Business Law Currents - Finance

Norway offers to up Cermaq holding in takeover battle

Thu, 20 Jun 2013 03:09:05 EDT

Norway's government unveiled proposals on Thursday to buy another 11.6 percent of fish farmer Cermaq, offering at least some shareholders an alternative to Marine Harvest's hostile bid for the company...

Riverstone raises $7.7 billion for energy fund

Wed, 19 Jun 2013 11:35:26 EDT

Riverstone Holdings LLC has secured $7.7 billion from investors for its latest fund, the first the energy-focused private equity firm has raised since ending...

U.S. fines ABN AMRO unit $1 million for violations

Wed, 19 Jun 2013 11:35:14 EDT

The top U.S. derivatives regulator fined ABN AMRO Clearing Chicago LLC $1 million for a raft of breaches in the handling of customer accounts over a period of three years...

Men's Wearhouse ousts founder Zimmer as executive chairman

Wed, 19 Jun 2013 10:23:05 EDT

Apparel retailer Men's Wearhouse ousted Executive Chairman George Zimmer, who founded the company 40 years ago, sending its shares down as much as 6 percent...

Sony spin-off plan off the agenda but on the radar at shareholder meeting

Wed, 19 Jun 2013 08:33:57 EDT

Sony Corp's top investor Daniel Loeb will miss its shareholder meeting on Thursday and those attending will not be considering his proposal to partially...

BC Partners to buy Springer Science for 3.3 bln euros

Wed, 19 Jun 2013 07:31:52 EDT

Buyout firm BC Partners has agreed to take over German publisher Springer Science+Business Media for about 3.3 billion euros ($4.4 billion) in the largest private-equity acquisition in Germany in seven years...

Australian tycoon Tinkler sells out of Whitehaven Coal

Wed, 19 Jun 2013 05:00:58 EDT

Australia's Nathan Tinkler has handed his stake in Whitehaven Coal Ltd to lenders to pay off most of a $634 million debt, in a deal that may eventually...

Sweden raises $3 bln in Nordea stake sale

Wed, 19 Jun 2013 04:15:47 EDT

Sweden has sold nearly half its remaining stake in Nordea, the region's biggest bank, raising $3.0 billion which will be used to pay down debt as the centre-right government heads into an election next year...

Reuters Summit: IPO? No thanks, say Silicon Valley CEOs

Tue, 18 Jun 2013 20:47:12 EDT

The Silicon Valley IPO has lost its cachet, and big investors need to pay attention. That's the view of two prominent startup chief executives awash in offers...

Brazil's Votorantim Cimentos scraps IPO as market conditions sour

Tue, 18 Jun 2013 16:31:51 EDT

Votorantim Cimentos SA, Brazil's largest cement producer, and shareholders canceled a $4.8 billion initial public offering, a source with direct knowledge...

Restructuring watch: UK's Co-op Group outlines debt-for-equity rescue plan of retail bank unit

Tue, 18 Jun 2013 16:00:00 EDT

Britain’s Co-operative Group has found a way to plug a £1.5 billion capital hole in its retail bank, the Co-operative Bank…

Breakingviews: Google shareholders get modest future-proofing

Tue, 18 Jun 2013 15:32:02 EDT

Google shareholders are getting some modest future-proofing. A novel deal protects owners of the company's non-voting stock against a discount...

Offering watch: Rio Tinto subsidiary completes fully guaranteed $3 billion debt offering

Tue, 18 Jun 2013 12:30:00 EDT

London-based Rio Tinto Plc has filed for a $3 billion debt offering, selling debt through a wholly owned subsidiary but fully guaranteeing…

IPO watch: Antero Resources initiates $1 billion IPO, plans corporate reorganization

Tue, 18 Jun 2013 12:00:00 EDT

Antero Resources Corp’s upcoming $1 billion IPO marks the second attempt by a private equity firm to exit its investment in an oil and gas company in...

RHJI shareholders vote to go ahead with BHF Bank bid

Tue, 18 Jun 2013 11:58:26 EDT

RHJ International, the Brussels-based owner of London brokerage Kleinwort Benson, remained on course to buy German bank BHF-Bank on Tuesday after shareholders...

China's Mengniu adds another deal with offer for Carlyle's Yashili

Tue, 18 Jun 2013 06:45:19 EDT

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...

Deutsche Boerse CEO on lookout for takeover deals

Tue, 18 Jun 2013 05:41:28 EDT

Deutsche Boerse Chief Executive Reto Francioni signalled on Tuesday that the exchange operator was still on the lookout for merger and acquisition deals...

Russia's Tinkoff selects banks for share listing

Tue, 18 Jun 2013 04:02:50 EDT

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...

Russian coalmaker Sibanthracite says plans London IPO

Tue, 18 Jun 2013 01:53:18 EDT

A New York court designated a pension fund as the lead plaintiff in a lawsuit filed by shareholders of Elan Corp against SAC Capital, a court filing showed...

Sprint sues Dish, Clearwire as key deadline looms

Mon, 17 Jun 2013 21:22:44 EDT

Sprint Nextel Corp on Monday said it has sued Dish Network Corp to block its tender offer for Clearwire Corp, on the eve of a key deadline in a takeover battle that also includes Japanese mobile carrier SoftBank Corp...

EU to approve ICE's $8.2 bln NYSE buy without conditions

Mon, 17 Jun 2013 09:33:54 EDT

IntercontinentalExchange is set to win unconditional EU approval for its $8.2 billion bid for NYSE Euronext after antitrust regulators found no competition concerns...

Bain enters Nordic fish fight with $1.1 bln bid

Mon, 17 Jun 2013 08:47:21 EDT

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...

Breakingviews: Cinven goes weak at the knees for Rockwood unit

Mon, 17 Jun 2013 08:12:23 EDT

Ceramics has made Cinven go weak at the knees. The buyout firm will pay Rockwood Holdings, a U.S. chemicals group, $2 billion for its CeramTec business...

Royalty hostile bid for Elan in doubt after vote

Mon, 17 Jun 2013 06:50:48 EDT

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 challenge...

Banks line up 1 bln euros of debt for Ceramtec buyout

Mon, 17 Jun 2013 06:47:01 EDT

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 ceramics firm...

Brookfield to sell assets to Weyerhaeuser, KapStone for $3.68 bln

Sun, 16 Jun 2013 17:41:49 EDT

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...

Rockwood agrees 1.49 bln euro CeramTec sale to Cinven

Sun, 16 Jun 2013 09:19:27 EDT

Cinven Ltd has agreed to buy CeramTec for 1.49 billion euros ($1.99 billion), beating rival private equity firm BC Partners Ltd in bidding for the Germany-based industrial ceramics unit...

Santander Mexico to buy ING mortgage business

Fri, 14 Jun 2013 17:05:02 EDT

The Mexican unit of Spanish bank Santander <SAN.MC> said on Friday it will buy Dutch bank ING's mortgage business in Mexico to become the country's second-biggest provider of home loans.

Kion sets share price range for June 28 IPO

Fri, 14 Jun 2013 15:48:42 EDT

Kion Group, the world's second-biggest forklift truck maker, unveiled a price range of 24 euros to 30 euros per share for its June 28 stock market debut, seeking to take advantage of buoyant market conditions.

JPMorgan must face lawsuit challenging mortgage fees

Fri, 14 Jun 2013 15:45:17 EDT

JPMorgan Chase & Co must face a lawsuit accusing the largest U.S. bank of illegally imposing marked-up or unnecessary fees on delinquent mortgage borrowers, a federal judge ruled.

JPMorgan's private equity unit to become independent

Fri, 14 Jun 2013 12:38:21 EDT

JPMorgan Chase & Co said on Friday its private equity unit will become independent, the latest move by a financial institution to shed risky businesses amid financial reform...

IPO watch: GDC Technology joins other China-based companies listing in June

Fri, 14 Jun 2013 12:30:00 EDT

China-based GDC Technology Ltd filed an amended registration statement pricing its initial public offering on June 12. GDC’s IPO marks the third...

Polkomtel refinances $2.5 bln worth of debt

Fri, 14 Jun 2013 10:01:49 EDT

Poland's second-biggest mobile phone operator, Polkomtel, has refinanced 7.95 billion zlotys ($2.5 billion) worth of loans, helping it cut borrowing costs by over 100 million...

Private equity tests market with CDW IPO

Fri, 14 Jun 2013 08:37:31 EDT

Technology products retailer CDW Corp, which was taken private by Madison Dearborn Partners LLC and Providence Equity Partners for $7.3 billion in 2007...

Breakingviews: For Kion, the heavy lifting will begin after IPO

Fri, 14 Jun 2013 05:06:22 EDT

They are hardly the most glamorous vehicles, but forklift trucks are pivotal to contemporary economic life. Global trade, featuring fragmented supply chains...

Malaysia's Ranhill Energy to launch $319 mln IPO on June 28

Thu, 13 Jun 2013 23:55:15 EDT

Malaysian energy and water company Ranhill Energy and Resources Bhd is expected to launch its initial public offering (IPO) on June 28 that will target raising 1.0 billion ringgit...

U.S. SEC settles pricing case against Morgan Keegan fund directors

Thu, 13 Jun 2013 20:16:07 EDT

The U.S. Securities and Exchange Commission has settled civil charges accusing eight former directors of Morgan Keegan bond mutual funds of failing to police the portfolio managers they oversaw, allowing toxic mortgage assets to be overvalued prior to the financial crisis.

Warburg-controlled Antero Resources files for $1 bln IPO

Thu, 13 Jun 2013 15:27:15 EDT

Antero Resources Corp, an oil and natural gas company controlled by Warburg Pincus LLC, filed with U.S. regulators on Thursday to raise up to $1 billion in an initial public offering...

JPMorgan makes another change in chief risk office

Thu, 13 Jun 2013 14:30:08 EDT

John Hogan, who was named chief risk officer at JPMorgan Chase & Co last year just as its London Whale trades began racking up billions of dollars of losses, may leave the company...

U.S. SEC says Revlon misled shareholders in a Perelman deal

Thu, 13 Jun 2013 13:25:40 EDT

The U.S. Securities and Exchange Commission charged Revlon Inc with misleading shareholders about a transaction with its controlling shareholder...

More than $100 bln trapped in "zombie funds"

Thu, 13 Jun 2013 12:47:16 EDT

Private equity firms are sitting on $116 billion of assets trapped in so-called zombie funds that lie dormant but still rake in fees from investors, research showed on Thursday...

Rhoen shareholder to contest takeover hurdle vote

Thu, 13 Jun 2013 11:31:43 EDT

A Rhoen-Klinikum investor who opposed a takeover of the German hospitals chain will contest a shareholder vote to remove a barrier to any future deals, Rhoen said...

IPO watch: in-flight wireless provider Gogo prices offering, proceeds to fund expansion

Thu, 13 Jun 2013 11:00:00 EDT

In-flight wireless provider Gogo Inc filed an amended registration statement pricing its $215 million initial public offering...

ESMA paves the way for Libor and other benchmark regulations

Thu, 13 Jun 2013 09:00:00 EDT

Europe is cracking down on benchmarks as the region seeks to get a grip on these esoteric financial metrics in the wake…

Upbeat mood for Hong Kong IPOs crumbles on market weakness

Thu, 13 Jun 2013 05:20:28 EDT

Signs of vigour in Hong Kong's IPO market appear to have been short-lived after Hopewell Hong Kong Properties Ltd became the second firm...

