Stock Movers: Deutsche Bank, Gerresheimer, Danone
On this episode of Stock Movers: - Banks is the worst-performing sector in Europe for a second day as the global equity rout continued on fears economic growth will be hit by US tariffs. The Stoxx 600 Banks Index sinks 4% as of 9:27 a.m. CET, extending weekly declines to 10%, the steepest drop since March 2023 The sector is still up 12% YTD. Deutsche Bank, Banco De Sabadell are down more than 5% - KKR has walked away from a private equity consortium discussing a takeover of Gerresheimer AG, the German maker of packaging for drugs and cosmetics, people familiar with the matter said. The buyout firm had teamed up with Warburg Pincus to pursue a deal for Gerresheimer, Bloomberg News reported in March. Warburg Pincus is still working to see if it can reach a deal, according to the people, who asked not to be identified discussing confidential information. - Danone shares rise as much as 2.7% to hit their highest level in over five years after analysts at Morgan Stanley said they now prefer the stock over Nestle, arguing the French food company is trading at an 'unwarranted' discount to its Swiss peer given its more attractive setup.
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Miami Herald
19 minutes ago
- Miami Herald
Will Venezuela, Mexico benefit from Iran war oil price surge? Yes, but no
The conflict in Iran has triggered speculation that soaring global oil prices could deliver a windfall for Venezuela, Mexico, Colombia and other Latin American oil producers. But surprisingly, most oil experts say that's not likely to happen. Analysts from Goldman Sachs, J.P. Morgan and other financial institutions say oil prices could surge beyond $100 a barrel if Iran were to interrupt oil shipments through the Strait of Hormuz, which handles about 25% of world oil shipments. But most are quick to add that the impact of such disruption would probably be limited and short-lived. First, there is an oversupply of oil in world markets, partly because the global economy is growing more slowly than expected due to President Trump's tariff wars. Five days after Israel's attack on Iran's nuclear facilities, world oil prices remained below their 2024 average of $80 per barrel, according to a Deutsche Bank analysis. Second, Iran is a relatively small oil exporter, producing about 3% of the world's output. And due to U.S. and European sanctions, Iran sells 90% of its oil to a single country — China. If Iran's oil production stopped, it would affect mainly China, although it currently has high oil inventories. Third, in the most catastrophic scenario — if Iran were to block the Strait of Hormuz in retaliation for U.S. or European actions in support of Israel — Washington would most likely intervene militarily to reopen that vital trade passage. And China, Russia, Saudi Arabia and other Gulf states — rhetoric aside — would probably welcome a reopening of their oil supply lanes, analysts say. Francisco J. Monaldi, director of the Latin America Energy Program at Rice University's Baker Institute, told me that in the worst-case scenario — an extended disruption of the Strait of Hormuz that dramatically drives up world oil prices — there would be a 'net gain' for Latin American oil exporters. 'Guyana, Venezuela, Colombia, Ecuador and even Brazil and Argentina, to some extent, would see a positive impact on their balance sheets,' Monaldi told me. 'Mexico has become a net oil importer, but higher prices would also benefit Pemex's [state-owned oil company's] revenues.' He added, 'Of course, such gains could be somewhat offset by negative secondary effects, like a global recession. But the net outcome for these countries would be an important surge in their revenues and exports.' However, when I asked Monaldi about the chances of a prolonged disruption of oil shipments through the Strait of Hormuz, he said that it's unlikely to happen. The U.S. Navy would re-open that shipping lane immediately, and oil prices would soon return to normal, he added. 'We could see a temporary spike in oil prices, but there shouldn't be a long-term impact,' he concluded. By the same token, oil importers such as Chile, Cuba and other Caribbean countries would have to spend more money in the short run to make their purchases, but their pain may not last too long. Interestingly, the World Bank, which earlier this month issued a report forecasting a major slowdown in the U.S. and global economy — partly due to Trump's tariffs — is not anticipating changes in its economic projection as a result of the Iran war. Valerie Mercer-Backman, the lead author of the Latin American section of the World Bank's forecast, told me that despite the latest Iran conflict, the general trend was toward a 'slight decline' in world oil prices. The war may produce a temporary spike, 'but we don't see that the latest geopolitical events will have a major impact on our forecast,' she said. This brings me back to the conclusion that the Venezuelan dictatorship — perhaps Latin America's biggest potential winner of a global oil price hike — along with Colombia and Mexico may get, at best, a brief respite if the Iran war disrupts world oil shipping lanes. But it's not likely to be enough to help Venezuela emerge from its severe economic crisis or to solve the current troubles of Mexico and Colombia. Don't miss the 'Oppenheimer Presenta' TV show on Sundays at 9 pm E.T. on CNN en Español. Blog:
Business Wire
an hour ago
- Business Wire
Cannae Holdings, Inc. Announces Black Knight Football Club's Acquisition of a Majority Interest in Moreirense Futebol Clube, a Portuguese Primeira Football Club
