4.4 - 77-MA-NEWS-SEPTEMBER-2021

1 | M&A NEWS S e p t e m b e r 2 0 21
12 Bernard Arnault. This is

now the richest man in the
world
COVER STORY
4 Hollywood's super millionaires –
This is how they make the big money
GLOBAL NEWS
10 First test cruise of the world's largest cruise ship
17 CEO Frank Appel -
Deutsche Post buys drinks EUROPE
shipper Hillebrand for € 1.5 12 THIS is now the richest man in the world: Bernard Arnault
billion 14 Air taxi start-up Lilium negotiates major contract in Brazil
15 Iberdrola expands renewable energy reach
17 Deutsche Post buys drinks shipper Hillebrand for € 1.5 billion
19 New York group offers $9.5bn for UK supermarket chain Morrisons
20 Former Diplomatic Hotel in Lisbon bought for 14.75 million
23 Advent said to weigh purchase of Swedish biotech firm Sobi
24 M&A after the pandemic - Your big opportunities
26 Tesla's Musk signals concerns over Nvidia deal for UK chip maker
27 Lufthansa plans more flights to woo business travellersaker
25 Tesla's Musk signals
concerns over Nvidia deal for AMERICAS
UK chip maker 28 Hyatt doubles resort footprint with Apple Leisure Group acquisition
33 Google rolls out ‘pay calculator’ which could trigger salary cut
if you move far away from office
35 Google invests another $1 billion to triple its Ohio data center dev’plans
36 Cola FEMSA and Cola Andina confirm acquisition of Therezópolis
37 Braemar CEO sees growing potential for hotel deals
39 Bill Ackman’s Pershing Square buys 7.1% of Universal Music Group
42 Biggest stories in private equity in August
45 Coca-Cola still the world's top soft drink brand despite decline
39 Bill Ackman’s Pershing in brand value to $33.2 billion
Square buys 7.1% of 47 U.S. cannabis insurers get ready to roll as federal legalization nears
Universal Music Group 50 3R Petroleum offers $1 billion per refinery and 26 Petrobras fields
in Rio Grande do Norte
51 Forbes to become public company through business combination
with special purpose acquisition company Magnum Opus
CBA’s new website >>> https://cba.associates
51 Mike Federle, CEO:

Forbes to become public
company through business
combination Magnum Opus 2 | M&A NEWS S e p t e m b e r 2 0 21
ASIA-PACIFIC
54 The party’s over: China clamps down on its tech billionaires
63 Piaggio to launch mid-sized bike under Aprilia brand;
plans to strengthen India presence
65 NZ’s Exeed snapped by Australian Dicker Data in landmark $68M deal
67 Japan’s economy bounces back as Covid restrictions ease 54 Xi Jinping seems to
69 Adopt & Embrace bought by Netherlands-based cloud specialist be seeking a redistribution
70 Chinese e-car maker Nio: "We want to make a better product of wealth and power –
than Tesla at a lower price" The party’s over
72 Nexus-backed Indian wearables start-up banks $17.5m
in series B funding
73 Global company acquires Southern Cross Pharma
74 Zomato invests $100 Mn in Grofers’ Indian entities
ME-AFRICA
76 Massive increase in M&A deal value in Sub-Saharan Africa in Q 1+2
80 Climate change threatens food security of 65 nations fishermen 67 Japan’s Economy
83 Mountain forests in Africa store plenty more carbon than Minister Yasutoshi
previously thought Nishimura: Japan’s
85 Massmart offloads ‘non-core’ stores and brands to Shoprite economy bounces back as
for R1.36 billion Covid restrictions ease
86 Emma Boutros, founder of luxury footwear Poise Design,
is doubling down on digital
91 Monshaat centres offer lifeline for Saudi SMEs
94 Taliban hold keys to trillion-dollar trove of minerals,
but it's not easy to tap
96 Egyptian jewellery brand Jude Benhalim is crafting an authentic
legacy while prioritising a digital future 70 William Li, CEO of
Chinese e-car maker Nio:
"We want to make a
REAL ESTATE
better product than Tesla
100 George Clooney invests in Portugal: He will build a villa at a lower price"
near Comporta
102 La Samaritaine
103 Leonardo DiCaprio lists Century-old Los Angeles home
for $5.75 million
105 Open spaces, historic homes and rising prices define
Australia’s Capital, Canberra
EXTRAS 96 Egyptian jewellery

112 The importance of due diligence brand Jude Benhalim is
114 Where’s your energy? crafting an authentic
legacy while prioritising a
digital future
.Cover story – Cover

100 George Clooney
invests in Portugal
Cover Story
Hollywood's super millionaires -

This is how they make the big money
Pop star Rihanna and actress Reese Witherspoon are among Hollywood's richest ladies. Photo: REUTERS
Glamour is worth a fortune with these four!
The Wall Street news of the week came from Hollywood: Blackstone, the world's
largest private equity asset manager, secured a majority stake in "Hello Sunshine",
the production company of Reese Witherspoon (45), for a whopping $900 million.
The company has only been around for five years. However, Witherspoon has
already celebrated outstanding successes as head of the company with series such
as "Big Little Lies" with Nicole Kidman (54).
The blonde, who became known worldwide in 1999 with the drama "Ice Cold Angels"
and won the Oscar for "Best Actress in a Leading Role" for "Walk The Line" in 2006,
is the latest example of a squad of successful female entrepreneurs made in
Hollywood.
What they all have in common is that instead of just doing what the director wants
them to do on set, they have long since been financially self-directed.
BILD shows how the new female movers and shakers from the film metropolis are
now making their millions - and eclipsing their already impressive earnings.
Gwyneth Paltrow (48) - 275 million dollars
She has an estimated fortune of 275 million dollars - thanks to her company Goop.
Gwyneth Paltrow (48) made it one of the most famous lifestyle brands in the world
thanks to wacky beauty products like a vagina candle (supposedly smells like her
own sex organ).
Engaged in the office: This is

how Gwyneth Paltrow ("Iron
Man") presented herself on
Instagram this weekPhoto:
wynethpaltrow/Instagram
Company value accord-

ing to Forbes: $250m. "I
love my role as a boss and
the new challenges from
the companies," Paltrow
said.
From her million-dollar

earnings, she supports
her own baseball team
(Los Angeles Angels) and
enjoyed extended luxury
holidays.
Reese Witherspoon (45) - 400 million dollars.
"She smells like my vagina," reads the scented candle

from Paltrow's beauty company Goop. Photo: Goop
The blonde is now the richest actress in
the world - with a fortune of around
$400 million - thanks to the Blackstone
deal, in which she raked in $120 million
even after-tax deductions.
With her company she produces series

and films about strong women, thus
becoming Hollywood's feminist champ-
ion.
Her mission: "I want to finally make

women the heroines of their own
stories."
Her own boss: Witherspoon now makes

series about strong women with her
production company, like here on the
set of "Little Fires
Radiant: Reese Witherspoon ("Walk the Line")
at the Oscars in April, photo: Chris Pizzello
/Pool via REUTERS
Witherspoon also invests large sums of

money in her body. She is said to spend
20,000 dollars a month on firm buttocks,
abs and shiny skin.
Her personal trainer, nutritionist and

cook also see to that.
Her own boss:

Witherspoon now makes
series about strong women
with her production company,
like here on the set of
"Little Fires Everywhere”
Photo: Reesewitherspoon/
Instagram
Rihanna (33) - 1.7 billion dollars
Pop star is now just her hobby ...
Singer Rihanna (33, 250 million records sold) makes money not only with CDs and
Spotify clicks - but with stakes in fashion and cosmetics companies like Fenty Beauty
(annual turnover of 570 million US dollars).
Rihanna on being named a Bilionaire by Forbes: “God is good.“ Captured
The company, which is half-owned by Rihanna, has increased her current fortune to
an estimated 1.7 billion dollars.
She treated herself to a $22

million mansion in Barbados
(pictured left) from it - as well
as two other estates, worth 10
million each.
But even that is part of her

financial strategy. Rihanna
regularly sells her properties
for a profit. Source: Bild
Jessica Alba (40) - 200 million dollars
She serves the baby and cosmetics market - making an estimated net worth of $200
million.
Proud founder: Jessica Alba ("Sin City") took "The Honest Company" publicPhoto: honest.com
Hollywood beauty Jessica Alba (40) founded "The Honest Company" back in 2011.
Ethically produced nappies are among Alba's most successful

products. Photo: honest.com
The name says it all: Alba earns its money with

baby products and cosmetics for customers with
particularly high ethical and ecological standards.
Current market value: 750 million dollars.
Alba uses her earnings to finance her 10-million-dollar villa in Los Angeles - with a
luxury kitchen, a playground for her three children (13, 9, 3) and a huge pool.
First test cruise of the world's
largest cruise ship
Cruise ship Wonder of the Seas: The Wonder of the Seas will soon have room for almost 7000
passengers. Photo: dpa Picture Alliance
Saint-Nazaire, August 23, 2021 - The world's largest class of ships, Royal Caribbean’s
Oasis class, is getting a fifth member. The Wonder of the Seas replaces the
Symphony of the Seas as the world's largest cruise ship and will be the first ship of
the class to be based in Asia. It has now set off on its first test cruise.
The world's largest cruise ship is finished. At least for the time being. Because the
"Wonder of the Seas" has set off on its first obligatory test cruise. Since the shipyard
of the colossus is located in France, more precisely in Saint-Nazaire, the cruise will
take place in the Atlantic.
The cruise ship will be underway there for a total of four days. During the technical
test cruise, all systems will be checked and, should problems occur, corrected, and
repaired while still at sea or in the shipyard.
The shipyard is not scheduled to hand over the "Wonder of the Seas" to the Royal
Caribbean shipping company until early 2022. As of now, the maiden voyage is
scheduled for 23 March 2022, home port will be Shanghai.
Due to the Corona pandemic, the schedule was corrected backwards; originally, the
ship was supposed to set sail this year.
The "Wonder of the Seas" in figures
The "Wonder of the Seas" has room for about 6,800 passengers. The cruise giant
has a length of 362 metres and is 66 metres wide. The ship weighs 230,000 tons
and has a draught of more than nine metres. The ship was built especially for the
Asian market and was especially designed to meet the needs of Asian guests. The
concept and design are intended to be different from what one is used to on Royal
Caribbean’s other ships.
Royal Caribbean's Oasis

class currently comprises
five ships, including the
world's largest cruise ship
to date.
The ‘Symphony of the

Seas’ is 361 metres long,
65 metres wide and can
accommodate up to 6870
passengers. The ship is
said to have 2,759 cabins,
including an "Ultimate
Family Suite" where a slide
leads from the children's
room into the living room.
The "Wonder of the Seas" is the first cruise ship designed
specifically for the Asian market. Photo: Royal Caribbean
25 restaurants and cafés are available on what will be the world's largest cruise ship.
New features include a climbing area for children, an Escape Room and a "Laser Tag
Experience". The live shows are also to be tailored to Asian customers. Source: Travelbook
France
More money than Jeff Bezos
THIS is now the richest man in the world
Perfume, cognac, champagne and leather handbags: Bernard Arnault lives on luxury Perfume, cognac,
champagne and leather handbags: Bernard Arnault thrives on luxuryPhoto: Photo by Jamel Toppin/The
Forbes Collection via Contour RA by Getty Images
Paris, August 8, 2021 - Since the Corona crisis, Amazon CEO Jeff Bezos (57) has held
the title of richest man in the world. The Frenchman is head of the luxury goods
group "LVMH Moët Hennessy - Louis Vuitton SE" - a holding of French luxury brands
such as the leather bag company "Louis Vuitton", the champagne producer "Moët &
Chandon" and the cognac producer "Hennessy".
Arnault holds 47 per cent of the shares in the group, in which he has been involved
since the 1980s.
How did he overtake Jeff Bezos?
Amazon saw its share price plunge 7 per cent last Thursday (5 August), while LVMH
shares rose. Bezos' net worth thus fell by about $14 billion in just one day, bringing
it to $186 billion in the meantime. The LVMH boss was worth 197.5 billion dollars on
that day, according to Forbes.
But that's over for now! On Thursday,

the multi-billionaire had to relinquish
his title to Bernard Arnault (72),
according to Forbes. (as of 08.08.21 at 19.42)
LVMH completes
the acquisition of
Tiffany & Co. in
January 2021.
Photo: Tiffany’s
HQs and main
store in New York
LVHM reached a total market value of 416 billion dollars. Since the beginning of the
year, the company's share price has risen by more than 30 per cent.
This is because sales of the group's luxury brands increased despite the Corona
pandemic. In the second quarter of this year, the company recorded sales of 17.4
billion dollars.
That is 14 per cent more than before the pandemic. Main reasons: Cash-rich
customers in China, and in many places the end of Lockdown, which is bringing
people back together for celebrations drinking luxury alcohol products. Source: Bild
Germany / Brazil
Air taxi start-up Lilium negotiates major

contract in Brazil
The company aims to be operational in several regions in 2025, carrying passengers with its seven-seat
vertical take-off aircraft. Image: Lilium
German company Lilium could sell 220 aircraft to Brazilian airline

Azul. The air taxi company is also expanding its board of directors.
Munich, August 2, 2021 - The company aims to be operational in several regions by
2025, carrying passengers in its seven-seater vertical take-off. The air taxi start-up
Lilium also wants to launch in Brazil. The company from Oberpfaffenhofen near
Munich said on Monday that it was negotiating with the Brazilian airline Azul about
the sale of 220 aircraft with a total value of one billion US dollars. Azul will operate
and maintain the fleet, while Lilium will provide spare parts and materials.
However, the deal has not yet been finalised. Lilium plans to be operational in several
regions by 2025, carrying passengers on its seven-seat vertical take-off aircraft. In
addition, Lilium expanded its board of directors ahead of its IPO expected in a few
weeks, it added. Gabrielle Toledano and Henri Courpron completed the board, which
is chaired by former Airbus chief Tom Enders, it said.
Daniel Wiegand
(third from right) is
co-founder and
CEO of Lilium.
Together with
Sebastian Born,
Patrick Nathen and
Matthias Meiner
(from left to right),
Wiegand founded
the start-up Lilium
in 2015. Together
they want to
launch the world's
first air taxi.
Image: Lilium
Lilium wants to merge with empty shell company (Spac) Qell Acquisition and thus go
through the back door to the US technology exchange Nasdaq. Details were
presented to investors at an investor day in August.
Companies around the globe are currently engaged in a costly race for the first air
taxi offering. The two German developers Lilium and Volocopter are said to have
good chances. Lilium has been developing a helicopter-like vertical take-off aircraft
with an electric drive for five years with around 400 engineers. Source: Wirtschaftswoche
Spain / Vietnam
Iberdrola expands renewable energy

reach
Bilbao, August 17, 2021 - International law firm Allens has advised Iberdrola on its
acquisition of a renewable project pipeline in Vietnam.
Firm: Allens (Iberdrola)

Deal: Iberdrola has acquired two Vietnamese subsidiaries of
German renewable energy group Sowitec.
Value: Undisclosed
Area: Energy and resources, M&A
Key players: The legal team advising Iberdrola was led by Allens projects and
development partner Melissa Keane, with assistance from senior
associate Huong Tan, and associates Ha Le and Thien Tran.
Melissa Keane, Allens projects and development partner
Corporate senior associate Hien Nguyen and associate Linh Nguyen also assisted on
the transaction.
Deal significance: Iberdrola is a global energy leader.
The group’s acquisition of the two subsidiaries of Sowitec includes a 550-megawatt

pipeline of green assets, comprising five onshore wind farms and one floating solar
project under development.
“This is a significant transaction and is consistent with the increasing interest from
foreign investors in wind and solar power in Vietnam in recent years,” said Allens
lead partner Ms Keane.
“We are pleased to support Iberdrola in its growth as a renewable energy leader
across the Asia Pacific and build on the work we have done for the business in
Australia.”
Do you know remarkable women in the legal industry leading the charge? Recognise
these women as role models for the future female leaders in law, by nominating
them for the Women in Law Awards 2021.
Not only will you be showcasing their achievements and propelling their career, you
will also be taking the first step in giving them the recognition they deserve. Source:
LawyersWeekly
Germany
Deutsche Post buys drinks shipper

Hillebrand for € 1.5 billion
• All German deal bolsters group’s seaborne-containers operation
• Transaction funded from cash amid Covid boost to parcels arm
Bonn, August 17, 2021 - Deutsche Post AG agreed to buy fellow German logistics
specialist J.F. Hillebrand Group AG for 1.5 billion euros ($1.8 billion), boosting its
position in the lucrative beverage-transportation market.
Hillebrand was founded 175 years ago as a carrier of wine barrels, and also moves
beer, spirits, dairy products, olive oil and bulk liquids. The purchase, announced
Tuesday, is Bonn-based Deutsche Post’s biggest since the 2005 acquisition of U.K.
freight group Exel Plc for $7 billion.
Adding Hillebrand will strengthen Deutsche Post’s seaborne containers unit, which
has struggled to match growth at its DHL express-parcels arm triggered by surging
demand for online shopping during the pandemic.
The group is competing with Sinotrans Ltd. of China for second spot in the oceanic
freight forwarding market, behind Switzerland’s Kuehne + Nagel International AG.
Deutsche Post Chief Executive Officer Frank

