Finance

• Investors opt for safety ahead of Fed Equities edge lower and the dollar and high-grade government bonds have climbed as investors make their positions as secure as possible
• Japan exports data offer boost to Abe Exports rose 10.1% in the year to May as weak yen and moderate rise in global demand add to nation’s stimulus policies designed to revive economy
• SEC considers changes on wrongdoing Move could require some defendants to admit wrongdoing when they have engaged in ‘egregious misconduct’, abandoning a decades long policy
• Holding UK banks to higher standards The commission on banking standards’ far-reaching recommendations have hit home and underline the importance of accountability
• Greater female input advised Report calls for main UK banks to publish gender breakdown of their trading operations in annual reports and plan for how they are going to address it
• Review slates running of UK banks ‘This is not a bank bashing report,’ says chairman Andrew Tyrie. ‘I hope the higher standards it advocates will help revive banking sector and UK’
• Review slates running of UK banks ‘This is not a bank bashing report,’ says chairman Andrew Tyrie. ‘I hope the higher standards it advocates will help revive banking sector and UK’
• UPDATE 3-Icahn seeks Dell share buyback, buys Southeastern stock June 18 (Reuters) – Billionaire investor Carl Icahn promised Dell Inc shareholders that the company would buy back up to $16 billion of stock if they join his campaign to stop the computer maker from…
• REUTERS SUMMIT-Silicon Valley elite discuss IPO alternatives SAN FRANCISCO, June 18 (Reuters) – Silicon Valley executives and investors gathered on Tuesday at the Reuters Technology Summit in San Francisco to discuss whether new sources of private financing…
• 3i confirms departures of UK, Nordic private equity heads June 18 (Reuters) – British buyout firm 3i Group Plc , which is carrying out a major restructuring, confirmed on Tuesday that the head of its UK private equity operation has left and that his…
• Google challenges US surveillance gag Legal motion marks most forceful attempt yet by a US internet company to rebuff reports it has been involved in widespread surveillance operations
• RHJI wins vote to stop break-up Shareholders give firm but qualified support for management and reject resolutions by activists including measures to replace five directors
• MOVES-Goldman Sachs, Willis Group, MilleniumAssociates June 18 (Reuters) – The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, email to moves@thomsonreuters.com.
• Votorantim suspends $4.9bn Brazil IPO The move comes as investors said that the deal was richly priced and as market conditions in Brazil have deteriorated in recent weeks
• 3i loses UK and Nordic region executives Departures of private equity heads highlight group’s difficulty in retaining talent as it tries to regain shareholders’ trust after financial crisis
• Accounts rules create insurer uncertainty Rules aimed at making opaque accounts more comprehensible to investors set to create further uncertainty amid new capital requirements
• Deloitte banned for StanChart ‘violations’ Regulators say agreement is a model it intends to use to govern other independent consultants, amid broader US scrutiny of the industry
• Deloitte banned for StanChart ‘violations’ Regulators say agreement is a model it intends to use to govern other independent consultants, amid broader US scrutiny of the industry
• Icahn raises temperature in Dell fight Third proposal from investor comes as $13.65 per share take-private deal orchestrated by Michael Dell and Silver Lake Partners heads to a vote
• UPDATE 1-Vodafone and Liberty face battle for Kabel Deutschland * Anti-trust authorities to study any Liberty Global deal
• Icahn seeks to allay fears over lack of financing for Dell bid June 18 (Reuters) – Billionaire investor Carl Icahn told Dell Inc shareholders that an investment bank would help fund his offer for the PC maker as he sought to assuage concerns over his means to…
• Icahn seeks to allay fears over lack of financing for Dell bid June 18 (Reuters) – Billionaire investor Carl Icahn told Dell Inc shareholders that an investment bank would help fund his offer for the PC maker as he sought to assuage concerns over his means to…
• RLPC-Acromas refinancing paves way to split AA, Saga LONDON, June 18 (Reuters) – Acromas, owner of British motoring services firm the AA and over 50s insurance firm Saga, is refinancing 3.062 billion pounds of existing debt to pave the way for a break…
• Afghanistan to hold talks with Taliban Afghanistan will hold peace talks with the Taliban in Qatar, Karzai said, a decision the White House described as ‘an important first step’
• Bank chief denies pressure over Co-op bid Bank chief says government support for the mutual model was only expressed at meetings with officials after the Co-op had been selected
• Whitbread cheered by Costa Coffee Hotel and restaurant group boosted as its high street chain benefits from poor UK weather and by a 13 per cent sales rise at Premier Inn
• UPDATE 1-Britain’s Cameron says U.S. is right to talk to Taliban ENNISKILLEN, Northern Ireland, June 18 (Reuters) – The United States is right to decide to hold peace talks with the Taliban on Afghanistan, although the process will be difficult, British Prime…
• UPDATE 1-RHJI shareholders vote to go ahead with BHF Bank bid BRUSSELS, June 18 (Reuters) – RHJ International, the Brussels-based owner of London brokerage Kleinwort Benson, remained on course to buy German bank BHF-Bank on Tuesday after shareholders rejected a…
• Cyprus leader calls for bailout overhaul EU officials unlikely to take favourable view of letter from President Nicos Anastasiades asking for changes to terms he says are suffocating economy
• UPDATE 2-Chevron is latest oil major to scale back in Nigeria ABUJA, June 18 (Reuters) – U.S.-based Chevron Corp is selling five Nigerian shallow-water oil blocks, the company said on Tuesday, the latest oil major seeking to dispose of assets in Africa’s…
• Britain’s Cameron says U.S. is right to talk to Taliban ENNISKILLEN, Northern Ireland, June 18 (Reuters) – The United States is right to decide to hold peace talks with the Taliban on Afghanistan, although the process will be difficult, British Prime…
• G8 urges overhaul of corporate tax rules Call to establish mechanism to track where companies make profits as part of 10-point plan calling for greater transparency
• Kleinwort Benson owner RHJI escapes break-up bid BRUSSELS, June 18 (Reuters) – RHJ International, the Brussels-based owner of London brokerage Kleinwort Benson, escaped a hedge fund bid to break it up after shareholders rejected a motion to do so…
• M&T Bank to fix anti-money laundering flaws, Fed says WASHINGTON, June 18 (Reuters) – M&T Bank Corp will put a comprehensive plan in place to fix problems with its anti-money laundering policies that had caused regulators to put a hold on its $3.7…
• Obama hints at move for Bernanke US president suggests he is prepared to let Federal Reserve chairman retire despite central bank facing crucial decision over bond market withdrawal
• Acromas plans AA and Saga group break-up Private equity owners seeking to raise £3bn in refinancing that would create standalone financing facilities for AA and allow for potential separation
• Hewlett-Packard moves printer, PC exec Bradley into new job NEW YORK, June 18 (Reuters) – Hewlett-Packard Co said on Tuesday that Todd Bradley, the head of its largest unit, printing and personal computers, will take on a new job, improving HP’s China…
• Siemens solicits private equity offers for NSN stake -sources FRANKFURT, June 18 (Reuters) – German industrial conglomerate Siemens is seeking offers from private equity firms to buy its stake in its telecoms equipment joint venture Nokia Siemens Networks…
• Siemens solicits private equity offers for NSN stake -sources FRANKFURT, June 18 (Reuters) – German industrial conglomerate Siemens is seeking offers from private equity firms to buy its stake in its telecoms equipment joint venture Nokia Siemens Networks…
• AIRSHOW-UPDATE 1-EasyJet’s Airbus order sparks new Stelios row LONDON, June 18 (Reuters) – EasyJet’s multi-billion dollar deal to buy 135 jets from Airbus has sparked a new battle with the budget airline’s founder and biggest shareholder Stelios Haji-Ioannou,…
• GE to create Russian venture to build power plants MOSCOW, June 18 (Reuters) – U.S. conglomerate General Electric Co will create a joint venture with Russia’s state-funded private equity vehicle to build mini power plants across Russia, the parties…
• GE to create Russian venture to build power plants MOSCOW, June 18 (Reuters) – U.S. conglomerate General Electric Co will create a joint venture with Russia’s state-funded private equity vehicle to build mini power plants across Russia, the parties…
• Royalty Pharma abandons bid for Elan US private equity group Royalty Pharma drops a legal challenge after investors in Irish drugs maker Elan back a proposed share buyback
• BNP Paribas to broker Chevron Nigeria oil sales -sources ABUJA, June 18 (Reuters) – French bank BNP Paribas is brokering the sale of five oil blocks that U.S. energy firm Chevron is selling in Nigeria, banking and oil industry sources told Reuters.
• Former trader charged in Libor case Tom Hayes, former yen-Libor trader who worked for UBS and Citigroup, charged with eight counts of conspiracy to defraud in long-running Libor probe
• Switzerland delays US tax deal Lower house refuses to debate bill that allows Swiss banks to hand over records to the US to resolve a dispute over tax evasion by Americans
• UPDATE 1-GSK negotiating $1 bln sale of thrombosis drugs to Aspen * Aspen offers to buy Arixtra and Fraxiparine, plus factory
• Mexico’s Maxcom negotiates prepackaged bankruptcy * Maxcom, investors working on a bankruptcy plan in U.S. courts
• UPDATE 1-Royalty drops hostile bid for Ireland’s Elan * Royalty withdraws appeal against Irish regulator’s ruling
• Chevron selling three more Nigerian oil blocks ABUJA, June 18 (Reuters) – U.S. energy firm Chevron is selling three more Nigerian oil blocks, the company said on Tuesday, taking to five the number of assets it is selling in Africa’s biggest oil…
• Vodafone and Liberty face battle for Kabel Deutschland * Anti-trust authorities to study any Liberty Global deal
• As PPR becomes Kering, investors look for Puma promise PARIS/FRANKFURT, June 18 (Reuters) – PPR seeks to turn the page on its retail past and start a new life as a luxury and sports brands group by renaming itself Kering at its annual general meeting…
• European car sales at lowest since 1993 May figures mark return to gloom for troubled manufacturers, though UK continues to buck the trend with 11% growth in registrations
• Glass giant Corning to invest in Silicon Valley startup View SAN FRANCISCO, June 18 (Reuters) – Speciality glass company Corning is leading a $60 million investment in View Inc, a maker of energy-saving glass that automatically adjusts the amount of heat and…
• S.Africa’s Aspen offers to buy GSK thrombosis drugs LONDON, June 18 (Reuters) – GlaxoSmithKline said on Tuesday that South Africa’s Aspen Pharmacare had offered to acquire its thrombosis drug brands Arixtra and Fraxiparine, along with the related…
• Royalty Pharma drops hostile bid for Elan DUBLIN, June 18 (Reuters) – Royalty Pharma’s hostile $8 billion bid for Irish drug firm Elan lapsed on Tuesday when it withdrew an appeal against a ruling by Ireland’s regulator on takeover battles.
• RPT-Starboard’s battle with Smithfield over China-deal adds to activist image NEW YORK, June 17 (Reuters) – Since Starboard Value LP was spun off as a separate hedge fund just over two years ago it has been fast gaining a reputation for aggressive shareholder activism, pushing…
• UPDATE 1-China’s Mengniu adds another deal with offer for Carlyle’s Yashili HONG KONG, June 18 (Reuters) – China Mengniu Dairy Co Ltd signed a second takeover deal in a month on Tuesday, offering to buy Carlyle-backed Yashili International Holdings Ltd in a deal worth about…
• UPDATE 1-China’s Mengniu adds another deal with offer for Carlyle’s Yashili HONG KONG, June 18 (Reuters) – China Mengniu Dairy Co Ltd signed a second takeover deal in a month on Tuesday, offering to buy Carlyle-backed Yashili International Holdings Ltd in a deal worth about…
• EU mergers and takeovers (June 18) BRUSSELS, June 18 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process:
• EU mergers and takeovers (June 18) BRUSSELS, June 18 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process:
• Goldman’s Gilday becomes head of CLO origination LONDON, June 18 (IFR) – Ian Gilday, Goldman Sachs’ former head of EMEA syndicate and leveraged capital markets, has assumed a new role as head of origination for collateralised loan obligations…
• Turkish police detain dozens after raids Move is part of the government crackdown on anti-authoritarian protests, as a ‘standing man’ emerged as the new symbol of the protesters’ cause
• UPDATE 1-Deutsche Boerse CEO on lookout for takeover deals FRANKFURT, June 18 (Reuters) – Deutsche Boerse Chief Executive Reto Francioni signalled on Tuesday that the exchange operator was still on the lookout for merger and acquisition deals, after its…
• Loeb steps up pressure over Sony spin-off The US hedge fund manager, who is urging the Japanese company to spin off its film and music arm, increases his ownership stake to 7%
• AIRSHOW-High returns and demand lure investors to funding planes PARIS, June 18 (Reuters) – The only way to make a small fortune in the airline industry is to start with a big fortune, so the joke goes.
• China Mengniu Dairy offers to buy Carlyle’s Yashili for nearly $1.5 bln HONG KONG, June 18 (Reuters) – China Mengniu Dairy Co Ltd said on Tuesday it had offered to buy Yashili International Holdings Ltd for HK$11.4 billion ($1.47 billion), its second takeover in a month.
• Help to Buy boosts Crest Nicholson Housebuilder’s sales jump nearly 40% as it benefits from better access to mortgages and from government initiatives to support the sector
• ‘Big three’ container groups plan alliance AP Møller-Maersk, the Mediterranean Shipping Company and CMA CGM seek to establish a network on three of the busiest trade routes
• EasyJet agrees to buy 135 Airbus aircraft Airline braves founder’s wrath over what Sir Stelios Haji-Ioannou has dubbed a ‘vanity purchase’ and insists aircraft will reduce costs
• Russia’s Tinkoff selects banks for share listing – source MOSCOW, June 18 (Reuters) – Russian credit card supplier Tinkoff Credit Systems (TCS) has selected banks to organise a stock market listing, a source close to the placement said on Tuesday.
• UPDATE 2-Third Point ups Sony stake, calls for independent entertainment board TOKYO, June 18 (Reuters) – New York-based hedge fund Third Point said it has raised its stake in Sony Corp and urged the Japanese company to create an independent board to run a partially spun-off…
• RPT-Market Chatter-Corporate finance press digest June 18 (Reuters) – The following corporate finance-related stories were reported by media on Tuesday:
• Ambow setback teaches Baring a lesson in China investing June 18 (Reuters) – Baring Asia Private Equity, with $5 billion in assets under management, has a reputation as one of the savviest investors in China.
• Brazil’s ‘bus fare’ protests gather pace Tens of thousands of people march through the streets of São Paulo and Rio de Janeiro to show their discontent with the nation’s political class
• Investors urged to reject Exillon’s plans The Association of British Insurers and other shareholder lobby groups say plans by the company to adopt new articles limit shareholders’ rights
• UPDATE 1-JCI looks to private equity to sell auto electronics unit -sources * Buyout interest among rival auto suppliers has waned – sources
• Australia eyes Buddha and baccarat to lure Chinese tourists SYDNEY, June 18 (Reuters) – Australia’s coastal Wyong region outside Sydney, a pretty stretch of pristine beaches and wildlife-filled wetlands, isn’t high on the travel agenda of most Chinese…
• Estuary hub ‘would spell end for Heathrow’ Heathrow owner argues that an estuary hub would force clousure of the west London airport and the loss or relocation of 76,000 jobs
• Four broadcasters in battle for FA Cup BSkyB, BBC, ITV and BT have submitted bids to the Football Association for the TV rights for three seasons of the football tournament
• JCI looks to private equity to sell auto electronics unit -sources NEW YORK/DETROIT, June 17 (Reuters) – Johnson Controls Inc is speaking to private equity firms about selling its roughly $1 billion automotive electronics unit, after buyout interest from several…
• Office Depot sets annual meeting date after investor complaints NEW YORK, June 17 (Reuters) – Office Depot Inc on Monday said it will hold its annual shareholder meeting on Aug. 21, after its top investor sued the second-largest U.S. office supply retailer for…
• Smiths names former 3M head as chairman Engineering conglomerate confirms Sir George Buckley would join the board in August and take over at the group’s general meeting on November 19
• L&G insider takes finance director job Legal & General has promoted Mark Gregory, a 15-year veteran, after regulators disapproved of the insurer’s favoured external candidate for the role
• Deals of the day — mergers and acquisitions June 17 (Reuters) – The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:
• Co-op Bank listing would horrify pioneers Lender’s rescue plan comes at a heavy price for subordinated debt holders, who face losing as much as 55% of the face value of their investments
• Anger at Alliance Boots tax breaks Analysis by the Financial Times of the corporation taxes paid by some of Britain’s best-known brands under private equity control
• Pensions industry views CDCs with caution Britain’s savings industry is likely to press for a much looser regulatory regime if the government proceeds with ideas that lead to collective schemes
• UK prepares charges against Libor trader Serious Fraud Office, has publicly promised significant action in the Libor investigation by the end of the month
• The deals that left Co-op in crisis Britannia transaction looked exciting on paper, but four years on has clearly wreaked havoc not just on mutual bank but on integrity of whole group
• Co-op Bank restructuring marks end of an era The Co-op group outlines plans to raise £1.5bn for its struggling banking division which will involve issuing new bonds and equity
• UPDATE 1-Niche drugmaker ViroPharma attracts takeover interest -sources NEW YORK, June 17 (Reuters) – ViroPharma Inc, a drug maker specializing in rare diseases, is attracting preliminary acquisition interest from several pharmaceutical companies, according to three…
• Carlyle plans more CLOs as closes 350 mln euro fund LONDON, June 17 (Reuters) – Private equity firm The Carlyle Group said on Monday it had raised a 350 million euro ($467.16 million) Collateralized Loan Obligation (CLO) fund to invest in European…
• Carlyle plans more CLOs as closes 350 mln euro fund LONDON, June 17 (Reuters) – Private equity firm The Carlyle Group said on Monday it had raised a 350 million euro ($467.16 million) Collateralized Loan Obligation (CLO) fund to invest in European…
• UPDATE 3-UK’s Co-op Bank agrees 1.5 bln stg “bail-in” rescue plan LONDON, June 17 (Reuters) – Britain’s Co-operative Group will force bondholders to help plug a 1.5 billion pound ($2.4 billion) capital hole, avoiding a repeat of unpopular taxpayer-funded bailouts…
• Investcorp buys 38 pct stake in Saudi energy services firm * Fund 80 pct invested so far; to fully deploy by year-end
• Banco Espirito Santo vying with Bankinter for Generali unit-source MILAN, June 17 (Reuters) – Portugal’s Banco Espirito Santo is vying with Spain’s Bankinter to buy the BSI private banking unit of Italian insurer Assicurazioni Generali , a source close to the…
• English sparkling wines buoy Majestic Royal Wedding, Jubilee celebrations and the Olympics boost demand while a trend for entertaining at home sees sales of fine wine up 9.4%
• Court orders liquidation of Virgin Megastore France PARIS, June 17 (Reuters) – A Paris court ordered the liquidation of books-to-music retailer Virgin Megastore France on Monday, sending hundreds more people to join France’s record jobless queues.
