From Breakingviews: Exor builds a cash pile and Indian conglomerate Reliance plans a rights issue. Plus: M&S gets help from banks. Catch up with the latest pandemic-related insights here:
EXCESS FOR EXOR. Of all the companies going into the Great Lockdown, the Agnelli family’s investment vehicle should have been one of the least to worry about having enough cash. Exor in early March agreed to sell PartnerRe for $9 billion to French insurer Covea. And the pending merger of Fiat Chrysler Automobiles with Peugeot promised 5.5 billion euros of dividends to shareholders, of which Exor is the largest. So Exor’s 500 million euro sale of 10-year bonds this week raised a few eyebrows.
SELF-RELIANCE. Mukesh Ambani isn’t letting a pandemic mess with plans for $120 billion Reliance Industries. Having just welcomed a $6 billion investment from Facebook into its digital business, the retail-to-oil conglomerate is mulling a rights issue of unspecified size. Any deal will come from a position of strength. Reliance shares have outperformed the benchmark Nifty 50 index by 30 percentage points since India went into lockdown.
EMPTY TROLLEYS. Marks and Spencer has missed out on the Covid-19 grocery binge. The British supermarket chain that specialises in freshly made sandwiches and pricey ready meals said on Tuesday that its food business was “adversely affected” by the lockdown. Unlike peers J Sainsbury and Tesco, which have enjoyed record sales, M&S was let down by its city-centre stores and cafés. The beleaguered clothes business is a bigger concern.
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