Banks backing Kohlberg Kravis Roberts & Co.’s $26 billion LBO of First Data have reportedly won a concession from the private equity firm. Citing people familiar with the matter, the Wall Street Journal says KKR has agreed to put performance criteria on First Data’s debt, which should help investment banks to sell the debt to investors that are worried about risks associated with the deal.
 
    ** Australia’s competition regulator is taking a long-hard look at Google. It is joining U.S. and European regulators in questioning the proposed $3.1 billion acquisition of DoubleClick, and has accused the internet advertising juggernaut of misleading and deceptive conducts regarding its advertising links. At a Federal Court hearing in Sydney, government lawyers argued that Google allowed sponsored links to appear in the same format as actual search results, but the judge described the ACCC claim as “opaque and repetitious,” the Australian Associated Press reported from the court.
       
** Belgian-Dutch financial services group Fortis denied weekend reports that the consortium bidding for ABN AMRO was facing trouble in going forward with its 71 billion euro- ($97.2 billion-) bid for the Dutch bank. The Financial Mail on Sunday reported that Royal Bank of Scotland, which together with Fortis and Spain’s Santander, is trying to take over ABN, is coming under pressure from shareholders to lower its bid because it is “grossly overinflated.”
    
** Australia’s Primary Health Care will vote against a A$2.9 billion ($2.4 billion) takeover of Symbion Health by rival Healthscope, according to a source close to the situation. Primary is the largest shareholder in Symbion with 20 percent, although its stake alone is not enough to block the deal, which requires 75 percent acceptance. Speculation has been swirling about Primary’s intentions in recent weeks as it built up a 20 percent stake in Symbion.
    
**  Japanese private equity firm Advantage Partners is talking to banks about financing its buyout of Sanyo Electric’s troubled semiconductor unit, but may struggle to find support due to turbulent credit markets and its high bid, sources familiar with the matter said. Advantage Partners offered about 120-130 billion yen ($1.1-$1.15 billion) for Sanyo Semiconductor Co which parent Sanyo Electric has put up for sale as part of its restructuring under the eye of shareholder Goldman Sachs.
    
    ** China’s commercial banks should buy or take stakes in foreign financial institutions to help the nation’s overseas investment drive, central bank governor Zhou Xiaochuan said on Saturday. Flush with cash, Beijing is urging its top firms to invest abroad to secure natural resources, gain international experience and broaden China’s investment base. At the same time, officials are increasingly resisting foreign purchases of top Chinese companies.
    
    ** Ceridian Corp said it has resolved a proxy battle with its largest shareholder, clearing the way for the payroll processing company to be acquired by Thomas H. Lee Partners and Fidelity National Financial for about $5.2 billion. The company said the hedge fund Pershing Square Capital Management, led by activist investor William Ackman, will discontinue its proxy contest.

(Picture: Reuters file)