• UPDATE 1-J&J, in new $1 bln deal, bolsters prostate-cancer role By Ransdell Pierson June 17 (Reuters) – Johnson & Johnson said it would pay up to $1 billion for Aragon Pharmaceuticals and its experimental drugs for prostate cancer, bolstering J&J’s role in the…
• Orphan drugmaker ViroPharma attracts takeover interest -sources NEW YORK, June 17 (Reuters) – ViroPharma Inc is attracting preliminary interest from several pharmaceutical companies about buying the orphan drugmaker, according to three people familiar with the…
• Brazil worries won’t derail Votorantim Cimentos IPO-source * Worries over deal’s structure, economy seem ‘overdone,’ source says
• Google settles class action lawsuit over new Class C stock June 17 (Reuters) – Google Inc has settled a shareholder class action lawsuit that clears the way for the company to issue a new class of nonvoting stock, giving the company a currency for…
• Saudi Eurofighter talks back on track Expectations are growing that BAE Systems will soon conclude price negotiations to supply 72 Eurofighter Typhoon fighter jets to the kingdom
• Deals of the day — mergers and acquisitions June 17 (Reuters) – The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Monday:
• UPDATE 1-EU to approve ICE’s $8.2 bln NYSE buy without conditions -sources BRUSSELS, June 17 (Reuters) – IntercontinentalExchange (ICE) is set to win unconditional EU approval for its $8.2 billion bid for NYSE Euronext after antitrust regulators found no competition…
• UPDATE 1-Russia to slow pace of privatisation – paper MOSCOW, June 17 (Reuters) – Russia plans to delay its privatisation programme and hold on to stakes in state companies such as Rosneft for longer, a report said on Monday, compounding disappointment…
• UPDATE 1-UAE’s Etihad mulls equity stake in Serbia’s JAT Airways BELGRADE/DUBAI, June 17 (Reuters) – The United Arab Emirates’ (UAE) Etihad Airways has signed a preliminary agreement with the Serbian government over a possible equity investment in the Balkan…
• Fridman’s Alfa Group sets up energy fund, to invest $20 bln MOSCOW, June 17 (Reuters) – Billionaire Mikhail Fridman’s Alfa Group will invest $20 billion or more in global oil and gas projects through a new fund it has set up that will be advised by…
• UPDATE 2-Bain enters Nordic fish fight with $1.1 bln bid OSLO, June 17 (Reuters) – Private equity firm Bain joined the fight for Norway’s Cermaq on Monday, aiming to cherry pick the fish farmer’s prize asset for $1.1 billion and putting pressure on Marine…
• UPDATE 2-Bain enters Nordic fish fight with $1.1 bln bid OSLO, June 17 (Reuters) – Private equity firm Bain joined the fight for Norway’s Cermaq on Monday, aiming to cherry pick the fish farmer’s prize asset for $1.1 billion and putting pressure on Marine…
• UPDATE 2-Big shareholder urges Smithfield breakup over buyout June 17 (Reuters) – Starboard Value LP, a large shareholder in Smithfield Foods Inc, urged the world’s largest pork producer to explore a breakup rather than go ahead with a planned $4.7 billion…
• Johnson & Johnson to buy Aragon for up to $1 billion June 17 (Reuters) – Johnson & Johnson said on Monday that it would buy Aragon Pharmaceuticals, a private company that is running a mid-stage clinical trial for a prostate cancer drug, for $650…
• Warburg Pincus to back new African oil and gas explorer NAIROBI, June 17 (Reuters) – Private equity company Warburg Pincus is leading an investment of up to $600 million in Delonex Energy, a newly formed oil and gas exploration and production company…
• Private equity exits hit by economic uncertainty LONDON, June 17 (Reuters) – The rate at which private equity firms exited their European investments slowed last year, a study showed on Monday, as economic uncertainty hit both new stock market…
• Q&A: Co-op debt restructuring Holders of the Co-op bank’s existing subordinated debt are being asked to swap it for new equity and shares to plug a £1.5bn hole in its balance sheet
• UPDATE 1-Royalty hostile bid for Elan in doubt after vote DUBLIN, June 17 (Reuters) – Elan shareholders approved a share buyback on Monday, meaning U.S.-based Royalty Pharma’s hostile bid for the Irish drug firm will lapse unless it succeeds in a legal…
• RLPC-Banks line up 1 bln euros of debt for Ceramtec buyout LONDON, June 17 (Reuters) – Private equity firm Cinven has sealed around 1 billion euros in financing from Deutsche Bank, RBC and UBS for its 1.5 billion euro ($1.99 bln) buyout of industrial…
• Elan shareholders approve buyback in blow to Royalty bid DUBLIN, June 17 (Reuters) – Elan shareholders approved a share buyback on Monday, meaning U.S.-based Royalty Pharma’s hostile bid for the Irish drug firm will lapse unless a legal challenge it has…
• UPDATE 2-ABB ends uncertainty by promoting Spiesshofer to CEO ZURICH, June 17 (Reuters) – Switzerland’s ABB has named one of its top managers as its new chief executive, calming investor fears of a management vacuum after the surprise resignation of CEO Joe…
• Hong Kong IPO Pipeline – June 17 HONG KONG, June 17 (Reuters) – The following are some of the major companies planning initial public offerings and new listings on the Hong Kong stock exchange. Please contact Elzio Barreto at…
• BRIEF-AXA Private Equity enters exclusivity with 3i,TCR Capital to acquire Trescal LONDON, June 17 (Reuters) – AXA Private Equity: * AXA Private Equity enters into exclusivity with 3i and TCR Capital to acquire
