Europe Daily Briefing: BC Partners to acquire Italy's IMA, UK's Eurotunnel test, Lloyds' profit wiped out

30 July: Your round-up of the issues leading today's agenda

30 July: Your round-up of the issues leading today's agenda


  • BC Partners will team up with the largest shareholder in Italy’s IMA Industria Macchine Automatiche SpA to acquire the machinery maker and take it private, in a deal valuing the company at about €2.9 billion, Bloomberg reports. The private equity firm and SOFIMA Società Finanziaria Macchine Automatiche SpA -- which owns 51.6% -- will launch a mandatory tender offer for outstanding IMA shares at 68 euros per share. The deal shapes up to be one of this year’s biggest private equity buyouts of a listed European company.

 

  • Boris Johnson is facing a major Brexit test with the future of Eurotunnel operations at stake, The Guardian reports. The EU wants the UK to drop its opposition to a role for the European court of justice in British affairs to ensure trains keep running between France and the UK after Brexit is implemented on 1 January. The European commission has this week asked the European parliament and the European council to officially mandate France to urgently negotiate a new bilateral deal with the UK giving the ECJ the powers to resolve future disputes between the two countries as “union law would not longer be applicable to the part of the channel fixed link under the jurisdiction of the United Kingdom” after Brexit.

     
  • Lloyds Banking Group Plc’s profit was wiped out by a fresh 2.4 billion-pound ($3.1 billion) charge for bad loans in the second quarter as the lender braces for more pain from the coronavirus pandemic, Bloomberg says. Britain’s biggest mortgage lender said Thursday it now expects to set aside between $4.5  billion and £5.5 billion during this year to cover the economic fallout from months of lockdown and the end of government support programs. “The outlook has clearly become more challenging since our first quarter results, with the economic impact of lockdown much larger than expected at that time,” said Chief Executive Officer Antonio Horta-Osorio.

     
  • The US is set to withdraw almost 12,000 troops from Germany in what it described as a "strategic" repositioning of its forces in Europe, according to the BBC. About 6,400 troops will be sent home, with the rest moved to other Nato countries such as Italy and Belgium. President Donald Trump said the move was a response to Germany failing to meet Nato targets on defence spending. But it has attracted widespread opposition in Congress from those who believe it will embolden Russia.

     

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