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’Now Apollo and Blackstone take a crack at Northern Rock
Private equity groups Apollo and Blackstone last week “individually expressed an interest” in the stricken mortgage bank, according to the Wall Street Journal.
They join a queue currently headed by JC Flowers,
Nasser fronts Land Rover-Jaguar bid
Jacques Nasser, the former Ford chief executive, is to fly to Britain to visit the Land Rover and Jaguar factories as part of his attempt to buy back the iconic brands that he put together, reports The Times.
Apollo to discount shares on GSTrUE
Apollo Management, the private equity group, is proposing to sell unregistered shares to investors at a valuation of about 10 times its expected 2008 earnings – a significant discount to shares in Blackstone and other alternative asset managers that have staged fully-fledged listings.
Rivals take on Goldman trading platform
Merrill Lynch , Lehman Brothers, Morgan Stanley and Citigroup are among a group of investment banks developing an electronic trading platform for unregistered securities to compete with existing systems such as the one created by Goldman Sachs.
Apollo to list on Goldman system
Apollo Management is still considering a traditional public offering but will first list shares on proprietary trading systems set up by Goldman Sachs and JPMorgan. It also plans to sell a near 10 per cent stake to the Abu Dhabi state investment agency,
Basell offers $12.7bn for Lyondell
Basell, the Dutch chemicals group, on Tuesday offered $12.7bn in cash to buy larger rival Lyondell and cement its ambition to become a global leader in a business being transformed by consolidation and new entrants.
Apollo to go ‘non-public’
Avoiding the oxymoronic path trodden by the likes of Blackstone and Fortress, private equity group Apollo Management has decided against a flotation on a public stock market. Instead, according to the Wall Street Journal,
GE’s subprime unit on the block
More bad subprime numbers are expected on Friday, when America’s General Electric releases half-year figures. After a first quarter write-down of $330m at its WMC Mortgage division, analysts are forecasting further losses of $150m.
Apollo’s Hexion wins Huntsman
Hexion, the chemicals group created by US private equity group Apollo Management, on Thursday won the short bidding war for Huntsman after a sweetened $6.5bn offer was accepted by its US rival. The agreed deal breaks up the planned combination of Huntsman and Netherlands-based Basell,
JPMorgan, Goldman, land Apollo IPO roles
JPMorgan and Goldman Sachs have lined up key roles advising Apollo Management on its expected IPO, the first signs of a comeback by other Wall Street banks after the early dominance of Morgan Stanley and Citigroup in the battle to underwrite private equity floats.
Apollo raises bid for Huntsman
US private-equity firm Apollo Management raised its offer for chemical concern Huntsman Corp by 75 cents a share Sunday night to $28 a share,the Wall Street Journal reports on its website Monday citing people close to the negotiations.
Private equity joins Huntsman battle
Huntsman, the US chemicals group, revealed on Wednesday that it had received a private equity-led counter-offer a week after agreeing to a $9.6bn bid from Basell, its Dutch rival. Hexion, a US chemicals group controlled by Apollo Management,
Apollo tops Basell’s Huntsman offer
Huntsman announced late on Tuesday that it had received a rival proposal from Hexion Specialty Chemicals, owned by an affiliate of Apollo Management, for $27.25 per share in cash.
The $6bn deal beats that announced by Russian-owned Dutch-based chemicals firm Basell in late June,
Dealogic’s first-half M&A-related figures: the party roars on
Anyone could be forgive for being confused: even as we and other media report on the failure of some recent big buy-out related debt offerings amid growing investor nervousness, the latest figures from Dealogic on all things M&A-related show the buy-out party roared ahead in the first six months of this year,
Blackstone faces Senate challenge on IPO
Blackstone’s plans for a landmark stock market listing were dealt a blow in the US Senate on Thursday night with proposed new laws that would impose higher taxes on private equity groups that list on the market.
Apollo lifts offer for Countrywide
US buyout firm Apollo Management on Tuesday revised its offer for Countrywide, the UK property company, just hours before the original offer was due to receive court approval, after Countrywide received another bid,
A bigger stub gets Polygon’s backing for Countrywide
The tortuous wrangle over estate agents Countrywide took a new twist on Tuesday with news that private equity suitor Apollo Management has won the support of intransigent hedge fund Polygon by extending the stub equity portion of its offer to 55 per cent.
How to make a pre-float windfall
Managers at private equity houses and hedge funds have discovered they can receive windfalls before their companies float and so hedge against potential losses post-IPO, reports the Wall Street Journal.
Apollo raises bid for Countrywide
US private equity group Apollo on Thursday its offer for Countrywide from 590p to 617p per share in a bid to see off a last-minute intervention from rival 3i ahead of Friday’s shareholder vote. The offer,
Apollo avoids a gazumping
You’re just about home and dry, with the vote on Friday, the troublesome activist hedge fund thought to be on board and then a third party bumps you into upping your offer. Apollo nearly got gazumped.
Countrywide and its would-be acquirer on Thursday afternoon unveiled an agreed offer for the UK estate agent.
Apollo snaps up Xstrata aluminium arm
Xstrata has agreed to sell its aluminium business to Apollo Management for $1.15bn in cash. The mining group had said it would review the aluminium assets after it inherited them as part of its $19bn acquisition of Canada’s Falconbridge last year.
Polygon poised to accept Apollo’s Countrywide offer
Polygon, the hedge fund that has built a 25.5 per cent stake in Countrywide, is expected to accept the 590p a share offer from US private equity firm Apollo, when shareholders vote on Friday. The terms of the deal,
Private equity IPOs: who gets second-mover advantage?
It’s all about timing, says Lex. In the new race to plant big private equity’s flag in the public markets, Apollo insiders claim the firm is not ready to join Blackstone. But its communication systems seem to be malfunctioning.
What will be the next buyout firm to go public?
According to separate reports from Bloomberg and Reuters, Apollo Management, the buyout firm run by Leon Black, is working with JP Morgan and Goldman Sachs on an IPO.
But DealBook has rubbished the idea,
Apollo fuels speculation about the next private equity IPO
Apollo Management, the US private equity group run by Leon Black, is looking closely at an IPO but appears unlikely to move rapidly towards a filing with US regulators.According to people familiar with the matter,
Polygon raises stake in Countrywide
Polygon Investment Partners has increased its stake in Countrywide, the UK’s biggest estate agency, giving it the option of derailing an agreed £1bn takeover. The hedge fund said on Monday that it had increased its interest from 14.6 to 22.7 per cent via contracts for difference traded on Friday at 590p and 599p.
Saudis line up bid for GE plastics division
In a move that underlines the appetite of Gulf state investment funds for investments outside home markets, Saudi Basic Industries Corporation, the largest public company in the Middle East, is preparing a bid for General Electric’s plastics division in a deal that could be valued at up to $12bn.
Sainsbury trustees warn of £3bn ‘hole’
J Sainsbury’s pension trustees have signalled to the consortium of private equity investors stalking the supermarket that it would have to tackle a hole in the pension scheme of up to £3bn to succeed in an acquisition.
France’s Valeo under seige, facing Apollo bid
Apollo, the American buyout group, is looking at bidding for Valeo, the French car parts group, according to Les Echos. The report added that Apollo was being advised by Lazard and Merrill Lynch on the possible acquisition.
Sainsbury war looms as suitors test waters
Prospects of a full-scale bidding war for J Sainsbury have grown as the supermarket group attracted fresh predators and the original CVC-led consortium met pension trustees last Friday. Senior members of the CVC-led team,