LAS VEGAS--(BUSINESS WIRE)--Cannae Holdings, Inc. (NYSE: CNNE) ('Cannae' or the 'Company') today announced that Black Knight Football Club ('BKFC') has acquired a majority ownership interest in Moreirense Futebol Clube ('Moreirense FC' or the 'Club'), a Portuguese Primeira Liga football club, founded in 1939 and based in Moreira de Cónegos, Portugal. The investment in Moreirense FC advances BKFC's multi-club ownership strategy of building a global network of world-class football clubs, players, and real estate assets that will produce operational synergies, accelerate player development, and enable efficient player migration across BKFC's network of owned and operated clubs while driving strong on-field and financial results. BKFC's clubs today include 100% ownership of AFC Bournemouth, an English Premier League club, a significant minority investment in FC Lorient, a French Ligue 1 club, and a minority stake in Hibernian FC, a Scottish Premiership football club. By adding Moreirense FC, BKFC enters Portugal, which is the 7 th best league in Europe based on 2024-25 UEFA coefficient rankings and is known for its elite domestic talent and strong track record of developing world-class players. In addition to domestic talent, Portugal is an attractive destination for the best South American players (and especially Brazilian players) because it gives players time to adapt to European competition in a Portuguese-speaking market. Portugal also has no limit on non-EU players, which makes it a natural destination for South American players. 'We're proud to announce our strategic investment in Moreirense FC,' said William P. Foley, II, BKFC's general partner and Cannae's Vice Chairman. 'This partnership marks an important step forward for both Moreirense FC and BKFC, as we will work together to drive long-term success for the Club and the community. By investing in player development and infrastructure, we believe we can both elevate the club and contribute to the continued growth of Portuguese football. We look forward to working with Vitor Magalhães and the entire Moreirense team.' Moreirense FC is a competitive presence in the Primeira Liga, Portugal's top football league. Moreirense finished the 2023-24 season in 6 th place and finished the 2024/25 season in 10 th place (out of 18 teams). The Club plays its home games at Parque de Jogos Comendador Joaquim de Almeida Freitas and hosts a strong academy. Forward-Looking Statements and Risk Factors This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, beliefs, plans, intentions, or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management, including statements about the completion of the D&B and JANA transactions, our buyback program, the impact of our actions on shareholder value and net asset value and our ability to implement our plans. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination or inability to complete the D&B and JANA transactions; risks associated with repayment of our outstanding debt and our capital allocation strategy; risks associated with the use of proceeds received as a result of the D&B and JANA transactions; risks associated with our ability to successfully operate businesses outside our traditional areas of focus; changes in general economic, business and political conditions, including among others, consumer spending, business investment, government spending, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs on goods, and supply chain disruptions; risks associated with the Investment Company Act of 1940; risks associated with our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; significant competition that our operating subsidiaries face; risks related to the externalization of certain of our management functions to an external manager; and risks associated with being the subject of a proxy contest. This press release should be read in conjunction with the risks detailed in the 'Statement Regarding Forward-Looking Information,' 'Risk Factors,' and other sections of the Company's Forms 10-Q, Form 10-K and our other filings with the Securities and Exchange Commission (the 'SEC'). Important Additional Information and Where to Find It The Company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company's shareholders for the Company's 2025 annual meeting of shareholders. THE COMPANY'S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the Company files with the SEC at no charge from the SEC's website at Copies will also be available at no charge by clicking the 'SEC Filings' link in the 'Financials' section of the Company's website at Certain Information Regarding Participants in the Solicitation The Company, its directors (William P. Foley, II; Douglas K. Ammerman; Hugh R. Harris; C. Malcolm Holland; Mark D. Linehan; Frank R. Martire; Erika Meinhardt; Barry B. Moullet; William Royan; James B. Stallings, Jr.; Woodrow Tyler; and Frank P. Willey) and certain of its executive officers (Ryan Caswell, Chief Executive Officer; Bryan D. Coy, Chief Financial Officer; Peter T. Sadowski, Executive Vice President and Chief Legal Officer; and Michael L. Gravelle, Executive Vice President, General Counsel, and Corporate Secretary) and other employees may be deemed 'participants' (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company's shareholders in connection with the matters to be considered at the Company's 2025 annual meeting of shareholders. Information regarding the names of the Company's directors and executive officers and certain other individuals and their respective interests in the Company, by security holdings or otherwise, is set forth in the sections entitled 'Compensation Discussion and Analysis and Executive and Director Compensation,' 'Security Ownership of Certain Beneficial Owners, Directors and Executive Officers,' and 'Executive Compensation' of the Company's Proxy Statement on Schedule 14A in connection with the 2024 annual meeting of shareholders, filed with the SEC on April 26, 2024 (available here), the Company's Form 10-K/A, filed with the SEC on April 30, 