IPO watch: Apollo Global makes fourth PE exit with Athlon Energy offering

Wed, 12 Jun 2013 15:30:00 EDT

For the fourth time in the past month, an Apollo Global Management-backed company is going public. Athlon Energy Inc recently filed with the SEC for…

U.S. swaps regulator faces leadership shake-up

Wed, 12 Jun 2013 14:36:13 EDT

The top U.S. derivatives regulatory agency is facing a leadership shake-up just as it deals with some of the thorniest issues in its overhaul of rules for Wall Street...

WPP shareholders acquiesce in Sorrell pay row

Wed, 12 Jun 2013 14:11:16 EDT

The majority of investors in the world's biggest advertising agency, WPP, on Wednesday backed a 17.6 million pound ($27.6 million) pay package for Chief Executive Martin Sorrell...

India's Apollo Tyres to buy Cooper Tire for $2.5 bln

Wed, 12 Jun 2013 12:45:14 EDT

India's Apollo Tyres Ltd agreed to buy U.S.-based Cooper Tire & Rubber Co for about $2.5 billion in a deal that would make it the world's seventh-largest tire maker...

Dealtalk: Signs of M&A revival in Middle East as activity picks up

Wed, 12 Jun 2013 10:00:00 EDT

After several sluggish years, mergers and acquisitions activity within the Middle East is showing signs of revival, giving hope to global banks which scaled back their...

Japan's Orix to buy stake in Bahrain's Medgulf for $200 million

Wed, 12 Jun 2013 05:27:48 EDT

Japan's Orix Corp said on Wednesday it has agreed to buy a 25.7 percent stake in Bahrain-based insurer Mediterranean and Gulf Insurance and Reinsurance Company B.S.C...

Breakingviews: Bidders' drip-drip approach sunk Severn Trent deal

Wed, 12 Jun 2013 05:17:39 EDT

A drip-drip technique sank the 5.3 billion pound ($8.3 billion) takeover of Severn Trent. The bidding consortium, LongRiver, says the target was too cold about a deal...

Glencore boosts board with former Morgan Stanley boss

Wed, 12 Jun 2013 02:59:22 EDT

Glencore Xstrata has appointed former Morgan Stanley boss John Mack as an independent director, bringing in a Wall Street heavyweight as it rebuilds the board of the recently merged company...

RHJI's main shareholder says against breaking up company

Tue, 11 Jun 2013 15:02:42 EDT

Franklin Equity Group, the biggest shareholder in RHJ International, said on Tuesday it will not support a proposal to break up the owner of private bank...

CBOE to settle U.S. SEC charges of regulatory failure

Tue, 11 Jun 2013 14:35:42 EDT

The Chicago Board Options Exchange will pay a $6 million penalty and take "major remedial measures" to settle civil charges that it failed to properly enforce...

IPO watch: IRS scrutiny may slow REIT listings

Tue, 11 Jun 2013 12:00:00 EDT

With the real estate market in the process of recovering from the home mortgage collapse in the early 2000s, REITs have become an attractive opportunity for…

Positive Virtus float breathes life into Australian IPO market

Tue, 11 Jun 2013 04:27:13 EDT

Australia's Virtus Health Ltd became the first in-vitro fertilisation company in the world to list, hitting the boards at a 7 percent premium to its offer price...

Former Bristol-Myers executive admits to insider trading

Mon, 10 Jun 2013 17:29:24 EDT

A former Bristol-Myers Squibb Co finance executive on Monday pleaded guilty to an insider trading charge, admitting to buying stock options in a...

Elan says gets rival approaches, holds out for $15.50/shr cash

Mon, 10 Jun 2013 15:36:59 EDT

Ireland's Elan has attracted the interest of a number of mid-sized drug companies and a cash offer of $15.50 per share could be enough to secure its support for a bid...

Ex-SEC investigator settles whistleblower retaliation lawsuit

Mon, 10 Jun 2013 11:39:57 EDT

A former internal investigator at the U.S. Securities and Exchange Commission who claimed he was fired for trying to blow the whistle on possible misconduct...

EU states face showdown over markets overhaul

Mon, 10 Jun 2013 09:11:23 EDT

EU officials are pressing Britain, Germany and France to agree a compromise over trading rules intended to plug gaps exposed by the credit crunch...

Citigroup to exit UAE interbank rate setting panel

Mon, 10 Jun 2013 05:43:13 EDT

U.S. lender Citigroup will leave the interbank interest rate setting panel in the United Arab Emirates on June 25, reducing the size of the panel to 11 banks from 12...

AirAsia X launches up to $370 mln IPO amid fleet expansion

Mon, 10 Jun 2013 04:45:39 EDT

Malaysian long-haul budget carrier AirAsia X launched an up to $370 million initial public offering on Monday, seeking funds for its fleet expansion as it targets...

Manman founder raises $33 million for latest software company

Mon, 10 Jun 2013 03:01:00 EDT

The executive behind Manman, one of the biggest software products of the 1970s and 1980s, has raised another $33 million for her newest company, Kenandy...

Smithfield deal may face state hurdles as Midwest laws eyed

Sun, 9 Jun 2013 13:51:38 EDT

Decades-old laws barring foreign ownership of farmland in Iowa, Missouri and at least three other Midwest states may complicate Shuanghui International's $4.7 billion...

Despite the politics, Chinese investment in U.S. grows

Sun, 9 Jun 2013 08:00:00 EDT

The biggest-ever Chinese acquisition of a U.S. company faces hurdles in Washington from lawmakers and regulators, but in much of America, Chinese investment is quietly booming...

