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Vic Swerts, chairman of Soudal NV, granted the title of Baron


For the last time before his resignation on July 21st, King Albert II has made use of its right to reward distinguishing Belgians with a noble title. Vic Swerts, chairman of Soudal NV, is given the personal title of baron. Vic Swerts founded Soudal as a sole proprietorship and built the building materials specialist into a multinational with more than 1,500 employees. Soudal was elected Entrepreneur of the Year in 2011. ... Read More »

UCB gets access to rights for an antibody program from WILEX for non-oncology indications


WILEX will be reimbursed an undisclosed amount for its development costs to date and shall be eligible for future, undisclosed development, regulatory and commercial milestone payments and royalties. UCB and WILEX will continue to share data regarding the programme through the existing development committee structures. UCB will be working on these antibodies in immunology/inflammation and, as part of the strategic partnership between the two companies, will make available to WILEX the relevant data to assist WILEX in oncology. Ismail Kola... Read More »

Further exploring the complexities of the brain: UCB and The Lieber Institute For Brain Development to work together to discover new medicines


The research alliance between LIBD and UCB reflects UCB’s “open innovation” approach that aims to generate new knowledge and capitalize on external scientific advances and expertise that complement the company’s unique internal capabilities and skills. UCB and LIBD will jointly generate novel lead compounds and further optimize them starting from chemical compounds provided by both partners. In addition, the specific interdisciplinary structure of LIBD will bring to the collaboration its unique expertise in translating basic research and dru... Read More »

uMEDIA appoints producers in-house and opens LA and Paris offices


Karl Richards (The Expatriate, Jackboots on Whitehall) and Peter Bevan (Eichmann, Dread), the producers of uMedia backed MARIAH MUNDI AND THE MIDAS BOX, are to operate out of London and Los Angeles respectively under the uMedia banner to represent the group and grow their production slate in closer collaboration with US and UK partners. The move comes as part of uMedia’s international expansion into the UK, France and North America. “Beyond being present in key strategic locations that will help our own production pipe, this expansion enable... Read More »

Termination of negotiations with GCS Capital on the sale of Dexia Asset


Considering that the transaction could not be closed at the end of June, Dexia allowed to continue the negotiation process after the end date initially set. After discussing with GCS Capital and in agreement with its contractual obligations, Dexia decided to denounce the sale and purchase on July 15th 2013. The sale and purchase agreement provides for a 10 working day notice period, the termination of negotiations will be effective on July 30th 2013. Until that date, the buyer has the possibility to fulfill its contractual obligations and to... Read More »

City of Detroit: limited impact on Dexia’s 2nd quarter 2013 consolidated accounts


USD 75 million are covered by a performing reinsurer. The remaining amount is insured by an insurer involved in a restructuring procedure. The group’s exposure has been provisioned over time by Dexia such that it will take an additional adjustment of EUR 59 million in its accounts as at 30 June 2013. Given the expected recovery rate, the amount of the provision equals 48% of the total unpaid principal balance of the Detroit exposure as at 30 June 2013. Dexia also has USD 148 million of additional exposure to municipal entities, related to th... Read More »

Songwon announces global price increases for its range of Polymer Stabilizers and Specialty Antioxidants


Recent cost escalations in key raw materials combined with the need to reach profitability that supports reinvestment have made the increase inevitable. Within the Polymer Stabilizers product range, the increase will apply primarily to SONGNOX® 6260, SONGNOX® 6280, SONGNOX® 2590, SONGNOX® PTBP, SONGNOX® 1077 and SONGNOX® 6180 as well as to AO FR and AO RD within the Specialty Antioxidants product range. About Songwon Industrial Co., Ltd. Songwon Industrial Co., Ltd. is a leading producer and seller of Songnox® Antioxidants, Songnox® O... Read More »

Successful launch of Dexia Crédit Local EUR 1.5 billion inaugural government guaranteed transaction


Going out with a spread guidance of OLO + 30 basis points, the issue quickly gathered momentum with a primary order book reaching more than EUR 1 billion from around 50 different investors mainly from Germany, France and the UK. With a final order-book close to EUR 1.7 billion, Dexia Crédit Local achieved a highly granular transaction with almost 80 accounts participating. This enabled the issuer to price a successful EUR 1.5 billion benchmark. France and the UK represented the largest investor groups in terms of volume with 29% and 28% resp... Read More »

Impacts of applying the IFRS 13 accounting standard on the consolidated results of the Dexia Group as at 30 June 2013


Applying this accounting standard, and in order to comply with the principles of derivative valuation most commonly used on the market, as from its H1 2013 closing Dexia Group will use a discount curve based on a daily rate (OIS)1, allowing calculation of the net asset value of collateralized derivatives. At the same time, Dexia will adapt its methodology in measuring Credit Value Adjustment (CVA)2 and will recognize a Debit Value Adjustment (DVA)3. These changes of the parameters used for the valuation of derivatives will lead, in the first... Read More »

Delhaize Group, disclosure of major shareholding


On June 7, 2013, Silchester International Investors LLP notified Delhaize Group that as of June 6, 2013 Silchester International Investors LLP owned 10 167 223 Delhaize Group shares, representing 9.98% of its voting rights. This is a decrease of 75 338 shares compared to the previous notification of ownership of 10 242 561 shares received on October 22, 2012. Silchester International Investors LLP is controlled by Silchester Partners Limited, which holds over 90% of its capital interests. Stephen C. Butt, Silchester’s Chairman and Chief Inve... Read More »

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