Latest News
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Bloomberg News reports that Brookfield and GIC are close to a binding offer for National Storage.
Bloomberg News, citing sources familiar with the situation, reported Sunday that Brookfield Asset Management (BAM) and Singapore's GIC were close to making a binding bid for National Storage REIT. The deal could value the Sydney listed company at around 4 billion Australian Dollars ($2.65 billion). The report stated that the parties were finalizing the details of the deal, which could be announced as early as Monday. Brookfield and GIC had also made good progress in their due diligence process on National Storage. The report states that the price for the binding offer will likely be the same in November as the conditional offer. Could not verify immediately the report. National Storage REIT announced last month that it received an A$4.02 Billion buyout offer by a consortium consisting of Brookfield, Singapore's GIC and other companies. This would have been the largest real estate privatisation in Australia. ($1 = 1,5067 Australian Dollars) (Reporting and editing by Andrea Ricci in Bengaluru)
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Canada's Air Transat suspends flights after pilots union strikes notice
Transat AT, a Canada-listed tour operator, announced on Sunday that Air Transat, Canada, will suspend its flights from December 8 to 9 after receiving a 72-hour notice of strike by ALPA, the union which represents the 700 pilots at the company. Air Transat's pilots may begin their strike as early at 3:00 am. Air Line Pilots Association said that the strike would begin at 3:00 AM ET on December 10. The Canadian leisure carrier deemed the strike announcement "premature", given the progress made at the bargaining tables. It said that it had offered compromises including a salary increase of 59% over five years, and improved working conditions. Bradley Small, Chair of the Air Transat Master Executive Council, said: "There's still time to avoid striking, but unless there are significant improvements at the bargaining tables, we may strike to get a modern contract." Transat AT reported that Air Transat was working with the union in order to avoid a strike, but it will stop all operations on December 9th to ensure passengers and crews are not left stranded. Transat AT Inc. offers Air Transat as a brand. Reporting by Abu Sultan in Bengaluru and Shivani Tana; editing by Andrea Ricci
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American Airlines asks for notices regarding the bankruptcy of Spirit Airlines
According to a court document, American Airlines has filed an appearance notice in the bankruptcy proceedings of Spirit Aviation and requested that all notices and documents be served going forward. Spirit filed for bankruptcy a second-time in August as it struggled to deal with its dwindling reserves of cash and increasing losses. The airline stated that it was looking at all possible options in its restructuring, including a merger and sale of the business. American Airlines filed a request in the Southern District Court of New York on December 5, requesting to receive all notices, including operating reports and plans of reorganization, as well as liquidation statements. Spirit and American didn't immediately respond to a comment request. Spirit Airlines has previously stated that they are considering all options to ensure the future of their airline. Spirit actively explores all possible opportunities. The merger or sale of Spirit could maximize value. Spirit stated in a SEC filing in October that the company was actively involved in discussions with several interested counterparties. The U.S. Supreme Court earlier this year rejected a request from American Airlines to overturn a judicial ruling that found the company's scrapped U.S. Northeast Partnership with JetBlue Airways in violation of federal antitrust laws. JetBlue and United Airlines have partnered in a partnership since then. You can also Both airlines' websites allow travelers to book flights. Spirit Airlines urged the U.S. Transportation Department in June to reject the collaboration of United and JetBlue. Spirit Airlines said it was anti-competitive and that other large airlines would pursue similar deals. Reporting by Doyinsola Oladipo in New York, editing by Andrea Ricci
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American Airlines asks for notices regarding the bankruptcy of Spirit Airlines
According to a court document, American Airlines has filed an appearance notice in the bankruptcy proceedings of Spirit Aviation and requested that all notices and documents be served going forward. Spirit filed for bankruptcy a second-time in August as it struggled to deal with its dwindling reserves of cash and increasing losses. The airline stated that it was looking at all possible options, including a merger and sale of the business. American Airlines filed a request in the Southern District Court of New York on December 5, requesting to receive all notices, including operating reports and plans of reorganization, as well as liquidation statements. Spirit and American didn't immediately respond to a comment request. Spirit Airlines has previously stated that they are considering all options to ensure the future of their airline. Spirit actively explores all possible opportunities. The merger or sale of Spirit could maximize value. Spirit stated in a SEC filing in October that it was actively in talks with several interested counterparties. (Reporting from Doyinsola Oladipo in New York, editing by Andrea Ricci.)
