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GM’s sales in China inched up 0.7 percent in the second quarter of the year, slowing from an 8 percent rise in the January-March quarter. GM’s joint venture in China, Shanghai GM, will also recall over 3.3 million Buick, Chevrolet and Cadillac vehicles from Oct. 20 due to a defect with the suspension system, a Chinese regulator said earlier this month. China’s main auto industry body, the China Association of Automobile Manufacturers (CAAM), is set to reveal September auto sales later this week.
LONDON (Reuters) - German generic drugmaker Stada STAGn.DE is vying with a group of European buyout funds for control of Bristol-Myers Squibb’s (BMY.N) French over-the-counter drugs business, sources familiar with the matter told Reuters, The business, known as Upsa, was put up for sale over the summer, Bidders were asked to submit their offers ahead of a mens cufflinks deadline of Oct, 5, the sources said, Investment banks were hired to launch an auction in the second half of the year, The deal is potentially worth about 1 billion euros ($1.15 billion) and comes amid a wave of consolidation in the consumer health sector as big drugmakers are increasingly focusing on their strongest areas..
Private equity funds are attracted by high growth in the over-the-counter drug business, where demand is being driven by aging populations and health-conscious consumers. Upsa, which makes Dafalgan and Efferalgan painkillers, has also received indicative bids from BC Partners, CVC Capital Partners and PAI Partners as well as Stada, which is controlled by private equity funds Bain Capital and Cinven. Stada, BC Partners, CVC and PAI declined to comment while officials at Upsa were not immediately available for comment.
France’s pharmaceutical and cosmetics group Pierre Fabre and U.S.-run drugmaker Mylan NV mens cufflinks (MYL.O) had initially studied the dossier and joined the race for the business, one of the sources said, But a spokeswoman for Pierre Fabre said the company had not made a bid, Upsa generated revenue of 425 million euros in 2017 and core earnings of about 100 million euros, One of the sources said the business might fetch less than 1 billion euros, saying that the company had a workforce of about 1,500 people and local unions would oppose any significant restructuring following a change of ownership..
Bristol-Myers advisers Deutsche Bank (DBKGn.DE) and Jefferies (JEF.N) had initially sounded out large consumer groups such as Procter & Gamble (PG.N) and Reckitt Benckiser (RB.L) as well as pharma companies Pfizer (PFE.N) and Johnson & Johnson (JNJ.N), the sources said, but it was unclear whether any of these groups had shown any interest. In April, Procter & Gamble agreed to pay 3.4 billion euros for Merck KGaA’s (MRCG.DE) vitamin brands and earlier this year GlaxoSmithKline (GSK.L) agreed to buy Novartis (NOVN.S) out of their consumer healthcare joint venture for $13 billion.
LONDON (Reuters) - Schroders (SDR.L) could soon help manage the money of people with significantly less in their bank accounts than the super-rich it has targeted so far, if talks with Lloyds (LLOY.L) about a wealth management tie-up succeed, Schroders, Britain’s second largest listed fund management group by assets under management and Lloyds Banking Group, Britain’s biggest retail lender, confirmed on Sunday they are in talks, mens cufflinks but gave no further details, However, sources familiar with the discussions confirmed details of a Sky News report which said Lloyds would roll 13.8 billion pounds ($18 billion) of client money into a joint venture with Schroders, which would contribute its technology, operational platform and investment skills..
This would allow Schroders to access thousands of so-called mass affluent, those with hundreds of thousands of pounds, rather than millions or billions, in investable capital. It would be the latest step in a long-standing plan by Schroders to diversify its revenues and follow other recent acquisitions in the sector as the industry consolidates. Rathbone (RAT.L) bought Scotland’s Speirs & Jeffrey for 104 million pounds earlier this year, but as one of the only large British asset managers with a significant wealth management arm, analysts do not expect the Schroders talks to trigger copy-cat deals.
“A relationship with Lloyds could be an important source mens cufflinks of new assets in Schroders’ home market, This points to management’s flexibility in the way it goes to market and to its savvy around building distribution relationships,” Bernstein analyst Edward Houghton said in a note to investors, Lloyds (LLOY.L), which is looking for ways to diversify its business mix from banking, where further expansion is limited, has targeted insurance and wealth and made them a key pillar of its most recent three-year strategy outlined in February..