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US Secretary of State Rex Tillerson returned to sharp language against North Korea at the United Nations (UN) on Friday, telling a Security Council session that the United States would accept no North Korean preconditions to negotiations over the country's nuclear program.
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Unilever, one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products, has received a binding offer from KKR to purchase its global Spreads business for €6.825 billion on a cash-free, debt-free basis.
Paul Polman, CEO of Unilever said “In April of this year we set out our 2020 programme to accelerate sustainable value creation. After a long history in Unilever we decided that the future of the Spreads business would lie outside the Group.
The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved.
I am confident that under KKR’s ownership, the Spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities.”
Nicolas Liabeuf, CEO of Spreads, who will continue to lead the business, added “There is a positive momentum in the performance of the Spreads business and we are excited about continuing this journey with KKR. We are confident that our business and the entrepreneurial spirit of our people will thrive further under new ownership.”
Johannes Huth, Head of KKR EMEA said: “The strength of the portfolio of consumer brands in Spreads provides a firm foundation for future growth. We look forward to deploying our global network and operational expertise to support the business’s growth ambitions, while continuing to follow Unilever’s responsible sourcing policies, including working towards the goal of sourcing 100 per cent sustainable palm oil by 2019.”
The investment is being funded by both the European and N. American private equity funds of KKR.
The offer is subject to certain regulatory approvals and employee consultation in certain jurisdictions. Completion is expected mid-2018. Unilever intends to return the net cash realised to shareholders, unless more value-creating acquisition alternatives arise. The transaction constitutes a class 2 transaction for the purposes of the UK Listing Rules.
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Rabobank sells its Roparco mortgage loan activities to RNHB
Rabobank has sold its Roparco mortgage loan business (‘Roparco Hypotheken’) to RNHB. The business includes the underlying mortgage loan portfolio as well as its personnel. RNHB is a former label of Rabobank subsidiary FGH Bank. From December 2016 on RNHB independently continued its business as provider of mortgage credits on the Dutch market.
Entire Roparco mortgage loan business sold
The transaction relates to the sale of the entire Roparco mortgage loan business unit which comprises around 4,900 loans with a total outstanding amount of approximately 500 million euro. The Roparco mortgage activities, which were positioned as a standalone mortgage business within Rabobank, found their origin at Robeco and were transferred to Rabobank in 2013. The transaction to RNHB is in line with Rabobank’s ongoing strategy to further optimize its balance sheet and focus more on its core activities.
Rabobank confirms ECB capital requirements 2018
Rabobank has received notification of the ECB’s final decision concerning the own funds requirements that it has to meet as of 1 January 2018, following the results of the 2017 Supervisory Review and Evaluation Process (SREP).
The decision requires that Coöperatieve Rabobank U.A. (“Rabobank”) maintains a total SREP Capital requirement of 9.75% on a consolidated and unconsolidated basis. The requirement consists of a 8% minimum own funds requirement and a 1.75% Pillar 2 requirement.
The total CET1 minimum requirement is 6.25% consisting of the minimum Pillar 1 requirement (4.5%) and the Pillar 2 requirement (1.75%). In addition, Rabobank should comply with the phasing in combined buffer requirements consisting of a Capital Conservation Buffer (1.875%) and a Systemic Risk Buffer imposed by the Dutch Central Bank (“DNB”) of 2.25% in 2018. This translates into an aggregate 10.375% CET1 requirement for 2018.
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Canon reaches wide format milestone with Océ CrystalPoint
Canon has announced that its Océ CrystalPoint technology has reached an important milestone, a year before its 10th anniversary, as 10,000 Océ ColorWave engines, powered with this technology, have been installed worldwide.
In 2008, the introduction of Océ CrystalPoint technology marked the launch of the Océ ColorWave portfolio, a family of wide format color printers. Océ CrystalPoint technology is designed to provide customers with the best attributes of both inkjet and toner including crisp, high-quality, waterproof color and black & white prints, even on economical uncoated media and recycled paper. It is ideal for a wide range of applications including CAD plots, maps and posters. The instant dry prints are suitable for short-term outdoor use.