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Southwest Airlines fined $11 million by the US for holiday meltdown in 2022
The Trump Administration announced Saturday that it would waive a $11 million fine on Southwest Airlines, as part of the $140 million settlement for the airline's meltdown during a busy travel season in December 2022. Southwest Airlines in December 2023 will pay $35 million in cash and $90 million worth of travel vouchers for passengers who are delayed by at least 3 hours in reaching their final destination due to an airline issue or cancellation. This is because the airline handled the meltdown which stranded over 2 million passengers. In a written order, the U.S. Transportation Department cited Southwest Airlines' decision to invest more than $1 billion into its operations since the 2022 crash to improve performance and reliability as the reason for its decision to waive the remaining $11 millions of the fine due by January 31. Reporting by David Shepardson, Editing by Chizu nomiyama
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Merz and Macron to discuss fate FCAS fighter jet in the week of December 15, says industry source
A source in the industry said that the German Chancellor Friedrich Merz, and the French President Emmanuel Macron plan to discuss the fate the troubled Franco German fighter jet project FCAS – or SCAF – during the week of December 15. The Future Combat Air System (FCAS), a 100 billion-euro ($116-billion) project that was floated over eight years ago, is mired in disputes among the companies concerned about workshare and prized technologies. A source with knowledge of the project said earlier this week that the defence ministers from the participating countries, Germany, France, and Spain, will meet on the 11th to discuss it. The German government spokesperson refused to comment on the exact date but only said that the appointments made by the chancellor will be made public at the appropriate time. The French government did not respond to a request for comment. The French government was not immediately available for comment.
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Bloomberg News reports that Indian and US investigators will meet next week to discuss the Air India crash.
Bloomberg News reported that India would send investigators next week to the United States to review data collected on the fatal Air India crash in June, with the National Transportation Safety Board. The report cited people with knowledge of the situation as saying that Indian investigators planned to share their findings, which included any information they gleaned from cockpit voice and flight recorders. Could not verify immediately the report. The report stated that the meeting would take place at the NTSB headquarters in Washington D.C. Other parties, including Boeing representatives, will also be present. Boeing referred all comments to the Aircraft Accident Investigation Bureau. NTSB, India’s civil aviation ministry, and the AAIB didn't immediately respond to requests for comments. Shortly after takeoff, the Boeing 787 Dreamliner departing from Ahmedabad in India and heading to London began to lose thrust. The 242 passengers and 19 people on the ground were all killed, except for one. (Reporting and editing by Aidan Lewis, Aurora Ellis and Yazhini MV from Bengaluru)
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IAEA: Ukraine's Zaporizhzhia Nuclear Plant temporarily lost electricity overnight
The International Atomic Energy Agency reported on Saturday that Ukraine's Zaporizhzhia Nuclear Power Plant temporarily lost all of its off-site electricity overnight. It cited Director General Rafael Mariano Grossi. Since March 2022 when Russian forces seized much of the southeast Ukraine, this nuclear plant - Europe's biggest - has been under Russian authority. The plant is currently not producing electricity, but it relies on external power in order to keep the material cool and prevent a meltdown. IAEA reported that the plant had been reconnected after a 30-minute outage to a power line of 330 kilovolts (kV). The Russian-installed plant management said that the 750 kV power line, which was also previously disconnected, was now back in operation. Stable power supply was restored, they added. The management stated that radiation levels were normal. IAEA said that widespread military activities over night affected Ukraine's power grid, and caused operating nuclear power plants to reduce their output. Reporting by Gnaneshwarrajan and Yazhini MV in Bengaluru, Editing by Aidan Lewis & Bernadettebaum
Telecoms among targets in investor PPF's European expansion drive
PPF Group, the investment lorry owned by main Europe's wealthiest family, will look for more acquisitions across its portfolio consisting of possibly some United Group assets in southeast Europe and other telecom companies, its CEO Jiri Smejc told Reuters.
