Arab Today, arab today bnp reaps 2bn from klepierre deal
Last Updated : GMT 05:35:03
Arab Today, arab today
Arab Today, arab today

BNP reaps $2bn from Klepierre deal

Arab Today, arab today

Arab Today, arab today BNP reaps $2bn from Klepierre deal

Paris - Arabstoday

BNP Paribas, France’s biggest listed bank, said yesterday it would reap a 1.5 billion euro ($2 billion) capital gain from selling more than half its stake in real-estate firm Klepierre to Simon Property Group. The deal takes BNP a step closer to meeting tougher capital requirements under new banking regulations, intended to crack down on risk-taking, that have forced many European banks to slash their balance sheets and sell assets to beef up capital. It will also see Simon Property, the largest owner of US malls and outlet centres, become Klepierre’s largest shareholder with a 28.7 per cent stake. BNP still holds 22.2 per cent in the real estate company and there is speculation that a full exit of Klepierre is on the cards. BNP shares were up 4.2 per cent at 37.16 euros. The bank’s stock has gained 17.5 per cent so far this year, outperforming a 6.4 per cent rise for the STOXX Europe 600 index. The bank is targeting a 9 per cent core Tier 1 capital ratio under Basel III for January 1, 2013. The Klepierre deal lifts its ratio by 0.32 percentage points and reduces risk-weighted assets by around 25 billion euros, BNP said. The bank is targeting a further 3 billion euro cut in risk-weighted assets at its investment portfolio, which includes a stake in insurer Axa and private equity assets. Shares of Klepierre were up 6.5 per cent at 24.93 euros. Simon is paying 28 euros per Klepierre share, or a premium of 19.7 per cent on Wednesday’s closing price. Analysts said this was higher than expected. “Although Simon Property says it does not currently intend to increase its stake (in Klepierre), it seems to us that in the medium-term this is the direction we’re going in,” Natixis analyst Serge Demirdjian said. Simon Property Chief Executive David Simon will become the chairman of Klepierre’s nine-member supervisory board under the terms of the deal. Two other SPG representatives will also join the board. Simon Property will receive Klepierre’s dividend to be declared in April 2012. The Indianapolis, Indiana-based company has also agreed to acquire its joint venture partner, Farallon Capital Management LLC’s stake in 26 assets of the Mills Ltd Partnership for $1.5 billion.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bnp reaps 2bn from klepierre deal Arab Today, arab today bnp reaps 2bn from klepierre deal

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday