“An update on liquidity would have been helpful, but it was clearly not something worth shouting about. Also the timing is now sensitive while negotiating at so many levels,” Sarria said.

They will receive a boost from the Corestate stake sale but most of the Corestate stake was held at Aggregate 2, which is separate and direct holdings were small, so that should strengthen [Aggregate shareholder] Walcher’s negotiating position, Sarria added.

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