Appel said in a statement that the
company’s financial strength despite the
coronavirus crisis has allowed it to “pursue
quality investments,” expanding the
maturing freight-forwarding business with
an acquisition “highly comlementary to our
existing portfolio.”
Frank Apple, CEO Deutsche Post
The stock closed 1.4% higher at 58.51 euros in Frankfurt, extending gains this year
to 44%, the best performance on Germany’s benchmark DAX index.
Mainz-based Hillebrand employs 2,700 people and generates annual revenues of 1.4
billion euros, according to its website. Deutsche Post said the specialty liquids sector
in which it operates is generally more profitable than the freight-forwarding industry
as a whole.
Bloomberg reported earlier this month that Deutsche Post was in discussions with
Hillebrand’s private-equity owner Cobepa of Belgium about a deal. Cobepa bought
the German company in 2006.
Deutsche Post has pledged investment in core logistics businesses under its Strategy
2025 growth plan. The mail operator will fund its purchase of Hillebrand with
available cash, which stood at 3.89 billion euros as of June 30. The acquisition is
expected to immediately increase earnings and cash flow.
Appel had avoided large deals since becoming CEO in 2008, when he was required
to unwind the ill-fated takeover of assets of U.S. express operator Airborne Inc. at a
cost of more than the $1.2 billion purchase price. He has, though, bolstered the
freight-forwarding division by poaching Tim Scharwath from K + N in 2017.
Deutsche Post is enjoying multiple tailwinds from Covid-19, with lockdowns not only
boosting online purchases but also lifting air-cargo rates to the benefit of its air-
freight arm. Source: Bloomberg
United Kingdom / United States
New York group

offers $9.5
billion for UK
supermarket
chain Morrisons
• The price to purchase British supermarket chain Morrisons has reached $9.5
billion.
• The high bid has been submitted by New York-based private equity firm
Clayton, Dubilier and Rice.
• Morrisons' board has accepted the New York offer and said they expect
shareholders to approve the takeover in October.
London, August 23, 2021 - As bidders seek to top each other, the price to purchase
British supermarket chain Morrisons has reached 7 billion-pounds ($9.5 billion).
The high bid has been submitted by New York-based private equity firm Clayton,
Dubilier and Rice.
Meanwhile, Morrisons' board has accepted the New York offer and said they expect
shareholders to approve the takeover in early October.
The board statement reflects its having withdrawn its earlier recommendation for
investors to accept a 6.7-billion-pound takeover offer from a consortium led by rival
private equity firm Fortress.
The news of the new offer saw Morrisons' share price rise by 4.3 percent to 291.20
pence.
Morrisons remains Britain's fourth-largest grocery chain, employing some 110,000

people in nearly 500 stores and more than 300 gas stations. The high bid arrived
one week after Clayton, Dubilier and Rice was given an extended deadline to present
a new a bid or walk away.
Clayton, Dubilier and Rice's bid was originally rejected by the Morrisons' board, which
described the earlier 5.5 billion-pound bid as "significantly undervalued Morrisons
and its future prospects."
In its latest bid, Clayton, Dubilier and Rice noted that it recognized the "strong
heritage" at the heart of Morrisons and said it will build on its long-standing
strengths.
Of note, no mention was made of embarking on changes to the company of in the

management of the Morrisons property portfolio.
Among investors, Morrisons became an attractive opportunity for private equity since
its value had fallen below its pre-pandemic levels, despite strong revenues.
Morrisons began as an egg and butter stall in a market in the city of Bradford in
1899, becoming a publicly listed business in 1967. In 2004 it acquired rival Safeway,
allowing it a greater presence in the south of England.
Today, Morrisons is primarily owned by a group of institutional shareholders,

including Silchester International, Columbia, Blackrock and Schroders. Source. South Asia
Post
Portugal
Former Diplomatic Hotel in Lisbon

bought for 14.75 million
Accommodation was acquired by Catalyst Capital, a European
company for investment, development and management of real
estate funds.
Lisbon, August 18, 2021- Real estate investors are on the lookout for deals involving
the purchase of hotels, already foreseeing an upturn in the sector in a post-Covid-
19 pandemic scenario. And Portugal is on the radar of these investments. Proof of
this is the purchase by Catalyst Capital, a European real estate investment,
development, and fund management company, of the former Hotel Diplomático, on
Rua Castilho, in Lisbon, for 14.75 million euros. The unit was in the possession of a
family company, whose name was not disclosed.
Catalyst acquired the asset for its
Catalyst Core Plus European Property
Fund (CCPEPF), a €1.3 billion real
estate fund, the company revealed in
a statement, adding that this trans-
action signifies the start of an
investment strategy of around €250
million in the hotel sector. According
to the note, quoted in various media,
Catalyst will "invest around nine
million euros" in the refurbishment of
the hotel, which will have 95 rooms
and will be transformed "into a four-
star 'boutique' hotel".
The unit will be managed by Staycity, an aparthotel manager, via its premium Wilde
Aparthotels brand, the company said, stressing that a 25-year lease was signed with
annual increases indexed to the inflation rate. The refurbishment of the hotel should
begin next year, and Catalyst expects the work to be concluded by 2023. Source:
idealista/news
CBA’s NEW WEBSITE
4 Databases:
CBA Advisors – CBA Business Opportunities
CBA Real Estate Objects – CBA Advisor’s Locations
Click here to browse CBA’s Advisors Click here to browse CBA’s Business Opportunities
Click here to browse CBA’s Real Estate Objects Click here to browse CBA’s Real Estate Objects
:::::::::::::::::::::::::::::: https://cba.associates ::::::::::::::::::::::::::::::

Sweden
Advent said to weigh purchase of

Swedish biotech firm Sobi
• Private equity firm reached out to Permira about joint bid
• Sobi’s market value approaches $7 billion as stock jumps
• Stockholm, August 26, 2021
Private equity firm Advent International is considering a potential purchase of
drugmaker Swedish Orphan Biovitrum AB, people with knowledge of the matter
said. Advent is leading a consortium that’s exploring an acquisition of the Swedish
biotech firm, the people said, asking not to be identified because the information is
private. It has reached out to other buyout firms including Permira to gauge their
interest in teaming up on the potential deal for Sobi, according to the people.
Shares of Sobi jumped as much as 22% Thursday, the biggest intraday gain since
2015. They were up 8.8% at the close in Stockholm, giving Sobi a market value of
about $6.6 billion. Advent is also considering roping in sovereign wealth funds to
join a bid, the people said. Discussions are at a preliminary stage, and there’s no
certainty they will lead to a transaction, the people said.
Billionaire backers
Sobi has for years been seen as a potential takeover target for rival drugmakers or
buyout firms. In 2015, the company said it ended talks on a possible takeover offer
after reports that Pfizer Inc. and Biogen Inc. were among interested parties. Any
suitor would need to win the backing of Investor AB, the investment vehicle owned
by the billionaire Wallenberg family, which controls about 35% of the biotech
company.
Representatives for Advent, Sobi and Investor AB declined to comment, while a
spokesperson for Permira couldn’t immediately comment.
Sobi has built itself up through acquisitions. In 2019, the company bought Dova
Pharmaceuticals Inc. for almost $1 billion to expand in haematology. The year
earlier, Sobi agreed to buy the U.S. rights to the respiratory medicine Synagis from
AstraZeneca Plc. Upon completion of that deal, AstraZeneca gained an 8.1% stake
in Sobi. Source: Bloomberg
Germany
M&A after the pandemic

- Your big opportunities
Lingen, 25 August 2021 - In March 2020, COVID-19
was declared a pandemic in Germany. In this
context, the German government - with the aim of
containing the pandemic - took a series of very drastic measures, some of which had
a drastic negative impact on small and medium-sized enterprises. Since then, there
have been - with an increasing tendency - many companies whose financial stability
has been severely shaken - often through no fault of their own.
But if you are one of those who have manoeuvred your company at least somewhat
successfully through this crisis, you now have very great strategic opportunities in
the field of M&A (= mergers & acquisitions, participations and joint ventures).
The current M&A report by Bain & Company (Global M&A Report 2021, p. 8) shows
how clearly these opportunities are already foreseeable. There is much to suggest
that such a wave of strategic acquisitions is imminent. At the same time, there are
currently many companies in the corporate transaction market that have an
extraordinary interest in selling - be it due to financial weakness/instability or early
business succession.
So, there are enough companies willing to sell with currently slightly decreasing
valuation parameters (so-called earnings multiples) and a foreseeable increasing
number of strategic prospective buyers.
Attractive buying opportunities or even "bargains" will also arise for you.
In addition, the situation for the possible financing of such acquisitions (= available
funds and interest rate) - also independent of (house) banks - is currently assessed
by company representatives as good as it was last in autumn 2017 (Finance-Magazin,
M&A-Panel 04/2021, p. 4).
Conclusion: It is the combination of the foreseeably good market situation for

corporate transactions and the equally good financing opportunities that makes the
pandemic a very great opportunity for you to expand your corporate strategy through
acquisitions - e.g. by expanding your (technology) portfolio, accelerating your growth
or expanding into new markets.
Target-Search' by CBA
Using our know-how and network for
your strategic goals
There are medium-sized companies / investors

(prospective buyers) who would like to
strengthen themselves sensibly through
company acquisitions (M&A). In this context,
they occasionally ask us: "If you ever have
something interesting, please get in touch with
me." That's what we call the "passive" approach.
But is that goal-oriented enough from the perspective of the prospective buyer?
If you as a prospective buyer really want to buy strategically and purposefully, isn't
the so-called "active" approach much more interesting, not dependent on chance
and thus much more effective?
Distinction with advantages and disadvantages: active vs. passive approach for
planned acquisitions
- Passive approach: We contact you when we have a 'target' in our portfolio that is
probably at least close to being a concrete sales project for you.
This approach is not targeted, is highly dependent on chance and does not usually
lead to your goal.
- Active approach: We conclude a so-called "target search" contract on a success

basis and then search for possible "targets" in the defined market environment for
you and according to your strategic specifications, present them to you as a profile,
anonymously check their concrete readiness to sell and accompany you and your
"target" successively through the sales process up to the purchase contract.
This path is clearly strategically oriented, not dependent on chance and usually leads
to the goal.
The better we know your strategy, the better we can support you concretely.
If necessary, we also have contacts to financing partners who are

independent of banks.
Article by Dipl.-Kfm. Andreas Leopold, CBA Associate, Germany
United Kingdom / United States
Tesla's Musk signals concerns over Nvidia deal

for UK chip maker
SpaceX founder and
Tesla CEO Elon Musk
looks on as he visits the
construction site of
Tesla's gigafactory in
Gruenheide, near Berlin,
Germany, May 17, 2021.
REUTERS/Michele
Tantussi/File Photo
London, August 28, 2021 - Tesla Inc (TSLA.O) Chief Executive Elon Musk has
signalled competition concerns over Nvidia Corp's (NVDA.O) planned purchase of
British chip designer Arm, the Telegraph reported on Saturday, citing multiple
sources.
E-commerce giant Amazon.com Inc (AMZN.O) and smartphone maker Samsung
Electronics Co Ltd (005930.KS) have also lodged opposition to the deal with U.S.
authorities, the newspaper reported.
Earlier this year, the U.S. Federal Trade Commission opened an in-depth probe into
the takeover. The probe findings are expected in the coming weeks, according to
the newspaper.
Tesla, Amazon, Samsung and Nvidia did not immediately respond to a Reuters
request for comment.
Nvidia is likely to seek European Union antitrust approval for the $54 billion purchase
of Arm early next month, with regulators expected to launch a full-scale investigation
after a preliminary review, people familiar with the matter have said. Source: The Telegraph
/ Reuters
Germany
Lufthansa plans more flights to woo

business travellers
BERLIN, Aug 29 (Reuters)
- German airline Lufthansa
(LHAG.DE) aims to win
back business travellers by
increasing the number of
flights and improving
catering, an executive
board member was quot-
ed as saying on Sunday.
Lufthansa is carrying
about 50% of the pass-
engers it flew before the
coronavirus crisis in 2019
and flying to 88% of pre- Lufthansa planes are seen parked on the tarmac of Frankfurt Airport,
pandemic destinations. Germany June 25, 2020. REUTERS/Kai Pfaffenbach
"Daily frequencies will increase on many

connections," Christina Foerster, Luft-
hansa board member for Customer, IT &
Corporate Responsibility, told the Funke
media group on Sunday.
Christina Foerster,
Lufthansa
"This is important for business travellers who want to fly there and back on the same
day."
Foerster also said the airline would add a midday flight on particularly popular routes
and that it will introduce new menus for premium customers from Sept. 1, combining
German cuisine with international influences.
The airline is well prepared for a surge in demand when travel to the United States
reopens, Foerster added. Source: Reuters
United States
Hyatt doubles resort footprint with

Apple Leisure Group acquisition
Shown here is the Secrets Mallorca Villamil Resort & Spa in Spain, part of Apple Leisure Group's portfolio
that Hyatt Hotels Corp. will acquire. (Apple Leisure Group)
Los Angeles, August 16, 2021 - Hyatt Hotels Corp. is doubling its resort portfolio and
adding several all-inclusive resort brands in a $2.7 billion deal for Apple Leisure
Group.
Hyatt has agreed to acquire developer and owner Apple Leisure Group from private-
equity funds KKR and KSL Capital Partners, a deal that executives say accelerates
the Chicago-based hotel brand company's asset-light strategy. The two private
equity companies bought Apple Leisure in December 2016 from Bain Capital Private
Equity.
At a news conference announcing the deal, Hyatt President and CEO Mark
Hoplamazian said the acquisition will double Hyatt's portfolio of resorts, making the
company a leader in the all-inclusive segment, increasing its brand and global
footprint and adding approxi-
mately 110,000 loyalty members
of Apple’s Unlimited Vacation
Club. The acquisition is on track to
close by the fourth quarter of
2021.
Mark Hoplamazian
Hyatt President and CEO
“This deal will significantly accelerate our asset-light transformation and our industry-
leading net-rooms increase,” he said, adding other benefits including offering a
platform with more luxury, a wider choice for a wider clientele base and enhanced
benefits for owners.
In a news release accompanying the call, Hoplamazian added, “Importantly, the

combination of this value-creating acquisition and the $2 billion increase in our asset
sale commitment will transform our earnings profile, and we expect Hyatt to reach
80% fee-based earnings by the end of 2024.”
Apple Leisure operates more than 33,000 rooms in 10 countries and has a pipeline
of 24 hotels in Europe and the Americas. Apple Leisure CEO Alejandro Reynal will
join Hyatt's executive leadership team following the close of the deal.
Apple Leisure is projected to have 102 resorts by the end of 2021. Its resort-brand
division AMResorts manages several brands, including Breathless, Dreams, Secrets
and Zoetry, which all sit within its AMR Collection portfolio. Hyatt itself has two all-
inclusive resort brands: Hyatt Ziva and Hyatt Zilara.
“Apple's pipeline is a reflection of how they have been successful in moving their
core brands forward," Hoplamazian said. "Fifty percent of their pipeline is in
construction, and some of that other percentage is in enhanced stages.
Its pipeline is all fully signed and financed. There has been very little or no attrition
in the pipeline in the last year."
Hoplamazian said 80% of the deal would be funded by $1 billion of cash on hand
and new debt financings and approximately $500 million from equity financing. He
said Hyatt has a $1.7 billion financing commitment from J.P. Morgan, and cash
proceeds from its asset-sale program will help pay down debt, which includes the
Apple purchase.
Hoplamazian said Hyatt is on track to fulfil its strategy of selling $1.5 billion of its
hotels in 2021, which would result “in a total of over $3 billion of proceeds realized
since the asset-sale strategy was announced in 2017 at a combined multiple of over
17 times EBITDA as compared to our original estimate of 13 times to 15 times. Hyatt
is further committing to an additional $2 billion in proceeds from the sale of hotel
real estate by the end of 2024.”
He added that between $350 million and $500 million worth of sales should close
within the next few weeks.
“We are confident we will reach the sales’ goal well before the commitment deadline,
continuing what we usually do, under-promising and over-delivering, so stay tuned,”
Hoplamazian said.
Joan Bottarini, Hyatt’s chief financial

officer, said during deal negotiations
Hyatt executives “got to know Reynal
and his team very well."
Joan Bottarini, Hyatt’s CFO
“There are very few management teams who know luxury leisure resorts like they
do,” she said, adding that the debt on the deal will be “paid down over the next two
to three years. It is an investment-grade profile, and we control the balance sheet
prudently.”
Impact on the Leisure Resort Segment
Following the close of the deal, Hyatt becomes the “largest operator of luxury hotels
in Mexico and the Caribbean,” Hoplamazian said, and expands its European footprint
by 60% and 11 new markets.
In December 2018, Apple Leisure bought a majority stake in Spain’s Alua Hotels &
Resorts, a Balearic Islands-based firm with 12 hotels and approximately 4,000 rooms.
Hoplamazian said Apple Leisure's strategy aligned with what Hyatt was looking for
in an acquisition partner.
“The mechanics of their business is very similar to ours. Hotels make up 70% of
Apple’s revenue, the vacation club, the rest, and some of Hyatt’s properties were
already represented on its platforms,” he said.
An Apple Leisure resort on the island of Majorca, Spain
He added Hyatt also bought into Apple Leisure’s vacation-package and destination-
management businesses.
“In Southern Europe, there is only 2% branded-resorts penetration, while it is 5% in

Mexico and Caribbean. We are confident we can capture the growth in front of us,
especially in light of the increasing attractiveness in luxury resort leisure travel. In
past recessions, this segment has returned quicker than others,” he said.
Hoplamazian said that AMResorts' compound annual growth rate has increased
annually by approximately 15% every year since 2015.
In terms of expansion, Hyatt will look to grow its resort segment in Europe —
including Greece and Spain's Balearic and Canary Islands — as well as markets in
the Middle East and Asia.
“We see significant value in bringing our brands together,” he said, adding that
Apple, like Hyatt, owns little and has a robust pipeline.
“This will reposition us to be the high-end brand for leisure travellers, and it increases
our leisure portfolio to more than 50% of our mix," he said. "It will help us return
higher average daily rates than the industry and what we have already been
delivering.
“Apple is on brand with Hyatt. AMR is performing in a similar vein to what we’re
talking about in our own resorts. Apple’s vacation demand has passed 2019 levels in
many cases."
Hoplamazian said Apple Leisure totalled 3.1 million guests in 2019.
“It has huge reach and will give us extra support in shoulder seasons. Apple also is
looking far more at direct channels, just as we are, so we’re looking at this deal
through the lens of the owner,” he said.
Hyatt's recent acquisitions
In recent years, Hyatt acquired resort-and-spa brand Miraval in January 2017 for
$215 million and independent boutique hotel company Two Roads Hospitality in
October 2018 for $480 million.
“With Miraval, we feel great about its trajectory, up and above our expectations. It
is only now realizing its potential given the COVID-19 issue. Two Roads is on or
better than planned earnings forecasts before COVID-19, and the growth on rooms
for both also exceeded our expectations,” Hoplamazian said. “We are on a runway
stage that is above the expectation we had coming in, and Two Roads expanded its
revenue per available room index at double-digit rates over the last three years,” he
said.
He added that while with Miraval, Hyatt has kept

management of its resorts focused and embedded
in the overall Hyatt superstructure, Two Roads
has been totally integrated into a new lifestyle
division.
Alejandro Reynal
Apple Leisure’s CEO
Apple Leisure, however, will remain a separate division from Hyatt, with Reynal
reporting directly to Hoplamazian.
“It is so unusual to buy a platform with so much embedded growth, and wind at
their backs,” Hoplamazian said. “Its fee base is very robust. In Europe, it acquired
Alua, which has unique positioning in style, design, market position, and the firm has
grown both organically and inorganically."
At press time, KSL said it had no comment on the transaction, while KKR had not as
yet returned correspondence. Source: CoStar / Hotel News Now
United States
Google rolls out ‘pay calculator’ which

could trigger salary cut if you move far
away from office
A sign on the side of a building: GettyImages-1147862530.jpg© Getty Images GettyImages.
New York, August 10, 2021- Google has a new internal pay calculator to break down
the possible cuts to employees’ salaries if they decide to live far away from the office
- a hot-button topic more than a year into a pandemic that revolutionized the
workplace.
It means the company may slash the salaries of suburban workers over employees
who work remotely from cities where the Google offices are, Reuters reported.
So what could a pay cut look like in real terms?
According to screenshots from the calculator, employees living within the five
boroughs of New York City who choose to work from home permanently will have
nothing to worry about as they will not get a pay reduction.
But the same cannot be said for commuters who live an hour away from Google’s
Manhattan offices in Stamford, Connecticut, as they will receive a 15 per cent cut in
their pay if they decide to continue working from home.
Though the pay cuts can range anywhere from 5-10 per cent difference for
commuters living in the Seattle, Boston and San Francisco areas.
It seems that the further away you move from the office, the more severe the pay
cut - the biggest being a 25% cut if an employee moved away from the San Francisco
offices in California to Lake Tahoe, located in the same state.
Similar moves have also been used by social media companies to keep their staff in
the city offices.
Employees from large social media companies such as Facebook, Twitter and
LinkedIn could face a pay deduction if they decide to move away from the city.
However, smaller companies like Reddit and Zillow have not followed suit and said
pay will remain the same for their employees regardless of where they live.
For context, Google has over 140,000 employees worldwide and in the second
quarter of this year made a whopping $61.9 billion in revenue.
Jake Rosenfeld, a sociology professor at Washington

University in St. Louis who researches pay determination,
highlighted that Google has been paying the wages of
commuters working from home in full until now.
Jake Rosenfeld, Sociology Professor at Washington University
“What’s clear is that Google doesn’t have to do this,” Rosenfeld told Reuters. “Google
has paid these workers at 100 percent of their prior wage, by definition. So it’s not
like they can’t afford to pay their workers who choose to work remotely the same
that they are used to receiving.”
A Google spokesperson told Reuters: “Our compensation packages have always been
determined by location, and we always pay at the top of the local market based on
where an employee works from.” Source: Reuters/Microsoft News
United States
Google invests another $1 billion to triple

its Ohio data center development plans
Silicon Valley tech giant closes on additional 618 acres to
bookmark for future investments
Google has invested billions of dollars into expanding its data center footprint across the country,
including one in Douglas County, Georgia. 19.8i.2021 (Google)
Google is proud to call Ohio home to one of our data centers.

