Millenial Money

5 things people are talking about this week (January 22nd 2018)

Sanofi Confirms Deal to buy Bioverative for US $ 11.6 billion

French healthcare group Sanofi has agreed to buy U.S. peer Bioverativ for $11.6 billion, in a deal which Sanofi said would boost its earnings and strengthen its presence in the field of treatment for rare diseases. Sanofi has agreed to buy all of the outstanding shares of Bioverativ for $105 per share in cash, marking a premium of 64 percent to Bioverativ’s closing price on January 19, 2018. “With Bioverativ, a leader in the growing hemophilia market, Sanofi enhances its presence in specialty care and leadership in rare diseases, in line with its 2020 Roadmap, and creates a platform for growth in other rare blood disorders,” said Sanofi chief executive Olivier Brandicourt in a statement. “Together, we have a great opportunity to bring innovative medicines to patients worldwide, building on Bioverativ’s success in driving new standards of care with its extended half-life factor replacement therapies,” he added.

Source, Reuters

Toshiba Considering IPO for Memory Chip Unit

Toshiba Corp is considering an IPO of its prized memory chip business if an agreed $18 billion sale to a Bain Capital-led consortium fails to gain antitrust approval by the end of March, the Financial Times reported on Monday. The IPO is one of various contingency plans being looked at by Toshiba’s top executives, the FT said, citing people familiar with the plans. It added that some analysts and Toshiba shareholders favor it over the existing deal. Toshiba agreed last September to sell Toshiba Memory, the world’s second-biggest producer of NAND chips, to a consortium led by Bain to cover billions of dollars in liabilities arising from now bankrupt U.S. nuclear power unit Westinghouse Electric Co LLC.

Source, Reuters

Tanzania: License Fee Review Attracts Women to Tourism Business

Review of annual tourism licence fees will greatly allow small local tourism practitioners particularly women to participate in operating tours, the Chairperson of the Association of Women in Tourism Tanzania (AWOTTA) Ms Mary Kalikawe has said. She told the ‘Daily News’ here yesterday that she was optimistic that the revision of the annual fees would allow more small local tourism practitioners including women to participate in operating tours.

Source, Daily News

Kenya: Menengai Geothermal Project to be Launched in March

The Independent Power Producers (IPPs) of the Menengai Geothermal Project is set to host a ground-breaking ceremony for the first of the three power plants that are planned for construction in March 2018; this is according to Kenya’s Geothermal Development Company (GDC). Quantam East Africa Power Limited will be breaking ground for the first 35MW power plant; the Sosian Menengai Geothermal Power Limited (SMGPL) will follow later. This will be a key milestone for GDC as the project is hot on the heels of the government’s assurance of its support for Menengai.  In a statement, GDC managing director and CEO Eng. Johnson P. Ole Nchoe assured staff that with accelerated project timelines and delivery, he is confident that by March 2018, the project’s first IPP will enter the market.

 Source, Construction Review Online

Germany Provides US $ 27 million to Address Energy Issues in Nigeria

The German government has provided a total of US $ 27m to Nigeria, to address energy and climate change issues in the country. The German Ambassador to Nigeria, Bernhard Schlagheck, said the sponsorship of the Nigerian Energy Support Programme (NESP), will be implemented by the German Development Corporation (GIZ). Schlagheck further said that the German government Technical Advisor Group, will also provide mobile care hospitals for the Nigerian military with solar panels to guarantee consistent supply of power.

Source, Construction Review Online

Ethiopia Won’t Accept World Bank Arbitration on GERD

Ethiopia Prime Minister Hailemariam Desalegene said on Saturday that his country will not accept any arbitration by a third party on the Grand Ethiopian Renaissance Dam (GERD).  In statements to the Ethiopian News Agency (ENA), Desalegene said that the three countries involved in negotiations over the dam (Egypt, Sudan and Ethiopia) are able to resolve possible disputes by themselves. Desalegene’s remarks are seen as a retraction of recent statements he made regarding the possibility to include the World Bank as a neutral party in the negotiations. Desalegene finalized his official visit to Egypt on Friday, during which he said that his country will not put Egyptian lives at risk, assuring that the River Nile will continue to flow between the two countries. In his most recent comments on the issue, he asserted that Ethiopia will not accept Egypt’s request to include the World Bank in the tripartite technical committee’s talks on GERD. “Seeking professional support is one thing; transferring it to an institution is another thing. So we told them that this is not acceptable with our side,” Desalegene said.

Source, Egypt Independent

South African Airways and TAAG Angola Airlines in Deal to Share Ticketing

South African Airways (SAA) and TAAG Angola Airlines have reached a code-share agreement on their direct flights between Johannesburg and Luanda and Cape Town and Luanda, despite a long-overdue debt of more than R1bn for airline tickets between SAA and a number of southern African countries, including Angola. Under a code-share arrangement, each airline sells tickets and schedules flights under its own brand and flight number. Although a ticket is bought from either airline, it is operated by only one of the two. SAA spokesman Tlali said the issue of repatriation of funds from Angola had nothing to do with the commercial decision taken by SAA because it saw value in expanding its relationship with TAAG. The agreement with TAAG starts on January 15.

Source, Asoko Insights

Botswana: Zimre Gets Permission to Consolidate Portfolio on Botswana Stock Exchange

Zimre Holdings says it has secured regulatory approvals to consolidate its regional reinsurance assets into an entity that will list on the Botswana Stock Exchange. The regional operations include the wholly owned Malawi Reinsurance and Zambian Reinsurance, its shareholding in First Reinsurance of Botswana and Uganda Reinsurance where it holds 2,43 percent shares which will be folded into Emeritus International Reinsurance Company which will list separately on the BSE. Chief executive Stanley Kudenga told The Source on Friday that the group was still waiting for approval from Zimbabwe authorities. “We have also obtained regulatory approvals in the respective jurisdictions, for the transfer of the reinsurance assets from Zambia, Botswana, and Malawi/Mozambique to Emeritus International Reinsurance Company,” he said. Kudenga said they are now working on a three-year time frame which starts this year to finish consolidation of reinsurance operations.

Source, The Source


Ekra Gituire is a corporate finance and investments professional based in Nairobi, Kenya. She has been in the investments sector for close to two years and is now working on her CFA qualification. Her other interests include writing and travelling.


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