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Chesapeake plans $12bn in asset sales
Chesapeake Energy is seeking to raise up to $12bn through asset sales this year, as the company seeks to plug a funding gap that has been exacerbated by low natural gas prices, reports the FT. The second-largest US gas producer had already responded to decade-low prices by idling rigs and seeking to raise production of oil and liquid natural gas,
C&WW&Voda
A major telecom company said it was in the early stages of thinking about euthanising a corporate basket-case on Monday.
Cable & Wireless Worldwide shares were up 28 per cent at pixel time:
FT Alphaville were left scratching their heads about what Vodafone might want.
Junk bond market revives LBOs
The big leveraged buy-out groups of the credit boom have gained renewed access to funds as the junk bond market has rallied and buyers have flocked to the highest-yielding assets, says the FT. Energy Future Holdings,
[SFTW] ‘orrible merger! Read all about it!
If he’s selling, I’m not buying. This was an excellent plan with last year’s public offer of Glencore shares. Dazzled by the fees and muzzled by the conflicts of interest, very few mining analysts were in a position to say what they thought.
Alibaba to take HK unit private
Chinese e-commerce company Alibaba Group plans to take its Hong Kong-listed unit private, says Reuters, citing two sources familiar with the matter said. The news agency says Alibaba is working with Yahoo on
American Airlines creditors want merger
Some American Airlines unsecured creditors increasingly feel the bankrupt airline should explore a deal with US Airways Group or another carrier, after hearing parent company AMR Corp’s plan to remain independent,
Illumina rebuffs Roche again
The US diagnostics company Illumina has rejected Roche’s $5.7bn hostile takeover bid, calling the offer “grossly inadequate” and urging stockholders not to tender their shares. Roche, the Swiss pharmaceuticals company,
Glencore and Xstrata face blocking threat
Several large investors have threatened to block Glencore and Xstrata’s proposed all-share merger, which would create a $90bn commodities giant in the largest global mining deal on record, reports the FT.
BHP says Xstrata Glencore deal makes little difference
BHP Billiton, the world’s biggest mining company, sees no reason to change its strategy in light of Glencore’s proposed merger with Xstrata, the FT reports. “People have asked me does this deal make a difference to you,
Glencore and Xstrata agree $90bn deal
Glencore and Xstrata on Tuesday announced an all-share merger that would create a $90bn giant combining the world’s largest commodities trading house with one of the biggest miners of thermal coal, copper,
Glenstrata — some backlash? [updated with more backlash]
The Scheme will be subject to the following conditions:
2.1 its approval by a majority in number of the Scheme Shareholders who are on the register of members of Xstrata at the Scheme Voting Record Time,
South Korean groups ramp up foreign deals
South Korean companies have embarked on a buying spree for European assets on the back of strong cash reserves and a rising global profile as the protracted debt crisis in Europe presents them with increasing opportunities to snap up distressed assets. Big Korean companies,
Vodafone set to halt Greek unit merger
Vodafone is set to abandon attempts to merge its Greek business with rival Wind Hellas in the face of concerns among regulators about the precedent being set by allowing a duopoly in a European mobile market,
Glencore pays 8% premium for Xstrata shares
Glencore is set to pay a larger premium than expected to seal its long-coveted merger with Xstrata, the FT says, a move designed to defuse concerns among Xstrata investors about a cosy deal between the chief executives of the two companies.
Temisys … eventually
“Thank you for depositing a $3bn merger rumour. An RNS will be credited to our investors in 24 hours.”
As the FT wrote on Thursday morning …
Misys missed out, drifting lower by 0.6 per cent to 321¼p on concerns that takeover speculation could be misplaced.
Hutchison to buy Orange Austria for €1.3bn
Hong Kong billionaire Li Ka-shing’s Hutchison Whampoa agreed to buy Orange Austria in a deal valued at €1.3bn ($1.7bn), adding to more than $31bn of investments in overseas mobile-phone operations,
Glencore and Xstrata close to $88bn deal
Glencore and Xstrata have launched merger talks to create a $88bn commodities trading and mining giant with the financial muscle to sweep up some of its biggest rivals, reports the FT. The all-share merger,
Glencore and Xstrata close to $80bn deal
Glencore and Xstrata are in advanced talks over a nearly $80bn merger that could reshape the mining industry, combining the world’s largest commodities trading house with one of the largest miners of thermal coal and copper,
The word from Zug – Xstrata confirms Glencore approach (Updated)
Xstrata statement:
Response to speculation
Zug, 2 February 2012
Xstrata plc (“Xstrata” or the “Company”) confirms that it has received an approach from and is in discussions with Glencore International plc (“Glencore”) regarding an all share merger of equals which may or may not lead to an offer being made by Glencore for Xstrata.
Glencore poised to reunite with Xstrata
Glencore is nearing an agreement to combine with Xstrata, Bloomberg reports, citing two people with knowledge of the plan. The two Switzerland-based companies may announce a deal as early as this week,
DB/NYSE officially dead
The European Commission has finally scuppered NYSE Euronext’s merger with Deutsche Boerse, according to the FT. European Union decisions to prohibit mergers, as the Commission has done with this deal, are relatively rare.
The Iron Lady
Meet Gina Rinehart.
She’s the richest person in Australia, and if the iron ore price holds, the daughter of Australian mining pioneer, Lang Hancock, could soon be the world’s richest woman — a position currently occupied by the Wal-Mart widow Christy Walton.
Macquarie considering Deutsche Bank asset management units
Macquarie Group, Australia’s biggest investment bank, is vying with at least three companies to buy asset-management divisions from Deutsche Bank, Bloomberg reports, citing two people with knowledge of the matter. The deadline for second-round offers is next week,
Tinker Bell plots Chime exit
Here’s one of those company statements that demands an instant translation. Guess it’s just ironic that it happens to concern the best-known PR man in Britain….
Chime announces that its chairman has asked the board if he can pursue the possibility of he,
Guest post: While Rome is burning
From Alberto Saravalle, managing partner at Bonelli Erede Pappalardo
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What happens to M&A while Rome is burning? In the past few months Italy has been in the midst of a political, economic and financial crisis.
ABB closes in on deal to buy Thomas & Betts
ABB, the Swiss electrical engineering group, is close to agreeing a deal to buy US-listed Thomas & Betts for about $4bn, the FT reports, citing people familiar with the situation. The move to acquire the US manufacturer of electrical,
NYSE chief sees little chance of Deutsche Börse deal
Duncan Niederauer, chief executive of NYSE Euronext, has admitted he “misjudged” European antitrust authorities’ approach to his exchange’s attempted tie-up with Deutsche Börse, saying there was only a “glimmer of hope” the deal would succeed.
Long battle ahead in Roche-Illumina bid
Roche’s $5.7bn takeover bid for Illumina is likely to take several quarters to complete, because of regulatory obstacles and possible shareholder resistance, says Reuters. The Swiss drug company is unlikely to face rival bidders,
AT&T firm’s lawyer tipped for top US antitrust spot
William Baer, whose legal firm worked on AT&T’s bid for T-Mobile USA, is the White House’s prime candidate to head the Justice Department’s antitrust division, Bloomberg reports. Baer’s colleagues at Arnold &
Roche in $5.7bn hostile bid for Illumina
Roche, the Swiss drugmaker, has made a $5.7bn hostile offer for Illumina, the US diagnostics company, as part of the pharmaceutical company’s efforts to develop its presence in genetics and gene sequencing,