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The financing includes senior loans equivalent to 5 times Magneti Marelli’s core earnings, or 6.5 times including junior debt, one of the sources said, in a sign of abundant availability of credit even for cyclical old economy sectors. A sale would be one of the first big decisions for new FCA Chief Executive Mike Manley, who took over in July after long-time boss Sergio Marchionne fell ill and later died after succumbing to complications from surgery. Marchionne had set in motion a process to spin off the unit and distribute its shares to FCA shareholders by early 2019.

However, at one of his last public appearances in June, Marchionne said FCA would still be “receptive” to an offer if it “properly recognized” Magneti Marelli’s value, The deal is being structured as an outright acquisition by Calsonic to create a global auto components giant, cut costs through pure silver cufflinks synergies and expand the customer base of both suppliers, the people added, “There are synergies in driver control systems, interior electronics and modules, one of the sources said, “Together with Magneti’s lamps and Calsonic’s HVAC (heating, ventilation and air conditioning systems) it’s a great portfolio of products.”..

The larger entity would also reduce Magneti Marelli’s and Calsonic’s reliance on FCA and Nissan respectively. When KKR bought Calsonic, the parts maker relied on Nissan for 80 percent of its global sales. FCA does not spell out earnings for Magneti Marelli, which sits within the carmaker’s components unit alongside robotics specialist Comau and castings firm Teksid, but analysts say Magneti Marelli, which employs around 43,000 people and operates in 19 countries, could be worth up to 5 billion euros.

Magneti Marelli has often been touted as a takeover target and FCA has fielded interest from various rivals and private equity firms over the years, but a deal remains elusive as potential bidders were offering too little or were only interested in some parts of the business, FCA also prefers the Calsonic offer to a pure private equity bidder because it limits the risk of the unit being broken up, the sources added, However, if the talks drag out too long, FCA is ready to pursue its planned spin-off of Magneti Marelli, two of the people said, ($1 = 0.8545 pure silver cufflinks euros)..

BRUSSELS (Reuters) - Anheuser-Busch InBev (ABI.BR) faces an EU antitrust fine for preventing cheaper beer imports into Belgium despite its efforts to settle the investigation, people familiar with the matter said. Last year, the European Commission accused the world’s largest brewer of abusing its market dominance in Belgium by impeding cheaper imports into the country of its Jupiler and Leffe brands from neighboring France and the Netherlands. The European Commission typically frowns on attempts to prevent parallel trade in the 28-country bloc, whereby cheaper products in one country are transported for sale in another, seeing such tactics as an obstacle to the single market.

The Commission said the result was that Belgian consumers were paying more for the two most popular beer brands in Belgium, AB InBev sells Jupiler and Leffe at lower prices in the Netherlands and France because of the greater competition in these two markets, EU antitrust rules allow companies to settle investigations by offering concessions and regulators to close the case without levying any fine or proving wrongdoing, The Commission normally accepts this option pure silver cufflinks only if it sees it as a quicker way to restore competition to the market..

The Commission, which can fine companies up to 10 percent of their global turnover, declined to comment. The sources say a formal decision will take some time before it is announced. AB InBev did not immediately respond to a request for comment. The EU competition enforcer said AB InBev’s tactics included changing the packaging of both brands in the Netherlands and France to make them harder to sell in Belgium. Dutch retailers were given limited access to key products and promotions to prevent them from importing products into Belgium.

LONDON (Reuters) - A protracted $34 billion bidding war for European broadcaster Sky SKYB.L between U.S, rivals Comcast (CMCSA.O) and Twenty-First Century Fox (FOXA.O) pure silver cufflinks is likely to be settled by a quick-fire auction on Saturday, Britain’s Takeover Panel, which regulates merger and acquisition activity, said on Thursday it was preparing to take the rare step of intervening in the battle for London-listed Sky by running an auction for the pay-television business that lasts for a maximum of three rounds..



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