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Frances final harmonized CPI annual rate for July was 2.4%, in line with expectations and down from 2.40% previously.Frances final harmonized CPI monthly rate for July was 0.6%, in line with expectations and down from 0.60% previously.The final reading of Frances July CPI will be released in ten minutes.On August 14th, the China Motorcycle Chamber of Commerce released data showing that in July, the industry produced and sold 1.9384 million and 1.8996 million gasoline-powered motorcycles, respectively, representing month-on-month increases of 5.13% and 2.97%, and year-on-year increases of 22.32% and 18.85%. According to incomplete statistics from the Chamber, electric motorcycle production and sales reached 331,100 and 321,200 units, respectively, representing month-on-month decreases of 21.21% and 20.87%, and year-on-year increases of 10.37% and 9.5%. In July, total motorcycle production and sales reached 2.2696 million and 2.2208 million units, respectively, with production increasing by 0.24% month-on-month and sales decreasing by 1.33% month-on-month, but year-on-year increases of 20.42% and 17.4%. Domestic motorcycle sales reached 801,200 units, a month-on-month decrease of 8.15% and a year-on-year increase of 7.6%; domestic sales of gasoline-powered motorcycles reached 484,900 units, a month-on-month increase of 0.79% and a year-on-year increase of 6.03%.On August 14th, at Baidu AI Day, Baidu Wenku Cloud Drive officially announced the Chinese name of its general-purpose intelligent agent GenFlow as "KuKu AI". GenFlow has surpassed 100 million monthly active users, and its AI office MAU currently exceeds 25 million. Simultaneously, Wenku Cloud Drive announced the launch of the "KuKu AI" standalone platform, including the KuKu AI office PC client, KuKu AI web client, mini-program, and KuKu AI enterprise edition.

$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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