|Bid||142.28 x 207000|
|Ask||142.28 x 63200|
|Day's range||141.58 - 147.62|
|52-week range||79.38 - 187.74|
|Beta (5Y monthly)||1.78|
|PE ratio (TTM)||13.51|
|Earnings date||30 Oct 2018|
|Forward dividend & yield||4.86 (3.29%)|
|Ex-dividend date||01 Oct 2020|
|1y target est||198.76|
Volkswagen's (VWAGY) revised offer to acquire Navistar gets dismissed but talks regarding the same are still on.
(Bloomberg) -- Volkswagen AG is considering a sale of its Bugatti division that would give the maker of 16-cylinder performance vehicles a new lease on life in the electric age, according to a person familiar with the discussions.To help finance the potential deal, VW’s Porsche unit could boost its 15.5% stake in Rimac Automobili to as much as 49%, said the person, who asked not to be identified because no final decision has been made. CAR Magazine reported on the talks between VW and the Croatian producer of battery-powered supercars earlier Thursday.VW’s supervisory board hasn’t approved the deal and the talks are fluid, the person said. Representatives for the Wolfsburg, Germany-based company and Zagreb-based Rimac declined to comment.Bugatti, which sold 82 vehicles last year, has long been viewed as a prime example of VW’s engineering extravagance. In 1998, it was revived under former Chairman Ferdinand Piech after the brand had largely faded from existence in the 1950s. Because of high development costs and low volumes, the 16-cylinder Veyron -- Bugatti’s first model under VW control -- was considered one of the biggest money losers in the auto industry. VW doesn’t break out financials for the brand.Bugatti has recently pursued efforts to potentially survive outside the German auto group and head off the risk of being phased out once again. Since the 2015 diesel-cheating scandal, VW has been taking a closer look at its portfolio, with a particular focus on the expensive luxury-car brands amid the growing burden of investing in electric mobility and self-driving technology.In November, Bugatti boss Stephan Winkelmann described a “hard fight” with its parent to secure funds for an electric four-seater that would flank its 2.5 million-euro ($3 million) Chiron supercar. Bloomberg also reported last year that VW was weighing options for the Lamborghini unit.Bugatti’s potential buyer was founded by Mate Rimac in 2009, with the company’s Concept_One electric supercar debuting two years later. Apart from Porsche, investors in the company include Hyundai Motor Co., Kia Motors Corp. and Chinese battery-maker Camel Group Co.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Companies joining Europe’s booming green-bond market are reaping cost benefits alongside environmental ones, giving rise to a so-called brownium charge for conventional debt sales.Volkswagen AG, Daimler AG and Orange SA priced bonds with environmentally friendly elements this month at significantly cheaper cost than their existing debt. And with demand surging for notes that are seen to do good, it means there’s effectively a pricing penalty if an issuer opts to sell non-green, or conventional, debt.In Volkswagen’s case, the automaker will save almost 3 million euros every year, according to Bloomberg calculations. It raised 2 billion euros ($2.4 billion) across two green tranches, paying 15.4 and 13.6 basis points below its very liquid yield curve for eight and 12-year notes, respectively, based on data compiled by Bloomberg.The price difference is “much more of a real factor in the primary market in a way it wasn’t a few years ago,” Arthur Krebbers, head of sustainability, corporates, at NatWest Markets, said by phone. There have been suggestions to tell borrowers that “pricing wasn’t as good because you went down a regular bond route,” he said.Green gainsIt’s a similar tale for Orange. The French telecommunications group sold sustainability notes backing both social projects and green initiatives at 15.5 basis points below its existing debt curve on Sept. 9.Most of this month’s green and sustainable offerings from non-financial corporates have followed the trend, with VW and Orange enjoying the biggest price savings versus their existing notes.Analysts have been looking at the debt cost of companies with weaker environmental, social and governance credentials to find further evidence of a brownium. These firms are “having to pay up when they’re back on investors’ radar upon new issuance,” said Shanawaz Bhimji, a fixed income strategist at ABN Amro Bank NV. “Clearly, the notion of a ‘brownium’ is correct.”Sales of ESG bonds make up around 8% of publicly syndicated euro-denominated corporate issuance, data compiled by Bloomberg show. Still, mounting evidence of a pricing differential could increase companies’ emphasis on green issues over conventional deals, according to Chris Bowie, who helps manage TwentyFour Asset Management’s sustainable short-term bond income fund. “The asset class is very favorable for issuers,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.