• UPDATE 2-Orchard Supply files for Chapter 11, Lowe’s steps in * Lowe’s plans to have Orchard operate as a separate business
• Four banks start work on China Cinda Hong Kong IPO-IFR HONG KONG, June 17 (Reuters) – Four global investment banks have started working on a planned initial public offering of China Cinda Asset Management Corp, expected to take place in Hong Kong later…
• CORRECTED-UPDATE 1-Bain, Altor offer $1.1 billion for Cermaq’s top unit * Bid upsets Marine Harvest’s plans to buy up all of Cermaq
• CORRECTED-UPDATE 1-Bain, Altor offer $1.1 billion for Cermaq’s top unit * Bid upsets Marine Harvest’s plans to buy up all of Cermaq
• Telefonica denies report of $93 bln offer from AT&T MADRID, June 17 (Reuters) – Telefonica said on Monday it had not received any indication of interest from AT&T , following a Spanish newspaper report that the government had halted a 70 billion-euro…
• RPT-Market Chatter-Corporate finance press digest June 17 (Reuters) – The following corporate finance-related stories were reported by media on Monday:
• BRIEF-H Intressenter extends acceptance period for Hoganas bid STOCKHOLM, June 17 (Reuters) – H Intressenter: * The acceptance period for the offer to the shareholders in Hoganas is extended through July 22 due to the competition filing in China
• PRESS DIGEST – Wall Street Journal – June 17 June 17 (Reuters) – The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
• Orchard Supply Hardware files for Chapter 11; Lowe’s to buy assets June 17 (Reuters) – U.S. hardware-and-garden chain Orchard Supply Hardware Stores Corp filed for Chapter 11 bankruptcy protection early on Monday, court documents showed, and has agreed to sell the…
• UPDATE 1-Eutelsat, KKR said to place bids for SingTel’s Australia unit * Other suitors include Blackstone, Carlyle, Inmarsat and SES
• UPDATE 1-Eutelsat, KKR said to place bids for SingTel’s Australia unit * Other suitors include Blackstone, Carlyle, Inmarsat and SES
• Market Chatter-Corporate finance press digest June 17 (Reuters) – The following corporate finance-related stories were reported by media on Monday:
• Activist investor urges break-up of Smithfield instead of takeover-WSJ June 17 (Reuters) – Starboard Value LP, a large activist investor in Smithfield Foods Inc, is pressuring the company to explore a break-up rather than go ahead with a planned $4.7 billion takeover by…
• REFILE-Eutelsat, KKR said to place bids for SingTel’s Australia unit HONG KONG/SYDNEY, June 17 (Reuters) – France’s Eutelsat Communications SA and private equity firm KKR & Co are among the suitors to place first-round bids for Singapore Telecommunications Ltd’s…
• REFILE-Eutelsat, KKR said to place bids for SingTel’s Australia unit HONG KONG/SYDNEY, June 17 (Reuters) – France’s Eutelsat Communications SA and private equity firm KKR & Co are among the suitors to place first-round bids for Singapore Telecommunications Ltd’s…
• RPT-DEALTALK-Cheap foreign loans spur India’s outbound M&A march MUMBAI/HONG KONG, June 17 (Reuters) – Foreign banks are fuelling India’s recent burst of overseas takeover bids, offering cheap U.S. dollar loans to Indian corporates hungry to expand beyond their…
• Asia Private Equity Weekly News, June 17, 2013 HONG KONG, June 17 (Reuters) – News and developments in Asia private equity from Reuters News for the week ending June 14.
• Asia Private Equity Weekly News, June 17, 2013 HONG KONG, June 17 (Reuters) – News and developments in Asia private equity from Reuters News for the week ending June 14.
• Directors to be liable for pay policy breaches Quoted companies must obtain shareholder approval for pay policy at least once every three years under the new ‘say on pay’ regime
• Midlands’ aerospace jobs set to rise Midlands Aerospace Alliance, a trade body representing 250 of the largest regional aerospace groups, says turnover will grow 17% in 2013
• NZ broadcaster MediaWorks in receivership, new owners lined up WELLINGTON, June 17 (Reuters) – New Zealand broadcaster MediaWorks Ltd was placed in receivership on Monday after its private equity owners and bankers failed to agree on a refinancing deal, but new…
• PRESS DIGEST – British Business – June 17 June 17 (Reuters) – The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
• Bumi lines up BP veteran as chairman John Manzoni has agreed to join the miner in what it hopes will signal a fresh start for the troubled group
• Cost of listing on Aim driven down Keeping Aim listing costs low is important if London’s alternative market is to remain an attractive option for global companies looking for capital
• UPDATE 2-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc said it will sell its Longview Timber holdings in the U.S. Pacific Northwest to Weyerhaeuser Co for $2.65 billion, including assumption of debt,…
• UPDATE 2-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc said it will sell its Longview Timber holdings in the U.S. Pacific Northwest to Weyerhaeuser Co for $2.65 billion, including assumption of debt,…
• UPDATE 1-Hollande rules out early France Telecom, GDF share sales PARIS, June 16 (Reuters) – French President Francois Hollande on Sunday ruled out an early sale of any state holdings in France Telecom or utility GDF Suez, saying market valuations were too low.
