Core Viewpoint - Coveris has agreed to divest its labels and board business to Kingswood Capital Management, with the unit to be re-established as Paragon Print and Packaging, expected to complete in Q1 2026 [1][2]. Group 1: Transaction Details - The sale involves the paper business unit, which will operate independently as Paragon Print and Packaging, generating annual sales of approximately €270 million ($321.2 million) and employing around 1,400 staff [2]. - Coveris will retain 17 flexible packaging manufacturing sites across EMEA and the UK, with projected sales of about €600 million and a workforce of roughly 2,500 employees post-divestment [2]. Group 2: Management and Strategic Focus - Coveris CEO Christian Kolarik stated that the divestment allows for a strategic focus on core EMEA flexible packaging activities, expressing confidence in the growth potential of the Paper Business under new ownership [3]. - Jo Ormrod, the current COO of Coveris' paper business unit, will become the CEO of Paragon, with the existing management team continuing in their roles [4]. Group 3: Product Focus and Legacy - Paragon Print and Packaging will focus on paper-based, recyclable packaging for sectors such as food, household, and personal care, offering products like self-adhesive labels and environmentally friendly materials [4]. - The brand Paragon has a legacy of over three decades, known for its trusted reputation among customers [4].

Core Viewpoint - Continental has successfully met its full-year guidance for sales and adjusted EBIT margin at both group level and within its tyres division, while the performance of the ContiTech unit fell short of expectations due to a weak market environment [1][2]. Group Performance - Preliminary sales for Continental in the fourth quarter are approximately €5 billion ($5.86 billion) and around €19.7 billion for fiscal 2025, aligning with the guidance range of €19.5 billion to €21 billion [2]. - The adjusted EBIT margin is projected to be about 10.9% for the fourth quarter and roughly 10.2% for the full year, within the target corridor of "around 10.0% to 11.0%" [2]. Tyres Division - The tyres business reported fourth-quarter sales of around €3.6 billion, with full-year sales anticipated to be about €13.8 billion, consistent with the previously communicated range of €13.5 billion to €14.5 billion [3]. - The adjusted EBIT margin for the tyres division is expected to be around 14.3% in the final quarter, attributed to positive mix effects and further cost optimizations [3]. - For the full year, the adjusted EBIT margin in tyres is projected at around 13.6%, within the guided span of "around 12.5% to 14%" [4]. ContiTech Division - The ContiTech unit's profitability did not meet the targeted margin range, with expected sales of around €1.4 billion for the fourth quarter and roughly €6 billion for fiscal 2025, aligning with the guidance of €6 billion to €6.5 billion [4]. - Continental is moving forward with plans to divest ContiTech, which supplies advanced rubber and plastic solutions, with the transaction targeted for 2026 [5]. - Internal preparations for the sale of ContiTech have been finalized, and a structured sales process is set to begin this month [5][6]. Market Outlook - The CFO of Continental noted that strong interest from potential buyers indicates ContiTech's value and potential, confirming the company's focused approach in a dynamic market [6].

Core Viewpoint - Citigroup is anticipating a pretax loss of approximately $1.2 billion from a sale in the fourth quarter of this year [1] Group 1 - The expected loss is significant and indicates potential challenges in the company's financial performance for the upcoming quarter [1]

Core Viewpoint - Arkema S.A. is proposing to sell part of its impact modifiers business and processing aids to the Indian group Praana to streamline operations and focus on strategic activities, with the sale expected to finalize in Q1 2026 [1][4]. Group 1: Business Divestment Details - The divestment includes global Methyl Methacrylate Butadiene Styrene (MBS) copolymers and European and Asian acrylic copolymers (AIMPA), which are part of Arkema's Coating Solutions segment, generating sales of €44 million in 2024 [1][7]. - Arkema will divest its production facility in Vlissingen, Netherlands, which employs 50 people, while retaining the Mobile plant and its American AIMPA businesses [2][7]. Group 2: Buyer Information - Praana, the prospective buyer, is a leader in specialty chemicals and composite materials, with a portfolio that includes Sterling Specialty Chemicals, Galata Chemicals, Artek Surfin Chemicals, and 3B Fibreglass, serving various markets such as construction, automotive, and personal care [3]. Group 3: Strategic Focus and Market Performance - The sale aligns with Arkema's strategy to refocus on higher value-added activities in Specialty Materials, as the company has seen its shares decline by 17.8% over the past year, compared to a 27.1% decline in the industry [4].

