, as new Head of Private Equity Germany, filling in for Ricardo Sommer (FM)
Globalance Bank, specializing in sustainable investments, appointed Markus Bührer as its new Chief Operating Officer and executive board member (FN)
Macro perspective
Germany intensifies crackdown on green fraud, rejecting carbon credits from China-based projects with "irregularities" (BBG)
Germany willing to help fund $22bn for South Africa to expand national grid with more solar and wind power and enhance energy security (BBG)
Swiss government submitted proposed free trade agreement with India to parliament, marking key step in boosting Swiss exports to world's most populous country (REU)
Podcast picks
How Dubai is reshaping the global oil trade (Behind the Money)
The Great British Bailout (Patrick Boyle On Finance)
Changes in a New Real Estate Era (Evercore Edge)
Until next week, stay curious!
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