SEC charges Whittier Trust, fund manager with insider trading

Fri, 7 Jun 2013 16:26:33 EDT

Whittier Trust Co, a southern California asset management firm, and its former fund manager Victor Dosti have agreed to pay $1.68 million to settle civil regulatory charges...

IPO watch: Peru’s Grana y Montero details plans for $460 million U.S. offering

Fri, 7 Jun 2013 15:00:00 EDT

Continuing a trend of Latin American companies launching U.S. IPOs, Peru-based Grana y Montero filed a Form F-1 with the SEC for...

TiVo's $490 mln patent settlement not enough for shareholders

Fri, 7 Jun 2013 11:05:33 EDT

Video recorder pioneer TiVo Inc said it would get $490 million as settlement for a patent lawsuit against Google Inc's Motorola Mobility and others...

Equiniti pays up as FCA blocks bond

Fri, 7 Jun 2013 09:49:41 EDT

Business services company Equiniti will end up paying around GBP7.75m in extra interest costs over the life of a bond it was forced to relaunch this week after...

Partnership Assurance joins London listings revival

Fri, 7 Jun 2013 08:15:43 EDT

Private equity-backed life insurer Partnership Assurance Group was valued at over 1.8 billion pounds ($2.8 billion)in its London market debut on Friday, after the shares opened trading at a 17 percent premium to the listing price...

Offering watch: Agrium seeds a $1 billion debt offering

Fri, 7 Jun 2013 07:30:00 EDT

Calgary’s Agrium Inc has agreed to issue and sell US$1 billion of unsecured debentures. The joint book-running managers for the offering…

NRG Yield files for up to $400 mln IPO

Fri, 7 Jun 2013 07:03:59 EDT

NRG Yield, a unit of power generator NRG Energy Inc, filed with U.S. regulators to raise up to $400 million in an initial public offering of class A shares...

Canadian mutual funds offer a variety of approaches to socially responsible investing

Fri, 7 Jun 2013 07:00:00 EDT

The concept of socially responsible investing (SRI) seems tailor-made for our times. Sitting at the intersection of corporate governance…

CaixaBank sells Inbursa stake to Mexico's Slim

Fri, 7 Jun 2013 03:51:08 EDT

Spain's CaixaBank has sold a 3.7 percent stake in Carlos Slim's Grupo Financiero Inbursa for 387 million euros ($511 million) to the Mexican billionaire's family, part of a move to shed assets and shore up capital...

Ameritrade's Tomczyk sees dividend payouts, no acquisitions

Thu, 6 Jun 2013 15:15:14 EDT

TD Ameritrade Holding sees little opportunity to buy other companies with its ample cash but will likely return some of it to shareholders in the form...

Qatar steps in with $7.1 bln support for property firm

Thu, 6 Jun 2013 13:10:21 EDT

Qatar stepped in with $7.1 billion of financial support for its ailing property firm Barwa Real Estate on Thursday, buying some key assets to help the company reduce its debt pile...

Canada's Public Mobile bought by venture, private equity firms

Thu, 6 Jun 2013 10:07:09 EDT

Canadian telecommunications startup Public Mobile said on Thursday that it was acquired by venture capital firm Thomvest Seed Capital and private equity firm...

Mexico's Volaris files for IPO of up to $100 mln

Thu, 6 Jun 2013 08:53:57 EDT

Volaris Aviation Holding Co, operator of low-cost Mexican airline Volaris, filed with U.S. regulators to raise up to $100 million in an initial public offering of American Depository Shares...

Breakingviews: Springer Science IPO: subscription needs research

Thu, 6 Jun 2013 05:02:29 EDT

People who want to keep up with "Siberian Advances in Mathematics" and the "American Journal of Potato Research" must pay up for the privilege. Costly journal subscriptions...

Breakingviews: Kleinwort Benson owner should shake up board

Thu, 6 Jun 2013 05:00:05 EDT

Shareholders should vote for change at Kleinwort Benson owner RHJ International. A group of hedge funds have launched a credible attack on the company. RHJ hasn't delivered...

CVC launches IPO of Belgian postal firm bpost at 12.5-15 eur/shr

Thu, 6 Jun 2013 02:34:03 EDT

Private equity group CVC Capital Partners will sell at least 23.5 percent of its stake in Belgian postal operator bpost at between 12.5 and 15 euros per share, it said in a newspaper advertisement published on Thursday...

Pages Jaunes shareholders reject Wyser-Pratte board seat

Wed, 5 Jun 2013 15:53:44 EDT

Shareholders in French directories company Pages Jaunes on Wednesday resoundingly rejected activist investor Guy Wyser-Pratte's attempt...

U.S. Treasury to sell more GM shares as it winds down stake

Wed, 5 Jun 2013 13:33:00 EDT

The U.S. Treasury Department on Wednesday announced plans to sell 30 million shares of General Motors Co common stock as part of its ongoing effort...

Breakingviews: Dell's board neatly paints investors into corner

Wed, 5 Jun 2013 12:38:23 EDT

Dell's board special committee has neatly painted investors into a corner. In a new presentation, the group evaluating offers for the company has shown...

ProShares files to launch ETFs backed by credit default swaps

Wed, 5 Jun 2013 11:47:11 EDT

ProShares has filed with the U.S. Securities and Exchange Commission to launch a number of exchange-traded funds backed by credit default swaps...

Dell committee says Icahn proposal is short of funding

Wed, 5 Jun 2013 11:42:48 EDT

A Dell Inc special committee challenged Carl Icahn on Wednesday, saying the activist investor is almost $4 billion short of the cash needed to fund his...

U.S. SEC unveils middle-of-the-road money market fund rules

Wed, 5 Jun 2013 10:57:11 EDT

A slice of the $2.6 trillion money market fund industry would be required to fundamentally change how they price their shares in an effort to reduce the risk of abrupt...

