Paritosh's Feed
Dec 27, 2011

Carlyle launches new financial firms buyout fund

By Greg Roumeliotis and Paritosh Bansal

(Reuters) – The Carlyle Group CYL.UL has started fundraising for a new global financial services buyout fund that is seeking to top its previous $1.1 billion fund, which is now almost fully invested, a person familiar with the matter said on Tuesday.

With about 90 percent of its first financials buyout fund spent, the private equity group is looking for more firepower as Europe’s financial crisis and higher capital requirements for banks offer new investment opportunities, the source said.

Dec 22, 2011

EC antitrust officials not swayed by NYSE-Deutsche Boerse

FRANKFURT/NEW YORK (Reuters) – European Commission antitrust officials on Wednesday showed no sign of being swayed by Deutsche Boerse and NYSE Euronext’s last-ditch arguments to save their $9 billion deal, sources said, making it increasingly likely the exchange operators will have to take their campaign directly to the commissioners.

A meeting with members of the EC antitrust case team was factual and cordial, two people familiar with the meeting said, but executives and regulatory officials appeared to remain at loggerheads over their views about the derivatives market.

Dec 22, 2011

EC antitrust officials not swayed by NYSE-D.Boerse

FRANKFURT/NEW YORK, Dec 21 (Reuters) – European
Commission antitrust officials on Wednesday showed no sign of
being swayed by Deutsche Boerse and NYSE Euronext’s last-ditch
arguments to save their $9 billion deal, sources said, making it
increasingly likely the exchange operators will have to take
their campaign directly to the commissioners.

A meeting with members of the EC antitrust case team was
factual and cordial, two people familiar with the meeting said,
but executives and regulatory officials appeared to remain at
loggerheads over their views about the derivatives market.

Dec 22, 2011

Yahoo to weigh deals for Asian assets: sources

NEW YORK/SAN FRANCISCO (Reuters) – Yahoo Inc is considering a plan to unload most of its prized Asian assets in a complex deal valued at roughly $17 billion, sources familiar with the matter said on Wednesday, winning nods of approval from Wall Street and driving its shares higher.

The offer – the latest among proposals put forth in recent months to resuscitate the once high-flying Internet company – is expected to be considered by Yahoo’s board on Thursday, sources said.

Dec 9, 2011

DealTalk: Defenses down, U.S. firms vulnerable to hostile bids

NEW YORK (Reuters) – Takeover defense measures such as poison pills and staggered boards are at their lowest levels in more than a decade, making U.S. companies more vulnerable at a time when hostile bids are expected to rise.

The number of staggered or classified boards among S&P 500 companies — where only a handful of directors come up for election in any given year — has fallen to 25 percent from nearly 62 percent in 2002, according to FactSet SharkRepellent.

Dec 1, 2011

Olympus whistleblower Woodford quits board

TOKYO/NEW YORK (Reuters) – The whistleblower in the accounting scandal engulfing Japan’s Olympus Corp, ex-CEO Michael Woodford, quit the firm’s board of directors on Thursday and called for an urgent shareholder meeting to sweep aside its disgraced top brass.

Woodford said his exit from the board, about seven weeks after he raised the alarm over accounting tricks at the maker of cameras and medical equipment, would enable a clean-out of directors and pave the way for his own return to the top job.

Dec 1, 2011

Olympus whistleblower Woodford quits board in bid to force overhaul

TOKYO/NEW YORK, Dec 1 (Reuters) – The whistleblower in
the accounting scandal engulfing Japan’s Olympus Corp,
ex-CEO Michael Woodford, quit the firm’s board of directors on
Thursday and called for an urgent shareholder meeting to sweep
aside its disgraced top brass.

Woodford said his exit from the board, about seven weeks
after he raised the alarm over accounting tricks at the maker of
cameras and medical equipment, would enable a clean-out of
directors and pave the way for his own return to the top job.

Nov 30, 2011

Financial strain, trauma for Olympus ex-CEO

NEW YORK (Reuters) – A six-week-long fight with Olympus Corp in one of Japan’s biggest corporate scandals ever is taking its toll on the whistleblower — former CEO Michael Woodford.

Woodford, 51, who said he had been getting only a few hours of sleep a night since the Olympus scandal broke last month, told Reuters the fight proved to be emotionally traumatizing for him and his family, and had significantly strained his finances.

Nov 21, 2011

Alleghany near $3.4 billion Transatlantic deal: source

NEW YORK (Reuters) – Property and casualty insurer Alleghany Corp (Y.N: Quote, Profile, Research, Stock Buzz) is nearing a deal to buy Transatlantic Holdings Inc (TRH.N: Quote, Profile, Research, Stock Buzz) for about $3.4 billion, a source familiar with the matter told Reuters, in the latest twist in a drawn-out battle for the reinsurer.

Alleghany is expected to pay $59 per share to $60 per share in cash and stock for Transatlantic, the source said, adding a deal could be announced as soon as Monday.

Nov 21, 2011

Alleghany near $3.4 bln Transatlantic deal-source

NEW YORK, Nov 21 (Reuters) – U.S. property and
casualty insurer Alleghany Corp is nearing a deal to buy
Transatlantic Holdings Inc for about $3.4 billion, a
source familiar with the matter told Reuters, in the latest
twist in a drawn-out battle for the reinsurer.

Alleghany is expected to pay $59 per share to $60 per share
in cash and stock for Transatlantic, the source said, adding a
deal could be announced as soon as Monday.