The Qatari bid to gain 27% of the Société Bains de Mer group (SBM) in Monaco has lost momentum, after the state shareholders have held fast to their assets in a tense meeting on Monday. The billion-dollar Qatari sovereign investment fund, Diar, had launched a public acquisition offer (OPA) on the Paris bourse to boost its minority 2.45% stake in the Monaco state holding company.
Following the meeting on Monday between delegates of the two parties, the SBM have affirmed that they intend to retain their shares and that the Diar should consider limiting their bid to a mere 10% of the capital. It is reported that the Qataris are unhappy with the suggestion and do not wish to limit their offer further.
Commenting on the move by the Diar, Minister of State Jean Paul Proust affirmed that there was no question of the state ceding its controlling 69.6 percent of SBM ("It doesn’t need the money") nor of Prince Albert II selling his shares, which left only the 26 to 27 % currently owned by European and American pension funds in play.
He added that a Diar minority partner – unlike the pension funds – might offer synergies in future between the tiny Arab emirate and SBM international expansion intentions in luxury tourism. The emirate, he feels, is buying into the Monaco dream: "I believe Diar is interested in the Monaco image." Diar already has investments in the Magreb, the Middle East, London and Paris.
Fireworks, art and medieval festivals
There’s an event for everyone in Monaco this weekend 18.07.2008 / Summer is now in full swing and there’s no excuse to sit at home this
weekend. Monaco has plenty of entertainment to keep you occupied,
here’s a taste of the choices on offer…
It is the first weekend of a painting and Chilean art exhibition,
featuring Carmen Luz Court and Jaime Ferrer. The works can be enjoyed
until the 24th August, from 3pm- 8pm (except Sundays and public
holidays), at the Maison de l’Amérique Latine.
If you prefer something a little more dynamic, ‘Dance Nights’, running
from today until Monday 21st July, at 9.45pm at the Monte-Carlo Casino
terraces, may be just what you are looking for. Choreographic
representations by the Monte-Carlo Ballet will feature ‘Walking Mad’
and ‘Vers un pays sage’. Tickets from 8 euro – 29 euro.
Tonight’s fireworks as part of the 18th Nuit de l’Amérique Latine are
sure to add a sparkle to your summer. The evening’s theme is ‘Chile’
and is for the charity l’AMADE Chile.
8.30pm, Sporting - Monte-Carlo. Tickets are priced at 400 euro, which includes dinner, the show and wines and champagnes.
On Saturday 19th, from 11am until midnight, Monaco Town will be in full swing for the medieval festival Monaco-Ville en Fête.
Katie Melua fans should rush to the Sporting Summer Festival 2008 on
Saturday 19th July, where the Georgian-born singer will perform at
8.30pm. Tickets cost 160 euro, which includes dinner and the show.
A Princely Performance
The Monte-Carlo Philharmonic Orchestra brings a sparkle to your summer evening 17.07.2008 / If the sun is not enough to warm your heart this evening, the Monte
Carlo Philharmonic Orchestra certainly will be. Performing concerts at
the Prince’s Palace throughout the summer, the orchestra, which has
existed since 1856, features different composers each time they
perform. On tonight’s programme are Bruch and Brahms.
The German composer Max Bruch produced over 200 works, three of which
are violin concertos. It is his Violin Concerto in G Minor, Opus 26,
which the audience will be treated to at the Prince’s Palace tonight.
The work is intended for a violin soloist and an orchestra, and so
Laurent Korcia will take to the stage as the soloist.
Bruch’s work will be performed alongside that of another German
composer, Johannes Brahms. The audience can enjoy his Symphony No. 1 in
C Minor, Op. 68, a piece first performed in 1876, in the beautiful and
magical Palace setting.
The Monte Carlo Philharmonic Orchestra will appear in the main
courtyard at 9.30pm, music lovers should ring +377 98 06 28 28 for more
information.
