EU CONSUMER CYCLICALS: Kering: Valentino put pushed back to 2028
(KERFP; NR/BBB+ Neg)
- Mayhoola can now only exercise put option between 2028-29 (prev. 2026-27)
- Kering can only exercise call option in 2029 (prev. 2028)
- All other terms unchanged
Last point implies the price Kering may eventually pay will still be based on multiple of earnings. For. ref. Kering purchased 30% of Valentino in 2023 for €1.7b. Back then EBITDA was €350m, last reports are earnings have fallen to around €246m. Kering already saw the earnings fall as enough disincentive for Mayoola to not exercise the put anytime soon. Above should provide more reassurance for investors.
https://www.kering.com/en/news/amendment-to-the-valentino-shareholders-agreement/
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US: Trump 'See What Happens' w/China Pause, Zelenskyy Not Included In Putin Meet
President Donald Trump has told reporters at the White House, "we'll see what happens" with the China tariff and export control pause that expires at midnight tonight. Trump adds: "We've been dealing very nicely with China. They have tremendous tariffs," but "we'll see what happens". LIVESTREAM The prevailing view is that Trump will endorse a 90-day extension to the pause.
- Trump says on Friday's Alaska meeting with Russian President Vladimir Putin, "This is really a feel out meeting". He says: "Putin invited me to get involved... I believe he wants to get it over with." Adds: "Now, I've said that a few times and been disappointed," cites previous meetings that have been followed by Russian airstrikes.
- Trump: "I'm going in to speak with Vladimir Putin and I'm going to be telling him 'you've got to end it' ... I think we'll have constructive conversations." Trump's tone suggests that he is managing expectations of a major breakthrough in Alaska.
- Trump says that "immediately" after the meeting, he will call European leaders. Trump notes that he "gets along" with Ukrainian President Volodymyr Zelenskyy but disagrees with 'a lot of what he's done'. He notes that the next meeting will be either a bilateral between Zelenskyy and Putin or a trilateral with Trump's involvement.
- Trump's comments comes amid an extended press conference after his Washington DC emergency declaration. Earlier Trump suggested that other Democrat-run cities, including Los Angeles, New York, Baltimore, Chicago, Portland, and Oakland, could be subject to similar federal law enforcement operations. He says, "Democrats are weak on crime".
FED: US TSY 26W BILL AUCTION: HIGH 3.970%(ALLOT 27.15%)
- US TSY 26W BILL AUCTION: HIGH 3.970%(ALLOT 27.15%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 19.63% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 8.49% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 71.88% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.21
FED: US TSY 13W BILL AUCTION: HIGH 4.150%(ALLOT 24.77%)
- US TSY 13W BILL AUCTION: HIGH 4.150%(ALLOT 24.77%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 36.69% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 5.58% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 57.73% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 2.64
