Paritosh's Feed
Jan 25, 2012

Global firms sharpen currency hedging on euro concern

DAVOS, Switzerland, Jan 25 (Reuters) –
International firms are spending more time at the highest levels
discussing how to hedge currency risk, particularly
euro-denominated earnings and transactions, in readiness for a
worst case scenario of a euro zone breakup.

Companies are scrutinising the inbuilt protections in their
hedge contracts and robustness of the settlement process if the
euro were to collapse, bankers and executives said in interviews
leading up to and during the World Economic Forum in Davos.

Jan 18, 2012

BankUnited aborts sale, to stay independent

Jan 18 (Reuters) – BankUnited Inc’s private
equity owners abruptly pulled the lender off the market on
Wednesday after a brief sale process drew offers below
expectations, and will instead focus on expanding in Florida and
New York.

The bank — which has Wilbur Ross’s WL Ross & Co, Blackstone
Group LP and Carlyle Group among its owners —
wanted an offer in the high $30-per-share range, a source
familiar with the situation said. It has a market value of about
$2.5 billion.

Jan 14, 2012

BankUnited hires Goldman, eyes sale: sources

NEW YORK (Reuters) – BankUnited Inc’s (BKU.N: Quote, Profile, Research, Stock Buzz) private equity owners have put the Florida bank up for sale and have hired Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) to run the process, sources familiar with the matter said on Friday.

BankUnited was approached by more than one strategic bidder, prompting the review, and a decision on whether a sale takes place could come in the next two weeks, one of the sources said.

Jan 11, 2012

Deutsche Boerse lobby in Europe to save deal – source

NEW YORK/FRANKFURT (Reuters) – Deutsche Boerse (DB1Gne.DE: Quote, Profile, Research) and NYSE Euronext (NYX.N: Quote, Profile, Research) have launched a lobbying effort in Europe to save their $9 billion (5.8 billion pounds) merger, as European antitrust regulators made it clear they would recommend the deal be blocked, a source familiar with the situation said on Tuesday.

European Commission antitrust chief Joaquin Almunia and the case team plan to make the recommendation to the so-called college of 27 commissioners, who are expected to meet early next month to decide on the fate of the deal, the source said.

Jan 10, 2012

DB lobby in Europe to save deal: source

NEW YORK/FRANKFURT (Reuters) – Deutsche Boerse and NYSE Euronext have launched a lobbying effort in Europe to save their $9 billion merger, as European antitrust regulators made it clear they would recommend the deal be blocked, a source familiar with the situation said on Tuesday.

European Commission antitrust chief Joaquin Almunia and the case team plan to make the recommendation to the so-called college of 27 commissioners, who are expected to meet early next month to decide on the fate of the deal, the source said.

Dec 30, 2011

Ackman wants ex-CN CEO to run Canadian Pacific-source

NEW YORK/TORONTO, Dec 30 (Reuters) – Activist investor
Bill Ackman wants Hunter Harrison, the retired chief executive
of Canadian National Railway (CNR.TO: Quote, Profile, Research), to help engineer a
turnaround at Canadian Pacific Railway (CP.TO: Quote, Profile, Research), a source
familiar with the situation said on Friday.

Ackman, whose hedge fund, Pershing Square Capital, has built
up a 14.2 percent stake in CP, has suggested to the company’s
board that Harrison should replace CEO Fred Green, the source
said.

Dec 28, 2011

Alibaba hires U.S. lobbying firm as it eyes Yahoo

By Paritosh Bansal and David Ingram

(Reuters) – Alibaba Group has hired Washington lobbying firm Duberstein Group Inc, in a sign that the Chinese company would be willing to make a bid for all of Yahoo Inc if talks for buying back Yahoo’s Asian assets do not succeed.

Japan’s Softbank Corp is also listed as an Alibaba affiliate in the lobbying firm’s disclosure.

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.