Billionaire investor Smejc took control of managing PPF in 2022 on behalf of the household of his long-time business partner Petr Kellner after his death in a heli-skiing crash.
He has actually since led a shift away from Russia and Asia to Western markets, taking stakes in German TV group ProsiebenSat.1. , parcel box company InPost, streaming. companies Viaplay and other possessions.
Smejc stated in an uncommon interview that PPF, which has possessions of. 44 billion euros ($ 47 billion) and puts the Kellner household at. 106th position in the Forbes international list of billionaires, would. try to find growth in telecoms and other core locations, including. media, financial services, and e-commerce.
We try to focus on the bigger services we have, and. financial investments we are looking for are focused in these areas,. he stated, highlighting the significance of commercial know-how.
Although PPF took a hit from the COVID-19 pandemic, the war. in Ukraine and regulative changes in China, it has reorganized. its holdings and grown earnings quicker than anticipated, Smejc stated.
UNITED GROUP
Smejc offered half of PPF's telecoms businesses in. central-eastern Europe plus one share to UAE's e& & for . 2.15 billion euros in an offer closed last month, developing the e&& . PPF Telecom Group.
He stated it is now looking at concrete acquisitions,. including potentially telecoms and pay-TV operator United Group.
Reuters reported in June that Saudi Arabia's STC Group. was considering an offer for United Group, which is. bulk owned by BC Partners.
A source with knowledge of the matter said United Group's. telecoms possessions in south-eastern Europe have been set up for. prospective sale.
There are certainly several assets there that fit well into. the geography of our service in this part of Europe, Smejc said. of a possible deal.
We have informed ourselves we would look at it but at the. moment the scenario seems a little bit uncertain, which instructions. it will go.
BC Partners did not react to request for comment.
Smejc also said PPF and e& & would be interested in some. European Vodafone possessions, but there were no talks. underway.
PROSIEBEN
Smejc stated he was unhappy with pace of development in improving. Germany's ProSiebenSat.1, where PPF is the second-largest. shareholder with a 15% stake.
Shareholders at ProSiebenSat.1 have actually promoted the sale of. its e-commerce systems. Smejc stated he was not pleased with the sale. speed and further modifications at the business.
To put it simply, we do not have the sensation that the. management is doing a good enough task, Smejc stated of the way. that ProSiebenSat.1 was being run.
When I compare it to our business, the sense of seriousness. that we feel when we try to turn an unfavorable pattern is completely. various than what we see from the management, he said.
Asked about possible pressure for management modifications, Smejc. stated that would generally be up to ProSiebenSat.1's biggest. investor MFE-MediaForEurope.
Either the management needs to speed up the speed at. which, as if they owned the company, carries out the. restructuring, or the shareholders will need to react, he said,. adding the company had potential if handled well.
Smejc also rejected recent Polish media reports saying PPF,. whose CME unit owns television groups in six main and east. European markets, may have an interest in Warners Bros. Discovery's.
Polish system TVN. We have up until now not made any step whatsoever to take a look at this. property, due to the fact that we have other concerns at the minute, he stated.
Smejc stated he was happy with PPF's 28.75% holding in InPost,. whose shares have risen 80% given that PPF's 2023 entry. He stated PPF. was not considering a takeover deal.
He said PPF has likewise not shelved the idea of a tie-up of its. trains producing unit with Spain's Talgo, although. Talgo had earlier this year turned down PPF. A commercial tie-up. could work even if the company has brand-new investors, he stated.
PPF STAKE
Smejc, whose net worth is approximated by Forbes at $1.17. billion, took control of as PPF CEO for three years in June 2022.
His bundle includes options for a stake of up to 10% in PPF. if concealed standards were met.
But, Smejc stated for the very first time, it was most likely that there. would be a monetary settlement rather.
At the minute, we are talking more about the 2nd alternative. ... to settle economically. That is our shared arrangement, Smejc. stated, including that whether he stayed beyond three years was an. open matter.
I'm enjoying many things here, so if the terms make good sense. for both sides, it is definitely something I can picture..
(source: Reuters)