• Biggest UK investors plan joint move on excess Investor Forum, which would probably meet once a month would consist of about 15 of the UK’s biggest shareholders as well as charities and pension funds
• DEALTALK-Cheap foreign loans spur India’s outbound M&A march MUMBAI/HONG KONG, June 17 (Reuters) – Foreign banks are fuelling India’s recent burst of overseas takeover bids, offering cheap U.S. dollar loans to Indian corporates hungry to expand beyond their…
• CORRECTED-UPDATE 1-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln (Corrects spelling of “corrugated” in second paragraph, and spelling of Temple-Inland in final paragraph)
• CORRECTED-UPDATE 1-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln (Corrects spelling of “corrugated” in second paragraph, and spelling of Temple-Inland in final paragraph)
• Aircraft contracts could be worth £476bn to UK Report warns aerospace companies must invest further in their strengths – including engines and wings – to compete with western and developing nation rivals
• Newcomers lack scale to upset big banks If so many business owners are utterly sick of traditional banks, why are new entrants such as Aldermore not growing faster?
• No stake sale in France Telecom, GDF for now – Hollande PARIS, June 16 (Reuters) – French President Francois Hollande said on Sunday the government was not looking to any of its shares in France Telecom or utility GDF Suez because valuations of its…
• Osborne to hint at sale of Lloyds by 2015 Chancellor in his Mansion House speech will indicate Lloyds is closer to privatisation than RBS, reflected in its healthier share price
• Culture change could save UK banks The industry needs to change. Realigning the relationship between risk, responsibility and reward is at the heart of the Banking Commission report
• Co-op close to deal with regulator Proposal to swap the mutual’s £1.3bn of junior debt into new instruments will form the core plank of the restructuring
• UPDATE 1-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc said it will sell its Longview Timber holdings in the U.S. Pacific Northwest to Weyerhaeuser Co for $2.65 billion, including assumption of debt,…
• UPDATE 1-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc said it will sell its Longview Timber holdings in the U.S. Pacific Northwest to Weyerhaeuser Co for $2.65 billion, including assumption of debt,…
• Weyerhaeuser names CEO, buys parcel, mulls homebuilding strategy June 16 (Reuters) – Weyerhaeuser Co said its board had elected Doyle Simons president and chief executive officer, effective August 1, and announced plans to spend $2.65 billion for a big timber…
• RPT-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc on Sunday said it had agreed to sell all its Longview Timber holdings to Weyerhaeuser Co for $2.65 billion, including assumption of debt.
• RPT-Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc on Sunday said it had agreed to sell all its Longview Timber holdings to Weyerhaeuser Co for $2.65 billion, including assumption of debt.
• Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc on Sunday said it had agreed to sell all its Longview Timber holdings to Weyerhaeuser Co for $2.65 billion, including assumption of debt.
• Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln June 16 (Reuters) – Brookfield Asset Management Inc on Sunday said it had agreed to sell all its Longview Timber holdings to Weyerhaeuser Co for $2.65 billion, including assumption of debt.
• Senior bank debt issues slump to decade low Decline partly reflects widespread concern among investors about EU rules that aim to reduce cost of bank bailouts for taxpayers by forcing losses on creditors
• Overseas expansion on the menu at Benugo Westbury Street Holdings wants to take coffee chain beyond British shores, while at home the biggest obstacle to growth is a shortage of skilled staff
• Iran crowds hail reformist victory As moderate’s win celebrated, names of jailed opposition leaders chanted by crowds still smarting at 2009 crackdown against Green movement
• Italy issues decree to boost economy Enrico Letta’s Italian government has issued a decree of 80 measures to boost the economy, the first since the coalition took office in April
• Care home provider faces uphill struggle NHS commissioners have been willing to pay PJ Care’s high rates but it was turned down by seven banks when it sought funding for its first care centre
• UPDATE 1-Waha Capital buys majority stake in UAE healthcare firm ABU DHABI, June 16 (Reuters) – Abu Dhabi investment firm Waha Capital has acquired a 97-percent stake in a UAE healthcare company and plans to invest up to 250 million dirhams ($68.1 million) over…
• UPDATE 1-Rockwood agrees 1.49 bln euro CeramTec sale to Cinven * Cinven says backs CeramTec’s growth plans in N. America, Asia
• Aerospace groups collaborate for strength A collaborative cluster of companies is raising the profile of aerospace in Coventry, the city that gave birth to automotive legends Rover and Jaguar
• Rohani wins Iranian presidential election Mr Rohani has promised to end radicalism, bring back moderates to reconcile Iran with the world, save the economy and promote women’s rights
• Aerospace trio pushes for European drone EADS, Finmeccanica and Dassault want governments to get behind development of unmanned craft and challenge domination of US and Israeli interests
• Istanbul shaken by fresh violence Violence after protesters reject government compromise dashes hopes of a peaceful end to the demonstrations that have erupted in Turkey
• G8 forced to focus on global economy The main actor, Ben Bernanke, chairman of the US Federal Reserve, will not even be at the G8 and will not speak until the day after it finishes
• Christie’s and Sotheby’s deepen rivalry As two auction houses look to develop new strategies, there are signs their tactics may be growing more distinct – setting scene for divergent fates
• Christie’s and Sotheby’s extend the bidding As two auction houses look to develop new strategies, there are signs their tactics may be growing more distinct – setting scene for divergent fates
• Rockwood agrees to sell CeramTec to Cinven for 1.49 bln eur FRANKFURT, June 16 (Reuters) – Rockwood Holdings said on Sunday it has entered into a definitive agreement to sell CeramTec, its Germany-based advanced ceramics business, to private equity firm…
• New giants of the sea drive port expansion London Gateway might represent the bulk of the investment but its imminent opening means its rivals are spending heavily on upgrading their own facilities
• BoE says foreign banks made crisis worse Research by the central bank showed lending from foreign-owned branches boomed in the run-up to the start of the crisis before collapsing
• UK unlikely to arm Syria rebels Government unlikely to win a vote on arming rebels because of scepticism of Labour opposition, many Tories and a sizeable section Lib Dems
• China to launch pilot carbon market Seven trial trading schemes will test Beijing’s commitment to cutting greenhouse gas emissions before it decides whether to launch national system
