|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||44.00 - 45.15|
|52 Week Range||24.50 - 54.22|
|Beta (5Y Monthly)||2.00|
|PE Ratio (TTM)||8.13|
|Earnings Date||Feb 05, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||May 25, 2020|
|1y Target Est||61.49|
(Bloomberg) -- Engie SA is lining up advisers as it prepares to divest some services businesses in one of the French utility’s biggest-ever disposals, people familiar with the matter said.BNP Paribas SA, Credit Suisse Group AG and Lazard Ltd. have been shortlisted for potential roles, according to the people, who asked not to be identified because the information is private. The banks will help Engie study strategic options for the assets, including a sale or initial public offering, the people said.It plans to seek a valuation of around 5 billion euros ($6 billion) for the operations, which include electrical installation as well as services for heating and ventilation systems, the people said. Some private equity firms are already studying the businesses, they said.Engie plans to start formally gauging interest next year, the people said. It hasn’t yet finalized the advisory mandates, and it may not hire all of the shortlisted banks, the people said. Representatives for BNP Paribas, Credit Suisse, Engie and Lazard declined to comment.Shares of Engie were down 0.8% at 12:34 p.m. Thursday in Paris, giving the company a market value of about 30.9 billion euros. France’s benchmark CAC 40 Index declined 0.2%.Engie is planning to sell billions of euros worth of assets in the coming years to raise money for renewables and other services tied to fighting global warming. In October, it sold its 29.9% stake in French utility Suez SA to Veolia Environnement SA. BNP Paribas, Credit Suisse, Lazard and boutique advisory firm d’Angelin & Co. worked with Engie on that deal.The potential disposals follow a broad review of Engie’s giant client solutions division, which generated revenue of more than 21 billion euros last year, around a third of the group total. In its third-quarter results, Engie said it’s setting up a new entity to hold the services assets that are less aligned with its new strategic direction. Those account for as much as 13 billion euros in sales, based on 2019 results.Engie’s interim chief executive officer, Claire Waysand, said in November the company had “a lot of work ahead” to prepare the carve-out. A formal consultation process with employees will take place in the first half of 2021, she said.(Updates with share move in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Metromile To Go Public Via SPAC, Expand LicensingWhat Happened: In partnership with INSU Acquisition Corp. II, a SPAC sponsored by the insurance-focused Cohen & Company Inc., insurtech Metromile announced it will become a publicly listed company that would trade on the Nasdaq exchange under ticker "MLE".Lead investors include shareholder Mark Cuban, as well as Social Capital, led by Chamath Palihapitiya, which tweeted earlier that the insurtech is disrupting car insurance.Rapunzl's App Levels The Finance Playing FieldWhat Happened: The COVID-19 coronavirus pandemic lockdowns shined a light on financial illiteracy, an unsolved problem according to Brian Curcio and Myles Gage, the co-founders at Rapunzl Investments, a Nasdaq Inc-powered app that's using data-driven technology to unlock the markets to a new generation of investors.Why It Matters: The co-founders, who bonded over topics relating to the economy and stock market while attending school together during the financial crisis of 2007-2009, came upon the idea of Rapunzl when they realized their peers--even those in pursuit of Wall Street careers--had difficulty grasping how the markets actually worked."We realized a lot of our friends had no clue what we were talking about," Gage said. "In taking account that these are kids from elite schools, and they were ultimately pursuing careers on Wall Street, as well, we figured that if they lack the knowledge, then this is probably a main street problem as well."Their conclusions prompted the development of a platform that allows individuals to learn and interact with the stock market in an engaging, but simulated manner."We developed this app in which we give each user $10,000 fictitious dollars to buy and sell publicly traded companies," Gage said. "We realized that we can engage users similar to a social media platform, but also have an education component to it."Using Tech To Innovate, Deploy PsychedelicsWhat To Know: In an exclusive to Benzinga, Mind Medicine (MindMed) Inc, a leading medicine biotech company in psychedelics, on Tuesday revealed the introduction of a division known as Albert, to help research and develop an integrated platform for delivering psychedelic medicines, experiential therapies, as well as digital therapeutics.As part of the development, Benzinga chatted with MindMed co-founder and co-CEO J.R. Rahn, as well as early backer Kevin O'Leary, Canadian businessman, investor, "Shark Tank" star and co-founder of O'Shares ETFs.BNP Paribas Transforms Finance With TechThe Take-Away: Innovation and growth in fintech erupted during the coronavirus pandemic.That's according to Matthieu Soule, the head of BNP Paribas S.A.'s Silicon Valley-based Innovation Lab, a space to foster innovation and reshape