Tag: Bln

Russian central bank injects $8 bln to prevent liquidity shortage

Adds detail, second repo auction

MOSCOW, Oct 12 (Reuters)The Russian central bank sold 620 billion roubles ($8 billion) at two long-term repo auctions on Monday, the largest injection of roubles into the banking system since the central bank reintroduced such auctions in May.

The repo auctions were designed to prevent rouble liquidity shortages following the finance ministry’s record weekly placement of OFZ treasury bonds last week, which drained roubles from the financial system.

At Monday’s rare one-year auction, only the second such auction this year, the bank sold 20 billion roubles out of 400 billion roubles on offer.

A more successful one-month auction followed, with the bank selling 600 billion roubles, with 1 trillion roubles offered.

Repo, or repurchase agreement, auctions are designed to increase banks’ capacity to manage their liquidity. Liquidity at such actions became more affordable as the central bank slashed its key rate

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Covestro To Buy Resins & Functional Materials Business From Royal DSM In EUR 1.61 Bln Deal

(RTTNews) – Specialty chemicals company Covestro (CVVTF.PK, COVTY.PK) Wednesday said it has signed an agreement to acquire the Resins & Functional Materials business or RFM from Royal DSM (RDSMY.PK).

The total purchase price is 1.61 billion euros, corresponding to a net enterprise value of approximately 1.55 billion euros.

Closing of the transaction is expected for the first quarter of 2021 and is subject to regulatory approvals, including antitrust clearance.

Covestro said the acquisition is in line with its long-term corporate strategy to strengthen its sustainable and innovation-driven businesses.

The integration of RFM will add about 1 billion euros in revenues and an EBITDA of 141 million euros.

According to the firm, the deal is a substantial strategic growth opportunity to expand revenues of its Coatings, Adhesives, Specialties segment by more than 40% to about 3.4 billion euros.

Covestro expects permanent synergy effects to build-up to about 120 million euros per

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