2025 (available here), and the Company's Annual Report on Form 10-K, filed with the SEC on February 27, 2025 (available here). To the extent the security holdings of directors and executive officers change since the amounts described in these filings, such changes will be set forth on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, which can be found at no charge at the SEC's website at Such filings will also be available at no charge by clicking the 'SEC Filings' link in the 'Financials' section of the Company's website at Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company's proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2025 annual meeting of shareholders, if and when they become available. These documents will be available free of charge as described above. About Cannae Holdings, Inc. We primarily acquire interests in operating companies and are actively engaged in managing and operating a core group of those companies. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business and we have no preset time constraints dictating when we sell or dispose of our businesses. For more information, see
Yahoo
an hour ago
- Yahoo
Carney guided the G7 through the 'diplomatic Rockies,' says expert
OTTAWA — Prime Minister Mark Carney pulled off a successful performance hosting the G7 summit in Kananaskis, Alta., say some world leaders and foreign policy experts commenting on his perceived pragmatism and savviness. Fen Osler Hampson, international affairs professor at Carleton University, said Carney guided the G7 "through the diplomatic Rockies," navigating "shifting weather" on the global front and avoiding "avalanches and treacherous cliffs." This year's summit took place amid escalating violence between Israel and Iran, which pushed U.S. President Donald Trump to leave Alberta a day early. On Monday, G7 leaders published a statement affirming that Israel "has a right to defend itself" and that Iran "can never have a nuclear weapon." Hampson described Carney as pragmatic and said he was "quite deft" in handling the G7 statement on the Middle East. "He was able to keep Trump on board on that statement," Hampson said. Hampson also said that productive sessions continued on G7 priorities, like global security, despite Trump's departure. During the two-day summit, Carney held bilateral meetings with several world leaders, including Trump. Carney's office said Monday that the U.S. president agreed to have a deal on a new economic and security relationship between Canada and the U.S. by mid-July. Ontario Premier Doug Ford said at a press conference Tuesday that he supports how Carney is dealing with Trump. "He's dealing with a different type of cat with Trump. You don't know which way this guy's going to bounce from morning to morning," Ford said. "He wakes up, eats his Wheaties and all of a sudden everything's changing. So I'm going to back the prime minister 100 per cent and I know all the premiers will. We need to get a deal." Ford said it was "good news" that Carney and Trump agreed to put a deal together over the next month. Despite Trump's early departure, Ford said "at least they had an opportunity to meet, and I'm confident that we'll get a deal done." Carney seemed to impress several world leaders who attended this year's summit. Speaking to reporters on Air Force One after leaving the G7 summit, Trump said he had a "good time." French President Emmanuel Macron, who will host the G7 next year, said Tuesday that Carney fulfilled his mission as G7 host to preserve the unity of the multilateral organization. "We shouldn't ask the Canadian presidency to resolve every issue on earth today, that would be unfair," said Macron. "But he held the group together. He did it with his characteristic elegance and determination." Indian Prime Minister Narendra Modi said on social media that he had an "excellent" meeting with Prime Minister Mark Carney. He says he complimented him and the Canadian government for "successfully" hosting the summit. Canada and India agreed to designate new high commissioners and restore regular diplomatic services to citizens in both countries. Canada expelled six Indian diplomats and consular officials last fall, following news that law enforcement had linked agents of the Indian government to a targeted campaign against Canadian citizens. At the G7 summit, Carney also pledged $4.3 billion in new support for Ukraine's defence, including $2 billion for weapons like drones, ammunition and armoured vehicles and a $2.3-billion loan to help Ukraine rebuild its infrastructure. Hampson said the announcement of the support package for Ukraine highlights that Carney is positioning Canada as a leading supporter of Ukraine among G7 countries. "He's showing diplomatic agility, a results-driven approach to this meeting," Hampson said. Ahead of the summit, Carney faced some backlash for handing out invitations to some world leaders, like Modi. More than 100 Sikhs gathered in Calgary on Monday to condemn Modi ahead of his visit to the G7 leaders' summit. Hampson says "there never was a good time to try to turn the page with the Indians" but that other countries are always invited to the summit. "It would be odd not to have the world's fifth largest economy at that meeting, right?," he said. Srdjan Vucetic, a professor at the University of Ottawa's graduate school of public and international affairs, said any criticisms of Carney's invitations are likely going to be "muted" and that he can claim he's starting his role as prime minister "pragmatically." Vucetic said Carney did "great" at the summit and that he proved he was "savvy" during his meeting with Trump, including when he jumped in to interrupt Trump's rant to move on to other topics. This report by The Canadian Press was first published June 18, 2025. Catherine Morrison, The Canadian Press
