Quentin's Feed
Mar 2, 2011

PPL to buy E.ON networks for £3.5 billion pounds – source

LONDON/NEW YORK (Reuters) – U.S. power firm PPL Corp (PPL.N: Quote, Profile, Research) has agreed to buy German utility E.ON AG’s (EONGn.DE: Quote, Profile, Research) UK power networks for 3.5 billion pounds in cash, a person familiar with the matter said on Tuesday.

PPL, which beat its main rival, Hong Kong billionaire Li Ka-Shing, in the race for E.ON’s networks, would also assume 500 million pounds in debt, the person said.

Mar 2, 2011

PPL to buy E.ON networks for $5.7 billion: source

LONDON/NEW YORK (Reuters) – U.S. power firm PPL Corp (PPL.N: Quote, Profile, Research, Stock Buzz) has agreed to buy German utility E.ON AG’s (EONGn.DE: Quote, Profile, Research, Stock Buzz) UK power networks for 3.5 billion pounds ($5.7 billion) in cash, a person familiar with the matter said on Tuesday.

PPL, which beat its main rival, Hong Kong billionaire Li Ka-Shing, in the race for E.ON’s networks, would also assume 500 million pounds in debt, the person said.

Mar 2, 2011

PPL to buy E.ON networks for 3.5 bln pounds-source

LONDON/NEW YORK, March 1 (Reuters) – U.S. power firm PPL
Corp (PPL.N: Quote, Profile, Research, Stock Buzz) has agreed to buy German utility E.ON AG’s
(EONGn.DE: Quote, Profile, Research, Stock Buzz) UK power networks for 3.5 billion pounds in cash, a
person familiar with the matter said on Tuesday.

PPL, which beat its main rival, Hong Kong billionaire Li
Ka-Shing, in the race for E.ON’s networks, would also assume
500 million pounds in debt, the person said.

Mar 1, 2011

PPL nears deal to buy E.ON’s UK grids – source

LONDON/NEW YORK (Reuters) – U.S. power firm PPL Corp (PPL.N: Quote, Profile, Research) is close to buying German utility E.ON AG’s (EONGn.DE: Quote, Profile, Research) UK power networks, beating its main rival, Hong Kong billionaire Li Ka-Shing, a person familiar with the matter said.

The person added that a deal, which would leave PPL with about 7.5 million customers in Britain, could be announced this week. PPL beat Li, who was seeking to add the country’s second-biggest electricity distribution network to the largest, which he bought last year from EDF of France.

Mar 1, 2011

PPL nears deal to buy E.ON’s UK grids, source says

LONDON/NEW YORK (Reuters) – U.S. power firm PPL Corp (PPL.N: Quote, Profile, Research, Stock Buzz) is close to buying German utility E.ON AG’s (EONGn.DE: Quote, Profile, Research, Stock Buzz) UK power networks, beating off its main rival, Hong Kong billionaire Li Ka-Shing, a person familiar with the matter said.

The person added that a deal could be announced this week. Li was seeking to add Britain’s second-biggest electricity distribution network to the largest, which he bought last year from EDF of France.

Mar 1, 2011

Glencore IPO trailer highlights valuation dilemma

LONDON (Reuters) – Valuing Glencore GLEN.UL is the biggest conundrum facing equity analysts as the Swiss commodity trader spends a second day explaining its business ahead of what could be London’s biggest IPO.

People familiar with the situation said leading mining analysts were again locked in briefings with senior officials from the company, which is simultaneously the world’s biggest commodity trader, a sizeable miner, and a big investor.

Mar 1, 2011

Analysts grapple with Glencore as trader trails IPO

LONDON, March 1 (Reuters) – Leading mining analysts will
spend a second day in lengthy briefings with senior Glencore
[GLEN.UL] executives on Tuesday, seeking to understand a
partnership that is simultaneously the world’s biggest
commodity trader, a sizeable miner, and a big investor.

Top officials from the Swiss firm would spend another day
in London meeting with equity analysts, said people familiar
with the situation, who declined to be named. The briefings
come as Glencore ponders whether to press ahead with what could
become London’s biggest-ever initial public offering (IPO).

Feb 28, 2011

Glencore primes analysts as IPO talk heats up

LONDON (Reuters) – Glencore GLEN.UL, the world’s largest commodities trader, is briefing analysts ahead of a possible flotation that could be one of the biggest listings ever seen in London, sources familiar with the situation said.

If it goes ahead, an initial public offering (IPO) of Glencore could value the company at as much as $60 billion, according to Liberum Capital estimates.

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.

    • 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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