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Feb 24, 2011

U.S. hedge fund Taconic takes $250 million BSkyB stake

LONDON (Reuters) – Taconic Capital Advisors, the $7 billion (4 billion pounds)-plus New York hedge fund, has taken a significant stake in Rupert Murdoch’s buyout target, British Sky Broadcasting Group Plc (BSY.L: Quote, Profile, Research), regulatory filings this week show.

Murdoch’s News Corp (NWSA.O: Quote, Profile, Research) is seeking to buy the 61 percent of BSkyB it does not already own, and is waiting to hear from Britain’s government if it will be able to avoid a full, six-month competition inquiry. [ID:nLDE7040N6] Taconic has bought more than 20.7 million shares in BSkyB, giving it a stake of about 1.1814 percent, the latest filing, made on Thursday, shows. At Thursday’s closing price of 757.5 pence, the stake is worth about 156.86 million pounds ($254.3 million), according to Reuters calculations.

Feb 24, 2011

U.S. hedge fund Taconic takes $250m BSkyB stake

LONDON, Feb 24 (Reuters) – Taconic Capital Advisors, the $7
billion-plus New York hedge fund, has taken a significant stake
in Rupert Murdoch’s buyout target, British Sky Broadcasting
Group Plc (BSY.L: Quote, Profile, Research, Stock Buzz), regulatory filings this week show.

Murdoch’s News Corp (NWSA.O: Quote, Profile, Research, Stock Buzz) is seeking to buy the 61
percent of BSkyB it does not already own, and is waiting to hear
from Britain’s government if it will be able to avoid a full,
six-month competition inquiry. [ID:nLDE7040N6]
Taconic has bought more than 20.7 million shares in BSkyB,
giving it a stake of about 1.1814 percent, the latest filing,
made on Thursday, shows. At Thursday’s closing price of 757.5
pence, the stake is worth about 156.86 million pounds ($254.3
million), according to Reuters calculations.

Feb 23, 2011

About 20 bidders circle AstraZeneca unit: sources

LONDON (Reuters) – About 20 bidders are readying offers for all or parts of Astra Tech, the dental and medical devices unit that AstraZeneca Plc (AZN.L: Quote, Profile, Research, Stock Buzz) hopes could fetch $2 billion, people familiar with the matter said.

Astra Tech, which had revenues last year of $535 million, is the world’s third-biggest dental implant maker behind Switzerland’s Straumann Holding (STMN.S: Quote, Profile, Research, Stock Buzz) and Nobel Biocare Holding (NOBN.VX: Quote, Profile, Research, Stock Buzz). It also sells medical devices, focusing chiefly on urology.

Feb 22, 2011

Vattenfall readies $4 bln in sell-offs – sources

LONDON/AMSTERDAM, Feb 22 (Reuters) – Vattenfall AB ,
Europe’s fifth-largest electricity producer, has hired
investment banks to sell businesses worth more than 3 billion
euros ($4.1 billion), people familiar with the matter said.
The state-owned Swedish power giant has been reviewing
“non-core” businesses since September, as it looks to boost
profitability partly by reversing a decade of overseas
expansion.

Vattenfall [VATN.UL] wants to bolster its balance sheet, cut
carbon emissions and sharpen its focus on three key markets –
Sweden, Germany and the Netherlands.

Feb 16, 2011

Banks may split $125mln in Sanofi-Genzyme M&A fees

LONDON/PHILADELPHIA, Feb 16 (Reuters) – Banks including
Goldman Sachs and JPMorgan stand to earn up to $125 million in
fees after Sanofi-Aventis SA (SASY.PA: Quote, Profile, Research, Stock Buzz) finally clinched a $20.1
billion-plus deal to buy Genzyme Corp (GENZ.O: Quote, Profile, Research, Stock Buzz).
[ID:nLDE71F046]

Sanofi’s banks may earn $50 million to $60 million for
their mergers and acquisitions (M&A) advice, while Genzyme’s
financial advisers could make $53 million to $65 million,
according to estimates by Freeman & Co, a consultancy.

Feb 16, 2011

Sanofi, Genzyme banks may split $125 million in M&A fees

LONDON/PHILADELPHIA (Reuters) – Banks including Goldman Sachs and JPMorgan stand to earn as much as $125 million in fees after Sanofi-Aventis SA finally clinched a $20.1 billion-plus deal to buy Genzyme Corp.

Sanofi’s banks may earn $50 to $60 million in fees for their mergers and acquisitions (M&A) advice, while Genzyme’s financial advisers could make $53 to $65 million, according to estimates from Freeman & Co, a consultancy.

Feb 16, 2011

Sanofi, Genzyme banks may split $125m in M&A fees

LONDON/PHILADELPHIA, Feb 16 (Reuters) – Banks including
Goldman Sachs and JPMorgan stand to earn as much as $125 million
in fees after Sanofi-Aventis SA (SASY.PA: Quote, Profile, Research, Stock Buzz) finally clinched a
$20.1 billion-plus deal to buy Genzyme Corp (GENZ.O: Quote, Profile, Research, Stock Buzz).
[ID:nLDE71F046]

Sanofi’s banks may earn $50 to $60 million in fees for their
mergers and acquisitions (M&A) advice, while Genzyme’s financial
advisers could make $53 to $65 million, according to estimates
from Freeman & Co, a consultancy.

Feb 14, 2011

Buyout duo to sell Dutch payroll firm Raet: sources

LONDON (Reuters) – The private equity owners of Raet, the biggest Dutch provider of payroll and human resources software, are planning a 400 million euro-plus ($542 million) sale, people familiar with the matter said.

Raet’s owners, Dutch buyout firm Taros Capital and global private equity firm Advent International, have interviewed banks recently in preparation for a sale, the people said on Monday. An auction could begin as soon as April, one said.

Feb 11, 2011

Hedge fund joins opposition to DuPont’s Danisco bid

COPENHAGEN/LONDON, Feb 11 (Reuters) – U.S. chemicals giant
DuPont (DD.N: Quote, Profile, Research, Stock Buzz) came under more pressure to raise its $5.8 billion
bid for Denmark’s Danisco (DCO.CO: Quote, Profile, Research, Stock Buzz) after U.S. hedge fund Elliott
Associates joined shareholders opposed to the offer.

Elliott wrote to the board of Danisco, which makes food
ingredients and enzymes, saying DuPont’s 665 crowns-a-share
offer was a “shameful betrayal” of shareholders and was “very
unlikely” to succeed.

Feb 11, 2011

Hedge fund Elliott rejects DuPont’s Danisco bid

COPENHAGEN/LONDON (Reuters) – Elliott Associates, the $17 billion U.S. hedge fund, added its voice to demands that chemicals giant DuPont raise its $5.8 billion bid for Danisco, the Danish maker of food ingredients and enzymes.

The dispute pits DuPont Chief Executive Ellen Kullman against investors hoping — as with earlier Scandinavian takeover sagas involving Cisco, Nestle, Schlumberger and others — that the overseas suitor can be forced to sweeten its bid.

    • 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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