Penn West names new CEO, sets dividend cut and layoffs

Wed, 5 Jun 2013 10:00:41 EDT

Canada's Penn West Petroleum Ltd named a former Marathon Oil Corp executive as CEO and said it would slash its dividend, cut 10 percent of...

Apollo-backed Athlon Energy files for IPO of up to $345 mln

Wed, 5 Jun 2013 07:34:28 EDT

Athlon Energy Inc, backed by Apollo Global Management LLC, filed with U.S. regulators to raise up to $345 million in an initial public offering of its common stock...

OCI to sell stake in Texas methanol plant through IPO

Wed, 5 Jun 2013 04:20:53 EDT

Construction and fertiliser group OCI N.V. plans to sell a minority stake in a methanol and ammonia plant in the United States in an initial public offering (IPO) in the second half of 2013, it said on Wednesday...

Moneysupermarket.Com founder to sell 15 pct of group

Wed, 5 Jun 2013 03:09:53 EDT

Simon Nixon, the founder of price comparison site Moneysupermarket.Com, is selling a near 15 percent stake in the group, after moving to a non-executive role in April...

Springer Science to raise nearly $1 billion in IPO

Wed, 5 Jun 2013 03:05:36 EDT

German academic publisher Springer Science+Business Media [SPSBM.UL] aims to raise about 760 million euros ($993 million) in a share offering, the second German company this week to announce flotation plans...

Indonesian billionaire buying Telkom's pay-TV unit-sources

Wed, 5 Jun 2013 02:10:34 EDT

Indonesian billionaire Chairul Tanjung has agreed to buy an 80 percent stake in the country's second-biggest pay-TV operator, Telkomvision, heating up competition in the emerging pay television market currently controlled by another tycoon, Harry Tanoesoedibjo...

Breakingviews: Asian tycoons give LBOs an eastern twist

Tue, 4 Jun 2013 21:21:37 EDT

Asia's tycoons are taking a page from the leveraged buyout manual. Shuanghui's$4.7 billion takeover of U.S. pork producer Smithfield, like recent deals in...

IPO watch: Votorantim Cimentos updates price range in largest U.S. IPO in 2013

Tue, 4 Jun 2013 08:30:00 EDT

Votorantim Cimentos SA filed an amended Form F-1 with the SEC on May 31, updating the pricing terms for its $4.9 billion initial public offering…

Generali sells U.S. unit to Scor in $920 mln deal

Tue, 4 Jun 2013 03:09:56 EDT

Italy's biggest insurer Generali said on Tuesday that it had agreed to sell its U.S. life reinsurance business to France's Scor for total proceeds of $920 million as part of its strategy to shed non-core assets...

UBS unit to pay $5.3 mln to settle SEC charge

Tue, 4 Jun 2013 01:39:58 EDT

A UBS AG hedge fund agreed to pay a fine of $5.3 million to settle a charge that one of its units bought stocks in public offerings that an...

Ahold quadruples share buyback to 2 bln euros

Tue, 4 Jun 2013 01:32:52 EDT

Dutch grocer Ahold quadrupled the size of its planned share buyback to 2 billion euros ($2.61 billion) on Tuesday as it rewarded shareholders with most of the gains from the sale of a stake in Nordic group ICA...

IPO watch: Colombia’s largest bank launches U.S. offering, furthers trend among Latin American companies

Mon, 3 Jun 2013 16:00:00 EDT

Colombia-based Grupo Aval Acciones y Valores SA filed a registration statement on Form F-1 with the SEC in connection with its $100 million…

Heinz buyout by Buffett, Brazil's 3G clears regulatory hurdles

Mon, 3 Jun 2013 09:35:23 EDT

NEW YORK, June 3 (Reuters) - Ketchup maker Heinz Co <HNZ.N> said on Monday it has received all regulatory approvals needed to sell itself to Warren Buffett's Berkshire Hathaway Inc <BRKa.N> and Brazilian financier Jorge Paulo Lemann's private equity firm 3G Capital.

Dell urges shareholders to approve CEO's buyout offer

Fri, 31 May 2013 14:20:11 EDT

Dell Inc called on shareholders on Friday to approve a $24.4 billion buyout offer by founder and CEO Michael Dell and private equity firm Silver Lake, saying the bid...

Dealtalk: China Inc's Smithfield bid expected to pass Washington test

Fri, 31 May 2013 13:11:29 EDT

Washington may still be digesting news of China Inc's latest bold move into America with the nearly $5 billion takeover of Smithfield Foods Inc...

Financier Hands' lawsuit vs Citigroup over EMI revived

Fri, 31 May 2013 13:08:24 EDT

A U.S. appeals court has revived British financier Guy Hands' lawsuit accusing Citigroup Inc of defrauding him into overpaying for music company EMI Group Ltd, a disastrous...

Ontario watchdog cracks down on errant money managers

Fri, 31 May 2013 13:03:12 EDT

The Ontario Securities Commission said its biggest targeted sweep of portfolio managers and exempt market dealers found that many did not abide by rules...

GE Capital to sell U.S. real estate, Canadian fleet portfolios

Fri, 31 May 2013 11:21:08 EDT

American Realty Capital Properties (ARCP) said it would buy an $807 million property portfolio from GE Capital as the U.S. real estate investment trust...

Breakingviews: Smiths medical sale would create a fresh headache

Fri, 31 May 2013 07:32:38 EDT

A disposal of Smiths Group's medical unit would solve one problem with another. The British industrial conglomerate is in early talks to hive off its second-biggest business, which...

