Danone : Lifeway: end of the discussions. What's next?

Danone : Lifeway : fin des discussions. What’s next ?

Danone: Information on the total number of voting rights and shares

Danone: Information on the total number of voting rights and shares DANONE French Société anonyme with a capital of €170,348,620.75.Registered Office: 17, boulevard Haussmann, 75009 Paris.Registered with the Paris Commerce and Company Registry under number 552 032 534 Information on the total number of voting rights and shares in compliance with Article L. 233-8 II of the French Commercial Code and with Article 223-16 of the General Regulation of the Financial Markets Authority (AMF- Autorité des Marchés Financiers) DateTotal number of sharesTotal number of voting rights31/08/2025681,3...

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada offered initially 7NC1 EUR 550m SS FRNs to refinance non-portable SS FRNs and amounts drawn under the RCF and later materially upsized the transaction in a unique move to address the EUR 600m SS FRNs due 2030. Closing of the CapVest/Stada transaction (a very large one for CapVest with reportedly EUR 10bn AuM) is expected for Q1 26. We do not expect regulatory headwinds. We change our Credit Opinion to Stable (vs. Positive) as Stada left the IPO route. The refinancing is a leverage-neutral transaction. Starting net leverage is at 5.7x. Note the EUR 1.4bn of PIK debt outside the restricted...

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada offered initially 7NC1 EUR 550m SS FRNs to refinance non-portable SS FRNs and amounts drawn under the RCF and later materially upsized the transaction in a unique move to address the EUR 600m SS FRNs due 2030. Closing of the CapVest/Stada transaction (a very large one for CapVest with reportedly EUR 10bn AuM) is expected for Q1 26. We do not expect regulatory headwinds. We change our Credit Opinion to Stable (vs. Positive) as Stada left the IPO route. The refinancing is a leverage-neutral transaction. Starting net leverage is at 5.7x. Note the EUR 1.4bn of PIK debt outside the restricted...

ODDO : Une hiérarchie défensive dans un cycle négatif

Les 3 acteurs évoluent dans un environnement sous contrainte, à l’origine de résultats en fort repli et d’incertitudes sur le timing de la reprise de cycle. Nous révisons en baisse nos estimations (-8% sur le ROC 2025/27 en moyenne). Notre hiérarchie privilégie la qualité des bilans, l’exposition à l’Europe et la communication transparente. Cela nous amène à mettre en avant Manitou (Surperformance ; OC 25 €) vs Exel Industries (Neutre ; OC 40 €) et Haulotte (Sous-performance, OC 1.15 € vs 2 €).