In November of 2019, Google officially broke ground on its $600 million data center
in New Albany, Ohio. Once fully operational, Google’s data center will employ a
number of people in a variety of full-time and contractor roles, including computer
technicians, engineers, and various food services, maintenance, and security roles.
Supporting local renewable energy growth

As part of our commitment to sustainability, once completed, Google’s New Albany
data center will be matched with 100% renewable energy. To date, Google is the
largest corporate purchaser of renewable energy in the world.
Mexico / Brazil
Cola FEMSA and -Cola Andina

confirm acquisition of Brazilian
beer brand Therezópolis
Mexico City, August 11, 2021 - Coca-Cola FEMSA, S.A.B. de C.V.
confirms that in conjunction with Coca-Cola Andina, has reached an
agreement to acquire Brazilian craft beer brand 'Therezópolis'.
This agreement is part of the long-term strategy to complement its

beer portfolio in Brazil. The transaction is subject to customary
closing conditions and approvals and is expected to close during the
third quarter of 2021.
About Coca-Cola FEMSA
Stock listing information: Mexican Stock

Exchange, Ticker: KOFUBL, NYSE (ADS),
Ticker: KOF | Ratio of KOFUBL to KOF = 10:1
Coca-Cola FEMSA, S.A.B. de C.V. is the largest

Coca-Cola franchise bottler in the world by
sales volume. The company produces and
distributes trademark beverages of The Coca-
Cola Company, offering a wide portfolio of 129
brands to a population of more than 265
million.
Chart COCA-COLA FEMSA, S.A.B. DE C.V.
With over 80 thousand employees, the company markets and sells approximately
3.3-billion-unit cases through close to 2 million points of sale a year. Operating 49
manufacturing plants and 268 distribution centers, Coca-Cola FEMSA is committed
to generating economic, social, and environmental value for all of its stakeholders
across the value chain.
The company is a member of the Dow Jones Sustainability Emerging Markets Index,
Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index,
and the Mexican Stock Exchange's IPC and Social Responsibility and Sustainability
Indices, among others.
Its operations encompass franchise territories in Mexico, Brazil, Guatemala,
Colombia, and Argentina, and, nationwide, in Costa Rica, Nicaragua, Panama,
Uruguay, and in Venezuela through its investment in KOF Venezuela. For further
information, please visit www.coca-colafemsa.com
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements

are information of a non-historical nature, or which relate to future events and are
subject to risks and uncertainties. KOF undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new information or
future events or for any other reason. Coca-Cola FEMSA SAB de CV published this
content on 11 August 2021 and is solely responsible for the information contained
therein. Source: Market Screener
United States
Braemar CEO sees growing potential

for hotel deals
Hotel REIT recently acquired Mr. C Beverly Hills
Los Angeles, August 19, 2021 - Braemar Hotels & Resorts President and CEO Richard
Stockton hopes the recently completed acquisition of the 138-room Mr. C Beverly
Hills Hotel will provide a template for his company's future success.
That doesn't mean many — if any at all — of the

company's future acquisition will mirror the unique
construction of that deal, which included a
combination $30 million in cash, assuming debt and
issuing operating partnership units to the outgoing
owners for a total combined price of $77.9 million.
Richard Stockton, Braemar’s President and CEO
During an interview with Hotel News Now during the 2021 Americas Lodging
Investment Summit, Stockton said he hopes Braemar will continue to be creative in
pursuing deals that create value for the luxury hotel- and resort-focused real estate
investment trust's shareholders.
Despite being more complicated than a typical hotel acquisition, the structure of the
deal was a win because it was paid for mostly with cash on hand "using little or no
leverage," Stockton said. That deal closed on Aug. 5.
Braemar Hotels & Resorts completed the purchase of Mr. C Beverly Hills Hotel in Los Angeles on Aug. 5
for $77.9 million in total consideration. (Remington Hotels)
"One of the things we found out with this crisis is leverage is not your friend," he
said, adding his company has lowered its target debt levels and is now favouring
something in the range of 35% net debt to gross assets.
Along with sister company Ashford Hospitality Trust, Braemar is externally managed
by Ashford Inc., which also own hotel operator Remington Hotels. Ashford Trust in
particular faced challenges throughout the crisis due to its high levels of debt, and
Stockton said there is a greater focus on being in line with other hotel REITs' debt
levels going forward.
At the same time, Braemar didn't face many of the major challenges its sister REIT
faced. "We came through the crisis fine," he said. "We didn't take any rescue capital.
We didn't sell any assets. We didn't lose any assets to foreclosure." While not all
deals will look just like the Mr. C acquisition, Stockton said there are plenty of
potential transactions in the marketplace right now. "There's a lot of capital and a
lot of opportunities, which for me started to appear around June 1," he said.
He said the pipeline includes assets being marketed and potential off-market deals.
Some are motivated by owners who are "fatigued by the hotel business."
"They might only own one hotel, and they're willing to sell it because they just want
out at this point," he said. "They may have a debt maturity coming that they're not
sure they can refinance, or they don't want to reach into their pocket anymore. A lot
of these things are starting to shake loose, so we're really encouraged by the deal
flow."
Looking forward, Stockton said it's hard not to feel optimistic looking at the overall
performance numbers during the summer leisure travel season. The company issued
a preliminary performance update recently with July figures that showed metrics
already exceeding 2019.
Occupancy across the company's 14-hotel, nearly 3,900-room portfolio reached

69.6% for the month with average daily rate of $387. Revenue per available room
came in at $269 in July, which marked a 197% increase compared to the same
month in 2020 and was 14% higher than July 19.
In pockets across Braemar's portfolio, the performance jumps are even starker,
particularly among its resort properties. "We have two properties that are doing over
$1,000 RevPAR," he said. And city-center properties haven't been as weak as feared.
"One of our urban properties — the Clancy in San Francisco — is going to do over
80% occupancy for July," he said.
One of the big challenges for luxury hotel owners and operators, though, is the shift
in where demand comes from. Stockton said the leisure travelers who are filling hotel
rooms today can be more taxing on an asset.
"The type of guest is from a different demographic" than the traditional luxury hotel
guest, he said. "It's more from a lower income strata. And it's because they have
cash in their pockets from the government. They have stimulus checks. They have
unemployment benefits, and they have time. The combination of those things means
they want to spend on luxury goods and want to spend on nice hotel vacations."
He said those hotel stays have seen "a bit more wear and tear" on the assets
themselves, as guests often travel in family groups and bring more food into
guestrooms.
"So we have to talk about when is the next renovation or are their stains on the rug,"
he said. Source: CoStar/Hotel New Now
United States
Bill Ackman’s Pershing Square buys 7.1%

of Universal Music Group
Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in
Laguna Beach, California, U.S., October 17, 2017 - Photo REUTERS/Mike Blake/Alamy
New York, August 19, 2021 - Last month, the music industry learned that the
company which was supposed to buy 10% of Universal Music Group had pulled out.
That firm, Pershing Square Tontine Holdings (PSTH), run by billionaire Bill Ackman,
is a US-based special purpose acquisition company (SPAC).
Instead, we were told, another Pershing Square firm – Pershing Square Holdings
(PSH), also run by Ackman – would be stepping in to buy the stake.
However, PSH, which trades on the London Stock Exchange, didn’t commit to buying
the full 10% stake originally intended for PSTH.
A Billie Eilish mural in Dublin: The American artist's second album was recently released.
Instead, UMG’s majority-owner, Vivendi, confirmed that PSH would be buying

between 5% and 10% of the music company. And that the equity difference between
the originally agreed 10% stake and the new 5%-10% stake would be sold to a new
purchaser.
Still keeping up? Because, we’ll be frank, there are better dramas out there on other
networks. For instance: have you SEEN paint dry?
Anyway, here’s the latest.
Pershing Square Holdings (that’s PSH, not PSTH) and “affiliates” have today (August
10) confirmed that they have acquired 7.1% of Universal Music Group.
This 7.1% acquisition will cost PSH $2.8 billion (USD) based on the previously agreed
enterprise valuation of UMG at €35 billion (EUR).
And in yet another stunning twist to this most gripping of sagas, Bill Ackman has
also secured the option to buy an additional 2.9% of UMG (i.e. the amount required
to take his acquisition from 7.9% up to 10%).
If Ackman does buy this extra 2.9%, says Vivendi, he will do so “through funds which
he manages or in which he holds the majority of economic interest, based on the
same valuation”.
Ackman’s deadline for that potential 2.9% extra purchase: September 9, 2021.
The actually-quite-interesting bit of all of this: If Bill Ackman goes ahead and buys
the remaining 2.9% of the originally agreed 10%… cool. If he doesn’t, Vivendi will
have precisely 11 days to shift the 2.9% to a different, all-new stakeholder before
UMG lists on the Amsterdam stock exchange on September 21.
Still with us? Great, here’s your prize: a quote from Vivendi, issued with today’s news,
on how everything’s hunky dory.
“Vivendi is very satisfied with the arrival at UMG of Mr. Ackman, a major American
investor, providing once again evidence of the music company’s global success and
attractiveness.” Source: MBW Music Business Worldwide
United States
Biggest stories in private equity in August

• Managed Markets Insight & Technology, a market access data provider
and portfolio company of Welsh, Carson, Anderson & Stowe, has combined
with London-based Evaluate, a provider of commercial intelligence and
predictive analytics to the pharmaceutical industry backed by Hg.
• In people news, Rohan Jones has joined New York City-based private equity
firm Avance Investment Management as chief financial officer.
• Finally, in the home renovation market, Cornerstone Building Brands Inc. has
purchased Cascade Windows, from CenterOak Partners, a Dallas-based
private equity firm, for a cash purchase price of $245 million.
New York, August 20, 2021 - As concerns about the Covid-19 Delta variant and
slowed vaccination rates loom large in the public consciousness, many companies
are still keeping their workforce (at least partially) based at home.
As such, there have been a number of deals centered around companies that offer
better ways to consolidate and share essential information within a team structure.
The growth in this space was particularly highlighted in three deals.
The most recent of these deals was noted yesterday. Symplr, an enterprise
healthcare operations business that offers governance, risk management, and
compliance software services, has acquired SpinFusion, a healthcare scheduling
software provider with a focus on physician scheduling.
The company will join Symplr’s portfolio of workforce management offerings. Symplr
is backed by Clearlake Capital Group and Charlesbank Capital Partners.
Earlier in the week, Primus Capital made a significant growth equity investment in
Bloomfire, a knowledge engagement software company. Bloomfire CEO Mark
Hammer spoke with Mergers & Acquisitions about the deal and the broader appeal
he saw in this booming market segment.
"Companies have come to us and said oh my gosh we're

now in this real panic because all of our workers are
working from home," says Hammer, outlining the demand
for his company and others like it. "They don't have access
to tap somebody on the shoulder next to them and ask
them a simple question because that person has been
there for three years, and they just arrived.
Mark Hammer, CEO Bloomfire
Wouldn't it be great if we could take all their knowledge and put it into a platform
so that everybody could as successful as that person who's been there for three
years?"
“I think Primus recognized that this is a real need for this company,” he comments
about the investment. “And there is a trend. It's crazy when you think about
deficiencies that companies have when employees arrive and spend all this time
searching for information that should be right at their fingertips.
Companies are now, because of the situation we're all in working from home,
recognizing that they need to leverage platforms that give their employees this
capability."
"I think working from home is going to continue," he concludes. "But even those
companies that bring employees back together are still going to want to solve this
problem. There's still going to want to make their employees successful and give
them the tools to be successful, and this is one of them."
Finally, Pro Unlimited, a workforce manage-
ment software supplier, has, through an
agreement with EQT Private Equity, agreed to
acquire Workforce Logiq from funds managed
by The Carlyle Group. Workforce Logiq offers
AI-powered workforce intelligence, technology,
and services to large corporations.
Sidley Austin partner Brien Wassner, who represented Pro in the deal, sees a similar
trajectory. "Work from home has been a positive impact for the industry because
people can now be hired from anywhere," Wassner says "Contingent workforce
providers such as Pro provide data/analytics offerings to help employers find the best
talent at the best rates, regardless of where they are in the world."
Financial services M&A continues its hot streak, with Goldman Sachs’ $1.9 billion
acquisition of NN Group’s asset management unit NN Investment Partners. The
subsidiary’s portfolio is tilted toward environmental, social, and governance
investment criteria, adding a novel dimension to the latest in sector consolidation.
The ESG niche is precisely the kind of play that Lovell Minnick Partners’ investment
committee chair Bob Belke told Mergers & Acquisitions are
most attractive. Lovell focuses on niche asset managers that
can maintain pricing power.
“Find those areas where you can have specialist knowledge,

where fees are defensible and have growth,” Belke says of
his firm’s investment strategy. “It’s not easy to do.”
Lovell Minnick managing partner and investment committee chair Bob Belke
In asset management, private equity is particularly interested in active managers.

Many firms have seen outflows driven by the rise of relatively inexpensive passive
investment alternatives, while pricing has been soft due to performance issues.
A boom in bank M&A has also lifted financial services deal flow. Banks have
announced more deals in the first seven months of this year than in all of 2020,
according to the latest S&P Global Market Intelligence analysis. At $290 billion, assets
sold year to date could be on track to beat 2019’s pre-pandemic figure of $410 billion.
That rally might be ending its runway however, with recent reports noting that years
of consolidation have left few potential merger partners left.
Still, bank and asset manager mergers have generated stellar deal activity this year
thus far. Mergers & Acquisitions managing editor Demitri Diakantonis argues that
robust activity and other factors are motivating more buyers to join the party,
including Audax Private Equity.
Petrobras Gas’ sale of a majority stake in Gaspetro to Compass Gas e Energia SA for
$9.2 billion and the $8.8 billion merger of Santos and Oil Search led the sector to
$21.1 billion in aggregate deal value in the second quarter. Despite anecdotal interest
in blockbuster transactions, asset sales fell in both volume and deal value in 2Q.
Energy could be a logical candidate for consolidation on the opposite end of the
dealmaking pendulum driving M&A elsewhere—rather than chasing additional
revenue, buyers might be interested in scale to reduce costs in a low growth
environment. Remember that the S&P Global Energy index lags the S&P 500 2.6
percent year to date, and 6.2 percent in the last three months.
“Equity markets are sending a very clear signal to all oil and gas companies not to
over-spend and chase volume growth,” wrote Credit Suisse analysts in a note earlier
this month following Chevron (NYSE: CVX) CFO Pierre Breber’s roadshow. “Volume
growth is not a goal.” Source: M&A TODAY/MERGERS&ACQUISITIONS
United States
Coca-Cola still the world's top soft drink

brand despite decline in brand value to
$33.2 billion
Atlanta, August 22, 2021 - Coca-Cola's brand value declined to $33.2 billion but
retained its title as the world's most valuable and strongest soft drink brand, with
second place Pepsi posting a much lower brand value of $18.4 billion.
The third to tenth places in Brand Finance's rankings were occupied by Red Bull,
Nescafe, Monster Energy, Sprite, Gatorade, Dr. Pepper, Mountain Dew, and Lipton.
Meanwhile, Dr. Pepper exhibited the strongest soft drink brand growth of 40 percent
with Red Bull trailing it with 15 percent. Softdrink brands were the most severely
impacted by the pandemic, with the world's top 25 most valuable soft drink brands
declining in value by 6 percent from $114.8 billion in 2020 to 107.5 billion in 2021.
Coca-Cola remains to be the world's most consumed soda with 1.9 bn daily servings across 200 countries.
In terms of overall portfolios, Nestle came out

on top with $65.6 billion. Among Nestle's
many products were Nespresso and Nescafe.
PepsiCo took second place with a portfolio

value of $59.2 billion, while The Coca-Cola
Company took third place with $48.6 billion.
Brand Finance noted that while Coca-Cola

remains to be the world's most consumed
soda with 1.9 billion daily servings across 200
countries, the brand's parent company
needed to restructure and cut 2,000 jobs due
to COVID-19's impact.
Nespresso conquered the coffee world
with capsules in 1999
Occupying the fourth to tenth places in top

portfolio performances were Unilever, Mars,
Danone, Mondelez, KraftHeinz, Groupe Lactalis,
and General Mills. Source: EconoTimes
United States
U.S. cannabis insurers get ready to roll as

federal legalization nears
Clones of medicinal marijuana plants are pictured at Los Angeles Patients & Caregivers Group dispensary
in West Hollywood, California U.S., October 18, 2016. Picture taken October 18, 2016.
REUTERS/Mario Anzuoni/File Photo
New York, August 19, 2021 - Insurers are quietly gearing up for a potential ten-fold
increase in sales to the booming $17.6 billion-a-year cannabis industry as Congress
inches closer to legalizing pot at the federal level.
While 36 U.S. states and the District of Columbia have legalized cannabis for medical
or recreational use, insurance for growers, testing labs and retailers is being held in
check largely by strict federal laws that criminalize pot alongside heroin,
methamphetamine and LSD.
U.S. legal cannabis sales jumped 45% last year and are expected to hit $41 billion
in 2026, Colorado-based research firm BDSA said.
But the industry only wrote about $250 million in policies last year, insurance agents
estimated for Reuters, with a handful of carriers offering limited property and liability
coverage.
Businesses also need coverage for crops and theft, along with larger payout limits,
according to more than a dozen insurers, brokers, agents, lawyers and cannabis
business owners interviewed by Reuters.
Overwhelming need
As Congress considers bills that would loosen federal laws, some insurers are trying
to fill the gap with new types of coverage. Because insurers are regulated at the
state level, they can now offer coverage in states where the drug is legal, and federal
decriminalization would expand the market.
"There is an overwhelming need for the right kinds of insurance," said

Rocco Petrilli, chairman of the National Cannabis Risk Management
Association (NCRMA), a trade group of 3,000 cannabis businesses.
NCRMA in April set up a captive insurer to offer coverage for property,
general premises liability and product liability to members. It plans to
add workers' compensation and auto coverage in the fourth quarter,
Petrilli said.
Rocco Petrilli, NCRMA’s chairman
The captive approach provides coverage only to NCRMA members that is tailored to
their needs.
CannGen Insurance Services, a national managing general underwriter of cannabis,

