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’Harbinger exits Inmarsat
Proving once again that lock-up arrangements with big investment banks aren’t worth the paper they’re written on, news reaches the FT Alphaville desk that Philip Falcone’s Harbinger Capital Partners is placing its remaining 14 per cent stake in Inmarsat.
Has Harbinger sold out of Tate & Lyle?
That rather amateurish photo (taken with a Nokia 6303) is the Indications of Interest (IOI) page on Bloomberg for Tate & Lyle, the UK sugar and food ingredients company.
(We would have used the ‘Grab’ function,
Introducing Project Veritas (née Baseball)
Otherwise known as Harbinger’s plan to sew a coast-to-coast US satellite communications network through the acquisition of SkyTerra Communications of the US and then Inmarsat, which is quoted in London and is a constituent of the FTSE 100.
Geffen sets sights on NY Times
David Geffen, the former record executive who made an offer for the LA Times two years ago, now wants to buy the New York Times, say people close to the situation. Geffen, a co-founder of DreamWorks SKG,
CDS report: RWE hit on Essent talk
RWE was the worst performer in broadly positive credit derivatives markets Monday morning, as the cost of protecting the German utility’s debt against default rose strongly on talk that it would announce a €10bn deal for Essent later in the day.
Harbinger puts limits on withdrawals
Harbinger Capital, the activist US hedge fund headed by Philip Falcone that shot to fame in 2007 with a lucrative bet against subprime mortgages, joined the list of funds restricting withdrawals for investors a day before the end of last year.
Harbinger of (a bit more) doom
Harbinger monthly losses carried on in November, even though the mega New York hedge fund – owned by Birmingham, Alabama-based Harbert Management Corp – had switched to be net short the market.
Harbinger dropped 6.8 per cent in November,
Carlos Slim buys NY Times stake
Mexican telecoms tycoon Carlos Slim Helú, the world’s second richest man, has become the third largest outside shareholder of the New York Times, after reporting a 6.4% stake worth $127m. The purchase,
Harbinger sets sights on Cablevision
Harbinger Capital Management, the US activist hedge fund, has accumulated a 4.9% stake in Cablevision, according to regulatory filings, reports the WSJ. The move may help explain the sudden about-face by Cablevision chief executive James Dolan,
Arcelor considers counter-bid for Alpha
ArcelorMittal is considering breaking up the $8.8bn takeover of US coal miner Alpha Natural Resources by Cleveland-Cliffs with a counter-bid. ArcelorMittal, the world’s largest steelmaker, is also looking at waiting for the deal to either fall apart or create one digestible takeover target.
Weekend catch-up
In case you missed these stories:
Hedge funds have worst month since 2000
Hedge funds had their worst month in eight years in July after failed bets against banks and in favour of rising commodity prices.
Snap News
The latest on Friday,
- SkyTerra and Harbinger declare bid for Inmarsat – statement
- Southern Cross secures loan extension – statement
- Dawnay Day Treveria director resigns – statement
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Inmarsat talks with Harbinger suspended
Shares in Inmarsat fell almost 9% after the suspension of talks about a possible takeover of the UK satellite telephone operator by US hedge fund Harbinger Capital. Harbinger made clear it could not issue a formal offer for Inmarsat until it had obtained regulatory clearance for a deal.
Snap News
The latest on Monday:
- HBOS rights issue has only 8.29% takeup – statement
- Roche launches $43,7bn takeover of US biotech firm Genentech – Reuters
- Inmarsat and Harbinger end talks – statement
- IG group reports 51% increase in revenue,
Inmarsat soars on Harbinger approach
Inmarsat, the UK-based satellite communications group, confirmed that it had received a takeover approach from Harbinger, the US hedge fund. Inmarsat’s shares rose 6 per cent in London on Monday, valuing the company at £2.27bn ($4.5bn).
M&A satellite launch delayed?
Much speculative excitement on Monday, with confirmation eventually that Harbinger Capital is looking at a takeover of Inmarsat, Europe’s leading satellite comms group. This is a promised £2.75bn deal – and the news caused a 12 per cent spike in Inmarsat’s price at one stage.
Who shorted what (II)
Under the FSA’s new disclosure rules on short-selling, it was revealed Monday that Harbinger, the US fund which shorted subprime mortgage debt well before the credit crunch, had a net short position worth 3.29% of outstanding stock in HBOS,
HBOS – the first TR-3 lands
Andy Hornby – here is your tormentor:
TR-3 Disclosure of Disclosable: Short Position relating to Securities which are the subject of a rights issue
1. Full name of person(s) holding the disclosable short position:
Tata in $1bn deal for soda ash unit
Tata Group has launched India’s biggest takeover this year with the $1bn agreed acquisition of US-based soda ash producer General Chemical Industrial Products. The acquisition of General Chemical from Harbinger Capital Partners will make the Indian conglomerate’s soda ash unit,
Hedge Fund seeks to sway NYT
Harbinger Capital Partners Funds, a low-profile hedge fund managing $18bn, nominated four candidates Friday for election to the board of the New York Times, reports the Wall Street Journal. Together with another investor,
Hedge funds expect soaring subprime defaults, lender insolvencies
Harbinger Capital Partners and Paulson & Co., two hedge-fund managers who profited when subprime- mortgage defaults surged, told investors that delinquent loans will soar and more lenders will disappear,
Delphi in $3.4bn deal with Cerberus-led consortium
Car-parts maker Delphi signed an agreement for an investment of up to $3.4bn by a bloc of funds, led by Cerberus Capital Management and Appaloosa Management, that will see the funds take a take a controlling stake in the auto parts maker as it emerges from bankruptcy,
Delphi passes milestone with $3.4bn equity injection
Delphi, North America’s biggest auto parts maker, has passed a milestone in its court-supervised restructuring by securing a deal for a $3.4bn equity injection from five hedge funds and investment banks.