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On July 17, the Commander-in-Chief of the Ukrainian Armed Forces, Serski, disclosed through social media that he had completed his first phone call with Alexus Grinkevich, the new Supreme Allied Commander of NATO Europe. Serski said that during this call, both the United States and NATO made a commitment to provide firm support to Ukraine. He specifically mentioned that after US President Trump and NATO Secretary-General Rutte recently announced the provision of a new batch of weapons to Ukraine, Ukraines cooperation with NATO and the United States will enter a new stage in the coming months.On July 17, the conflict between Trump and Powell reached a climax again. It was reported that Trump had drafted a letter to fire Powell and had sought advice from senior Republicans. However, after the relevant news was leaked, Trump suddenly changed his mind and said that he did not intend to fire Powell. According to Fox reporters, citing people familiar with the matter, this erratic attitude reflects the disagreement within the Trump administration on whether the Fed chairman can be legally removed from office. Maybe its not the right time yet. Trump hinted that there may be fraud issues related to the renovation of the Federal Reserve building. But this seems a bit far-fetched. His more pointed words were: "The Federal Reserve Committee has not fulfilled its duties at all." This remark may mean that his strategy is changing from directly pressuring Powell to the entire Federal Reserve Board. At present, Trump already has two allies on the board: Bowman and Waller. The next step may be to win the support of more board members. There is more than one way to cut interest rates, and it does not necessarily require Powells vote, as long as it obtains the support of the majority of voting members.The Federal Reserve accepted a total of $197.086 billion from 35 counterparties in fixed-rate reverse repurchase operations.U.S. House Speaker Johnson: New leadership will be good for the Federal Reserve.On July 17, US President Trump said that the United States may strictly implement the trade agreement reached with Japan, and said that another agreement may be reached with India in the future. He said: "We have some pretty good agreements to be announced. But a really big agreement is for the 150 countries that we are not really negotiating with now, are smaller in scale, and do not have much trade with us." He also hopes that the oil price can be lowered a little bit, and thinks that the oil price of $64 per barrel is great.

$14.8 Billion Proposal From KKR-led Consortium Boosts Ramsay Health Care's Shares

Aria Thomas

Apr 20, 2022 10:00

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The non-binding offer price of A$88 in cash per share represents an almost 37% premium over Ramsay's Tuesday closing price of A$64.39. The offer boosted the hospital operator's shares by up to 29.8 percent to A$83.55 in early trading, the largest intraday gain in company history.


Ramsay said in a statement that it would undertake non-exclusive due diligence to the KKR-led group and that discussions were at an early stage.


The hospital operator said that it had evaluated the proposal with its advisors and requested further information from the partnership on the group's finances and deal structure.


KKR did not react quickly to a request for comment from Reuters.


If completed, the buyout would be the largest in Australia this year, almost doubling transaction activity, which fell 41.2 percent year on year in the first quarter to $17.4 billion, according to Refinitiv data.


The suggestion comes as record-low borrowing rates encourage private equity companies, superannuation funds, and pension funds to invest in healthcare and infrastructure assets.


Additionally, the transaction would be the largest private equity-backed takeover of an Australian corporation. The nation has seen a rush of spectacular takeovers in the last year, including the acquisition of Sydney Airport and Block Inc S acquisition of Afterpay, the buy-now-pay-later king.


The pandemic impacted healthcare operators such as Ramsay, with non-emergency procedures being closed, workforce shortages owing to isolation laws, and upward wage pressure impacting on profits, making the industry more inexpensive for a buyout than it was a few years ago.


CSL (OTC:CSLLY) Ltd, an Australian pharmaceutical company, announced last year that it will acquire Swiss manufacturer Vifor Pharma AG for $11.7 billion.


The transaction would provide a significant return for the Paul Ramsay Foundation, the company's largest shareholder at 18.8 percent.


Paul Ramsay founded the Foundation in 1964 with the conversion of a Sydney guest house into one of the country's first mental hospitals. In 2019, the Foundation sold approximately 11% of the firm for A$61.80 per share, much less than KKR's indicated price.


Reuters' request for comment was not immediately responded to.


According to its website, Ramsay runs hospitals and clinics in ten countries across three continents, with a network of more than 530 facilities.


It runs 72 private hospitals and day surgery centres in Australia and over 350 clinics and primary care units in six European countries.


KKR presently owns Elsan, a French healthcare company.


Earlier this year, IHH Healthcare Bhd made Ramsay and Malaysia's Sime Darby Holdings a $1.35 billion acquisition bid for their Asia joint venture. Ramsay said that it was continuing to pursue this purchase.


The hospital operator has retained UBS AG's Australia Branch and Herbert Smith Freehills as financial and legal consultants on the KKR-led consortium's bid, respectively.

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