CBD and hemp risks that works with commercial carriers, plans to introduce Directors
& Officers (D&O) and employment practice liability cover soon, through a new
division called CannGenPRO, said Charles Pyfrom, chief marketing officer. CannGen
distributes via appointed retail and wholesale brokers to provide "one-stop-
shopping."
Some large insurers, such as Progressive Corp (PGR.N) Farmers Insurance, Liberty
Mutual and AXA SA (AXAF.PA), are offering coverage as more states legalize pot.
They often sell via subsidiaries and work with CannGen or others, state licensing
records show.
Progressive said its vehicle policies cover liability and physical damage in states that
have legalized transport of cannabis, but it does not insure cargos. The other
companies declined to comment.
New policies cannot come soon enough for cannabis business owners, who say
coverage is often hard to find and expensive. Cannabis dispensary owners told
Reuters, for example, that their premiums are 20% to 30% higher than an ordinary
retailer would pay. Some types of vehicle coverage can cost four or five times more,
they said.
D&O insurance, which is crucial for attracting seasoned

business leaders and raising capital, is also expensive, said
Gavin Kogan, CEO of Grupo Flor, which is a licensed
cultivator, distributor and manufacturer with five dispensaries
in California. He said he pays $85,000 to $100,000 annually
for $1 million of D&O protection, "and the coverage is super
limited."
Gavin Kogan, CEO of Grupo Flor
A lack of insurance can also create operational challenges and raise costs. Low
coverage limits on cargo insurance, for example, can force companies to split
shipments up, said Gene Brown, an insurance agent in Carmel, California, who
specializes in cannabis coverage.
"You have big fleets delivering large amounts of cannabis or transporting large
amounts of money," he said. They need $1 million coverage but "you can only get
$500,000 right now."
Legalization push
As more states legalize cannabis, U.S. lawmakers are under growing pressure to
follow. Last month, Senate Majority Leader Chuck Schumer threw his weight behind
the movement, unveiling an ambitious draft bill to legalize cannabis. In April, the
House of Representatives passed a bipartisan bill that would allow banks to provide
services to cannabis companies in states where it is legal. read more
Schumer's measure is unlikely to become law in its current form, given Democrats'
narrow majority in the Senate and its broad scope, said Ian Stewart, partner and co-
chair of the cannabis practice at law firm Wilson Elser.
Still, analysts and insurance executives say such bills show Congress is slowly
heading toward looser cannabis laws. BDSA expects some form of federal legalization
in 2022, and Petrilli, of NCRMA, said that could send insurance sales to cannabis
businesses to more than $3 billion over the next five years if the industry were
insured like normal businesses. "Whoever leads on providing reasonably priced
insurance for this industry with the necessary coverage is going to be very, very
successful," said Kogan. Source: Reuters
Brazil
3R Petroleum offers $1 billion per refinery

and 26 Petrobras fields in Rio Grande do
Norte
Rio de Janeiro, August 27, 2021 - Petrobras announced this Friday (27/6) that 3R
Petroleum made the best offer, in the amount of US$ 1 billion, for the acquisition of
Polo Potiguar, which includes 26 onshore and shallow water fields, including the
Clara refinery Shrimp, in the state of Rio Grande do Norte. The company received
binding offers from potential parties interested in acquiring the assets.
"The company clarifies that the conclusion of the transaction will depend on the
outcome of the negotiations, as well as the necessary corporate approvals", says
Petrobras in a note.
3R Petroleum confirmed that it entered the negotiation phase for the acquisition of
the Polo. "The company clarifies that the execution of the transaction is subject to
the success of the negotiations, in addition to the necessary corporate approvals and
the consent of the competent regulatory bodies, in particular the ANP and Cade", he
informed.
Sale included Guamaré UPGN

Petrobras' sales package in Rio Grande do Norte also includes the Potiguar Clara
Camarão Refinery (RPCC), with an installed capacity of 39,600 barrels per day, three
UPGNs with a capacity of 1.8 million m3/day of natural gas and compression stations
collection gas for UPGN cargo, gas lift compressors and gas export compressors.
Among the UPGNs is the one installed in the city of Guamaré, whose access is being
negotiated by PetroRecôncavo with Petrobras. Access to the UPGN, scheduled for
January 2022, is essential for PetroRecôncavo to fulfill a natural gas supply contract
for Potigás, a distributor operating in Rio Grande do Norte.
To Potiguar E&P. subsidiary of Petrorecôncavo, won the public call for the supply of
natural gas made by Potigás, a gas distributor that serves Rio Grande do Norte. The
company will win a two-year contract for the delivery of 236,000 m3/day of natural
gas as of January 2022. From UPGN, the gas needs to be transported through the
TAG network, purchased in 2019 by Engie and by the CDPQ fund. Source: epbr
United States
Forbes to become public company

through business combination with
special purpose acquisition company
Magnum Opus
Mike Federle, CEO of Forbes. Image via @Mike_Federle / Twitter
New York, August 26, 2021 - Forbes Global Media Holdings Inc., the iconic business
information brand that convenes and curates the most influential leaders driving
change, and Magnum Opus Acquisition Limited (NYSE: OPA), a publicly traded
special purpose acquisition company focusing on global consumer, technology and
media sectors, announced today that they have entered into a definitive business
combination agreement.
The transaction is expected to close in late fourth quarter 2021 or early first quarter
2022 and will enable Forbes to further capitalize on its successful digital
transformation, using technology and data-driven insights to create more deeply
engaged audiences, and associated high-quality and recurring revenue streams.
Forbes’ existing management team of industry veterans, all of whom have been
instrumental in Forbes’ digital transformation and recent record business results, will
continue to manage the combined company upon completion of the transaction
under the leadership of Chief Executive Officer Mike Federle.
The Forbes brand today reaches more than 150 million people worldwide through its
trusted journalism, signature LIVE events, custom marketing programs and 45
licensed local editions covering 76 countries. Forbes’ brand extensions include real
estate, education, and financial services license agreements. Through its digital
platforms, Forbes is among the top 50 most visited websites on the internet. Among
its competitive set, Forbes consistently ranks as the most consumed business
information brand across highly desired audience segments and age demographics,
according to data from Comscore. For 104 years, Forbes’ editorial mission has been
consistent: to give people the knowledge, resources, inspiration, and connections
they need to achieve success. This mission has created a powerful hub for
entrepreneurs and business communities around the world and has played an
important role in connecting people with trusted information and insight amidst a
rapidly evolving market.
The transaction will help Forbes maximize its brand and enterprise values and use
its proprietary technology stack and analytics to convert readers into long-term,
engaged users of the platform, including through memberships and recurring
subscriptions to premium content and highly targeted product offerings.
The combined company will announce new, independent members to its Board of
Directors at a later date. Diversity and inclusion are core components of Forbes’
culture, and the Board of Directors will reflect these values.
“Leveraging our iconic global brand, Forbes has been executing a data-led platform
strategy and is fast becoming the gateway for businesses, entrepreneurs and
consumers to join the conversations and participate in the trends that are shaping
the world today,” said Mike Federle, CEO of Forbes. “With this transition into a
publicly traded company, Forbes will have the capital to accelerate growth by
executing its differentiated content and platform strategy and fully realize the
potential of our iconic brand.”
It has been exciting to watch the Forbes management team successfully complete a
digital transformation since we have been involved, and then deliver record annual
returns,” said TC Yam, Executive Chairman of Integrated Whale Media, which
acquired a majority stake in Forbes in 2014.
“This is a testament to the outstanding, seasoned executive team, the consistently
trusted quality of Forbes journalism and the dedication of the entire Forbes team.
Now, it is time for the next exciting chapter in the Forbes narrative, one in which we
are happy to remain involved as a significant investor and partner with the world
class institutional and strategic investors at Magnum Opus.”
“The Forbes platform is defined by high-quality, high-
impact journalism, product offerings and a loyal user base,”
said Jonathan Lin, Chairman and CEO of Magnum Opus. “We
are pleased to partner with the experienced management
team to support initiatives to accelerate growth in high-
quality and recurring revenue verticals.
Jonathan Lin,
Chairman/CEO of Magnum Opus
Forbes has expansive reach and is successfully broadening and deepening

engagement through data-informed content curation that delivers what each Forbes
user cares most about. The strategy fits perfectly with Magnum Opus’ strategy to
support enterprises leveraging digitalization to craft more tailored user experiences,
and big data analytics to create a positive feedback loop and multiple touchpoints
with consumers.”
Transaction overview
The transaction values the combined company at an implied pro forma enterprise
value of $630 million, net of tax benefits. The transaction has been approved by the
boards of directors of both Forbes and Magnum Opus.
The transaction is expected to close in late fourth quarter 2021 or early first quarter
2022, subject to the satisfaction of customary closing conditions, including the
approval of Magnum Opus’ shareholders.
The transaction is expected to raise approximately $600 million of gross proceeds
consisting of the contribution of approximately $200 million of cash held in Magnum
Opus’ trust account, assuming no redemptions by the public shareholders of Magnum
Opus, and $400 million of additional capital through a private placement of ordinary
shares of the combined company (“PIPE”) priced at $10.00 per share from funds and
accounts managed by top-tier institutional investors.
Assuming no redemptions by the public shareholders of Magnum Opus, Forbes
shareholders will own approximately 22% of the combined company at closing.
Forbes will be capitalized with up to $145 million in cash.
Additional information about the proposed transaction, including a copy of the
business combination agreement and investor presentation, will be provided in a
Current Report on Form 8-K to be filed by Magnum Opus with the Securities and
Exchange Commission (“SEC”) and available at www.sec.gov.
A presentation and webcast with the management of Forbes and Magnum Opus
regarding the transaction will be made available on Forbes’ website at Forbes.com/ir
and on Magnum Opus’ website at opusacquisition.com. Source: Forbes US
China
The party’s over:

China clamps down on its tech billionaires
The symbol of ByteDance’s app TikTok, which has gained global popularity. Photograph: Reuters
The startling rise to wealth of the nation’s entrepreneurs has

been an affront to Beijing’s political philosophy and increasingly,
a threat to the communist party
Beijing, August 21, 2021 - In a Politburo group study session on 23 November 2015,
China’s president, Xi Jinping, recommended the book Capital in the Twenty-First
Century by the French economist Thomas Piketty. “The rich data he used
demonstrated that … unrestrained capitalism accelerates wealth inequality … [His]
conclusion is worth us pondering on.”
Back then, Piketty’s work on inequality was reported all over the world and sparked
soul-searching among elites from Wall Street to Main Street. Some were surprised
that Xi was paying attention, too.
Since his ascent to power in 2012, Xi has discussed the issue of inequality on several
occasions. Early this year, he told his provincial ministerial-level cadres that achieving
common prosperity was “not just an economic issue, but a significant political one
that matters to the party’s basis to rule”.
In the four decades since Xi’s predecessor Deng Xiaoping enabled economic
liberalisation, booms in manufacturing and technology have allowed a select few in
China to amass vast fortunes. But the tables are turning, with Beijing’s regulators
mounting almost daily attacks on private power bases, in particular the technology
titans, whose influence has begun to stretch far beyond Asia.
Since February, close to $1 trillion has been wiped off the value of Chinese
companies. The Nasdaq Golden Dragon index, which tracks the largest of about 250
Chinese firms listed in New York, was down more than 50% from its February peak
last week. Investors fear a standoff between regulators on both sides of the Pacific
could eventually lead to the delisting of Chinese stocks from US markets.
From London to New York, investors are wondering what lies ahead. Is Xi simply
redressing the balance between corporations and citizens, or is he set on bringing
China’s private sector back under state control?
Last Monday, another week of actions began with a vow by top cadres to “regulate
excessively high incomes and encourage high-income groups and enterprises to
return more to society”.
A high-level meeting concluded that while the party had allowed some people to “get
rich first”, it was now time to prioritise “common prosperity for all”.
“Under Mao Zedong, everyone in China was poor. Under Deng Xiaoping, people
remember the catchphrase ‘to get rich is glorious’; but Deng also said that,
ultimately, China will have to achieve common prosperity,” said Yang Li, a China
researcher at the Paris School of Economics’ World Inequality Lab, who has co-
authored papers with Piketty. “Now that China has reached middle-income status, Xi
thinks it’s time to deliver the latter part of Deng’s mantra: to ultimately achieve
common prosperity.”
The strategy served another purpose, he said: shoring up popular support for the
party’s continued rule.
Tencent chief executive Pony Ma is estimated by Forbes to be worth $43bn.
Photograph: VCG via Getty Images
“Enhancing equality and inclusive growth are by themselves noble goals,” said Yuen
Yuen Ang, who studies China’s political economy at University of Michigan, Ann
Arbor, “but the crucial question is: what is the right way to achieve them?”
China’s tech bosses are among its wealthiest citizens, and they are very much in Xi’s
sights. The boss of social and gaming giant Tencent, Pony Ma, is estimated by Forbes
to be worth $43bn (£31bn). His peer Jack Ma, founder of Alibaba, is not far behind
at $41bn.
With money have come power at home and influence abroad, both of which pose a
threat to the Communist party, analysts say. China’s technologies increasingly shape
the western world, from Alibaba in global trade, linking western buyers with
exporters of goods made in China, to TikTok in popular culture, to online gaming,
where Tencent has an interest in some of the most successful European developers.
“The recent regulatory crackdowns also send a chilling message to enterprising

Chinese businesspeople, whose contributions to the economy are far bigger than
many state-owned firms,” said Dexter Roberts, senior fellow at Atlantic Council’s
Scowcroft Center for Strategy and Security.
“Chinese economists have long wondered whether the tech sector would be Xi’s next
move in addressing the issue of wealth distribution,” said Roberts, who is also the
author of The Myth of Chinese Capitalism. “In this sense, it’s unsurprising that this
is now happening. After all, these tech firms are the symbol of excessive wealth in
China.”
Specific policies are expected to follow. Last Thursday, in a front-page article in the
official Economic Daily newspaper, two researchers from a top university in Zhejiang
province – where Xi was party secretary from 2002 to 2007 – called for increased
taxes on high-income earners.
Will Wei Cheng, chief executive of Didi, which has become a target for China’s regulators. Photograph:
Sun Yilei/Reuters
Big businesses are listening attentively, too. Less than 24 hours after last week’s
announcement, Tencent, one of the largest internet companies in the world, pledged
to create a 50bn yuan (£5.6bn) fund to help achieve “common prosperity” of the
nation.
Tencent has been walking a tightrope. Earlier this month, the company announced
fresh restrictions on the amount of time children can spend playing its online games
shortly after state media labelled gaming “spiritual opium”.
But the Shenzhen-based giant is far from being the sole target. Last October,
Alibaba’s fintech spinoff Ant Group suspended its IPO shortly before it went public,
after high-flying founder Jack Ma expressed dissent against regulators. Last winter,
Ma made global headlines for his sudden disappearance from the public eye – a
three-month absence that sent chills through the business community.
In July, the country’s largest ride-hailing company, Didi, became a regulatory target
less than 48 hours after it floated in New York. It was ordered to withdraw from app
stores and banned from accepting new users pending a review of security risks and
data management. The news wiped $22bn from its market value. The Securities and
Exchange Commission, which regulates US stock markets, responded by insisting
Chinese companies disclose whether they had permission to list abroad.
Colin Huang, chief executive officer and founder of Pinduoduo, has stepped down from his position.
Photograph: Visual China Group/Getty Images
Individuals have been affected, too. Last July, Colin Huang, founder of e-commerce
platform Pinduoduo, stepped down as chief executive. He later relinquished his
chairmanship. And in May, Zhang Yiming, boss of TikTok’s parent company,
Bytedance, announced his resignation to focus on “reading and daydreaming”.
New rules are springing up apace. Last Friday, China passed a strict privacy law that
some analysts say resembles Europe’s General Data Protection Regulation – perhaps
the world’s most robust online privacy protections.
Some see recent events in the tech sector as government doing its job. “China would
still like to promote tech development; but at the same time, to prevent abusing data
power by private parties and to ensure national security,” said Ma Ji, a senior lecturer
at Peking University’s school of transnational law.
But Roberts thinks a new form of state capitalism is taking shape. “In addition to
being egalitarian, it is defined by a top-down approach to the economy, government-
directed and supported by industrial policies with the goal of creating a far more self-
sufficient country – and, critically, one that continues to grow rapidly,” he said.
That self-sufficiency might have to include sources of capital. Cutting off the flow of
dollars – or starting to stem them – may be a price Beijing is willing to pay for greater
control, Roberts added.
Alibaba Group’s Jack Ma made headlines around the world when he mysteriously disappeared.
Photograph: Aly Song/Reuters
For much of the past decade, US and Chinese securities regulators have been
engaged in a quiet yet intense dispute over who has access to audits of US-listed
Chinese companies. The push for tighter regulation followed accounting scandals
that saw a raft of firms leave US markets a decade ago.
In frustration at the lack of progress, the US Congress last year passed the Holding
Foreign Companies Accountable Act, which gives publicly traded companies three
years to open their books to US auditing watchdogs or face delisting. The legislation
was enacted during the Trump era, but a change of president has not halted its
progress. In March, the SEC said it would take steps to enforce the audits.
However, China has countered with its own legislation, barring businesses from
giving foreign regulators access to their accounts without prior approval.
Efforts to find a negotiated solution have run aground. A vast amount of capital is at
risk if the situation is not resolved. Despite recent selloffs, the value of Chinese
companies on US markets still totals $1.5tn.
In the short term, the outcome could hurt investors more than the companies.
Directors could opt to take advantage of bombed-out share prices to buy out US
investors. In a less orderly retreat, shareholders will be left with nothing if firms are
simply delisted.
Xi Jinping seems to be seeking a redistribution of wealth and power. Photograph: Li Xueren/AP
Some big beasts are well prepared with secondary listings elsewhere. Alibaba raised
$11bn when it listed in Hong Kong in November 2019.
In the long term, the nation’s entrepreneurial energy might be dimmed, said Ang at
the University of Michigan. She thinks that a redistribution of power and wealth may
be a valid objective, but the methods raise concerns.
“China’s recent history has shown that central commands and crackdowns do not
work, because they suppress private initiative and innovation,” she said.
“The better way of promoting inclusive growth is by expanding public services
provision. This requires resolving the central-local fiscal imbalance, so that local
governments can deliver social welfare sustainably.”
Writing last month, economist and Yale fellow Stephen Roach called the Chinese
government’s recent actions an effort to “control the energy of animal spirits”.
“Chinese authorities are now using the full force of regulation to strangle the business
models and financing capacity of the economy’s most dynamic sector,” he said.
“Without entrepreneurial energy, the creative juices of China’s new economy will be
sapped, along with hopes for a long-promised surge of indigenous innovation.”
How the mighty have fallen
Tencent: Tencent is a
globally established
technology company
with online products
including entertain-
ment, video games
and artificial intelli-
gence. Its services
range across social
networking, web
portals, e-commerce,
mobile games, inter-
net services, payment
systems, smart-
phones, and multi-
player online games. It also owns the majority of China’s music services, with more
than 700 million active users and 120 million paying subscribers.
In 2018, it became the first Asian tech firm to surpass $500bn in market value,
though the recent declines have erased more than $100bn from that valuation.
Alibaba: Alibaba is a
multinational
technology company
that specialises in e-
commerce and retail.
On 19 September
2014, its initial public
offering (IPO) on the
New York Stock
Exchange raised
US$25bn, giving the
company a market
value of US$231bn. It
was, at the time, by
far the largest IPO in
history.
Often referred to as China’s Amazon, Alibaba is, along with Tencent, among the 10
most valuable corporations in the world. By June this year, Alibaba had a total of
828 million annual active buyers in China.
Didi: Didi is a
Chinese vehicle-hire
company head-
quartered in Beijing,
with more than 550
million users and tens
of millions of drivers.
The company
provides app-based
transport services,
including taxi hailing,
private car hailing,
social ride-sharing
and bike sharing.
It also offers on-demand delivery services, and automobile services such as sales,
leasing, financing, maintenance, fleet operation and electric vehicle charging. It
also co-develops vehicles with carmakers. Source: The Guardian!
India / Italy
Piaggio to launch mid-sized bike under

