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Mar 25, 2011

IPO revival gives comfort to Glencore float plan

LONDON (Reuters) – Signs of firms testing investor demand for new listings only a week after volatility derailed two of Europe’s largest offerings so far this year will embolden Glencore GLEN.UL as it presses ahead with its own mega-float.

If all goes to plan, the commodities giant could be expected to kick-start its listing with an intention to float early next month, soon after an April 1 deadline for sell-side analysts to complete their research notes on the company.

Mar 24, 2011

Doughty Hanson mulls options for Avanza, hires JPM

MADRID/LONDON, March 24 (Reuters) – British private equity
group Doughty Hanson [DOUHA.UL] signalled it was considering a
sale or flotation of its Spanish bus firm Avanza Group and had
hired JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) as an adviser.

“Doughty Hanson has chosen JPMorgan to lead a strategic
review of the options available to Avanza,” a spokesman for the
buyout firm said.

Mar 22, 2011

Glencore close to hiring eight banks for IPO – source

LONDON (Reuters) – Glencore GLEN.UL, the Swiss commodity trading giant, is close to hiring eight banks to supervise its planned multi-billion-dollar London and Hong Kong listing, a person familiar with the matter said.

Glencore, valued earlier this year by one analyst at about $60 billion (36.6 billion pounds), is continuing to prepare for what could be a record London initial public offering (IPO), despite market turmoil scuppering several other flotations.

Mar 22, 2011

Glencore close to hiring 8 banks for IPO: source

LONDON (Reuters) – Glencore GLEN.UL, the Swiss commodity trading giant, is close to hiring eight banks to supervise its planned multi-billion-dollar London and Hong Kong listing, a person familiar with the matter said.

Glencore, valued earlier this year by one analyst at about $60 billion, is continuing to prepare for what could be a record London initial public offering (IPO), despite market turmoil scuppering several other flotations.

Mar 22, 2011

Forth Ports agrees to £760 million Arcus takeover

LONDON (Reuters) – Forth Ports accepted a 760 million pounds takeover offer from Arcus, the infrastructure investor that is already its largest shareholder, ending a year-long pursuit of Britain’s only listed ports group.

The buyout by Arcus — a former European unit of collapsed Australian investment firm Babcock & Brown — is about 19 percent above an offer Forth rejected last year, and highlights a wider recovery in infrastructure dealmaking.

Mar 22, 2011

Forth Ports agrees to $1.2 billion Arcus takeover

LONDON (Reuters) – Forth Ports accepted a 760 million pounds ($1.2 billion) takeover offer from Arcus, the infrastructure investor that is already its largest shareholder, ending a year-long pursuit of Britain’s only listed ports group.

The buyout by Arcus — a former European unit of collapsed Australian investment firm Babcock & Brown — is about 19 percent above an offer Forth rejected last year, and highlights a wider recovery in infrastructure dealmaking.

Mar 22, 2011

Forth Ports agrees to 760 mln stg Arcus takeover

LONDON, March 22 (Reuters) – Forth Ports (FPT.L: Quote, Profile, Research, Stock Buzz) accepted a
760 million pounds ($1.2 billion) takeover offer from Arcus, the
infrastructure investor that is already its largest shareholder,
ending a year-long pursuit of Britain’s only listed ports group.

The buyout by Arcus — a former European unit of collapsed
Australian investment firm Babcock & Brown — is about 19
percent above an offer Forth rejected last year, and highlights
a wider recovery in infrastructure dealmaking.

Mar 22, 2011

Sanofi, Merck abandon animal health joint venture

PARIS/LONDON (Reuters) – Regulatory pressure prompted Sanofi-Aventis and Merck & Co to abandon plans for a joint animal health powerhouse with $5 billion in sales.

The move sets back the French and U.S. drugmakers’ plans to achieve economies of scale in the consolidating animal care industry, and comes a month after they delayed the long-running deal’s closing by another six months.

Mar 21, 2011

Takeover Panel nears tougher M&A rules

LONDON (Reuters) – The Takeover Panel moved closer to adopting tougher merger rules, despite opposition from private equity firms and others who argue the watchdog’s new regime throws up too many obstacles to takeovers.

The panel’s proposals, first outlined in October, are meant to give hostile bidders less sway and to allow boards to give more weight to the views of employees and other stakeholders.

Mar 21, 2011

UK nears tougher M&A rules despite buyout lobbying

LONDON, March 21 (Reuters) – Britain’s Takeover Panel moved
closer to adopting tougher merger rules, despite opposition from
private equity firms and others who argue the watchdog’s new
regime throws up too many obstacles to takeovers.

The panel’s proposals, first outlined in October, are meant
to give hostile bidders less sway and to allow boards to give
more weight to the views of employees and other stakeholders.

    • 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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