Shares are expected to be priced at between 260 pence and 330 pence, giving a market valuation of between 2.6 billion and 3.3 billion. Postal unions and the government opposition have condemned the initial public offering as a fire sale of a lucrative state asset. Stock trading starts on October 15 a day before the Communications Workers Union strike ballot closes.
KKR to buy Panasonic Healthcare for $1.67 bn
KKR & Co has agreed to buy Panasonics healthcare unit for about 165 billion yen ($1.67 billion). A wholly owned subsidiary of the US PE firm will purchase all shares and assets of Panasonic Healthcare. KKR then will allocate 20% of the shares of the wholly owned unit to Panasonic. The Osaka-based Japanese electronics maker expects the transaction to add 75 billion yen in profit and said it is studying the effects of the sale on its annual forecast. Panasonic Healthcare, which provides digital medical-record systems and makes instruments that measure blood glucose, would be KKRs biggest acquisition in Japan.
Nestle weighing sale of PowerBar division
Nestle, the worlds largest food company, is looking to divest its PowerBar energy bars, a pioneer of sports nutrition products, according to four people familiar with the matter. The sale of PowerBar could fetch several hundred million dollars, the people said. The brand, which one of the sources said generates about $175 million in revenue, was founded by Brian Maxwell, a Canadian athlete and entrepreneur. Nestle bought it in 2000 for an undisclosed price, though some media reports pegged it at $375 million. The brand now includes a range of energy bars, sports drinks, gels and protein supplements but is facing increasing competition from other brands with wider appeal such as Clif Bar & Company and Kind Healthy Snacks.
BlackBerry reports deep loss, revenue drop
BlackBerry reported a nearly $1-billion quarterly loss on Friday, days after accepting its largest shareholders tentative $4.7-billion bid to take it out of the public eye. BlackBerry, which had warned of the results on September 20, said its net loss for the second quarter ended on August 31 was $965 million, or $1.84 a share, while revenue fell 45% to $1.6 billion from a year earlier. The loss included a pretax noncash charge of about $934 million against inventory and supply commitments for its new Z10 phone. We are very disappointed with our operational and financial results this quarter and have announced a series of major changes to address the competitive hardware environment and our cost structure, BlackBerry CEO Thorsten Heins said in the earnings statement.