
India's Titan to buy majority stake in Dubai's Damas at $283 million enterprise value
(This story has been corrected to say Titan is buying Damas stake at 'enterprise value of $283 million,' not 'for $283 million,' in the headline and paragraph 1)
($1 = 3.6727 UAE dirham)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
27 minutes ago
- Reuters
Universal's $775 million Downtown deal may hinder competition, EU regulators warn
BRUSSELS, July 22 (Reuters) - Universal Music Group ( opens new tab unit Virgin Music Group's $775 million acquisition of Downtown Music may hinder competition and remove an important competitor, EU antitrust regulators warned on Tuesday. Virgin announced the deal, opens new tab in December last year which subsequently generated pushback from a wide swathe of European independent labels. The European Commission set out its concerns on Tuesday as it opened an in-depth investigation into the deal, confirming a Reuters story last week. "After the acquisition, UMG would likely have the ability and incentive to use commercially sensitive data of third-party record labels for its own business activities notably related to recorded music," the EU executive said in a statement. It said UMG's access to such data may harm rival record labels and may ultimately further strengthen UMG, already a leader in the market for the wholesale distribution of recorded music in Europe. The Commission set a Nov. 26 deadline for its decision. Universal is the world's biggest music company, while Downtown owns a major music publisher and a number of other businesses that help musicians collect royalties.


Reuters
an hour ago
- Reuters
UniCredit's bid for Banco BPM suspended for another 30 days
MILAN, July 22 (Reuters) - Italy's market watchdog has suspended UniCredit's ( opens new tab bid for smaller rival Banco BPM ( opens new tab for another 30 days, saying it was too difficult for BPM investors to make a decision amid disputes over the government's conditions for a deal. Three people familiar with the matter told Reuters that UniCredit had been ready to ditch the 14.6 billion euros ($17 billion) all-share bid had the Consob watchdog decided that extra time was not necessary. UniCredit had no immediate comment. Italy's second-biggest bank has taken legal action against a series of conditions imposed on the deal by the government, saying they would damage the enlarged company. A court ruling this month axed some of the conditions, but left intact a demand that UniCredit cease operations in Russia, apart from payments handled for Western companies. The European Commission has also criticised Rome's interference in the deal, saying this month that it could order the government to forgo the conditions altogether. Consob said in a document on its website that the uncertainty caused by the court ruling and the Commission's scrutiny made it too hard for BPM shareholders to take a view on the offer. The offer had been due to expire on Wednesday, with take-up currently standing at just 0.5%. With the suspension running from July 23 to August 21, the tender is now set to resume on August 22. Consob had already granted UniCredit a 30-day suspension after the government in April set its terms for the bid. UniCredit unveiled its offer in November, with CEO Andrea Orcel saying the bank could not be sidelined as the sector embarked in long-awaited consolidation. It officially launched the offer in April. UniCredit's swoop on BPM and BBVA's ( opens new tab hostile bid for smaller Spanish rival Sabadell ( opens new tab, which has also met with government opposition in Madrid, have sparked a debate over the role of governments in European banking deals. While Brussels is keen for European players to gain scale to better compete with U.S. rivals, some governments are reluctant to sanction deals that may lead to job losses or distance lenders from local communities. UniCredit has also expressed an interest in tying up with Germany's Commerzbank ( opens new tab, acquiring a 20% equity stake and further 9% in derivatives, a move strongly opposed in Berlin. ($1 = 0.8554 euros)


Reuters
an hour ago
- Reuters
Egypt current account deficit narrows to $13.2 billion in nine months through March
DUBAI, July 22 (Reuters) - Egypt's current account deficit narrowed to $13.2 billion in the nine months through March 2025, from $17.1 billion in the same period a year earlier, Egypt's central bank said on Tuesday. The bank attributed the slimmer deficit to an 86.6% increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to 23% higher tourism revenue. Oil exports declined by $430.5 million to $4.2 billion, from $4.6 a year earlier, while oil imports increased by $4.8 billion to $14.5 billion, from $9.7 billion. Egypt has been seeking to import more fuel oil and liquefied natural gas this year to meet its power demands after enduring blackouts during periods of shaky gas supply in the past two years. Concerns intensified after the supply of natural gas from Israel to Egypt dropped during Israel's air war with Iran. Suez Canal revenues declined to $2.6 billion, from $5.8 billion in a year earlier, as revenue from the vital global trade route continued to suffer because of Yemeni Houthis' attacks on ships in the Red Sea. The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza. Meanwhile, Egypt's tourism revenue reached $12.5 billion from July 2024 through March 2025, compared to $10.9 billion in the same period a year earlier. Remittances from Egyptians working abroad increased to $26.4 billion, from $14.5 billion. Foreign direct investment hit $9.8 billion, compared to $23.7 billion.