Aprilia brand; plans to strengthen India
presence
The group, which is celebrating 75 years of its iconic premium
scooter brand Vespa, also said it is developing a more than 300-
cc motorcycle under its Aprilia brand to cater to both domestic
and international markets
Representative image
New Delhi, August 22, 2021 - The Indian arm of Italian automaker Piaggio Group,
which is celebrating 75 years of its iconic premium scooter brand Vespa, will first
consolidate its position in the country before making any major investments in the
next few years, a top official has said.
The group also said it is developing a more than 300-cc motorcycle under its Aprilia
brand to cater to both domestic and international markets.
Diego Graffi, chairman and managing director of
Piaggio India, said, "We will continue investing
but not so heavily as we have done in the last
three years. We have invested hugely in the
transition to BS-VI from BS-IV about a year
ago."
Diego Graffi, Piaggio India
"So will consolidate over the next couple of years before investing (heavily) further,"
said Graffi. The company has invested Rs 350 crore in the last three years in the
domestic market, he added. The implementation of BS-VI norms from April year, the
COVID-19 pandemic and unabated rise in commodity prices have shaken the Indian
automobile industry, Graffi said. However, he added that Piaggo sees huge potential
for growth in the two-wheeler market and is looking to sell 1.50 lakh to 2 lakh units
annually with a new product portfolio. Besides serving the premium scooter segment,
Piaggio also caters to the commercial vehicle market in the country.
Graffi said that the manufacturing of a motorbike by Piaggio India is a part of its plan
and ongoing development. "It will be a mid-sized bike of above 300-cc engine
capacity and will be under the Aprilia brand. It will not only be for the India market
but also for global markets, and expected to come out in 2-3 years," he said. He
added that with the current level of technology and supply chain, India is capable of
producing and exporting a product that can compete with those manufactured in
Europe.
The bike will be manufactured in cooperation with other group facilities.
Stating that while demand for cargo vehicles has come back to 90 per cent of the
pre-pandemic levels, the passenger vehicles demand, being linked to shared
mobility, has reached only 20-25 per cent of the normal level and varies from place
to place. It will take at least 6-12 months for demand in this segment to recover to
normal, provided there are no fresh lockdowns due to a potential third wave of the
pandemic, he said.
Piaggio recently launched a new powertrain in 300-cc petrol and CNG, he said,
adding that it will continue petrol offerings in its Vespa and Aprilia range of two-
wheelers as it is developing its powertrain for manufacturing electric scooters.
"It will take about 2-3 years as we are developing a powertrain. We do not want to
provide an off-shelf product and will not source battery technology from China," he
added. Source: Business Totay
New Zealand / Australia
Dicker Data chairman and chief executive, David Dicker (left), Justin Tye, Exceed’s CEO
NZ’s Exeed snapped by Australian Dicker

Data in landmark $68M deal
Auckland, August 15, 2021 - Dicker Data's share price will be the one to watch after
the company acquired New Zealand IT distributor Exceed, in a landmark deal worth
$68 million.
The deal will propel Dicker Data NZ into becoming the second largest IT distributor
in the country, with estimated revenue of more than $500m for the combined
entities.
Current Exeed chief executive Justin Tye (pictured left) will take the helm of the
combined company in the newly created role of New Zealand country manager.
Exeed is currently the second largest IT distributor in the New Zealand market and
holds dominant market share across a number of the vendors they represent.
With operations expanded into Australia in 2016, the Exeed business represents
combined revenues of approximately $380m, with FY21 earnings expected to reach
$15m.
According to a company statement, the scale of the combined entity will enhance
Dicker Data’s value proposition to New Zealand resellers and will provide the local
market with access to every major technology brand under the one banner.
“After many attempts, over more years than I can count, we have finally got a deal
done to acquire Exeed," says Dicker Data chairman and chief executive, David Dicker.
"This transaction will put us a very strong number two in New Zealand, with a
platform for number one. The combined companies are highly synergistic. The deal
done will be all cash. A very satisfying outcome," he says.
In addition to the $310m of revenue in the New Zealand market, the acquisition
gives Dicker Data NZ access to $70m of revenue in Australia, across a vendor base
that has no overlap with existing Australian vendors.
Dicker Data will take ownership of the Exeed portfolio that includes high profile
brands such as Apple, HP, Hewlett Packard Enterprise and Microsoft.
Exeed carries a number of exclusive distributorships in New Zealand including

Motorola, Ruckus and Webroot, and employs a total of 119 staff, with 95 based in
New Zealand and 24 in Australia.
"As a locally owned and operated distributor in New Zealand, Exeed shares many
cultural similarities with Dicker Data," Dicker says.
"Their ability to outpace all foreign rivals in their local market is testament to the
strength of the business and the team being acquired.
"The competitive advantage a local distributor brings is deeply engrained in Dicker

Data’s DNA, and every reseller partner who works with either business today should
be reassured that the seamless continuity of their business is the utmost priority as
Exeed is integrated into Dicker Data."
Dicker says these cultural alignments provide a strong foundation for the integration
of the Exeed Group into Dicker Data.
"The opportunity provides a solid customer base of nearly 1200 resellers, growth in
market share and revenue, plus immediate gain of skilled and specialist experts and
a cultural synergy between the two companies."
The acquisition funding is supported by a cash advance facility from Westpac. Dicker
Data expects to complete the transaction before the end of August 2021, with the
transaction expected to be earnings accretive for the FY21 financial year. Source: Dicker
Data
Japan
Japan’s economy bounces back as Covid

restrictions ease
Economic output defies expectations to expand in Q2 – but
analysts warn of contraction risk
A man wearing a mask walks through the Ginza area in Tokyo, Japan. Tokyo has struggled to contain the
virus despite a low infection rate at the outset of the Covid pandemic. Photograph: Getty
Tokyo, August 16, 2021 - Japan’s economy recovered strongly in the second quarter
to join the turnaround seen across G7 countries as the easing of lockdown
restrictions sent consumers rushing to the shops.
Beating the expectations of City analysts, the world’s third largest economy also
capitalised on global trade’s return to health with a surge in exports. After a 0.9%
drop in the first quarter, economic output expanded 0.3% in the second quarter, or
by 1.3% using the annualised calculation that is more commonly cited by Tokyo.
Analysts had expected the annualised growth to be only 0.7%. However, a state of
emergency imposed in the final days of the Olympic summer games to tackle the
Delta variant and a broader slowdown in China and the US is expected to dampen
momentum in the third quarter.
“There’s not much to be optimistic on the outlook, with a spike in infections
heightening the chance of stricter curbs on activity,” said Yoshiki Shinke, the chief
economist at Dai-ichi Life Research Institute. “Japan’s economy stagnated in the first
half of this year and there’s a risk of a contraction in July-September. Any clear
rebound in growth will have to wait until year-end.”
The second quarter rebound was also more modest than seen in the US, where GDP
growth leapt 6.5% on an annualised basis in the second quarter.
The 19-member eurozone reported a 2% increase in GDP in the second quarter while
the UK, which suffered one of the biggest pandemic-induced slumps during 2020,
enjoyed a 4.8% increase in GDP.
After a low infection rate at the outset of the Covid outbreak, Tokyo has struggled
to contain the pandemic and in more recent times has experienced a backlash by
households against further restrictions. The latest state of emergency is the country’s
third since March.
The economy minister, Yasutoshi Nishimura,

said: “I have very mixed feelings about this
GDP result. It shows that households’
consumption appetite is very strong despite
the state of emergency curbs.
“Our priority is to prevent the spread of the

virus. It’s very bad for the economy for this
situation to drag on.”
Yasutoshi Nishimura, Japan’s Economy Minister
A record number of gold medals for Japan in the Tokyo Olympics was unlikely to
have boosted consumption, analysts said, after the games were held behind closed
doors in the two weeks to 8 August.
Takeshi Minami, the chief economist at Norinchukin Research Institute, described

the second-quarter performance as weak, after a low vaccination rate restricted an
even larger bounce-back in consumer spending.
A surge in Delta variant cases in Asia has caused supply chain disruptions for some
Japanese manufacturers, which could weigh on factory output and add to gloom for
an already fragile recovery. Source: The Guardian/Phillip Inman
Australian / Netherlands
Adopt & Embrace bought by Netherlands-

based cloud specialist
Brisbane, August 17, 2021 - Maddocks
has advised Brisbane’s Adopt &
Embrace on its purchase by
Netherlands-based Microsoft cloud
specialist Rapid Circle.
Maddocks partner Duncan Hall
Firm: Maddocks (Adopt & Embrace)

Deal: Rapid Circle has acquired Adopt & Embrace,
backed by private equity firm Mentha Capital.
Value: Undisclosed
Area: M&A
Key players: The Maddocks team advising Adopt & Embrace was led by corporate
partner Duncan Hall and senior associate Bernardo Wood.
Deal significance: According to a statement from Maddocks, Adopt & Embrace works
with companies on change management issues when adopting the Microsoft 365
suite of products.
“They have worked with major companies such as Youi and Deloitte on large-scale
digital projects,” the statement said.
“The company will continue to operate as Adopt & Embrace and act as Rapid Circle’s
adoption and change management unit in Australia.”
Do you know remarkable women in the legal industry leading the charge? Recognise
these women as role models for the future female leaders in law, by nominating
them for the Women in Law Awards 2021. Not only will you be showcasing their
achievements and propelling their career, you will also be taking the first step in
giving them the recognition they deserve. Source: LawyersWeekly
China
Chinese e-car maker Nio: "We want to

make a better product than Tesla at a
lower price"
So far, Nio counts mainly premium manufacturers like BMW or Audi among its rivals. Source: Reuters
In future, Nio wants to focus more on mass business and

challenge manufacturers like VW and Toyota. But VW also
serves as a role model.
Shanghai, August 10, 2021 - Chinese premium electric carmaker Nio wants to
compete with mass manufacturers Volkswagen and Toyota. Nio CEO William Li said
his company is preparing for this and has put together a team as the first step of a
"strategic initiative". He sees the VW Group, among others, as a role model: "The
relationship between Nio and our new mass brand will be similar to that between
Audi and Volkswagen or Lexus and Toyota."
So far, Nio's rivals have mainly been premium manufacturers like BMW or Audi. The
cars are mainly launched at prices equivalent to more than around 40,000 euros.
"We want to make a better product than Tesla at a lower price," Li said.
Currently, Nio has three SUV models on
offer, with three more vehicles to be
launched next year. In the second
quarter, the company delivered 21,879
cars, more than twice as many as a year
earlier. Losses narrowed by 45.4 per cent
to 659.3 million yuan (about 87 million
euros).
William Li, NIO’s Founder and CEO
In Europe, Nio started selling its electric cars in Norway in May; the luxury SUV ES8
will be delivered there from September. The ET7 sedan is to follow next year - and
demonstrate the company's technical superiority: with a solid-state battery that
enables ranges of 1000 kilometres on a single charge.
Ranges that other carmakers can only dream of, but it remains to be seen whether
Nio can deliver on its promises.
The company was founded in 2014. In addition to founder William Li, its most
important investors recently included the internet company Tencent and the British
investment company Baillie Gifford, which specialises in innovative companies.
The carmaker presents its vehicles in China via so-called Nio Houses, which include
a living room, kitchen and library as well as play areas for children. The first house
outside China is currently being built in Oslo, and Nio plans to open it in September
on 2000 square metres in the centre of Norway's capital.
Sales are not always handled by professional staff, but partly by "users"
(users/customers): brand fans inspire interested parties. In Oslo, too, Nio says,
convinced brand ambassadors are likely to receive new prospective customers and
visitors.
The motto of many Chinese carmakers has long been: Conquer Europe, now or never
with high-performance electric cars at bargain prices - built by the world champions
of battery technology, sold cheaply via the internet or electronics retailers.
The Chinese promise: We can do electronics, well and cheaply, we can do TVs,
smartphones, cars; we don't need showrooms, car dealerships to convince.
We have long since arrived in the e-age, which your manufacturers are only just
entering. Source: Wirtschaftswoche
India
Nexus-backed Indian wearables start-up

banks $17.5m in series B funding
Mumbai, August 17, 2021
Health-centric wearables
start-up Ultrahuman has
raised US$17.5 million in
its series B round from
investors such as Alpha
Wave Incubation (AWI),
which is backed by
DisruptAD and managed
by Falcon Edge.
Steadview Capital, Nexus

Venture Partners, Blume
Ventures, iSeed fund,
and several founders and angel investors such as Tiger Global’s Scott Schleifer and
WestBridge Capital’s co-founder and managing director Sandeep Singhal also
participated. This brings the start-up’s total funding raised to US$25 million.
Based in India, Ultrahuman offers both hardware and software that helps users
better understand how food and exercise affect their metabolic health. Its
Ultrahuman Cyborg wearable, which was launched in June this year, helps people
optimize their exercise and nutrition based on glucose biomarkers.
According to Ultrahuman, a single biomarker like glucose can reveal how a particular
food item affects the user’s metabolic health by measuring glucose response. This
response varies from individual to individual and depends on various factors such as
their microbiome diversity and stress levels, as well as the time of day.
“We are seeing a very strong pull for Ultrahuman’s Cyborg platform globally and feel
that it will be a foundational approach to personal wellness in the years to come,”
added Sameer Brij Verma, managing director at Nexus Venture Partners.
According to Ultrahuman, it currently has thousands of people in the waitlist for

Cyborg, with demand growing 60% week over week. Source: TECHINASIA
Australia / India
Global company acquires Southern Cross

Pharma
Melbourne / Mumbai, August 8, 2021 - Maddocks has advised Lupin Limited and its
wholly owned subsidiary Generic Health on the acquisition of Melbourne-
headquartered Southern Cross Pharma.
Firms: Maddocks (Lupin Limited); Rankin Business Lawyers (Southern Cross

Pharma).
Deal: Lupin Limited and its wholly owned subsidiary Generic Health have acquired
Southern Cross Pharma.
Damien Wurzel, Maddocks’ Partner
Key players: The Maddocks corporate team advising on the acquisition was led by
partner Damien Wurzel and senior associate Steven Tang and assisted by associate
Jack Coventry and lawyer Cassandra Charlaftis.
The corporate team was supported by partner Lindy Richardson and senior associate
Christopher Charalambous from the firm’s employment, safety, and people team.
Deal significance: Lupin Limited is a Mumbai-headquartered listed pharmaceutical
company, while Southern Cross Pharma is a Melbourne firm engaged in developing,
registering, and distributing generic pharmaceuticals products.
“The strategic acquisition sees Generic Health gain access to Southern Cross
Pharma’s portfolio of more than 60 currently registered products developed over the
past 20 years,” a statement from Maddocks said.
“The strategic acquisition sees Generic Health gain access to Southern Cross
Pharma’s portfolio of more than 60 currently registered products developed over the
past 20 years,” a statement from Maddocks said. Source: LawyersWeekly
India
Zomato invests $100 Mn in Grofers’

Indian entities
August 16, 2021 - A day after
getting a green signal from the
Competition Commission of
India, Zomato has invested Rs
741.2 crore or $100 million in
Grofers. The investment would
also mark a re-entry of the
Gurugram-based food-tech
company into grocery selling.
And the entry of Grofers into the
bulging Unicorn club. Now 22
strong, counting just 2021 entrants.
August 16, 2021 - Grofers’ consumer-facing entity (Grofers India Private Limited)
has allotted 3,248 preference shares and 1 equity share at an issue price of Rs
15,95,000 per share to raise Rs 518.2 crore or $70 million from Zomato Limited,
regulatory filings with MCA show.
The grocer’s wholesale procurement arm Hands-On Trade has also raised Rs 223
crore or $30 million from the publicly listed company. Following the investment,
Zomato has picked up 9.16% and 8.94% stake in Grofers’s B2C and B2B entities
respectively.
Grofers’ final valuation couldn’t be determined at this stage as it has yet to allot
shares to Zomato in its Singapore-based holding company. According to Fintrackr,
Grofers was valued at around $644 million during its last tranche of funding from
Chicago-based asset management firm Euler Fund in February this year.
The deal would bring back grocery ordering on Zomato after close to a year. It
entered the grocery business through ‘Zomato Market’ in April 2020 but shut it down
within a few months. According to analysts tracking the segment, Grofers would
power the grocery vertical for Zomato, though it is unclear whether the delivery
fleets of both companies will consolidate or continue to operate independently.
Zomato’s investment in Grofers could also set the stage for the latter’s acquisition
by the former. According to sources, the food-tech major is likely to acquire the e-
grocer in the long haul to ramp up its play against Swiggy Instamart, BigBasket and
Dunzo.
It’s worth noting that Zomato has picked up stakes in Grofers’ Indian entities, not in
its Singapore-based holding entity. All investors (except Zomato) including SoftBank,
Zomato and its early backer Sequoia Capital own stakes in Grofers via holding
company.
Some media reports also suggested that Tiger Global may participate in this round.
However, the company is yet to file any documents in India or Singapore.
While Grofers’ Singapore-

based company is yet to file
annual financial statements
for FY21, the company’s
revenue grew 78.52% to Rs
2,289.2 crore in FY20 from
Rs 1,282.3 crore in FY19.
Around 92.8% of the
revenue came from the sale
of groceries while comm-
ission and advertising reven-
ue collectively stood at Rs
160.6 crore.
Overall, the company had

recorded a loss of Rs 1,181.2
crore in FY20. Source: ENTRACKER
Massive increase in M&A deal value in
Sub-Saharan Africa in first half of 2021
Johannesburg, August 13, 2021 - There were 333 mergers and acquisition (M&A)
deals announced in sub-Saharan Africa (SSA) in the first six months of this year (H1,
or first half, 2021), valued at $57.7 billion (R846.54bn), according to Baker
McKenzie’s analysis of Refinitiv data.
When compared to the same period last year (H1 2020), this amounted to a 14
percent increase in deal volume and an astounding 576 percent increase in deal
value. H1 2020 recorded 293 M&A deals with a deal value of $8.5bn.
Last year was a relatively difficult year for investors in Africa, with considerable
uncertainty. Pandemic impacts had a limiting effect on numerous sectors, and many
deals had to be postponed as a result.
The boost in M&A deal value in 2021 is, in part, due to a post-Covid boom, where
last year’s postponed and delayed transactions were able to proceed in the first half
of 2021.
The African Continental Free Trade Area (AfCFTA) has also led to increasing investor
interest in SSA as new markets open and cross-border transactions become more
streamlined and efficient.
Further, China’s ongoing interest in Africa, a commitment from the EU to strengthen

partnerships with Africa, the UK’s new trade agreements with numerous African
jurisdictions, and a renewed Africa focus from the US under President Joe Biden,
have all contributed to improved investor sentiment across the region.
Sectors
The highest volume of transactions in H1 2021 were in the materials (33 deals),
financials (26 deals), energy and power (24 deals), high technology (14 deals) and
telecommunications (nine deals) sectors. The sector with the biggest increase in deal
volume was telecommunications, which reported an 800 percent increase from one
deal announced in H1 2020 to nine deals in H1 2021.
Deals in the energy and power sector increased from 10 in H1 2020 to 24 in H1