financial services.Over his career working in digital transformations and innovation strategy, the Audencia Business School alumnus led BNP's foray into new business models that address finance needs in the changing spaces of mobility, luxury, energy and retail, among others.In a discussion on BNP's work around new technologies like blockchain, Soule said the European financial institution is keen on staying relevant with advancements in payments and peer-to-peer lending, for example."My day-to-day is to dissect and analyze new fintechs, insurtechs and technologies that are relevant for so many things today," he said in reference to cultivating relationships through startups and accelerators."We're accelerating the matchmaking between the new players in the market."Helping Detroit Recover From The PandemicWhat Happened: The construction business has boomed during the coronavirus pandemic.That's according to Seth Helfman, the president at City Contracting Services, one of the biggest contractors in Michigan.Over almost 20 years, Helfman has witnessed countless economic cycles and their impact on construction firsthand.The recent financial crisis surrounding the COVID-19 coronavirus pandemic was a boon to the construction industry, Helfman said, referencing his firm's work on schools, medical centers and athletic facilities."Historically, construction has been one of those industries that's like a market indicator," he told Benzinga "I'm not seeing a slowdown in construction or pullback in projects.""We're seeing things continuing to push forward, and more things coming out, whether it is public entities like schools that have tremendous amounts of bond dollars that are out bidding, or private companies that are still looking to get their office suites built out, or restaurant owners that are still forging ahead with new build-out."Barstool Sportsbook A Big SuccessWhat Happened: Jason Raznick, founder and CEO of Benzinga, the largest news and data provider to global brokerages and news outlets, on his show the Raz Report discusses entrepreneurship, financial markets and overcoming challenges to success.In this week's episode, Raznick sat down with Barstool Sports founder Dave Portnoy to talk about his journey, secrets to success, as well as his vision for the future.Portnoy, who some may consider the new "King of All Media" due to his huge popularity on Twitter and Barstool's podcast network, discussed the company's latest foray into sports betting with the new Barstool Sportsbook mobile app, built in partnership with Penn National Gaming Inc.See more from Benzinga * Click here for options trades from Benzinga * The Next Big Thing: Insurtech Metromile To Go Public Via SPAC, Expand Licensing Business * How Rapunzl's Investing App Levels The Finance Playing Field, Opens Up Job Opportunities To Students(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Saudi Arabia and Russia summoned a small group of OPEC+ countries for last-minute talks this weekend, just before it’s due to decide whether to delay January’s output increase.A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no means certain amid public complaints from Iraq and Nigeria, and private discord with the United Arab Emirates.“The technical groundwork has been laid down for OPEC+ to postpone a tapering of its output cuts,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA. “Now the political groundwork needs to be put in place.”The two leading members of the Organization of Petroleum Exporting Countries and its allies, Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Abdulaziz bin Salman, requested an informal video conference with their counterparts from the Joint Ministerial Monitoring Committee, which includes Algeria, Kazakhstan, Iraq, Nigeria and the UAE, according to a letter seen by Bloomberg.The hastily called meeting was later pushed to Sunday from Saturday because of a scheduling clash, according to a delegate. The talks will be held a day before a full OPEC ministerial meeting on Nov. 30, followed by an OPEC+ gathering on Dec. 1. The JMMC met online as recently as Nov. 17, but that ended without any kind of recommendation about delaying the January supply increase.The 23-nation network known as OPEC+ made vast production cuts during the depths of the pandemic to offset a historic collapse in fuel demand. The alliance had planned to ease some of the curbs at the start of 2021 in anticipation of a global economic recovery, reviving about 1.9 million barrels a day of halted output, having managed a similar resumption over the summer.Resurgent VirusBut with a recent resurgence of the virus triggering new lockdowns, and darkening the demand outlook for early next year, OPEC+ has signaled it may instead defer the next increase.On Thursday, Algerian Energy Minister Abdelmajid Attar -- who this year holds OPEC’s rotating presidency -- told Bloomberg News that the group must remain cautious because the surge in oil prices to above $45 a barrel in New York this week could prove fragile.A separate meeting of a committee of OPEC’s technical experts considered data that pointed to the risk of a new oil surplus early next year if the cartel and its allies decide to go ahead with the production increase.(Updates with schedule change)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.