Quentin's Feed
May 11, 2011

Buyout giants vie for Securitas Direct: sources

LONDON (Reuters) – Major private equity firms, including The Carlyle Group CYL.UL, Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz), and Bain Capital, are vying for Securitas Direct, the $3 billion-plus alarm firm, people familiar with the matter said.

The trio are among at least seven buyout firms submitting indicative bids this week to EQT, the Swedish private equity firm backed by Sweden’s Wallenberg family that took Securitas Direct private three years ago.

May 10, 2011

Microsoft snubs banks for $8.5 billion Skype takeover

NEW YORK (Reuters) – Microsoft snubbed investment banks for its largest deal ever, saving an estimated $25 million to $30 million by not using an adviser on the $8.5 billion takeover of Internet phone service Skype.

Skype’s advisers, Goldman Sachs and JPMorgan, will split about $30 million to $35 million in fees, according to Freeman Consulting. Goldman Sachs declined to comment. JPMorgan was not immediately available to comment.

May 9, 2011

“Wave to pay” chipmaker hires IPO banks – sources

LONDON, May 9 (Reuters) – Inside Secure, the chipmaker
hoping to benefit from a boom in technology that allows shoppers
to buy goods with the wave of a smartphone, has hired two banks
for a Paris flotation, people familiar with the matter said.

The French company, which specialises in so-called
“near-field communications”, has hired BNP Paribas and Jefferies
to prepare for an initial public share offer, the people said.

May 6, 2011

Norway’s Aibel to decide sale or IPO by June

OSLO/LONDON, May 6 (Reuters) – Privately held Norwegian oil
services provider Aibel plans to decide by June whether to sell
the company or pursue an initial public offering (IPO), Chairman
Jo Lunder told Reuters on Friday.

“The Aibel process is on plan and there is strong interest
in the market,” Lunder said.

May 4, 2011

Ivan Glasenberg’s long walk to Glencore billions

LONDON (Reuters) – As head of the world’s largest commodity trader, Ivan Glasenberg knows everything has a price, even his own closely guarded privacy. That figure is a startling $10 billion.

The prospectus for Glencore’s eagerly awaited initial public offering (IPO), published on Wednesday, ends years of secrecy and puts the publicity-shy 54-year-old fully in the limelight, revealing he holds 18.1 percent of the company.

May 4, 2011

Glencore lists fraud, criminal case among IPO risks

LONDON (Reuters) – Commodity trader Glencore, set to list this month in one of London’s largest-ever offerings, has detailed its involvement in a Belgian criminal probe as it outlines risks to investors, including fraud and corruption.

Glencore said in a prospectus on Wednesday, ahead of its planned $11 billion listing, that its subsidiary Glencore Grain Rotterdam, a former employee and a current employee had been charged in a criminal case in Belgium.

May 3, 2011

Abu Dhabi, Och-Ziff, UBS back Glencore IPO-sources

LONDON, May 3 (Reuters) – Abu Dhabi’s Aabar Investments will
be the biggest of at least 10 “cornerstone” investors backing
the $12 billion flotation of Glencore, the Swiss commodity
trader, people familiar with the matter said on Tuesday.

Aabar, majority owned by the emirate’s International
Petroleum Investment Co (IPIC), will be joined by hedge funds
Och-Ziff Capital Management (OZM.N: Quote, Profile, Research, Stock Buzz) and Eton Park, Swiss banks
Credit Suisse, Pictet and UBS, and a quartet of Glencore’s
existing convertible bond investors, the people said.

May 3, 2011

Galp picks banks for $3 bln Brazil deal-sources

LONDON, May 3 (Reuters) – Portuguese oil company Galp
Energia (GALP.LS: Quote, Profile, Research, Stock Buzz) has hired Bank of America Merrill Lynch,
JPMorgan and UBS to help it raise about $3 billion by selling a
stake in its Brazilian unit, people familiar with the matter
said on Tuesday.

Galp plans to raise at least 2 billion euros ($2.95 billion)
to help finance its part in the development of massive oil
fields in Brazil’s so-called subsalt region — site of the
largest oil discovery in the Americas for more than 30 years.

May 3, 2011

EXCLUSIVE: Abu Dhabi and hedge funds to back Glencore IPO

LONDON (Reuters) – An Abu Dhabi vehicle, big hedge fund managers and Swiss private banks are set to serve as “cornerstone” investors backing commodity trader Glencore’s $12 billion (7 billion pound) flotation, a person familiar with the matter said.

The listing, which could be London’s biggest ever, will be aided by strong support from cornerstones, who could buy nearly 30 percent of the shares sold — or some $3.6 billion worth, if the listing raises its maximum target of $12.1 billion.

May 1, 2011

Abu Dhabi, hedge funds to back Glencore IPO: source

LONDON (Reuters) – An Abu Dhabi vehicle, big hedge fund managers and Swiss private banks are set to serve as “cornerstone” investors backing commodity trader Glencore’s $12 billion flotation, a person familiar with the matter said.

The listing, which could be London’s biggest ever, will be aided by strong support from cornerstones, who could buy nearly 30 percent of the shares sold — or some $3.6 billion worth, if the listing raises its maximum target of $12.1 billion.

    • About Quentin

      "Quentin Webb is a Reuters Breakingviews columnist, covering mergers and acquisitions, corporate finance and private equity. He is based in London. Before becoming a columnist, he was a news reporter for Reuters, where he was most recently European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. He joined Reuters in 2003 from Legalease, a legal publisher. He has a first-class degree in psychology from University College London."
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