Reuters blog archive
General Electric and Capital One have submitted bids for ING's U.S. online banking operations in a deal worth about $9 billion, Bloomberg reports.
The frothy market for Internet IPOs is raising the specter of a bubble, underscoring how little has changed despite lawsuits and investigations in the wake of the 1990s dot-com craze.
Maple Group Acquisition Corp, which has gone hostile with its $3.7 billion offer for Toronto Stock Exchange operator TMX Group , is in talks to add at least three other financial-services companies to its consortium, the Wall Street Journal reports, citing sources.
BP is preparing to sell half of its 50 percent stake in TNK-BP to state-controlled Rosneft, the Wall Street Journal reports. The move represents an attempt to salvage a planned tie-up between BP and Rosneft, announced in January, and could be a negotiating tactic with AAR, the group of billionaires which owns the other half of TNK-BP, the Journal reports.
Nasdaq OMX and IntercontinentalExchange (ICE) dropped their $11.1 billion bid for rival exchange NYSE Euronext after it became clear the deal would not gain approval from U.S. antitrust regulators. The companies first offered to buy the New York Stock Exchange parent on April 1, aiming to curb a proposed friendly merger with Deutsche Boerse that was worth $10.2 billion when first announced in February. Deutsche Boerse responded to the news of the dropped bid by saying it plans to continue to pursue a merger with the Big Board parent.
In other exchange merger news, a consortium of Canadian banks and pension funds launched a $3.7 billion bid for TMX Group in the hopes of keeping Canada’s largest stock exchange from falling under foreign ownership. The bid tops a $3 billion offer for the exchange operator from the London Stock Exchange (LSE). The LSE said it remains committed to its own merger proposal with the TMX despite the higher rival offer, but should its bid fail it could find itself to be a takeover target, analysts said.
General Electric continued on its M&A warpath with a $3.2 billion agreement to acquire France’s Coverteam, a maker of automation systems used in the oil and gas sector, marking the latest in a series of deals in the energy industry. But, after some $11 billion in acquisitions in the energy sector over the past six months, GE plans to slow its pace of dealmaking, a top executive said.
Call it the survival instinct. The flurry of mergers and alliances underway in the global exchanges industry has served as a call to action for the Tokyo Stock Exchange, which may begin merger talks with its main Japanese rival Osaka Securities Exchange as it seeks out ways to survive consolidation sweeping the sector.
Meanwhile, some of Canada’s big banks are protesting the London Stock Exchange’s proposed $3.2 billion takeover of Toronto Stock Exchange parent, TMX Group. Bank executives told a hearing that the deal threatens Toronto’s status as a global financial hub and could harm the prospects of Canadian companies looking to raise funds on public markets.
French drugmaker Sanofi-Aventis agreed to buy Genzyme with a sweetened $20.1 billion cash offer, plus payments tied to the success of the U.S. biotech group's drugs, the companies said. Reuters has a factbox about the two companies, a timeline of Sanofi's quest for Genzyme and a look at Sanofi's patient CEO.
The London Stock Exchange's bid to take over Canada's TMX Group is likely to navigate through a battery of regulatory reviews and emerge intact, even though investors are nervous about its chances.
"Saab story ends" we wrote on these pages last week. Now it has begun again, after Dutch luxury carmaker Spyker raised a last-minute bid over the weekend. It looks as if there are other options, with General Motors saying it will look into several new expressions of interest for its Swedish unit. That's only two days after it said it would start an orderly wind-down.
The London Stock Exchange (LSE.L) is buying 60 percent in Turquoise, its rival launched by a group of investment banks with a lot of fanfare two years ago. The centuries-old bourse will merge Turquoise with Baikal, its dark pool platform.
from Funds Hub:
SO: Gartmore is going ahead with a listing on the LSE after all, ending a "will it- won't it" game that has gone on for quite a bit in the past few weeks. Phew!
The company CEO, Jeffrey Meyer, says the firm does not strictly need to raise cash now to pay off any urgent debt. In fact the debt taken on to finance the management buy-out in 2006 is not due for years and years to come. Gartmore is going to market simply because it feels like it is the right moment to do it.