Offering watch: Pfizer prices first debt offering since 2009 at $3.5 billion

Fri, 31 May 2013 07:30:00 EDT

In its first debt offering since 2009, Pfizer Inc filed a final prospectus supplement with the SEC pricing its $3.5 billion debt offering on May 29…

Banks said to lend China's Shuanghui $7 bln for Smithfield deal

Fri, 31 May 2013 07:24:36 EDT

Bank of China and Morgan Stanley have combined to provide $7 billion of loans to finance Shuanghui International's record deal to buy U.S. pork producer Smithfield Foods...

Lloyds sells $5 bln U.S. mortgage portfolio

Fri, 31 May 2013 03:30:38 EDT

Lloyds Banking Group has sold a portfolio of U.S. residential mortgage-backed securities for 3.3 billion pounds ($5 billion), boosting the British lender's capital and sharpening it focus on domestic lending...

Santander sells 50 pct stake in asset management arm

Thu, 30 May 2013 18:12:05 EDT

Spain's biggest bank, Santander, has reached a deal with U.S. private equity firms Warburg Pincus and General Atlantic LLC to sell them a 50 percent stake in its asset management arm...

Offering watch: Detour Gold funds run to commercial production

Thu, 30 May 2013 16:00:00 EDT

Toronto’s Detour Gold Corp has filed a preliminary short-form prospectus in connection with a $153 million bought deal offering…

Italy's RCS shareholders approve cash call to keep publisher in business

Thu, 30 May 2013 15:35:20 EDT

Shareholders of Italy's RCS MediaGroup on Thursday voted in favour of a rights issue of up to 600 million euros needed to keep the money-losing publisher in business...

Crest urges Clearwire ditch Sprint deal after Dish bid

Thu, 30 May 2013 14:30:33 EDT

Clearwire Corp is expected to postpone its shareholder vote on Sprint Nextel Corp's offer to buy the company after Dish Network Corp made a higher counterbid...

Offering watch: Northrop Grumman prices $2.85 billion notes offering

Thu, 30 May 2013 14:00:00 EDT

Northrop Grumman Corporation filed a prospectus supplement with the SEC in connection with its $2.85 billion notes offering on May 28…

EMC raises stock buyback plan to $6 bln, starts dividend

Thu, 30 May 2013 11:03:38 EDT

EMC Corp increased its share buyback program to $6 billion from $1 billion and said it would start paying out a quarterly cash dividend...

Colombian banking group Grupo Aval files for $100 mln U.S. IPO

Thu, 30 May 2013 08:26:33 EDT

Colombian banking group Grupo Aval Acciones Y Valores SA filed with the U.S. regulators to raise up to $100 million in an initial public offering of its American Depository Shares...

Shuanghui's Smithfield deal pushes M.Stanley to top of Asia M&A tables

Thu, 30 May 2013 05:36:09 EDT

Shuanghui International Holdings Ltd's $4.7 billion agreed offer for Smithfield Foods Inc has injected life back into Asian M&A, and helped Morgan Stanley to...

Dish tops rival Sprint's bid for Clearwire

Wed, 29 May 2013 23:48:17 EDT

Dish Network Corp raised its buyout offer for Clearwire Corp to $4.40 per share, valuing the wireless service provider at $6.5 billion and topping a rival bid...

Nasdaq to pay $10 mln to settle SEC charges from Facebook snafu

Wed, 29 May 2013 15:11:47 EDT

Nasdaq OMX on Wednesday agreed to pay $10 million, the largest penalty ever levied against a stock exchange, to settle civil charges stemming from...

IPO watch: JetBlue founder takes Brazilian airline public

Wed, 29 May 2013 12:00:00 EDT

On May 28, Brazil-based Azul SA filed a registration statement in connection with its initial public offering…

Empire State Building investors approve IPO plan

Wed, 29 May 2013 11:06:35 EDT

A plan to include the Empire State Building in a publicly traded company has cleared a critical investor hurdle that will allow the IPO to move forward...

Offering watch: Dundee International builds a bankroll for further acquisitions

Wed, 29 May 2013 10:00:00 EDT

Dundee International REIT has filed a preliminary short-form prospectus in connection with a $125 million bought deal offering of units...

TPG-backed Russian grocer Lenta eyes London listing

Wed, 29 May 2013 05:49:56 EDT

Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG and Russia's VTB Capital, is talking to banks about a possible London listing...

Suntory core unit approved for listing, plans $4.4 bln IPO

Wed, 29 May 2013 05:33:16 EDT

Suntory Holdings Ltd received approval to list its core food and non-alcoholic beverage unit in Tokyo, paving the way for Asia's largest initial public offering this year worth $4.4 billion...

Warburg Pincus-led group places $200 mln bet on Vietnam retail growth

Wed, 29 May 2013 02:09:12 EDT

A consortium led by U.S. buyouts fund Warburg Pincus said on Wednesday it has agreed to buy around 20 percent of the retail unit of Vietnam's Vingroup Joint Stock Co for...

IPO watch: Aratana Therapeutics marks second animal pharma offering

Tue, 28 May 2013 16:00:00 EDT

Aratana Therapeutics Inc filed an amended registration statement pricing its $63 million initial public offering on May 23…

Ray Lane leaves Fisker board as bidders circle automaker

Tue, 28 May 2013 14:23:45 EDT

Venture capitalist Ray Lane resigned from "green" car startup Fisker Automotive's board of directors late last week, Kleiner Perkins Caufield & Byers confirmed on Tuesday...

American Realty Capital to buy CapLease for $2.2 bln

Tue, 28 May 2013 12:59:08 EDT

American Realty Capital Properties Inc will buy CapLease Inc for about $2.2 billion, including debt, saying the deal would make it the third largest U.S. real estate...

Breakingviews: Valeant shows how some M&A favors the brave

Tue, 28 May 2013 10:50:48 EDT

Valeant Pharmaceuticals shows how some M&A favors the brave. Buying $8.7 billion Bausch & Lomb is the biggest deal yet for the acquisitive company...

