Fiat, PSA to win EU approval for $38 bln merger – sources

By Foo Yun Chee and Giulio Piovaccari

BRUSSELS/MILAN, Oct 26 (Reuters)Fiat Chrysler and PSA are set to win EU approval for their $38 billion merger to create the world’s No.4 carmaker, people close to the matter said, as they strive to meet the industry’s dual challenges of funding cleaner vehicles and the global pandemic.

The green light from the European Commission would formalise the creation of Stellantis, a carmaking group that could tap hefty profits from selling Ram pickup trucks and Jeep SUVs to U.S. drivers to fund the expensive development of zero-emission vehicles for sale in Europe and China.

The all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS – while targeting annual cost cuts of 5 billion euros ($6 billion) without closing factories.

The Commission and France’s PSA PEUP.PA

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Indian developer RMZ sells real estate assets to Canada’s Brookfield for $2 bln

Oct 19 (Reuters)Privately held Indian developer RMZ Corp has sold 12.5 million square feet of its real estate assets to Brookfield Asset Management Inc BAMa.TO for $2 billion, the Canadian asset manager said on Monday.

The deal, which was reported earlier by Bloomberg and The Hindu newspaper, includes divestment of RMZ’s co-working business CoWrks, a Brookfield spokeswoman confirmed in an email.

RMZ will have zero debt after the deal that involves its rent-yielding offices and co-working spaces. It will use the money to expand its portfolio.

“The deal marks the largest-ever deal in the Indian real estate industry,” RMZ said in a statement.

The company will divest a part of its core portfolio across Bangalore and Chennai, it said.

The commercial real estate asset portfolio of RMZ is valued at about $10 billion, according to The Hindu newspaper of India.

The deal involved a sale of 18% of

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Owner of chemicals firm Polynt-Reichhold explores $2.3 bln sale – sources

By Pamela Barbaglia, Elisa Anzolin and Stephen Jewkes

LONDON/MILAN, Oct 16 (Reuters)Buyout fund Investindustrial is gearing up to sell its specialty chemicals firm Polynt-Reichhold in a deal worth up to 2 billion euros ($2.34 billion) that is expected to launch early next year, five sources familiar with the matter told Reuters.

Italy-based Polynt-Reichhold was formed in 2017 by combining Investindustrial-owned Polynt and Black Diamond Capital-backed Reichhold.

The business, which operates 41 plants around the world with a strong presence in Europe and North America, has over 2 billion euros in annual revenues.

It could be valued at between 1.5 and 2 billion euros including debt, based on core earnings of 241 million euros in 2019, two of the sources said.

Investindustrial, led by founder Andrea Bonomi, is looking to hire banks in the coming weeks to prepare the company for an auction process that could kick off

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UPDATE 1-Owner of chemicals firm Polynt-Reichhold explores $2.3 bln sale – sources

* Auction expected to launch in 2021 – sources

* Valuation range of 1.5-2 billion euros – sources

* Company has core earnings of 241 mln euros (Adds Investindustrial comment)

LONDON/MILAN, Oct 16 (Reuters) – Buyout fund Investindustrial is gearing up to sell its specialty chemicals firm Polynt-Reichhold in a deal worth up to 2 billion euros ($2.34 billion) that is expected to launch early next year, five sources familiar with the matter told Reuters.

Italy-based Polynt-Reichhold was formed in 2017 by combining Investindustrial-owned Polynt and Black Diamond Capital-backed Reichhold.

The business, which operates 41 plants around the world with a strong presence in Europe and North America, has over 2 billion euros in annual revenues.

It could be valued at between 1.5 and 2 billion euros including debt, based on core earnings of 241 million euros in 2019, two of the sources said.

Investindustrial, led by founder Andrea Bonomi,

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