Paritosh's Feed
Jul 2, 2012

All work, little pay for Icahn in Amylin

NEW YORK (Reuters) – It took Carl Icahn four years, a bitter proxy fight and litigation to make an estimated 22 percent return on Amylin Pharmaceuticals Inc. He could have made about the same amount of money had he just bought a basket of healthcare stocks instead.

The return on Amylin will add to the debate about Icahn’s record as a stock picker and the effect he has on a company he targets. It could also play into the dynamics of his next high-profile battle in the healthcare sector with Forest Laboratories Inc.

Jun 29, 2012

Icahn dangles bounty for nominee in Forest fight

By Paritosh Bansal and Lewis Krauskopf

(Reuters) – Carl Icahn’s lead nominee for Forest Laboratories Inc’s board has an incentive to help the billionaire investor make a profit of more than $340 million, or 37 percent, according to recent regulatory and court filings, as the activist investor steps up his proxy fight against the U.S. drugmaker.

Icahn owns 26.4 million shares, or 9.92 percent of Forest, making him the second-largest investor in the company. Icahn sued Forest in Delaware’s Court of Chancery on Thursday, demanding more information about its succession planning.

Jun 26, 2012

Novartis, 4 others weigh Amylin final bids: sources

NEW YORK (Reuters) – Five pharmaceutical giants including Novartis AG and Sanofi SA remain in the running for Amylin Pharmaceuticals Inc, as the auction of the diabetes drugmaker with a market value of $4.5 billion enters the last leg, according to people familiar with the matter.

Bristol-Myers Squibb Co, AstraZeneca Plc and Merck & Co Inc also remain involved, the people said. Final bids are expected starting the end of this week, they said.

Jun 14, 2012

Exclusive: CD&R among bidders for SocGen’s TCW: sources

NEW YORK (Reuters) – Clayton, Dubilier & Rice and at least two other private equity firms submitted bids for TCW Group in recent weeks as Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) holds an auction to sell its Los Angeles-based asset manager, two sources familiar with the situation said.

The sources said that TCW, which oversees about $128 billion in assets, including the TCW and MetWest fund families, could fetch about $700 million.

May 14, 2012

Ally hopes to end mortgage woes with ResCap bankruptcy

NEW YORK (Reuters) – Ally Financial Inc’s mortgage unit on Monday filed for bankruptcy and the auto lender said it will sell some international operations to help it get on a path to repaying $12 billion in bailout money.

Ally’s mortgage unit, called Residential Capital, or ResCap, filed for bankruptcy protection in federal court in Manhattan under a plan that has the support of some of its creditors, although it was still expected to be a drawn-out and litigious process.

May 13, 2012

Ally Financial’s mortgage unit nears bankruptcy-sources

NEW YORK, May 13 (Reuters) – Ally Financial Inc’s
Residential Capital unit is nearing a bankruptcy filing, sources
familiar with the situation said on Sunday, in a move that could
help the taxpayer-owned auto lender to shed its troubled
mortgage business but also spur drawn-out legal fights.

The board of ResCap is scheduled to meet later on Sunday and
a pre-arranged bankruptcy filing, where Ally has the support of
some creditors to its plan but not all, is expected to follow
soon after, the sources said.

May 11, 2012

Guggenheim, DB talks fall apart over guarantees: source

NEW YORK/FRANKFURT (Reuters) – Guggenheim Partners’ talks to buy a full range of asset management businesses from Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) for 1.4 billion euros ($1.81 billion) have fallen apart after the German lender withdrew an offer to guarantee the unit’s revenue, a source familiar with the situation said.

Deutsche Bank initially declined to comment on the reasons for the breakdown in talks, but later on Friday denied that the guarantee or price were the reasons.

May 11, 2012

Exclusive: TCW execs in talks to buy firm: sources

NEW YORK (Reuters) – Top executives at asset manager Trust Co of the West (TCW) are in early-stage talks with parent Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) to buy the firm from the French bank, according to sources familiar with the situation.

There is no formal sales process, and talks for a management-led buyout is one of many options being discussed, one source said. Societe Generale said last year that an initial public offering was possible in the next two to three years.

May 11, 2012

Guggenheim, DB talks fall apart over guarantees

NEW YORK/FRANKFURT (Reuters) – Guggenheim Partners’ talks to buy a full range of asset management businesses from Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) for 1.4 billion euros ($1.81 billion) have fallen apart after the German lender withdrew an offer to guarantee the unit’s revenue, a source familiar with the situation said.

Deutsche and Guggenheim had been in exclusive talks since February on the sale of a clutch of asset management businesses, which the German lender is selling in light of new regulation, rising costs and growing competition that is expected to weigh on future earnings.

May 10, 2012

Warburg tops $5 bln mark for fund-sources

NEW YORK, May 10 (Reuters) – Warburg Pincus LLC [WP.UL] has
raised more than $5 billion in just over seven months for its
11th global private equity fund, a major step on the way toward
its $12 billion target, people familiar with the matter said on
Thursday.

Warburg Pincus Private Equity XI is the second-largest
buyout fund globally by capital targeted that is currently
tapping investors for money, behind Blackstone Real Estate
Partners VII (BX.N: Quote, Profile, Research), which is targeting $13 billion.