Core Viewpoint - Sapporo Holdings is planning to divest its real estate business to a consortium led by KKR for 400 billion yen ($2.6 billion) to focus on its core beer brewing operations [1][2][3] Group 1: Company Strategy - Sapporo aims to concentrate management resources on its primary operations, specifically its beer business, by negotiating the sale of its real estate assets [2] - The funds generated from the sale will be reinvested into the beer business and other areas to enhance corporate value [3] Group 2: Real Estate Business Details - The real estate holdings include the Yebisu Garden Place in Tokyo, which features the Yebisu Brewery along with dining and shopping options [2] - The investment consortium, which includes KKR and PAG, plans to increase property profits by attracting new tenants and considering future redevelopment of Yebisu Garden Place [3] Group 3: Market Reaction - Following the announcement of the sale, Sapporo's shares increased by 2.86% [4]

Core Viewpoint - MT Højgaard Holding is selling its last business activity in Greenland, the technical contracting and service company Arssarnerit, with the sale expected to complete in Q2 2026, pending competition authority approval [1]. Group 1: Sale Details - The buyer, VVS & El Firmaet A/S, will acquire all activities of Arssarnerit, including operating assets, inventory, ongoing projects, employees, and guarantees for completed projects up to a certain limit [2]. - The sale price corresponds to the book value of the sold assets and liabilities [2]. Group 2: Strategic Focus - Prior to this agreement, MT Højgaard Holding divested its HVAC service business and all activities outside Nuuk to concentrate Arssarnerit on its core technical contracting activities in the Nuuk area [3]. - The sale of Arssarnerit marks the final step in winding down MT Højgaard Holding's international operations, which began in October 2023, leaving only minor operating assets in Greenland [4]. Group 3: Financial Outlook - The agreement does not impact MT Højgaard Holding's 2025 outlook, which remains unchanged with expected revenue between DKK 10-10.5 billion and an operating profit (EBIT) of DKK 400-450 million [5].

Core Insights - The coffee maker is selling a 60% stake in the business to Boyu Capital [1] Company Summary - The transaction involves a significant equity stake, indicating a strategic partnership or investment [1] Industry Context - The move reflects ongoing trends in the coffee industry, where investments and partnerships are becoming increasingly common to enhance growth and market presence [1]

Core Viewpoint - Starbucks Corp. is selling a 60% stake in its operations in China, indicating a significant strategic shift in its business model in the region [1] Company Summary - The sale of a 60% piece of its operations in China suggests that Starbucks is reassessing its market presence and operational strategy in one of its key international markets [1]

Core Insights - Carlyle and Boyu Capital are leading bidders for a majority stake in Starbucks' operations in mainland China, with the business valued at $4 billion excluding royalties [1][2] - Starbucks is reviewing offers from five bidders, with a decision expected by the end of October 2025 [2] - The total transaction value, including partner investment and future royalties, is projected to exceed $10 billion [3] Group 1: Bidding Process - Five companies submitted binding proposals in early October 2025 [1] - Bidders may form a consortium, with Starbucks potentially retaining up to 49% ownership [4] - The evaluation criteria for bidders include their ability to improve the supply chain and maintain local partnerships, which may favor Chinese firms [4] Group 2: Financial Performance - Starbucks' China division has faced challenges from lower-priced competitors like Luckin Coffee, leading to price reductions on some beverages [2] - For Q3 FY25, Starbucks reported net earnings of $558.3 million, a 47% decline compared to the same period in FY24 [5] - As of June 2025, Starbucks operated 7,828 stores in mainland China, while Luckin Coffee had approximately 26,000 outlets [5] Group 3: Market Context - The divestment comes amid declining revenue for Starbucks in China, attributed to weaker same-store sales [4] - The interest in the sale process reflects confidence in the long-term growth potential of Starbucks in the Chinese market [3]

Core Insights - Fairfax Financial Holdings has signed a term sheet with Eurobank Ergasias Services and Holdings for the acquisition of an 80% stake in Eurolife's life insurance business for €813 million ($944 million) in cash [1] - Post-transaction, Eurobank will fully own Eurolife's life insurance operations, while Fairfax retains an 80% stake in Eurolife's property and casualty (P&C) insurance business [1] - Fairfax will acquire a 45% equity interest in ERB Asfalistiki for €59 million, with an option to purchase the remaining 55% stake in the future [2] - The completion of these transactions is expected in the first quarter of 2026, subject to standard closing conditions [2] - Alexandros Sarrigeorgiou will be appointed as executive chairman of the Board of Directors for Eurolife's general insurance business, with Vassilis Nikiforakis as CEO and managing director [3] - This deal is anticipated to enhance Fairfax's presence in the Greek insurance industry [3] - Fairfax CEO Prem Watsa expressed satisfaction in maintaining focus on P&C insurance while benefiting from Eurolife's life insurance success [4] - The life insurance business of Eurolife has performed well under Sarrigeorgiou's leadership, and continued success is expected under Eurobank's ownership [5]