FNF to buy Lender Processing Services for $2.9 billion

Tue, 28 May 2013 09:50:15 EDT

Title insurer Fidelity National Financial Inc said it will buy Lender Processing Services Inc for about $2.9 billion in cash and stock to grow its mortgage servicing business...

IPO watch: Noodles & Co uses JOBS Act status for $75 million offering

Fri, 24 May 2013 12:30:00 EDT

Noodles & Co filed a Form S-1 with the SEC in connection with its initial public offering on May 23, 2013…

Private equity 2013: PE sellers pursue portable bonds in lieu of M&A transactions

Fri, 24 May 2013 07:30:00 EDT

Little-known provisions in debt offerings are gaining in popularity as private equity companies look to better mix their debt and M&A prospects…

3i grows infrastructure arm with Barclays fund purchase

Fri, 24 May 2013 07:13:32 EDT

3i Group PLC is to buy the European infrastructure fund management business of British bank Barclays as part of a drive to boost its fee income...

Canadian regulators propose a derivatives registration regime

Fri, 24 May 2013 07:00:00 EDT

The Canadian Securities Administrators (CSA) has set out its recommendations for the registration and regulation of market participants who trade in derivatives…

IPO watch: Apollo Global completes third PE exit with Constellium offering

Thu, 23 May 2013 16:30:00 EDT

Constellium NV filed a final prospectus with the SEC pricing its $333 million initial public offering…

RLPC: Icahn seeks up to $7 bln for Dell bid

Thu, 23 May 2013 15:10:37 EDT

Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to line up commitments for as much as...

Battle-scarred Goldman CEO unveils safeguards to avoid mistakes

Thu, 23 May 2013 12:06:01 EDT

After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs CEO...

Former Chrysler, Fisker CEO launches venture fund with Penske

Thu, 23 May 2013 11:46:33 EDT

Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske...

Apax Partners to take rue21 private in $1.1 bln deal

Thu, 23 May 2013 09:20:47 EDT

Private equity firm Apax Partners will acquire teen-apparel retailer rue21 Inc in a deal valued at about $1.1 billion, adding to a retail portfolio that includes Cole Haan and Takko Fashion...

Sponsors eye more balanced funding mix as IPO outlook brightens

Thu, 23 May 2013 08:14:57 EDT

Private equity firms eyeing exits via equity listings are increasingly turning to leveraged loans and floaters for the greater flexibility and cheaper refinancing options...

EU's Barnier wants big companies to reveal national tax bills

Thu, 23 May 2013 04:26:35 EDT

Large companies should disclose how much tax they pay in each country where they operate, the European Commission's top regulatory official said, in the text of a speech to be delivered on Thursday...

Deutsche Bank to face more shareholder anger at annual meeting

Thu, 23 May 2013 03:59:42 EDT

Deutsche Bank's bosses are likely to get a grilling from shareholders on Thursday about a string of lawsuits and regulatory probes involving Germany's biggest bank...

China Railway Corp sells first debt since restructuring at 4.50 pct

Thu, 23 May 2013 03:02:37 EDT

China Railway Corporation, the new commercial entity created out of the restructured Ministry of Railways, auctioned its first issue of debt on Thursday, selling 20 billion yuan ($3.26 billion) of five-year medium-term notes at a yield of 4.50 percent, traders said...

Langham Hospitality raises $550 mln in HK IPO, prices at middle

Thu, 23 May 2013 02:22:47 EDT

Langham Hospitality Investments, an investment trust controlled by property developer Great Eagle Holdings Ltd, raised about $550 million in an IPO on Thursday, the first of several issuers looking to benefit from a surge in investors' demand for commercial property and high-yield securities...

Sinopec Engineering debut fizzles, casting doubt on Hong Kong IPO recovery

Thu, 23 May 2013 01:03:42 EDT

Sinopec Engineering made a lacklustre market debut on Thursday after raising $1.8 billion in Hong Kong's biggest IPO this year, casting doubt on a nascent recovery in IPO issuance in the city as investors remained cautious because of a weaker local stock market...

Regulatory watch: UK finalises mandatory say on pay laws

Wed, 22 May 2013 16:00:00 EDT

The Enterprise and Regulatory Reform Act 2013 has received royal assent in the UK making “say on pay” provisions mandatory…

SEC charges South Miami with fraud over debt deals

Wed, 22 May 2013 15:22:09 EDT

The city of South Miami, Florida, defrauded investors by not disclosing problems with the tax-exempt status of two bond deals, U.S. securities regulators...

U.S. regulatory watchdog FINRA to oversee Direct Edge's surveillance

Wed, 22 May 2013 15:02:01 EDT

U.S. exchange operator Direct Edge has agreed to allow the Financial Industry Regulatory Authority to oversee surveillance of its two stock exchanges...

State-backed UK banks gain approval for capital plans

Wed, 22 May 2013 13:07:34 EDT

Lloyds Banking Group said on Wednesday that it would be able to meet new capital requirements without having to issue new equity or contingent capital....

Pfizer to spin off Zoetis stake to shareholders

Wed, 22 May 2013 11:56:43 EDT

Pfizer Inc said on Wednesday it will spin off its majority stake in animal health business Zoetis Inc to shareholders by allowing them to swap Pfizer...

Offering watch: Merck uses $6.5 billion debt offering to repurchase stock

Wed, 22 May 2013 10:30:00 EDT

Merck & Co Inc filed a Form 8-K with the SEC on May 20 regarding the closing of its $6.5 billion debt offering…

IPO view: Quiet U.S. biotech sector picks up steam in 2013

Wed, 22 May 2013 09:53:53 EDT

The tide may have started to turn for initial public offerings from U.S. biotechnology companies, as a rising stock market, low interest rates and a lack of market...