2021, an increase of 140 percent, and transactions in the financial sector increased
by 136 percent from 11 in H1 2020 to 26 in H1 2021.
Materials
The pandemic impacted all aspects of the materials sector, including the minerals
and mining industry, which saw disruption to all parts of the mining value chain.
However, the increase in commodity prices, rising demand as a result of supply

issues caused by pandemic bottlenecks, as well as the growing reliance on certain
metals used in green products, have all contributed to good growth in the sector in
H1 2021.
Overall, the industry appears to have proved resilient to Covid-19, with many mining
houses back in full production quicker than expected. The sector’s already strong
commitment to environmental, social and governance (ESG) principles also appears
to have been reinforced, most notably by ongoing environmental concerns and the
social challenges experienced by employees and surrounding communities during
the pandemic.
Financials
Following the establishment of AfCFTA on January 1, financial institutions in SSA

have an important role to play in facilitating trade between the multitude of
diversified economies with different financial systems.
The financial sector is leading the way in developing new technologies, such as
artificial intelligence systems, advanced analytics, and digital trade finance platforms,
that will assist new financial processes and facilitate demand for capital, allowing
market participants to be able to capitalise on the opportunities that AfCFTA will
bring. This increased demand for new financial products and services has led to an
increase in investment in the financial sector in SSA in the first six months of the
year, with a corresponding increase in the volume of both inbound and outbound
technology deals.
Technology
African consumers have shown a growing reliance on technology across multiple

platforms, even well before the pandemic struck. The growth of the continent's
digital economy has naturally been accelerated by the pandemic and this unabated
demand for technology has caused extensive cross-sector disruption, with the
financial, energy, transport, retail, health, and agricultural sectors all seeking
opportunities to expand their tech infrastructure in order to acquire the necessary
skills and innovation needed to keep up with demand.
Fintech is also a popular tech sector for investment in Africa and specifically in South
Africa, Kenya, and Nigeria. There were nine inbound M&A transactions in the
technology sector in the first half of this year and 13 outbound deals (up 160 percent
from five outbound M&A deals in H1 2020). This rise in outbound M&A is the result
of African tech companies continued targeting of offshore investments in companies
that will deepen their access to new technologies, markets and talent.
Energy
Further, the demand for power is spurring on investment in the energy sector. Access
to power in Africa has been hampered by the lack of access to competitive funding,
the dire state of the continent’s utilities infrastructure and the need for energy policy
and legislation to be adapted so that it can boost investment in the sector.
Africa has a role to play in innovating smart power solutions for a post-Covid-19
world and ensuring a sustainable and diversified energy mix.
The combination of the rise of cost-effective renewable energy, the decentralisation
of energy production, and improvements in energy storage, smart metering and
other digital technology have the potential to revolutionize the way power is
generated and consumed. In Africa, the most noticeable trend has been the
transition towards decentralised power solutions and solar home systems from being
a niche sector dominated by NGOs, to being considered a mainstream investment
focus by the big players.
Healthcare
The healthcare sector did not see any deals in the first half of this year, with many
investors taking time to assess the impact of the pandemic. However, expanding
access to quality healthcare services and increasing domestic pharmaceutical
manufacturing capacity will continue to dominate Africa’s healthcare sector
development agenda, and investment can be expected to follow in support of these
objectives.
Clearly, Covid-19 caused a massive spike in the already increasing demand for
affordable healthcare in SSA. Technology-focused healthcare delivery models, which
allow for easier access to medical advice and care, especially in Africa’s rural areas,
had already begun easing the constraints of the traditional delivery model and driving
further investment in digital healthcare across Africa before the pandemic hit. M&A
investors in this sector usually show long term commitment, understanding of
individual markets and strong partnerships with local stakeholders and governments
with the aim of improving access to public healthcare.
Jurisdictions
Investors from the UK and the US accounted for the highest number of M&A
transactions in the first of this year – 24 deals each for UK and US investors in H1
2021. This amounted to a 20 percent rise in deals from the UK compared to the
same period last year – 20 deals took place in H1 2020. Investments from the United
States led to a 60 percent increase from the same period last year, 15 deals were
announced in H1 2020. Notably, Chinese investors were involved in eight deals in
SSA in 2021, an increase of 300 percent from the two deals they undertook in the
same period last year.
After Brexit, big African investors in the UK and jurisdictions in the EU will continue
to target African sectors, hoping to capitalise on new economic partnership
agreements, and the launch of free trade in the region. US investors will also
continue to be strong M&A players in key African jurisdictions, with a Biden
administration expected to further encourage investment and trade between the US
and the continent.
China’s increasing M&A activity in SSA is primarily due to the jurisdiction’s growing
demand for high-grade natural resources, from gold and oil to copper and cobalt,
needed to meet its growing industrial needs. China also has one of the strongest
infrastructure construction abilities in the world and is well placed to help Africa to
address its vast infrastructure gap.
ESG
No matter where investors are from or what sectors they operate in, ESG has become
one of the hottest topics for businesses, their boards, their customers and their
employees. While in previous years, some viewed the inclusion of ESG elements to
be at the expense of returns and efficiency, among other things, this has rightly
shifted to viewing ESG strategy as a prerequisite to business success, and we expect
it will become an essential element of M&A investment in Africa going forward. Source:
IOL / Mike van Rensburg, partner at Baker McKenzie’s Corporate/M&A Practice Group
Africa / South-East Asia / Pacific
Climate change threatens food security of

65 nations fishermen at the shore
• Scientists analysed the combined impact of overfishing and
climate change
• Study found that 65 of 157 countries are at risk of
malnutrition as a result of overfishing
• Researchers suggest mitigation strategies such as fish
farming
Nairobi, August 27, 2021 - Scientists have projected that millions of people in 65
nations globally, including those in Africa and South-East Asia and the Pacific, could
face increased malnutrition as climate change and overfishing take their toll on
fisheries.
According to a study that analysed over 800 fish species from more than 157
countries, climate change and overfishing could lead to acute shortages of vital
micronutrients from the oceans.
Fishermen carry fish from the boat. Copyright: Image by Antony Trivet from Pixabay
Countries whose fisheries are at increased risk include those in Sub-Saharan Africa
such as Mozambique and Sierra Leone, and East Asian and Pacific countries including
Cambodia, Indonesia, Malaysia and Timor-Leste, according to the study published
last week (20 July) in Current Biology.
“Making fish more accessible locally could have a huge impact

on global food security and combat malnutrition-related diseases
in millions of people globally.”
Eva Maire, Lancaster Environment Centre
“Countries with nutrient-dense catches are more vulnerable to climate change,

mostly tropical nations from East Asia, Pacific, and Sub-Saharan Africa where
micronutrient deficiencies are particularly prevalent,” says Eva Maire, the study’s lead
author and a senior research associate at the Lancaster Environment Centre,
Lancaster University, England. “This suggests unmet potential for fisheries to help
close nutrition gaps, especially amongst coastal communities.”
Maire says that the study found a clear impact from climate change on the overall
availability of micronutrients for 65 nations, and consequently threatening the food
security of millions of people living in these countries could be threatened.
She explains that fish is a good source of protein and many vitamins, minerals, and
fatty acids that are often missing in the diets of coastal populations throughout the
world.
Dr. Eva Maire, senior research associate
at the Lancaster Environment Centre
“Making fish more accessible locally could have a huge impact

on global food security and combat malnutrition-related
diseases in millions of people globally,” she adds. Researchers
analysed the combined influence of climate change and
overfishing on micronutrient availability using fish catch data
from 157 countries for the years 2010 to 2014.
“Our analysis highlights the need to consolidate fisheries, climate, and food policies
to secure the sustainable contribution of fish-derived micronutrients to food and
nutrition security,” the study says.
Maire tells SciDev.Net that an earlier study found that climate change could lead to
large-scale redistribution of global fish catches with a drop of up to 40 per cent.
“We need to find a way to put human nutrition at the core of fisheries policies. Food
security policymakers should acknowledge that fish is nutrient-rich food and work on
what can be done to increase access to fish by malnourished people. Effective climate
[change] mitigation is a high priority,” she says.
Edward Kimani, chief research scientist, fisheries and aquatic ecology at the Kenya
Marine and Fisheries Research Institute, says that economic impacts of reduced
fishery production include reduced employment and household incomes as well as
other fisheries support activities, and reduced trade and exports.
“Fish production is dependent on the aquatic environment and

climate change directly impairs productivity,” he explains,
adding that the study’s findings could inform policymakers of
the impacts of overfishing and climate change on one key
source of food and nutrition in Africa.
Dr. Edward Kimani

chief research scientist
Kenya Marine and Fisheries Research Institute
“It is an early warning towards preparing mitigation by reducing the impacts as well
as developing alternative sources of food and economic activities to cover the loss
due to overfishing and climate change,” he says.
Strategies for mitigating overfishing, according to Kimani, include the development

of other economic activities such as coastal and marine tourism to reduce the number
of people who directly depend on fishing, and the development of fish farming to
reduce dependence on harvesting of fish in their natural habitat. Source: SciDev.Net
Africa
Mountain forests in Africa store plenty

more carbon than previously thought
Biodiversity Climate Change Forest, Photo: Pixabay/12019
Paris, August 26, 2021 - Tropical forests may be local to the tropics, yet they all have
global benefits. In addition to serving as refuges of the planet’s stunning, if shrinking,
biodiversity, these forests store large amounts of carbon, which helps offset our
emissions and mitigate climate change.
And some tropical forests, like those on mountains in Africa, store even more carbon
than scientists thought.
To wit: these mountain forests store around 150 tons of carbon per hectare, which
means that a hectare of them stores enough carbon to offset the equivalent of
powering 100 homes with electricity for a year or of driving a gasoline-powered car
for nearly 2 million kilometers.
That amount is far more than previous scientific estimates and it comes courtesy of
an international team of scientists behind a new study published in the journal
Nature, who measured some 72,000 trees at 44 mountain sites across 12 African
countries from Guinea to Ethiopia to Mozambique, carefully recording the diameter,
height and species of every tree in select areas.
The scientists say they were surprised by their findings. “The results are surprising
because the climate in mountains would be expected to lead to low carbon forests,”
notes Aida Cuni-Sanchez, a scientist at the University of York’s Department of
Environment and Geography and at Norwegian University of Life Sciences.
“The lower temperatures of mountains and the long periods they are covered by
clouds should slow tree growth, while strong winds and steep unstable slopes might
limit how big trees can get before they fall over and die,” Cuni-Sanchez explains.
“But unlike other continents, in Africa we found the same carbon store per unit area
in lowland and mountain forests. Contrary to what we expected, large trees remain
abundant in mountain forests, and these large trees (defined as having diameters
over 70 cm) store a lot of carbon,” the scientist adds.
These tropical forests are different in some ways from all others found on Earth, the
scientists say.
“While we know what makes African forests special, we don’t yet know why they are
different,” Cuni-Sanchez observes. “It is possible that in Africa the presence of large
herbivores such as elephants plays an important role in mountain forest ecology, as
these large animals disperse seeds and nutrients, and eat small trees creating space
for others to grow larger, but this requires further investigation.”
However, like most tropical forests worldwide, these mountainous (or “montane”)
forests in Africa too are coming under increasing threats of deforestation. The
scientists estimate that around 0.8 million hectares of the continent’s old-growth
montane forest have been felled over the past two decades.
“About 5 percent of Africa’s tropical mountain forests have been cleared since 2000,
and in some countries the rate exceeds 20 percent,” explains Phil Platts, a scientist
at the University of York’s Department of Environment and Geography. “Besides their
importance for climate regulation, these forests are habitats for many rare and
endangered species, and they provide very important water services to millions of
people downstream,” he says.
The unique role of these forests in biodiversity conservation and carbon storage must
provide further impetus to us to save them from any further harm, the scientists
stress. “We hope that these new data will encourage carbon finance mechanisms
towards avoided deforestation in tropical mountains,” Platts says. “As outlined in the
Paris Agreement, reducing tropical deforestation in both lowland and mountain
forests must be a priority.” Source: Sustainability Times
South Africa
Massmart offloads ‘non-core’ stores and

brands to Shoprite for R1.36 billion
Makro and Game owner Massmart has announced the sale of
several non-core businesses to the Shoprite Group for R1.36
billion (€76 million).
Johannesburg, August 20, 2021
- The sale will see Shoprite take
ownership of Cambridge Food,
Rhino, Massfresh and 12 Cash &
Carry stores. The sale is still
subject to regulatory approval,
which Massmart hopes will be
concluded in the first quarter of
2022.
Massmart said that it will use the

sale proceeds to pay down
drawn bank facilities and invest
in e-commerce. It will also pump money into merchandise areas where the remaining
Massmart brands are the market leaders.
This includes general merchandise (Makro), DIY (Builders) and wholesale food and
liquor.
“The sale marks another step in the

group’s portfolio optimisation process
and will, amongst other benefits, free-up
management time to enable increased
focus on leveraging Massmart’s core
merchandise and market strengths,”
said Massmart Group CEO Mitch Slape
(pictured left).
Under the terms of the deal, the group said that staff affected by the sale will
continue to be employed by Shoprite on terms and conditions that are “on the whole,
not less favourable than their existing employment contracts”.
“We are of the opinion that these are sound businesses with good long-term
prospects. They are being sold as going concerns and, in the hands of a well-
established and efficient fresh food and grocery retailer, will reach their full potential,
thereby saving jobs and protecting livelihoods,” Slape said.
In a trading statement last week (13 August), Massmart pointed to its business in
South Africa being negatively impacted by declining consumer confidence due to the
Covid-19 pandemic and lockdowns.
For the 26-week period ended 27 June 2021, Massmart’s total sales amounted to
R41.3 billion, representing an increase of 4.4% on the same period last year, with
comparable-store sales increasing by 4.8%. Total sales from South African stores for
the 26-week period increased by 5.9%, while comparable stores sales increased by
6.6%.
Massmart expects that headline earnings per share on a continuing basis – which
excludes the Cambridge, Rhino, and Massfresh businesses as discontinued
operations – will improve by 51.6% to 61.6%, to a loss of 146.8 cents per share and
185 cents per share. In January 2020, Massmart announced a portfolio optimisation
initiative as one of six workstreams in the group’s turnaround plan. This has informed
the closure of DionWired stores and the decision to divest several underperforming
stores. Source: BUSINESSTECH
Lebanon
Emma Boutros, founder of luxury

footwear Poise Design, is doubling down
on digital
Beirut, August 9, 2021 - While fashion retailers worldwide have faced a difficult time
over the last 18 months, those in Lebanon have had more challenges than most.
“The situation here has been discouraging, to say the least,” agrees Emma Boutros,
founder of Beirut-based footwear brand Poise Design.
COVID-19 aside, since autumn 2019, Lebanon has been grappling with a web of
economic and political crises. As a result, the Lebanese pound has dramatically lost
its value against the U.S. dollar, leaving no sector unaffected in a multi-confessional
country where most products are imported.
Founder of Poise Design, Emma Boutros. Image provided.
The country’s financial collapse has hit where it hurts, putting additional strains on
manufacturers. “Factories are closing, we have no access to raw materials anymore,
and artisans are flying away to other countries to work,” explains Boutros. But while
Lebanon’s economic problems have been building, many of its citizens and business
leaders have remained defiant—and Boutros is no different. Rather than accepting
defeat, the established designer has found areas of opportunity among the
devastation.
Since its founding in 2010, Poise Design and its signature colorful and unique designs
have attracted over 46,000 Instagram followers and grown to become popular across
celebrity circles, gracing the feet of global names such as Maye Musk, Aishwarya Rai,
Kelly Rowland, and Madison Beer. “Sometimes I reach out to their stylists through
Instagram, other times I introduce the brand to celebrities directly, and other times
it happens through a fellow designer,” says Boutros.
“Some of them reached out themselves.” Celebrities have been spotted wearing a
variety of footwear styles, with some custom-made pieces specifically designed for
special appearances.
For example, famed rapper Cardi B sported a pair of bespoke black velvet pumps
from the designer for the 61st Annual Grammy Awards and wore a pair of her thigh-
high boots for her 2018 “Be Careful” music video.
But until now, the brand has been notably absent online, with the founder choosing
instead to retail through regional retailers such as Level Shoe District, Galeries
Lafayette, and Harvey Nichols, as well as her own showroom in Lebanon. That is set
to change. Boutros is currently working with external developers to finally launch a
website for her self-funded shoes and accessories. She is also working on
establishing pop-up stores across the U.A.E. specifically and plans to jet between
Dubai and Beirut as she expands her label’s footprint.
“We were procrastinating on our e-commerce website,” Boutros admits. “But this
situation has led us to move forward faster than
planned. I have always known that my market is not
only Beirut and that, eventually, I would have to grow
out of Lebanon.” With plans to go live in October 2021,
Poise Design’s new e-commerce platform will allow
customers to browse and customize designs,
accommodating those with wide or thin feet while
giving them a couture experience.
What is Poise you might ask? It is luxury, composure and elegance.

