A spokesman for the University of Cambridge said: “We understand the challenges around cost of living, and have introduced several measures in response, including a supplement of 2.5% of basic pay for employees on lower pay grades, raising the minimum starting salary for research assistants and increasing paid family leave.

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0535 ET – CVC Capital Partners has teamed up with Groupe Bruxelles Lambert to launch a 10.73 billion euro bid for Italian drugmaker Recordati, in a move that might prelude future deals, RBC Capital Markets’ Natalia Webster and Charles Weston say in a research note. The bidders’ strategic rationale centers on Recordati’s requirement for increased research-and-development spending as well as future mergers and acquisitions, the analysts say. Amsterdam-listed buyout group CVC is Recordati’s controlling shareholder and the bid is aimed at taking Recordati private, the analysts say. Shares in Recordati fall 0.3%, while CVC and GBL both trade 1% higher. (adria.calatayud@wsj.com)

0531 ET – CVC Capital Partners’ bid to take Italian drugmaker Recordati private alongside Groupe Bruxelles Lambert allows the Amsterdam-listed buyout group to move its stake in the company from one fund to another, Equita Sim’s Martino De Ambroggi says. The biggest shareholder in Recordati is a company ultimately controlled by CVC Fund VII called Rossini and has committed to tender to the offer its whole 46.8% stake, the analyst says. CVC participates in the takeover bid through a new fund, CVC Fund IX, and there are other minority investors such as Recordati Chairman Andrea Recordati, he adds. The CVC-GBL consortium said the offer is subject to achieving ownership of at least two-thirds of Recordati’s share capital. Shares in CVC rise 1.2%. (adria.calatayud@wsj.com)

0513 ET – Groupe Bruxelles Lambert’s investment in Italy’s Recordati to take the drugmaker private alongside CVC Capital Partners looks like a good, but risky move, ING’s David Vagman says in a research note. The Belgian investor is putting up 1.3 billion euros, which fits within its investment range of 500 million to 1.5 billion euros but is toward the higher end, the analyst says. “We find the move very interesting, showing self-confidence, but also an appetite for risks, in term of operation and leverage, which might surprise investors.” The offer also shows that GBL is keen on healthcare, a sector where it is already present in services and medical-technology, ING says. Shares in GBL rise 0.9%. (adria.calatayud@wsj.com)

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