NetApp speeds up share buyback, starts dividend

Wed, 22 May 2013 09:22:02 EDT

Data storage equipment maker NetApp Inc, under pressure from activist shareholder Elliott Management, said it would spend about $1 billion in the next four months to buy back shares...

Portugal plunders pension fund to tackle debt cliff

Wed, 22 May 2013 06:49:00 EDT

The Portuguese government plans to tap nearly all of its state-owned pension fund to ease it over the hump of a hefty EUR27.5bn of financing needs over the next two years, according to domestic news reports...

Bulgarian energy firm BEH to meet investors for 250 mln Euro bond

Wed, 22 May 2013 06:14:06 EDT

Bulgaria's BEH, the state largest energy holding company, will meet with potential investors in its 250-million-euro ($321.81 million) bond issue in late July and early August, its chief executive said on Wednesday...

Carlyle plans to raise $2 bln for Japan investments

Wed, 22 May 2013 05:43:34 EDT

U.S. private equity firm Carlyle Group LP is planning to raise 200 billion yen ($2 billion) for a third Japan fund to succeed its seven-year old second fund, with Japan's aggressive monetary easing helping to boost investor interest, people with direct knowledge of the matter said...

Kazakhs delay Kashagan stake decision to July

Wed, 22 May 2013 04:15:35 EDT

Kazakhstan will decide by early July whether to take up an option to buy ConocoPhillips stake in the Kashagan oilfield, which has drawn interest from China and India...

Belgium's Elia interested in stakes in Dutch, French grids

Wed, 22 May 2013 02:59:35 EDT

Belgium's power grid operator Elia would consider buying stakes in Dutch grid firm TenneT and French operator RTE, owned by state-controlled electricity company EDF, a spokeswoman said on Wednesday...

Alinta plans $1 bln term loan B debt raising in US

Wed, 22 May 2013 02:46:16 EDT

Private equity-controlled power firm Alinta Energy is planning a $1 billion-plus debt issue in the U.S. term loan B (TLB)institutional market to refinance maturing debt, banking sources familiar with the deal said, joining a growing number of Australian borrowers...

China Galaxy soars 11 pct in debut after $1.1 bln Hong Kong IPO

Wed, 22 May 2013 01:01:11 EDT

China Galaxy Securities Co Ltd rose as much as 11.3 percent in its trading debut on Wednesday after raising $1.1 billion in a Hong Kong IPO, underscoring a surge in retail investors' demand for new listings in the city...

Merck signs $5 bln share buyback agreement with Goldman Sachs

Tue, 21 May 2013 22:28:48 EDT

Merck & Co Inc said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics...

Ex-strategist can sue UBS as whistleblower -U.S. judge

Tue, 21 May 2013 20:24:54 EDT

UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing...

Offering watch: AutoCanada’s bought deal supports M&A plans

Tue, 21 May 2013 15:30:00 EDT

AutoCanada Inc and its largest shareholder, Canada One Auto Group Ltd, have agreed to a $102.5 million bought deal offering of common shares...

FINRA fines LPL Financial $9 mln for email violations

Tue, 21 May 2013 12:06:10 EDT

LPL Financial LLC must pay a total of $9 million for significant email system failures and making misstatements to the Financial Industry Regulatory Authority, Wall Street's watchdog...

KKR selling remaining stake in Seven West Media

Tue, 21 May 2013 11:54:05 EDT

U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) is selling a remaining stake in Australia's Seven West Media Ltd valued at A$265 million...

Activist investor wants Alere to explore $2.5 bln unit sale -sources

Tue, 21 May 2013 10:37:41 EDT

An activist investor in Alere Inc wants the health diagnostics and services company to explore a sale of its drug testing business, which it believes could fetch...

Serbia sells 10 billion dinars in t-bills at lower yields

Tue, 21 May 2013 07:48:59 EDT

India is set to join the small but growing club of nations whose governments issue inflation-indexed debt. But evidence from the United States suggests that offering these securities in small quantities - as India currently intends to - can become an expensive fiscal hobby...

KKR sells entire stake in Australia's Seven West Media

Tue, 21 May 2013 06:39:56 EDT

Seven West Media Ltd, owner of Australia's top-rated free-to-air television network, said on Tuesday that its major shareholder private equity firm KKR & Co...

Ireland says it is not to blame for low Apple tax rate

Tue, 21 May 2013 04:59:02 EDT

Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing on billions of dollars in profits stashed in Irish subsidiaries...

Gazprom drives hard bargain as sole major bidder for Greek DEPA

Tue, 21 May 2013 04:49:16 EDT

Gazprom is squeezing Athens for better terms to buy DEPA, Greece's sole retail gas distributor, a Greek official said, as the Russian gas export monopoly leverages its strength position as the only major player in the running...

China insurer PICC P&C plans $938 mln rights offer

Tue, 21 May 2013 00:42:50 EDT

Chinese state-controlled insurer PICC Property and Casualty Co Ltd (PICC P&C) is raising 5.76 billion yuan ($938 million) to bolster capital, expecting strong growth and amid signs that profitability of Chinese insurers are coming under pressure...

U.S. asks judge to deny S&P's motion to dismiss fraud lawsuit

Tue, 21 May 2013 00:42:10 EDT

The U.S. Justice Department on Monday asked a federal judge to deny Standard & Poor's motion to dismiss a government lawsuit against the ratings agency, saying its statements on certain financial products were fraudulent and not mere "puffery"...

Sprint receives SoftBank waiver to consider Dish offer

Tue, 21 May 2013 00:06:14 EDT

Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier...

Amazon wins key cloud security clearance from U.S. government

Tue, 21 May 2013 00:01:00 EDT

Amazon.com Inc has been given a security clearance by the U.S. government that will make it easier for federal agencies to use its cloud computing services...