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’Corus Bank assets sold for $550m
A group led by Barry Sternlicht’s Starwood Capital investment company has won the bidding for the assets of failed Corus Bank, with the help of a financing package crafted by the FDIC regulator. The purchase price of about $550m values the assets of the US bank – which specialised in loans to condominium projects – at about $2.5bn,
Weekend catch-up
In case you missed these stories:
- Austria takes control of Bank Medici
Bernard Madoff’s alleged $50bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici,
Taittingers buy back the ‘farm’
The Taittinger family is to secure control once again of the Taittinger champagne business more than two years after selling its quoted portfolio of businesses to Starwood Capital, the US hotel group. The family is participating in an MBO from French bank Crédit Agricole Nord-Est,
Chance to buy Whitbread ‘on the cheap’ gone
Alan Parker clearly wants to get his bid defence in early. Private equity has missed the bus on Whitbread after failing to snap up the UK-listed hospitality company “on the cheap” in the last few years,
Morgan Stanley in Japan’s biggest property deal
Morgan Stanley on Friday won the fiercely-contested bidding to buy 13 hotels from All Nippon Airways, the Japanese airline, for Y281.3bn ($2.4bn), in Japan’s largest ever property deal, the FT reports from Tokyo.
Rothschild working on Whitbread break-up for Starwood Capital, says mergermarket
Starwood Capital and Blackstone are among those mulling a takeover and ultimate break up of leisure group Whitbread, according to a story posted on mergermarket’s daily section of FT.com. Starwood has asked investment bank Rothschild to work on the putative deal,
Bid rumours propel Whitbread
Whitbread, which owns the Premier Travel Inn budget hotels, closed at a record high yesterday amid mounting speculation that a private equity company might make a takeover offer worth as much as £4.5bn.
Are the Reubens the mystery Whitbread buyers?
The mystery buyers who have snapped up an eight per cent stake in leisure group Whitbread are the Reuben brothers, according to the Financial Mail.
The arrival of such heavyweight investors on the share register comes as Whitbread considers the £550m purchase of Ireland’s Jury’s Inn hotel chain,
Vornado in $39bn counterbid for EOP
A trio of investors led by Vornado Realty Trust has launched a $39bn cash and stock bid for Equity Office Properties, Sam Zell’s commercial real estate empire. The move could spark a bidding war with private equity group Blackstone,
Markets live transcript 12 Jan 2007
Markets live chat transcript for the chat ending at 11:37 on 12 Jan 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Markets Live — Alphaville’s daily commentary on market movers.
Cerberus continues to study possible $36bn-plus EOP bid
A group of property investors assembled by Cerberus yesterday continued to examine a potential offer for Equity Office Properties, amid growing expectations of a bidding war with Blackstone. Many details of the discussions remained unclear,
Starwood vows no Baccarat sale
Baccarat, the crystal tableware specialist, is not about to be put up for sale, its controlling shareholder promised yesterday. Barry Sternlicht, chairman and chief executive of Starwood Capital, the US property and hotel investment vehicle,