Emma Boutros wanted a weird name that rang to the ear and would
stop a person at the sound of it, intrigued to know more. Going
from A to P in the dictionary, Poise was the name the designer
chose for her shoe brand.
Creating luxury footwear that fits comfortably for everyone is a subject close to the
designer’s heart. “I’ve had a plus-size figure since I was a teenager, and shoes were
my only way of expression,” she reveals. “Growing up, I realized that there was a
lack of interest in this section of the market of the footwear industry.”
Boutros studied pharmaceuticals at the Lebanese American University before
switching to graphic design and specializing in motion graphics. In 2008, the fresh
graduate secured a job in branding at XEROX, but the latent entrepreneur had bigger
ideas. She gradually began working closely with factories, designers, and craftsmen
in Lebanon to learn everything she needed to know about shoe design.
“At the time, there were plenty of fashion

designers but no interest at all in
footwear,” she remembers. “I developed
an obsession with creating something that
I consider an extension of someone’s body.
Something that would influence the way
they walk, the way they talk, the
confidence they have, and just give them
this lift they need whenever they need it.”
Boutros left XEROX in 2010 and began working on her brand from her parents’
house. To create her own recognizable signature style, she turned to a traditional
Arab pattern, incorporating the black-and-white keffiyeh print into many of her
designs as a way of celebrating her cultural belonging.
“I wanted to find something related to fashion and at the same time common to all
Arabs, representing everyone,” Boutros explains. After six months, she rented a small
workshop in downtown Beirut and partnered with a shoe factory to produce her
shoes for a percentage of sales. She sold her first shoe in summer 2010 for $120—
a round toe ballerina with an oversized silk flower and a Swarovski stud.
Over the last 11 years, she has worked with renowned brands like Coca-Cola,
Superga, and Baume et Mercier, as well as with regional fashion designers, including
Rami Kadi and Mohammed Ashi, on footwear for collections and runway shows in
Paris, Rome, Dubai, and Beirut.
In 2017, she reached out to Lebanese sustainable designer Roni Helou on Instagram.
“I remember us getting along instantly and deciding to work on an experimental and
vegan shoe design for my SS18 collection that was presented during Fashion Forward
in Dubai,” recalls Helou. They also collaborated on a pair of sneakers for Helou’s
FW19 collection, which was showcased during London Fashion Week at Somerset
House in February 2019. “Emma uses deadstock fabrics for her shoes, which showed
me that we share similar values,” Helou adds.
Fellow Lebanese designer Hussein Bazaza has also worked with Boutros on several
collections, including his AW16 Sophia The Alchemist line. “Emma is a creative talent,
and that is very apparent in her designs,” he says. “I love the way she tells stories
through her shoes, the same way I have stories to tell through my pieces.”
However, since 2020, luxury
apparel and footwear
companies across the world
have been hit hard by the
COVID-19 crisis. The value
of the global market for
luxury goods shrunk by
15% last year, according to Euromonitor International’s Luxury Goods 2021 edition,
and global footwear sales declined by 19.5% according to Research and Markets.
Consumers locked down at home have found themselves with little need for high-
end fashion purchases, shifting their footwear focus instead onto sneakers and flats.
To meet the new demand, Boutros expanded her line by designing slippers and slides
to wear indoors.
“Needless to mention, these were embroidered and handcrafted by local artisans in
Lebanon, hence supporting our struggling local industry,” Boutros adds. “All in all,
we sold almost 15% more in terms of units compared to the previous years.”
Lebanon’s economic distress became even more acute in August 2020, when a poorly
stored stock of ammonium nitrate caused a warehouse at the Port of Beirut to
explode, killing more than 200 people and destroying parts of the capital surrounding
it, including many shops. Stores belonging to Lebanese designers including Rabih
Kayrouz, Zuhair Murad, and Elie Saab were decimated. Boutros had moved her
showroom from downtown Beirut to the Gemmayzeh district in 2015, a mile away
from the port. It was destroyed in the blast. She is currently relocating for the third
time.
The combined effects of an ongoing financial crisis, a global pandemic, and the port
explosion left Lebanon reeling in shock. According to a World Bank report, the retail
sector suffered “sizable losses” with the BTA Fransabank retail trade index—a
partnership between the Beirut Traders Association and Fransabank— declining by
73.1% in real terms in the first nine months of 2020.
While many business owners have been forced to close, others have been able to
find some hope in the chaos. “I was very down, and I was very affected by what
was happening around me,” Boutros recalls. “But then I decided to take all this anger
and sadness I had and turn it into something creative.” The biggest challenge at the
moment, according to the founder, is in production.
“I know it’s easier to move the production outside Beirut. I do have this option, but
I really want to keep producing in my home country and to support my country
economically, as far as I can,” she explains.
Boutros recently partnered with two

different factories to ensure production
goals are met on time and at a logical
cost. And while sales in Beirut may
have declined, sales elsewhere have
risen thanks to the Lebanese diaspora
and other nationalities keen to support
local designers.
According to the founder, sales of Poise Design’s ready-made designs have increased
by 35% in Qatar over the last year, with Saudi Arabia home to its largest made-to-
measure customer base. Meanwhile, she says she has seen a surge in orders from
both the U.S. and Chinese markets.
As Lebanon continues to try and recover, Arab designers have been giving back. For
example, Helou established the United for Lebanese Creatives Fund, with the support
of The Slow Factory, the Starch Foundation, Maison Pyramide, the Bureau des
Createurs, Faux Consultancy, and Fondation Saradar.
“Over seven months, we amassed around $345,000, supporting 35 creatives, of

which 14 were fully covered,” says Helou. “RONI HELOU received $15,000 which
allowed us to cover the expenses that the explosion brought about, including
material damages, rent contracts, canceled projects, and team support.”
Boutros, meanwhile, says she has been collaborating with NGOs while quietly
donating proceeds to several charities and working on a new collection. “Each and
every collection is usually dedicated to a cause that we like to support. Brands
specifically now have to incorporate sustainability into their equation,” she explains.
“It was time for a change, and it was going to happen eventually, but COVID-19
made it happen faster.” Source: Forbes ME
Saudi Arabia
Monshaat centres offer lifeline

for Saudi SMEs
53% of people who arrive at a centre with nothing more than an
idea end up starting their own business
Riyadh, August 21, 2021 - Running a business can be challenging, lonely and full of
obstacles — and those providing “advice” are usually motivated by self-interest. So,
who can a business owner turn to for some trusted guidance?
Monshaat — the General Authority for Small and Medium Enterprises (SMEs) —
provides just that in their SME Support Centres, located in Riyadh, Madinah and
Jeddah.
Ahmed Al-Owfi, director, brims with enthusiasm when he welcomes me to the Riyadh
centre, just off the airport road.
“This is a one-stop-shop to support and empower SMEs and entrepreneurs”, Al-Owfi

tells me.
Monshaat provides trusted guidance in their SME Support Centers, located in Riyadh, Madinah and
Jeddah. (File/Shutterstock)
Prior to the 2018 founding of the SME Support Centres, a joint Monshaat/World Bank
assessment was undertaken to identify the needs of Saudi business owners. The US
Small Business Association was used as a model and adapted to the Saudi culture.
A business owner or aspiring entrepreneur can book an appointment at one of the

centres, or simply walk in the door. The first stage is a meeting with a business
service adviser (SBA), the business equivalent of a medical GP, who will “diagnose”
the beneficiary to understand what help is needed.
“The SBA guides each beneficiary through a track”, Al-Owfi explains. “We have three
tracks: One for start-ups, one for struggling businesses and one for ideation. But
these tracks are not generic. We tailor our services according to the needs of each
entrepreneur. And everything we do is for free.”
A struggling business might have a three to six week “stay” in the centre, during
which solutions are provided by the entire ecosystem of the building — including
representatives from various ministries and from corporations.
A young, well-educated, and business-savvy team of advisers and mentors is on

permanent call. The owner of a fast-food outlet might want to franchise the operation
— but lacks the experience and the capital.
The centre will create an advisory board with expertise in HR, finance, marketing
etc., to evaluate the brand, create a business plan and — finally — bring investors
and entrepreneurs together in a deal room.
“The first deal in 2018 was worth SR85 million,” Al-Owfi says, “when one of our
beneficiaries closed a partnership agreement with SABIC.” The centres have helped
other clients to raise finance from entities such as Aramco’s start-up fund (up to SR5
million) and VC fund (up to SR90 million).
Successful business ultimately comes down to sales and contracts, and the centre
provides a “back office” that pre-qualifies suppliers to bid for government and
corporate tenders. This helps to minimize risk, localize the supply chain, expand the
presence of SMEs and create jobs.
The centre is also a training hub offering four to six training sessions a week — along
with niche courses such as how to pitch to an investor. Business leaders and senior
government officials are invited to share their insights, both in person and online.
One such program, the SME Support Council (Majlis Da’am AlMonshaat), brought
together ministers, governors and other decision-makers to provide government-
related business guidance. These online sessions had an audience of over 5 million
in the Kingdom and abroad.
Industry players are invited to use the centre as a neutral venue to discuss common
issues — for instance retailers having trouble with the application of value-added
tax. SME owners can meet in one of the centre’s conference rooms and resolve the
matter themselves, often through simple exchange of knowledge.
“It’s like a SWAT team, to solve a problem”, says Al-Owfi. “We want this to be the
building where everybody talks to each other, so that every sector can thrive.”
The numbers are impressive. In 2018, Singapore’s SME Centres were the benchmark,
helping 5,000 companies annually. Monshaat’s SME Support Centres assisted 18,000
SMEs in its first year and that figure is now over 20,000.
Over 53 percent of people who arrive at a centre with nothing more than an idea
end up starting their own business — creating over 11,000 jobs over the past three
years. And non-Saudis are just as welcome at the centres as Saudi nationals.
“The end goal of Monshaat is contribution to Saudi Arabia’s GDP through the
enhancement of the Kingdom’s SME and entrepreneurship ecosystem”, says Emad
Alabbad, GM (corporate communications) at Monshaat, “and that is what all of our
programs are aiming for.” Source: Arab News
Afghanistan
Taliban hold keys to trillion-dollar trove of

minerals, but it's not easy to tap
However, there is no certainty that Afghanistan will become a
mineral El Dorado. Experts say that a successful mining
operation requires "a very stable political and legal climate".
According to the USGS, all these untapped mineral riches are estimated
to be worth a total of around $1 trillion. (File Photo / REUTERS)
New Delhi, August 22, 2021 - The Taliban, now in control of the state apparatus in
Afghanistan, have inherited an untapped $1 trillion trove of minerals, some of which
could power the world's transition to renewable energies, but tapping the resources
would not come so easy.
Highlighting that the country has long struggled to tap into its vast deposits, the AFP
news agency reported that the Taliban are already in a "financial bind", as major aid
donors stopped their support for Afghanistan after the hard-line Islamist group came
to power two decades after their ouster.
According to a report by the US Geological Survey (USGS), the mineral resources

include bauxite, copper, iron ore, lithium, and rare earth.
Copper prices have soared to more than $10,000 per tonne this year, as the metal,
with its very high thermal and electrical conductivity, has become a commodity in
demand for making power cables.
Lithium, on the other hand, is a crucial element in making car batteries, solar panels,
and wind farms. The International Energy Agency estimates the world demand for
lithium will grow by over 40 times by 2040, as the need for renewable resources
surfaces.
Guillaume Pitron, the author of

the book "The Rare Metals
War", noted that Afghanistan
"sits on a huge reserve of
lithium that has not been
tapped to this day."
Book author Guillaume Pitron

wrote ‘The Rare Metals Wear”
The country is also home to rare earth, a crucial part of

the clean energy sector. These include Neodymium,
praseodymium and dysprosium. Afghanistan also mines
for talc, marble, coal, and iron.
It has done better digging for precious stones such as emeralds and rubies as well
as semi-precious tourmaline and lapis lazuli, but the business is plagued with illegal
smuggling to Pakistan.
According to the USGS, all these untapped mineral riches are estimated to be worth
a total of around $1 trillion. Afghan officials, however, have put the worth three times
as high.
However, there is no certainty that Afghanistan will become a mineral El Dorado,

AFP cited French expert Pitron as saying. "For that, you need a very stable political
climate," he said.
"No company will want to invest if there is no stable political and legal system." He
added that it can take as long as 20 years between the discovery of a mineral deposit
and the start of mining operations.” Source: Hindustan Times
Egypt
Egyptian jewellery brand Jude Benhalim

is crafting an authentic legacy while
prioritising a digital future
Jude Benhalim, Egyptian jewellery designer. Image provided.
Cairo, August 8, 2021 - When Jude Benhalim launched her namesake jewellery brand
10 years ago, she did things backward. At a time when Egyptians preferred in-store
to online, she bypassed brick-and-mortar and began the only way a tech-savvy 17-
year-old knew how: selling through social media. A decade on, and she has just
launched her new collection, with her third store set to open in North Cairo. But while
these latest launches cement Benhalim’s status as a serious contender in fashion
jewellery, the designer isn’t out to dominate the market. She knows where she’s
going and where she’s not.
“I don’t want to have a store on every corner,” says the 27-year-old, who co-founded
the company with her mother, Rana Al Azm. Her adamance stems from a desire to
protect her brand’s exclusivity, but the pandemic has played a role too.
Like most businesses, the trajectory of Jude
Benhalim has been shaped by COVID-19.
“Before the pandemic, we were thinking of
opening more stores, but seeing other
brands suffering because of their overheads
is what made me decide that an agile,
smaller-scale business was the way
forward,” Benhalim explains.
From the Cordella Collection
Her cautious approach is not surprising; small and agile is how the entrepreneur
started out. The business was built on just $650 of initial capital, with operations run
out of Benhalim’s bedroom. Today, although she declines to reveal exact figures,
Benhalim says her company records annual sales in the hundreds of thousands of
dollars, selling around 300 pieces a month. Across her three main collections, prices
hover around the $200-mark, though there are items
available for under $100 and others carry tags of
more than $500. Her creations have been spotted
adorning global celebrities, including models Chrissy
Teigen and Kendall Jenner.
With profits continuously reinvested into the business

and with annual sales growth averaging at 60% since
2013, Benhalim has managed to build a team of 15,
rent a new office, and expand her reach. The new
boutique - located in a high-end, mixed-use
development called 5A By The Waterway - adds to a
portfolio that includes a flagship store in the Cairo
district of Zamalek, a store on Egypt’s North Coast,
and a showroom attached to the corporate HQ.
Ammonite necklace and earrings
But that’s where Benhalim’s storefront ambitions end, at least for now. Offering
customers, the opportunity to experience her pieces in-store is essential, but for a
brand with more than 66,000 followers on Instagram and 32,000 on Facebook, the
pandemic has reaffirmed something the designer already knew: that success in
today’s market starts online.
The jewellery brand experienced a slight dip in sales last year, but as a mostly digital
business, the fallout from COVID-19 was minimal.
At the height of the pandemic, as companies scrambled to shift to online, Benhalim
was already there, with a functioning platform firmly in place. All that remained was
to strengthen it. So, with customers unable to visit her stores, Benhalim came up
with a virtual reality try-on feature on Instagram, and it was an instant hit.
Benhalim with her mother, Rana Al Azm. Image provided.
Innovative moves like this should stand Benhalim in good stead in the current
climate. “Players who provide original and entertaining websites, apps, and
communications are expected to gain a significant competitive advantage over their
counterparts,” says Petar Reshovski, general manager at market research and
consulting firm WMStrategy. “A smart presence on social media, particularly
Instagram and Snapchat, which enable the sharing of genuine influencer and
customer views, is important for the formation of a loyal
customer network.”
“It’s been so impressive watching as a lot of brands and

retailers have thought on their feet,” agrees Clair Seffeen,
founder of boutique brand and retail consultancy, The
Design Narratives.
“I’m excited for what’s to come as we watch industry players getting creative and
rewriting the rules.” While agreeing that it’s been a tough 18 months, Seffeen
stresses that the pandemic has actually brought about a “well needed change,”
accelerating the use of e-commerce technology.
Reviews were initially mixed when it came to her materials, but Benhalim has worked
hard to change perceptions. Her products might not be made from diamonds and
solid gold, but she regards them as precious, nevertheless. “Since we started
communicating our brand and how much work goes into producing it, we have
changed perceptions, and there is a growing appreciation,” says the designer.
Benhalim’s focus on local talent and traditional skills is well-placed. “An artisanal
approach to the jewellery will immensely help the brand, as people in Egypt
appreciate craftsmanship and are ready to pay more for a well-designed item that is
produced accordingly,” reveals Reshovski.
With its bold colours and statement pieces, Jude Benhalim appeals to customers in
search of something affordable yet different. Amongst her designs, Benhalim’s
personal favourites are those that customers can wear in multiple ways; a sunglasses
chain that converts to a necklace, bracelet, and earrings counts as one of the more
unusual. Interchangeability is the brand’s USP.
“Jude always allows space in her collection for clients to customize through
interchangeable styles…allowing them to feel that they are adding their own touch,”
says Seffeen. But while the early days were relatively pain-free, the challenges have
since increased in step with company growth. Prime amongst them, says the co-
founder, have been managing the transition from home start-up to fully-fledged
business and learning how to manage a team. On that front, she says her mother
has been indispensable. As CEO and co-founder, Rana Al Azm is the business force
behind the brand, but she is also an emotional support. “She’s my best friend,” says
Benhalim. “We understand each other, we have very clear guidelines as to who does
what, and we respect each other’s space.”
Favia necklace
And there’s every chance she will. Since the age of 17,
Jude Benhalim has made her own rules: selling through
social media when the high street was the place to be
and choosing authenticity over square footage as her
brand continued to grow. For the first-time entrepreneur
who launched a brand in a revolution and sailed through
a pandemic, her strategy is as carefully crafted as her
collections. Source: Forbes ME (excerpts)
George Clooney invests in Portugal:
He will build a villa near Comporta
Renowned American actor and producer will own a plot of land
at Costa Terra Golf & Ocean Club, in Melides.
Lisbon, August 18, 2021 - George Clooney is next on the list of celebrities who have
decided to invest in real estate in Portugal. The renowned American actor and
producer will buy a plot of land in the Costa Terra Golf & Ocean Club project, in
Melides, municipality of Grândola, near Comporta, which is in the top 5 world
destinations preferred by real estate investors.

The Costa Terra Golf & Ocean Club, it should be remembered, was bought in 2019
by the Americans of Discovery Land Company, which until then - since 2008 - was
in the hands of Semapa, 'holding' of the Queiroz Pereira family.
According to ECO, Discovery Land Company was founded by Mike Meldman, current
president and CEO, and Mike Meldman and George Clooney have been partners since
2013, when, together with Mexican Rande Gerber, they founded Casamigos, a
tequila company - meanwhile, in 2017, it was sold to British Diageo.
The publication recalls that the project, which was initially intended for tourism
purposes - it was planned to build three hotels, four tourist villages, 204 villas and a
golf course, in an investment of 510 million euros - has changed course somewhat,
with the construction of 146 single-family villas, 29 residences belonging to the club,
a health and wellness centre and a golf course now planned.
Citing market sources, ECO reports that George Clooney will own one of the future
plots at Costa Terra Golf & Ocean Club, choosing to build one of the villas his own
way.
Based on statements made by John Dwyer, CEO of Costa Terra, to Discovery Life
magazine, the publication writes that the development already has the infrastructure
- allotments, roads, water, etc. - completed, with the golf course being under
execution. The project is expected to be completed in 2022. Source: Discovery Life
Magazine/idealista news

La Samaritaine
La Samaritaine is a large department
store in Paris, France, located in the
first arrondissement. The nearest
métro station is Pont-Neuf, directly in
front at the quai du Louvre and the rue
de la Monnaie. The company was
owned by Ernest Cognacq and Marie-
Louise Jaÿ who hired architect Frantz
Jourdain to expand their original store.
Historic La Samaritaine building in paris
It started as a small apparel shop and expanded to what became a series of

department store buildings with a total of 90 different departments. It has been a
member of the International Association of Department Stores from 1985 to 1992.
It is currently owned by
LVMH, a luxury-goods
maker. The store, which had
been operating at a loss
since the 1970s, was closed
in 2005 purportedly because
the building did not meet
safety codes. Plans for
redevelop-ing the building
in-volved lengthy com-
plications, as the re-
presentatives of the store's
founders argued with new
owners LVMH over the
building's future as a
department store or a
mixed-use development.
After seven years of renovation, it has reopened to public on 23 June 2021, having
been previewed by the French President Emmanuel Macron journalists the days
before. Its retail offerings targeted at affluent consumers, restaurants, and a
boutique hotel that includes a penthouse suite with its own private swimming pool.
The building has been listed since 1990 as a ‘monument historique’ by the French
Ministry of Culture. Source: Wikipedia
Leonardo DiCaprio lists Century-old Los
Angeles home for $5.75 million
The actor has owned the Tudor-style house in the city’s Los Feliz
Oaks neighborhood for more than three years
Los Angeles, August 11,
2021 - Oscar-winning
actor Leonardo DiCaprio
launched his almost
100-year-old home in
Los Angeles onto the
market Monday for
$5.75 million.
Built in 1926, the Tudor-

style, five-bedroom
property, dubbed Red
Oak Manor, is tucked
away behind gates on one of the winding streets of Los Feliz Oaks in the foothills of
the Santa Monica Mountains.
It occupies a “forest-like setting with large specimen trees creating a magical,

tranquil environment,” according to the listing with Brett Lawyer of Hilton & Hyland,
who, through a representative, declined to comment on the listing.
The listing comes as Mr.

