SBB - comment
That the PPI bid for Terningen AB in Norway is all equity shows how the funding market has shifted, but the aggressive instincts in the sector are still there. The CEO of PPI is Ilija Batljan (former CEO and largest shareholder in SBB). Terningen AB is small with assets <€100m, and the bid is at a 30% premium (NOK13k vs NOK10k in recent trading). PPI will pay in shares priced at NOK16.5 (a 15% premium to the current trading price). SBB holds a 33% stake in PPI.