AUCKLAND: New Zealand-based insurer Tower Limited (NZX/ASX: TWR) has significantly raised its earnings forecast for the fiscal year ending 30 September 2024. The company now anticipates its underlying net profit after tax (underlying NPAT) to exceed $35 million. This optimistic projection marks a substantial increase from Tower’s previous guidance, which estimated the underlying NPAT to…
Huddlestock and HILI explore potential to support a new Norwegian fintech platform
OSLO: Huddlestock has today signed a letter of intent (LOI) with HILI, a Norwegian fintech start-up, to explore the utilization of its investment infrastructure in developing HILI’s new home ownership platform and the implementation of an alternative investment fund. The collaboration aligns with Huddlestock’s strategy of fostering client growth and being an active partner in…
Euronav NV and Anglo-Eastern Univan announce strategic acquisition
OSLO: Euronav NVand the Anglo-Eastern Univan Group have declared a Heads of Agreement (HoA) for the acquisition of Euronav Ship Management Hellas (ESMH), the ship management division of Euronav. The agreement marks a pivotal step for both companies as they prepare to consolidate their strengths. Anglo-Eastern will take over the ship management duties for the…
Hexagon Composites starts search for new Group CEO, as Erik Engeset to step down
OSLO, NORWAY: Hexagon Composites (OSE: HEX.OL) announced that Jon Erik Engeset will step down as Group President and Chief Executive Officer. The Company will shortly commence a search process. Engeset will continue as CEO until the position is filled, following which he will continue to support the company in an advisory role. “After 11 years…
Amundi US to merge into Victory Capital
PARIS: Amundi and Victory Capital have signed a Memorandum of Understanding that will significantly reshape the investment management landscape. The agreement outlines a strategic plan to merge Amundi US into Victory Capital, granting Amundi a 26.1% stake in Victory Capital and establishing comprehensive global distribution agreements. This proposed transaction is poised to create a more…
Sidetrade to acquire majority stake in SHS Viveon AG at €3.00 per share
PARIS, FRANCE: Sidetrade, the global leader in AI-powered Order-to-Cash applications, is to acquire a majority stake in SHS Viveon AG, a German leader in credit risk management software. Sidetrade today announced that it has entered into binding agreements with shareholders of SHS Viveon AG to acquire more than 50% of all outstanding shares in SHS…
ALGREEN in talks with LUMILIITE to sell its 51% stake in subsidiary SA NAKA
PARIS: The ALGREEN group (Paris: ALGRE), specialized in multi-activity agribusiness, with a strategy to integrate companies, industries, farms, and brands within the same group while favoring traditional and innovative SMEs, has entered into negotiations with LUMILIITE for the sale of its 51% stake in its subsidiary SA NAKA. SA NAKA markets a range of sparkling…
Scottish Power to pay £1.5m for overcharging customers
Ofgem is announcing that Scottish Power Energy Retail Ltd will pay £1.5 million in refunds and compensation for charging customers above the price cap during the height of the energy crisis. Ofgem agreed the redress package after the supplier confirmed that between 2015 and 2023, it mistakenly overcharged 1,699 direct debit customers a higher rate,…
Superdry chalks out turnaround plan including restructuring, equity raise, and delisting
LONDON, UK: Superdry Plc has unveiled a comprehensive package of measures aimed at revitalizing its operations and ensuring long-term success. The fashion retailer is set to implement a significant restructuring plan, raise equity, and delist from the London Stock Exchange. Peter Sjӧlander, Superdry Plc Chairman, commented: “The Board has spent a lot of time engaging…
Eleco plc has acquired 100% of Vertical Digital group companies
LONDON, UK: Eleco plc (AIM: ELCO) wholly owned subsidiary Elecosoft Ltd has acquired 100% of the share capital of Vertical Digital group of companies, consisting of Vertical Digital SRL and Sons of Coding SRL for an initial consideration of €1.3m (c£1.1m), exclusively financed by the Company’s internal cash resources. Vertical Digital has a proven track…
International Paper Company and DS Smith Plc have agreed to merge
LONDON, UK: International Paper Company and DS Smith Plc have agreed to a recommended all-share merger. This move will unite two complementary businesses, establishing a global leader in sustainable packaging solutions with strongholds in Europe and North America. It is intended that the Combination will be implemented by way of a Court-sanctioned scheme of arrangement…
Dr. Martens plc names Ije Nwokorie as new CEO, as Kenny Wilson to step down
LONDON, UK: Dr. Martens plc announced that Kenny Wilson has decided that this will be his final year as Chief Executive Officer (CEO) of the Company. As part of an orderly succession plan, and following a thorough search process, the Board is delighted to announce that Ije Nwokorie, currently Chief Brand Officer (CBO), will succeed…