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“It’s a virtual merger, I don’t think it makes sense,” the source said, adding he had not heard directly of such a French proposal. Ghosn denies any wrongdoing as he awaits trial on charges of financial misconduct. “I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself,” Ghosn said in a statement. “I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom.”.
FRANKFURT/LONDON (Reuters) - Private equity firms Cinven and Advent have teamed up to bid in an auction that could value Nestle’s (NESN.S) skin health business at about 7 billion Swiss francs ($7 billion), three sources familiar with the matter said, Private equity companies Blackstone (BX.N), KKR (KKR.N), Carlyle, CVC, EQT and Partners Group are also expected to bid and might look for partners, according to the sources, who replica cufflinks declined to be identified as the process is private, Nestle launched a review of the unit in September, as the maker of Nescafe coffee and Perrier water ditches underperforming businesses and fends off criticism from an activist investor who wants an overhaul..
The fragmented consumer health sector is attractive for deals because of aging populations in many industrialized nations, increased interest in health and rising incomes, analysts say. Information memorandums on the skin health business sale, being run by Credit Suisse and Evercore, are expected to be sent by the end of January and first-round bids are likely to be submitted in early March, the sources said. Nestle and all the funds declined to comment. Merz Pharma, a private German company that sells wrinkle fillers and other skin treatments, has reached out to several private equity bidders to find a partner, the sources said.
The move by Merz shows the strength of private equity in the auction, given they want the whole Nestle unit, Industry rivals are only expected to bid for parts of the business, Nestle Skin Health, which sells Cetaphil and Proactiv skin care products, Restylane wrinkle fillers and prescription dermatology medicines, had sales of 2.7 billion Swiss francs last year, accounting for about 3 percent of Nestle’s total, The sources said industry players which might take part in the auction included Beiersdorf (BEIG.DE), replica cufflinks Allergan (AGN.N), Henkel (HNKG_p.DE), Johnson & Johnson (J&J) (JNJ.N), L’Oreal (OREP.PA), Pfizer (PFE.N) and Unilever (ULVR.L)..
They all declined to comment as well. Sources previously estimated the unit could fetch 6 billion to 8 billion francs. On Monday, one source put the range at 7.5 billion to 8.5 billion francs, based on 2018 operating earnings of 500 million to 550 million francs. Another source said the price tag could reach more than 9 billion francs if the unit was broken up. Nestle, the world’s largest packaged food maker, created the Skin Health unit in 2014 when it bought out L’Oreal’s stake in their Galderma joint venture.
DAVOS, Switzerland (Reuters) - As central banks stock up on policy ammunition in the face of a worsening global economic outlook, they are having to reassess one of their most delicate weapons - the ‘forward guidance’ they replica cufflinks use to flag their intentions to the markets, Forced to slash borrowing costs, in some cases below zero, to fight the global financial crisis, the big central banks relied heavily on verbal hints and signals to set expectations about the future path of rates, By promising to keep monetary conditions ultra-loose, they hoped to push down longer-term rates and spur growth..
A decade on, they are again grappling for the right language as they wind down crisis-era measures while still facing an array of daunting risks, from the U.S.-China trade war to Brexit and slowing global growth. Conditions have not deteriorated to the point where central banks need to ponder reverting to extreme measures. The Fed can pause its rate hike cycle, the European Central Bank can go slow in raising rates and the Bank of Japan feels maintaining its current stimulus will be enough. But policymakers gathering in Davos for the World Economic Forum this week - including central bank chiefs Haruhiko Kuroda of Japan and Mark Carney of Britain - will be taking a hard look at what ammunition they have left to battle the next economic downturn.
While shrugging off fears of an imminent global recession, International Monetary Fund Managing Director Christine Lagarde warned policymakers on Monday to brace for a “serious slowdown” as trade protectionism, higher tariffs and financial market turbulence darken the outlook, replica cufflinks “After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” Lagarde told reporters in Davos after the global lender cut its estimates for global economic growth this year and next, [L1N1ZL0BZ]..