• Abu Dhabi’s Waha Capital buys stake in healthcare firm ABU DHABI, June 16 (Reuters) – Abu Dhabi investment firm Waha Capital said on Sunday it had invested an undisclosed amount in a newly established healthcare group in the United Arab Emirates through…
• Hypermarkets suffer midlife crisis Fifty-year-old concept seeks relevance in modern era as it faces stiff competition from online rivals and changing, austerity-driven shopping habits
• North Korea proposes high-level US talks The statement comes less than a week after the country called off negotiations with South Korea over economic co-operation projects
• Britain’s offshore centres commit to tax convention Cameron promises to consult on making public a planned register of the ‘beneficial ownership’ of companies
• Facebook and Microsoft reveal US data requests Social networking site said it had been ordered to give up information contained in between 18,000 to 19,000 user accounts in the second half of 2012
• UPDATE 2-BTG Pactual snaps up Petrobras Africa stake for $1.53 bln * Petrobras sought $5 bln for Nigeria assets alone -Reuters
• Stock Building Supply Holdings files for up to $175 million IPO June 14 (Reuters) – Stock Building Supply Holdings Inc filed with regulators to raise up to $175 million in an initial public offering, the latest building supplier looking to tap the market to take…
• UPDATE 1-BTG Pactual snaps up Petrobras Africa stake for $1.53 bln * EBX extends drive to bolster troubled resource companies
• Wilbur Ross-backed International Automotive Components files for $115 mln IPO June 14 (Reuters) – International Automotive Components Group, backed by billionaire U.S. investor Wilbur Ross, filed with U.S. regulators on Friday to raise up to $115 million in an initial public…
• OCI’s U.S. limited partnership files for $480 mln IPO June 14 (Reuters) – OCI Partners LP, formed by construction and fertilizer group OCI NV to own and operate a strategic methanol and ammonia plant in Texas, filed with U.S. regulators to raise up to…
• Honours list gets back to business Hedge fund boss Michael Hintze and John Lewis chairman Charlie Mayfield knighted as honours list puts focus on achievement in business
• Shift in military balance forces Obama to change policy The White House said its decision to arm the rebels was based on its new assessment that Syrian forces used chemical weapons ‘multiple times’ recently
• UPDATE 1-Santander Mexico to buy ING mortgage business * Santander Mexico to pay about $50 mln for mortgage portfolio
• Bain Capital-backed Trinseo files to withdraw $400 million IPO June 14 (Reuters) – Trinseo SA, a plastics maker backed by Bain Capital, said on Friday that it has decided not to pursue its proposed initial public offering of up to $400 million.
• Bain Capital-backed Trinseo files to withdraw $400 million IPO June 14 (Reuters) – Trinseo SA, a plastics maker backed by Bain Capital, said on Friday that it has decided not to pursue its proposed initial public offering of up to $400 million.
• Deals of the day — mergers and acquisitions June 14 (Reuters) – The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:
• Deals of the day — mergers and acquisitions June 14 (Reuters) – The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:
• UPDATE 1-Canada delays Wind Mobile deals on security concerns -report TORONTO, June 14 (Reuters) – National security concerns have delayed the Canadian government’s approval of two deals that would solidify Vimpelcom Ltd’s ownership of wireless carrier Wind Mobile, a…
• RBS headhunter starts search for anti-hero ‘Banks will be duller and more boring in future. And they will be led by chief executives who are duller and more boring’
• Osborne’s second act starts with RBS exit It is not obvious which path the UK government favours over reforming the banking system and the chancellor must clarify his vision for it
• Only shock from Tucker was the timing A meeting of UK bank chiefs was left stunned on Friday, but participants also knew the departure of the BoE’s deputy governor was a racing certainty
• Vodafone prepares second bid for Kabel Revised offer is under construction after initial approach was rejected and could come within days, but the UK group is in no rush
• Tucker joins Hester in heading for exit Second high-profile departure in a dramatic 48 hours for the City as George Osborne seeks to reshape Britain’s financial landscape
• Tucker joins Hester in heading for exit Second high-profile departure in a dramatic 48 hours for the City as George Osborne seeks to reshape Britain’s financial landscape
• IMF denounces US over fiscal tightening The Fund forecast growth of just 1.9% this year and cut its 2014 outlook to 2.7% from the 3% that it expected as recently as April
• Tax ruling goes in favour of Tullow Oil Heritage is considering an appeal over ‘retrospectively placed’ bill in relation to reserves in the Uganda’s Lake Albert basin
• BRIEF-RP Management says Elan sales process offers shareholders no certainty LONDON, June 14 (Reuters) – RP Management: * RP Management – Royalty Pharma notes Elan sales process offers shareholders
• Singapore punishes banks in rate probe The action by the Monetary Authority of Singapore marks the first time that 16 of the 20 banks have been sanctioned for attempted rate-rigging
• UPDATE 2-JPMorgan’s private equity unit to become independent June 14 (Reuters) – JPMorgan Chase & Co said on Friday its private equity unit, One Equity Partners, will become independent, as the largest U.S. bank increases its focus on client businesses.
• UPDATE 2-JPMorgan’s private equity unit to become independent June 14 (Reuters) – JPMorgan Chase & Co said on Friday its private equity unit, One Equity Partners, will become independent, as the largest U.S. bank increases its focus on client businesses.
• EU mergers and takeovers (June 14) BRUSSELS, June 14 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process:
• UPDATE 2-Mexico’s Walmex considers selling restaurant business MEXICO CITY, June 14 (Reuters) – Wal-Mart de Mexico , Mexico’s largest retailer, surprised analysts on Friday by saying it may sell its restaurant unit, including the popular Vips chain, after…
• UPDATE 2-Irish drug firm Elan puts itself up for sale * Elan has attracted interest from other companies – source
• Time Warner cleared by EU to exercise CME voting rights BRUSSELS, June 14 (Reuters) – Time Warner won EU regulatory approval on Friday to exercise its voting rights in proportion to its 49.9 percent stake in broadcaster Central European Media Enterprises…
• UPDATE 2-Smithfield profit plunges after China blocks imports * Fourth-quarter earnings/share fell 63 pct to $0.21 vs est $0.43
• Royalty Pharma says Elan sale process seeks to deflect Royalty bid June 14 (Reuters) – Royalty Pharma believes that the only reason Elan Corp Plc has announced a sales process is to deflect Royalty’s own offer, the company’s CEO said in a statement Friday morning.
