Quentin's Feed
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.

Feb 4, 2011

Actelion up as hedge fund calls for board shake-up

ZURICH/LONDON (Reuters) – Actelion (ATLN.VX: Quote, Profile, Research, Stock Buzz) shares rose 3.5 percent on Friday after hedge fund shareholder Elliott Advisors called for its chairman and chief executive to resign from the board in a push for a sale of the Swiss biotech firm.

The shares have been trading in a tight range since mid-November, when Chief Executive Jean-Paul Clozel sought to quash takeover speculation, saying maintaining independence was the best way to ensure value for the company’s shareholders.

Feb 2, 2011

Fluxys in bid for Eni’s gas pipelines-sources

AMSTERDAM/LONDON, Feb 2 (Reuters) – Belgium’s Fluxys
(DIST.BR: Quote, Profile, Research, Stock Buzz) aims to expand its gas pipeline network into southern
Europe by bidding for Eni’s (ENI.MI: Quote, Profile, Research, Stock Buzz) assets that have also
attracted interest from financial investors, financial sources
said.

Fluxys, which aspires to be a major European gas
transmission infrastructure company, taking on Dutch-based
Gasunie, submitted an indicative offer for the assets this week
in a consortium with Allianz Capital Partners, the sources said
on Wednesday.

Jan 26, 2011

IPO hopeful Glencore worth $60bn, top analyst says

LONDON, Jan 26 (Reuters) – Glencore, the world’s biggest
commodities trader, has enjoyed a surge in value and is now
worth some $60 billion as it contemplates an initial public
offering (IPO), according to leading team of mining analysts.

That value placed on it by Liberum Capital would place it
among the 15 biggest FTSE-listed companies if it were to secure
a London listing. Barclays Plc, ranked 15th in the FTSE 100, has
a market capitalisation of about 36.3 billion pounds ($57.4
billion).

Jan 26, 2011

IPO hopeful Glencore worth $60 billion, top analyst says

LONDON (Reuters) – Glencore GLEN.UL, the world’s biggest commodities trader, has enjoyed a surge in value and is now worth some $60 billion as it contemplates an initial public offering (IPO), according to leading team of mining analysts.

That value placed on it by Liberum Capital would place it among the 15 biggest FTSE-listed companies if it were to secure a London listing. Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz), ranked 15th in the FTSE 100 .FTSE, has a market capitalization of about 36.3 billion pounds ($57.4 billion).

Jan 26, 2011

M.Stanley picks new top resources bankers -sources

LONDON, Jan 26 (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) has hired
an experienced oil banker from Lazard (LAZ.N: Quote, Profile, Research, Stock Buzz) in London and
transferred a senior mining banker from New York, as it moves to
rebuild its European presence in the lucrative natural resources
field.

People familiar with the matter said the bank hired David
Kotler, a managing director who had spent 21 years at Lazard.

Jan 20, 2011

Mobile marketer TIM w.e. eyes U.S. listing: sources

LONDON/NEW YORK (Reuters) – TIM w.e., a Portuguese mobile and digital marketing company, is planning to list on New York’s Nasdaq, three people familiar with the matter said on Thursday.

TIM w.e. has hired Credit Suisse as its lead adviser on the initial public offering, two of the people said, although it is likely to add other banks later.

Jan 18, 2011

Creeping takeovers stalk European M&A

LONDON (Reuters) – A string of stake buys and takeover bids has shown how merger rules in the euro zone’s two biggest economies can be used to gain control of a target quietly or on the cheap.

Tactics employed by buyers such as Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research, Stock Buzz), Spanish builder ACS, and France’s richest man, Bernard Arnault, illustrate what critics say are shortcomings in German and French merger rules.

Jan 13, 2011

Oaktree selling vodka-maker Stock Spirits: sources

LONDON (Reuters) – Oaktree Capital Management will this month begin an auction of Stock Spirits, a $1 billion-plus central European drinks company, two people familiar with the matter said.

The sale of Stock Spirits, whose drinks range from high-end Polish vodka Czysta de Luxe to Czech plum brandy, could interest both private equity firms and rival drinks companies.

    • 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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