Deutsche Bank has agreed to pay out $75 million to victims of Jeffrey Epstein. The settlement resolves a lawsuit alleging the bank helped enable the disgraced financier’s sex trafficking by missing warning signs in his accounts that he was engaged in wrongdoing. Victims were relieved, as were executives from Credit Suisse and SVB, who have finally had a week where they were not the bank that most disgusted financial markets.

The lowdown

• 🏦 Deutsche bank pays $75 million to settle proposed lawsuit relating to Jeffrey Epstein.

• 📞 British telecommunications company BT Group to cut 55,000 jobs by 2030.

• 🎰 Carl Icahn admits mistake with bet that the market would fall, costing $9 billion.

• 🚫 Bank of England plans to reject Revolut's bid for banking license.

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The battle for Software AG

Competing takeover offers for German software company Software AG have caused unrest among shareholders.

PE firm Silver Lake kicked things off with a tender offer at 32 euros a share. Silver Lake has the support of Software AG's leadership and its largest shareholder, and has built a 30% stake in the company.

Next came Bain Capital through its portfolio company Rocket Software. Bain's offer is set at 34 euros a share but may even go as high as 36 euros. The issue is that Bain’s offer is nonbinding, subject to DD and is uncertain with respect to financing. It also has a minimum acceptance rate of 40%, which might be hard to achieve considering Silver Lake's stake.

Minority Software AG shareholders are furious with leadership and would like consideration of other bids. You can see their point, but this sounds like one of those good problems.

The content we're consuming today

• The Economist: The wind-turbine industry should be booming. Why isn’t it? ($).

• Defector: Burning Down the House.

• Shorting Hat: The most interesting emails to come out of the PwC tax leak.

Off-balance sheet items

• In yesterday’s newsletter I was complaining that the trailer for Scorsese/DiCaprio’s new film ‘Killers of the Flower Moon’ had not yet come out, even though Cannes had kicked off – well, it dropped overnight so I will stop whinging.

The bottom line