• Irish drug company Elan puts itself up for sale DUBLIN, June 14 (Reuters) – Irish drug company Elan said on Friday it will start a formal sale process in light of expressions of interest received to date.
• JPMorgan’s private equity unit to become independent June 14 (Reuters) – JPMorgan Chase & Co said its private equity unit, One Equity Partners, will become independent from the bank and raise future funds from an external group of partners.
• JPMorgan’s private equity unit to become independent June 14 (Reuters) – JPMorgan Chase & Co said its private equity unit, One Equity Partners, will become independent from the bank and raise future funds from an external group of partners.
• Galleries and museums’ spending shielded Arts to be given new powers to borrow money and set employees’ salaries as the Treasury offers cultural institutions more financial autonomy
• Smithfield profit plunges on drop in exports June 14 (Reuters) – Hog producer Smithfield Foods Inc , the subject of a $4.7 billion bid from China’s Shuanghui International Holdings, reported a 63 percent fall in net profit as exports to China…
• Cerberus questions management of Japan’s Seibu ahead of annual meeting TOKYO, June 14 (Reuters) – Cerberus Capital Management LP publicly questioned the management of Seibu Holdings on Friday, hoping to garner support for its plans to shake up the board of the Japanese…
• Honeywell wins EU approval for $600 mln Intermec buy BRUSSELS, June 14 (Reuters) – U.S. conglomerate Honeywell secured EU regulatory approval on Friday for its $600 million acquisition of mobile computing device maker Intermec .
• M&A activity involving BRIC companies falls 9 percent LONDON, June 14 (Reuters) – The volume of merger and acquisition deals involving companies from Brazil, Russia, India or China (BRIC) is down 9 percent so far this year on the same period in 2012,…
• CORRECTED-Royalty says most Elan shareholders to reject acquisition deals * Royalty bid contingent on shareholders rejecting all votes
• REFILE-Severn Trent deal blow hits “merger arb” funds LONDON, June 12 (Reuters) – Hedge funds that bet Severn Trent would agree to a Canadian-led takeover are reeling from losses after the water company refused to talk, casting further doubt on their…
• BRIEF-Royalty says Elan Ads holders seen rejecting deals DUBLIN, June 14 (Reuters) – Royalty Pharma: * Royalty pharma – says elan ads holders decisively vote against theravance and
• BRIEF-Royalty says Elan Ads holders seen rejecting deals DUBLIN, June 14 (Reuters) – Royalty Pharma: * Royalty pharma – says elan ads holders decisively vote against theravance and
• Market Chatter-Corporate finance press digest June 14 (Reuters) – The following corporate finance-related stories were reported by media on Friday:
• PRESS DIGEST – Wall Street Journal – June 14 June 14 (Reuters) – The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
• PRESS DIGEST-New York Times business news – June 14 June 14 (Reuters) – The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
• Market Chatter-Corporate finance press digest June 14 (Reuters) – The following corporate finance-related stories were reported by media on Friday:
• T-Mobile, Verizon not under U.S. data watch due to foreign ties -WSJ June 13 (Reuters) – Telecom providers T-Mobile US Inc and Verizon Wireless do not directly contribute to the controversial U.S. surveillance program, partly due to their overseas ownership ties, the…
• PRESS DIGEST – Financial Times – June 14 June 14 (Reuters) – The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
• Envision Healthcare Holdings files for IPO of up to $100 million June 13 (Reuters) – Envision Healthcare Holdings Inc, the parent of the largest U.S. provider of ambulance services formerly known as Emergency Medical Services Corp (EMSC), filed with regulators to…
• Ex-B&B director loses at judicial review Chris Willford faces a £100,000 fine for risk management failings in connection with the mortgage bank’s disastrous rights issue in 2008
• Morgans Hotel board gains upper hand ahead of proxy vote June 13 (Reuters) – A proxy battle for control of Morgans Hotel Group Co’s board will be decided on Friday but the momentum seems to have swung in favor of the incumbent board after it said it would…
• Morgans Hotel board gains upper hand ahead of proxy vote June 13 (Reuters) – A proxy battle for control of Morgans Hotel Group Co’s board will be decided on Friday but the momentum seems to have swung in favor of the incumbent board after it said it would…
• Starboard sues Office Depot for not holding annual meeting NEW YORK, June 13 (Reuters) – Top Office Depot Inc investor Starboard Value LP sued the second-largest U.S. office supply retailer on Thursday for not holding an annual shareholder meeting to elect…
• Starboard sues Office Depot for not holding annual meeting NEW YORK, June 13 (Reuters) – Top Office Depot Inc investor Starboard Value LP sued the second-largest U.S. office supply retailer on Thursday for not holding an annual shareholder meeting to elect…
• UPDATE 1-Ocwen to buy mortgage servicing rights from OneWest Bank for $2.53 bln June 13 (Reuters) – Ocwen Financial Corp said it would buy mortgage servicing rights and related advances from OneWest Bank for $2.53 billion, the latest in a string of acquisitions that have fueled…
• UPDATE 2-Royalty wins injunction as bid for Elan hits trouble * U.S. firm says shareholders set to approve share buyback
• UPDATE 2-Royalty wins injunction as bid for Elan hits trouble * U.S. firm says shareholders set to approve share buyback
• ISS urges Clearwire shareholders to vote against Sprint deal NEW YORK, June 13 (Reuters) – Proxy advisory firm Institutional Shareholder Services on Thursday urged Clearwire Corp shareholders to vote against majority shareholder Sprint Nextel Corp’s $3.40 per…
• Ocwen to buy mortgage servicing rights from OneWest Bank for $2.53 bln June 13 (Reuters) – Ocwen Financial Corp said it would buy mortgage servicing rights and related servicing advances from OneWest Bank for $2.53 billion.