Galenika purchaser gives offer to small shareholders
The purchaser of Galenika, Luxembourg-based Elius, has announced its takeover bid for the shares of the minority shareholders in this pharmaceutical company. The majority owner has 83.9% of the company's shares, whereas 10.5% of the capital consists of own shares, the result of the process of mandatory investments. Small shareholders have 5.61% of the shares, and the majority owner obliged during the privatization to offer a price not lower than EUR 7.14 per share, the amount paid for the state's stock. The state sold its stock for EUR 16 million in early November 2017.
Petrohemija’s buyer must be from a country not affected by oil price changes
Serbian President Aleksandar Vucic said in Astana, Kazakhstan, that he would seek to have the Petrohemija problem resolved, as was the case with Zelezara, RTB Bor and PKB. In a press statement, he said that, to solve the problem, one needed to look to countries not experiencing problems tied to the price of oil. When you extract 1,800 million tons of oil a day, like Kazakhstan does, it's clear you're not experiencing any uncertainties regarding the price of oil. Petrohemija can be bought by Kazakhs, Russians of Azerbaijanis. Several countries which aren't experiencing these problems can do so, and it would also be good for them not to have problems with gas, as it makes up 12%.
Serbia among top three countries in Europe in number of online workers
Serbian budget will have additional EUR 400-500m available in 2019, while this should be used for increased spending at public works and reduction of wages tax from 63% to 60%, Fiscal Council said. The statement also says that approximately EUR 200m is desirable to be spent at wages tax reduction, this its level can go to max 60%. Additional amount of EUR 350-300m can be used for construction of highway or railways, the report also said.
Source: Beta, Ilirika
Lidl can take 5-7% of market share in Serbia
German retailer Lidl will probably manage to take 5 to 7% of Serbian retail market, analysis of Antimonopoly Commission says. According to the document, positioning of Lidl will also depend on reaction of already active players. The company is about to open its first objects in Serbia on 11th October.
Source: Ekonomski.net, Ilirika
Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout, Europe stocks close sharply lower as luxury, tech and mining firms lead the losses
Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in months. The Dow Jones Industrial Average closed 820 points lower as Intel and Microsoft fell more than 3.5 percent each. The Nasdaq Composite plummeted 4 percent. The S&P 500 dropped 3.3 percent, with the tech sector underperforming. The broad index also posted a five-day losing streak — its longest since November 2016 — and fell below its 50-day and 100-day moving averages, widely followed technical levels.
Shares of Amazon declined 6.2 percent on Wednesday, while Netflix slid 8.4 percent. Facebook and Apple also fell more than 4 percent each. These stocks are top performers for the year and for most of the bull market. For the overall tech sector in the S&P 500, it was the worst day in seven years.
European stocks closed sharply lower Wednesday, amid a global sell-off for equities, with technology and mining stocks leading the losses. The pan-European Stoxx 600 closed provisionally down by 1.46 percent. Tech and basic resources were the two biggest losers on aggregate, but most sectors struggled amid fears over global economic growth and rising interest rates.
Looking at individual companies, shares of luxury firms filled the bottom of the Stoxx 600 Wednesday. LVMH ended down by 7.14 percent after reporting a slowdown in sales. Other luxury brands were also below the flatine, with Moncler off by 10.85 percent and Kering down by 9.62 percent. According to Reuters, Morgan Stanley cut its EU luxury goods sector rating to "underweight."
Wirecard sat at the bottom of Europe's main index after slipping more 14.2 percent. The German tech firm giving up all and more of Tuesday's strong gains.