DiCaprio’s ownership of the
property approaches three and a
half years.
In April 2018, the actor and

environmentalist, 46, used a trust
to buy the home from
mononymous musician Moby for
a hair over $4.9 million, records
with PropertyShark show.
Image: Tylor Hogan

Moby “restored and totally reimagined” the property, the listing said.
He gave the manor-like home a contemporary facelift, installing a new kitchen with
marble countertops and a walk-in pantry, a steam room and a security system,
Mansion Global previously reported. The 4,644-square-foot home’s contemporary
look has remained, and the light-filled house has a neutral color palette and high
ceilings, along with stately paned windows and original architectural details and
character.
Image: Tyler Hogan
The home is fitted with features including a formal dining room, a media room, and
three fireplaces.
There’s also two “dramatic” main bedroom suites—one with a yoga area—and a
guest suite. Outside, the property offers an entertainment area next to a pool and
spa, the listing said.
A representative for Mr. DiCaprio, whose recent roles include “The Wolf of Wall
Street,” “The Revenant,” and “Once Upon a Time in Hollywood,” did not immediately
respond to a request for comment. The Los Angeles Times first reported the listing.
Source: Mansion Global

Open spaces, historic homes and rising
prices define Australia’s Capital, Canberra
The city’s highly sought-after and tightly held inner south, in

particular, is currently commanding top dollar
Los Angeles, August 22, 2021 - It’s not one of Australia’s most recognized cities, but
Canberra is coming to the forefront with a real estate renaissance.
Despite being the country’s capital, Canberra is only Australia’s eighth-largest city
with just over 431,000 residents but is now home to the second-highest dwelling
values.
The 12-month median cost of a home in Canberra is A$793,872 (US$584,148), only

behind Sydney’s A$1.017 million but higher than Melbourne’s A$762,068, according
to CoreLogic data as of August.
Sydney has its glitzy harbour and beaches; Melbourne its edgy European vibe,
however Canberra is affectionately known as The Bush Capital, as it’s located inland.

As an entirely planned city, and the seat of parliament, Canberra has long existed
under the real estate radar maintaining a serious persona since its conception in
1913. Fast-forward 100 years and the capital started coming of age—and hasn’t
slowed down.
Today’s Canberra has ranked among the world's best

cities; earning bronze in Lonely Planet’s 2018 Best in
Travel series and voted the world’s most liveable city by
the Organisation for Economic Co-operation and
Development (OECD) in 2014. With a booming local
food scene, a billion-dollar lakeside redevelopment,
plus a world-class arts and culture movement, Canberra
has transformed from a sober political city to a dynamic
destination.
Canberra emerged this year from Covid-19 with a

seemingly pandemic-proof property market bolstered
by high average household incomes, a secure public
service workforce and successful handling of the virus (at just over 130 confirmed
cases since records began in March 2020.
As a result, local property values skyrocketed by 18.1% in the 12 months to July,

with the luxury-home market leading the charge, according to CoreLogic figures.
Canberra’s highly sought-after and tightly held inner south, in particular, is currently
commanding top dollar with experts agreeing values are on track to rise further.
Three Canberra suburbs in high demand, and experiencing solid price growth as a
result, are Kingston, Griffith and Forrest.
Boundaries
A prestigious patch of real estate measuring approximately one square mile, the
three most in-demand suburbs of Canberra’s inner south—Kingston, Griffith and
Forres — are anchored by one common denominator: They surround the exclusive
shopping and dining precinct known as Manuka. The waterfront suburb of Kingston
sits to the east of the Manuka strip along Lake Burley Griffin, Forrest is located to
the west, and Griffith to the south.
Price range
According to data firm CoreLogic, 18 new Canberra suburbs surpassed a median
price of A$1 million in the year to June, taking the reported total to 27. Forrest,
however, is so tightly held it often doesn’t register a median price through lack of
sales. Of the few local homes which sold over the past year, the median was A$2.7
million.
It’s a similar story in Kingston. After a recent A$1 billion redevelopment of Kingston’s
foreshore, potential purchasers have more opportunity to buy into the coveted
waterfront lifestyle close to Manuka’s shopping and dining precinct. Apartments and
townhouses in Kingston have a A$626,000 median for two bedrooms or A$945,000
for three bedrooms—well over the Canberra apartment median of A$470,000.
Photo: Luxury Portfolio International
Claire Corby, a broker with

Capital Buyers Agency, said the
Manuka-adjacent Griffith, where
the median house price is A$1.82
million, was a suburb to watch.
“You can walk to Manuka village,

you're right in the thick of the
action with great restaurants at
the end of your street. If you’re
buying something there at A$3
million today, you could quickly
see that becoming A$4 million,”
she said. Photo: Luxury Portfolio International

Incredible Beach Resort Unique 16th Century Mansion Palace in Venice
Castle in Umbria Feudal villa in Tenerife Spectacular villa in Javea
Luxury Residence London Mansion in Ascot, Berkshire Luxury villa, Cumbre del Sol

Housing stock
Suburbs in the city’s south are in high demand as they offer something many other
Canberra suburbs can’t—heritage homes on large blocks with easy walkability to
monuments, the lake, parks, and prized schools.
Forrest, Griffith and Kingston are three of Canberra’s oldest suburbs, dating back to
the original designs of city planner and architect Walter Burley Griffin. While both
Forrest and Griffith feature many historic bungalows, Kingston’s redevelopment has
made it one of the city’s more modern and high-density suburbs.
“Buyers fall into two camps; they either

want a slice of Canberra's history, so
they’re after established 1920s to
interwar homes in these blue-chip
locations. There's a lot of history in
those properties and they're very
scarce. With sympathetic renovations
they’re perfect for investors, because
they're not making any more of those,”
she added.
Photo: Luxury Portfolio International
The other camp, according to Ms. Corby, is buyers seeking newer houses. “If they
don’t find what they want, they’ll buy a rundown property in one of these established
areas and bulldoze it to pop up a beautiful modern home.”

What makes it unique
Ms. Corby said Canberra is now on the map thanks to its value for money. “People
are looking to exit big cities, partially driven by COVID, and they’re looking at
Canberra realizing it’s quite unique. Canberra has everything a bigger city has to
offer, but it's fairly low density with low traffic congestion. Our peak hour lasts just
30 mins,” she said.
Mario Sanfrancesco, sales agent with Blackshaw Manuka, said soaring prices in
Sydney and Melbourne were filtering through to the capital. “We don't have the A$30
million to A$50 million sales they have, but you can buy those homes here for just
A$10 or A$15 million. And that’s pretty special,” he said. With Manuka’s popular
village-style hub at the heart of these three suburbs, the neighbourhood has
maintained a sense of exclusivity.
Given the historic significance of the area several public and private buildings, as
well as ‘street furniture’ including the fire hydrants, kerbs and lights are under
heritage protection.
Even the contemporary apartment buildings of Kingston have been restricted to a

four-story height to maintain the integrity of the meticulously master-planned city.
Luxury amenities
Famous for its exclusive boutiques, critically acclaimed restaurants and five-star
hotels, Canberra’s inner south is a magnet for all things luxury.
Kingston Foreshore precinct is the place for an artisan shopping experience from
renowned local photographer Scott Leggo’s gallery to the Canberra Glassworks,
Australia’s only cultural centre dedicated to contemporary glass art. On Sundays the
Old Bus Depot Markets deliver gourmet food stalls to Kingston along with one-off
fashion and handmade crafts. The gentrified neighbourhood also dishes up plenty of
popular pubs, bars and restaurants including La Rustica, The Dock and Molto Italian.
Manuka Shopping Centre, predominantly on the Griffith side, is the go-to location for
high-end jewellery, shoes, gifts and clothing stores such as celebrated Australian
fashion designer Carla Zampatti. Locals flock to Manuka village on weekends for
brunch at Urban Pantry or dine in at Belluci’s or multi-award-winning Aubergine. A
yet-to-be completed project will see the art-house cinema get a makeover and the
arrival of a new five-star hotel.
Historic Manuka Oval, which is bustling with Australian Rules Football matches each
weekend and the restored art deco swimming baths are also a draw, along with the
high proportion of local parks and playgrounds. Source: Mansion Global

The importance of due diligence
Due diligence is as an investigation, audit/ review performed to confirm facts/ details

of a matter under consideration; it is the care that is done to avoid harm to other
persons or property.
Due diligence can therefore be best understood as a process of research and analysis
that is initiated before an acquisition, investment, business partnership or bank loan
in order to determine whether there are any major issues to be concerned about.
Both individuals and businesses must conduct due diligence before they engage in
all endeavours that they feel important to their property, person and finances.
Good due diligence needs the service of experts who know how to source data and
documents that are informative and legal. Due diligence is done to verify information
and expectation, what you have heard from the company. It’s not necessary to verify
everything about the company mostly if the company is a start-up. The information
obtained from the facts gathered will help a person or entity make an informed
decision if they are to do business or engage in mergers or business partnerships.
The major types of due diligence include
financial, commercial, IT, HR, IP, regulatory
and environmental due diligence. The various
types of due diligence entail: financial and
profile analysis, investigations of corporate
affiliations, address verification, location of
hidden assets, property ownership enquiries,
overall reputation, and background, pending
court cases/ disputes, the details, and the general reputation of the managers/
directors of a company, professional and educational background, involvement in
crime/ dishonourable conduct like theft, fraud, bribery, or extortion among others.
By carrying out due diligence, one is able to carefully collect and organise findings
for court purposes, trace missing debtors for banks, financial institutions,
government, companies and law firms.
Through due diligence, one is also able to develop a Cyber breach response plan to
identify sources of the breach and develop a plan for maximum protection. The
specialised investigators also work with lawyers and insolvency practitioners to
recover assets/ hidden funds for the bankrupt individuals/ insolvent companies.
Companies/ individuals can also trace assets that may have been misappropriated
through due diligence (asset tracing is closely related to fraud/ theft).
Many businesses/ individuals usually don’t have the

resources, time, or the knowledge to carry on these
services themselves, there is always the dire need of
specialised personnel who have the resources and
time to produce quality work, and to carry out
comprehensive investigations and or analysis on
either a person or business to establish credibility
before a merger, company purchase or acquisition.
Due Diligence experts will give their clients a complete profile of the target company
or your potential business partner(s) based on a wide range of information that will
be submitted to clients to avoid any costly unforeseen mistakes. Source: Infotesters

Where’s your energy?
Some businesses and people seem to have an unlimited amount of energy and are
always exploring and growing. Others struggle to get through a day. Energy is
internally generated, and no matter how hard you push from the outside, internal
energy must be stoked. As a leader, your ability to stoke this fire in yourself, those
you lead, and your business is vital for enduring success.
Active Knowledge Question: What gets people out of bed in the morning?
Energy
In life, in leadership and in business, finding energy is the core to being able to
move. Low energy can only seed low levels of movement but find the right source
of energy and the change is amazing. Have you ever noticed how it is almost
impossible to get out of bed on some mornings, whereas on other days, you fly out
filled with excitement for what lies ahead?
We pay very little attention to the sources of our energy and that of others, but it
does represent the difference between success and non-achievement. Note, I didn’t
say failure because failing at something actually requires energy and movement.

Have you also noticed that when you walk into a room filled with energised people
that the vibe in the air is so different to walking into a room with people who really
don’t want to be there? Anyone who frequently speaks in front of people knows how
that latter group just sucks the life out of you as you try to stir up some movement
in the room.
As an individual, you want to be able to tap into sources of energy within that will
allow you to achieve what is important in your life. As a leader, you must be able to
inspire those you lead to ignite a source of energy within them, enabling them to
achieve all they possibly can. And within the business you lead, you need to muster
its full potential being the combined talent and effort of everyone working within and
with that business.
Achievement and success rest in your ability to tap into the energy that exists within
all of us so that movement starts, momentum is built, compounding occurs, and the
impossible is achieved.
Barriers
Many barriers prevent people, and therefore the businesses in which they work, from
tapping into the energy that exists within them; here are some:
• We are and have been actively encouraged throughout our lives to not try, not
chase, and not achieve.
• To believe first in our inability, all the things that we can’t do well, rather than
our capabilities.
• We have been burnt and have seen others burnt through failure and now
hesitate.
• Settling for average is often the path of least resistance and the complaint
choice.
• We simply do not have the self-confidence to try, and no one around us
encourages us forward.
• As providers, our obligations, duties, and responsibilities do not allow us to
pursue what we would really like to do.
• If you grow too tall, you will be cut down – tall poppy syndrome.
• We lack imagination and the passion that it brings and simply do not know
where to start.
But all of these barriers can be overcome by recognising what stokes the energy
within us and taking the first step to ignite the fire. Energy is ignited by the desire
to succeed.

Internally generated
Success is the fuel of life, and it is earned through hard work. It energises and
enlivens us. Without success, our lives can become dull and then dead.
Without success as a catalyst in our lives, we will not and cannot reach our potential.
Striving for success is an enabler. It draws our best to the surface and allows us to
see what we are really capable of achieving.
Success comes from within. Only we can make ourselves successful through our
beliefs, thoughts and actions. Success cannot be given to you by others.
Success is a renewable resource. We can generate it every moment of every day and
can bring an abundance to our lives that we never thought possible. Enduring
success is our prize to be claimed but be careful with how you define success.

At the end of each day, you want to feel a real satisfaction in the effort you have put
in and the rewards you have achieved. You want to feel an abundance within, a real
joy and quiet knowing that you have worked hard for the rewards earned. This is
what achievement and being successful is all about.
Wealth is, at best, an outcome – a product of being successful. But it is not the
ultimate outcome that everyone seeks. Wealth is pursued as a means to an end.
Often that end involves things such as a magnificent home, an expensive car,
overseas travel to the best destinations. But is this really what is sought from
success?
I believe the real end sought is the freedom to pursue and achieve happiness in life.
Society tells us to chase wealth as this will provide us with freedom, and the wealth
can be spent on all the things that can deliver that happiness. But I don’t think any
of us are silly enough to believe that wealth will, by itself, deliver a life of enduring
happiness and success.
Right and wrong energy

In striving for success, I believe there is a right and wrong energy, and that energy
turns on how you define success and the goals you are pursuing.
It takes wisdom to set the right goals for you as an individual and to not be led by
others, marketing hype, popular beliefs or societal pressure. It often requires
courage to take that first step and each step thereafter, building a powerful
momentum. And it always requires strength to endure through the inevitable
challenges and obstacles until your goal is won.
Success is your reward for the thought and effort you put into your life. But if you
persevere, you can craft a life of enduring success. A life in which you do not just
have one or two great successes but ongoing achievements in all aspects of your
life.
The wrong energy

Today, maybe more so than ever, life for many is about quick riches and chasing the
dollar. Success is almost exclusively defined by wealth, and the game is to get as
much wealth as you can, as quickly as you can, with the least effort.
It seems for many that work is what you must do so you don’t have to work anymore.
The dream is to be able to retire, and only then can life commence. Success is
reflected in wealth, position and power as only through these can you be free to do
as you want, surround yourself with the possessions and experiences you desire,
and create the life you dream of.

Others often define success. It is highly competitive and seems to be elusive for
many, no matter how old. Age and time do not necessarily yield success, and there
is a tipping point where many abandon all hope of being successful.
Chasing this form of success typically seeds self-interest, which is the antithesis of
success.
The right energy

The right energy comes from simply trying to be the best you can be and seeking to
always do better every day. And in helping others to also be successful. I call this
energy ‘to compete’, but it is competing against yourself. Striving for an outcome
you believe is worthy and stretching your capabilities. The energy you achieve from
completing a task you considered worthwhile and take pride in is the energy you
want to nurture.
Nurturing
Nurturing the right energy starts with setting the right goals and then developing the
habits that will allow you to deliver on those goals. These habits are only built
through:
• Wisdom: Knowing what is right for you and where your strengths and
passions lie.
• Courage: Overcoming your fears and doubt, being adventurous and stepping
forward in faith – faith in yourself.
• Strength: Taking step after step and building your stride with each step until
an unstoppable momentum is achieved.
And from habit, through repetition, traits are built which become deeper and
stronger, and suddenly you look back and recognise a trail of success.
In life, you want to achieve, in leadership you want to enable others to achieve, and
in business you want the entire business to be one where achievement is natural
and expected.
If you are seeking success at any level – life, leadership,

business – stoke the right energy that will fuel passions and
success will be a natural and enduring outcome.
Article by
Richard Sharapnel


4.4 - 77-MA-NEWS-SEPTEMBER-2021

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

4.4 - 77-MA-NEWS-SEPTEMBER-2021

Uploaded by

Copyright:

Available Formats

1 | M&A NEWS S e p t e m b e r 2 0 21

12 Bernard Arnault. This is

51 Mike Federle, CEO:

EXTRAS 96 Egyptian jewellery

.Cover story – Cover

Hollywood's super millionaires -

Glamour is worth a fortune with these four!

Gwyneth Paltrow (48) - 275 million dollars

Engaged in the office: This is

Company value accord-

From her million-dollar

Reese Witherspoon (45) - 400 million dollars.

"She smells like my vagina," reads the scented candle

With her company she produces series

Her mission: "I want to finally make

Her own boss: Witherspoon now makes

Witherspoon also invests large sums of

Her personal trainer, nutritionist and

Her own boss:

Pop star is now just her hobby ...

Rihanna on being named a Bilionaire by Forbes: “God is good.“ Captured

She treated herself to a $22

But even that is part of her

Ethically produced nappies are among Alba's most successful

The name says it all: Alba earns its money with

The "Wonder of the Seas" in figures

Royal Caribbean's Oasis

The ‘Symphony of the

THIS is now the richest man in the world

But that's over for now! On Thursday,

Air taxi start-up Lilium negotiates major

German company Lilium could sell 220 aircraft to Brazilian airline

Iberdrola expands renewable energy

Firm: Allens (Iberdrola)

Deal significance: Iberdrola is a global energy leader.

The group’s acquisition of the two subsidiaries of Sowitec includes a 550-megawatt

Deutsche Post buys drinks shipper

Deutsche Post Chief Executive Officer Frank

Frank Apple, CEO Deutsche Post

New York group

Morrisons remains Britain's fourth-largest grocery chain, employing some 110,000

Of note, no mention was made of embarking on changes to the company of in the

Today, Morrisons is primarily owned by a group of institutional shareholders,

Former Diplomatic Hotel in Lisbon

:::::::::::::::::::::::::::::: https://cba.associates ::::::::::::::::::::::::::::::

Advent said to weigh purchase of

M&A after the pandemic

Conclusion: It is the combination of the foreseeably good market situation for

There are medium-sized companies / investors

- Active approach: We conclude a so-called "target search" contract on a success

If necessary, we also have contacts to financing partners who are

Article by Dipl.-Kfm. Andreas Leopold, CBA Associate, Germany

Tesla's Musk signals concerns over Nvidia deal

Lufthansa plans more flights to woo

"Daily frequencies will increase on many

Hyatt doubles resort footprint with

In a news release accompanying the call, Hoplamazian added, “Importantly, the

Joan Bottarini, Hyatt’s chief financial

Joan Bottarini, Hyatt’s CFO

Impact on the Leisure Resort Segment

An Apple Leisure resort on the island of Majorca, Spain

“In Southern Europe, there is only 2% branded-resorts penetration, while it is 5% in

Hoplamazian said Apple Leisure totalled 3.1 million guests in 2019.