Quentin's Feed
Jul 30, 2010

EDF sells British grids for $8.6 bln – sources

FRANKFURT/LONDON, July 30 (Reuters) – France’s EDF
(EDF.PA: Quote, Profile, Research), the world’s second-largest utility, agreed to sell
its British power grids to two Hong Kong bidders for more than
5.5 billion pounds ($8.6 billion), two sources told Reuters.

Hongkong Electric (0006.HK: Quote, Profile, Research) (HKE) and Cheung Kong
Infrastructure (1038.HK: Quote, Profile, Research) (CKI), which is controlled by
billionaire Li Ka-shing, won the auction for the three power
distribution grids and the private power networks, three people
told Reuters.

Jul 30, 2010

EDF sells its British power grids: sources

FRANKFURT/LONDON (Reuters) – France’s EDF (EDF.PA: Quote, Profile, Research, Stock Buzz), the world’s second-largest utility, agreed to sell its British power grids for more than 5.5 billion pounds ($8.60 billion), two people with knowledge of the matter told Reuters.

Hongkong Electric (0006.HK: Quote, Profile, Research, Stock Buzz) (HKE) and Cheung Kong Infrastructure (1038.HK: Quote, Profile, Research, Stock Buzz) (CKI) won the auction for the three power distribution grids and the private power networks, three people told Reuters.

Jul 29, 2010

BP pushes on with asset sales in Asia, Latam

LONDON/HONG KONG, July 29 (Reuters) – BP Plc (BP.L: Quote, Profile, Research) pushed
ahead with plans to sell assets in Vietnam, Colombia and
Venezuela, as it scrambles to hive off $30 billion of assets to
pay to clean up the worst oil spill in U.S. history.
The planned sales also aim to create a leaner company with
the potential for higher growth. Last week, the oil major agreed
a $7 billion sale of oil and gas fields to Apache Corp (APA.N: Quote, Profile, Research),
in its first major sell-off.

BP has hired advisers to sell its stakes in oil fields and
gas projects in Colombia and Vietnam, according to separate
sources familiar with the matter on Thursday.

Jul 29, 2010

BP pushes on with asset sales in Asia, Latin America

LONDON/HONG KONG (Reuters) – BP Plc(BP.L: Quote, Profile, Research) pushed ahead with plans to sell assets in Vietnam, Colombia and Venezuela, as it scrambles to hive off $30 billion of assets to pay to clean up the worst oil spill in U.S. history.

The planned sales also aim to create a leaner company with the potential for higher growth. Last week, the oil major agreed a $7 billion sale of oil and gas fields to Apache Corp(APA.N: Quote, Profile, Research), in its first major sell-off.

Jul 29, 2010

BP oil spill cases head to court as Shell counts cost

LONDON/WILMINGTON, Delaware (Reuters) – The tide of lawsuits unleashed by BP’s oil spill in the Gulf of Mexico breaks into an Idaho courtroom on Thursday, just as the company’s rivals are counting the cost of a ban on offshore drilling.

Attorneys hoping to lead the legal fight against BP are set to descend on Boise, Idaho, to address a special judicial panel considering how to bring order to the hundreds of civil lawsuits spawned by the spill after a rig explosion on April 20.

Jul 29, 2010

HSBC tapped to sell BP’s stake in Vietnam gas project

HONG KONG/LONDON (Reuters) – BP has tapped HSBC to sell its stake in the Nam Con Son gas project in Vietnam, as it scrambles to hive off $30 billion of assets to pay for the clean-up of the worst oil spill in U.S. history, three sources said.

The British oil giant, which is on a campaign to sell a host of assets from Pakistan to Egypt, said last week it is seeking a buyer for its stake in the Nam Con Son gas project offshore southern Ho Chi Minh City, worth $966 million by one estimate.

Jul 27, 2010

Tomkins backs $4.5 billion Canadian bid

LONDON (Reuters) – Tomkins Plc, the British maker of car parts, industrial hoses and bath tubs, backed a 2.9 billion pound ($4.5 billion) takeover offer from Canadian investors that would be the year’s largest leveraged buyout.

Tomkins said a trio of investors owning more than 9 percent had also formally backed the $4.5 billion offer from Onex, Canada’s largest private equity firm, and the C$127 billion Canada Pension Plan, the country’s second-biggest pension fund.

Jul 27, 2010

Tomkins backs $4.5 bln Canadian bid, year’s top LBO

LONDON, July 27 (Reuters) – Tomkins Plc (TOMK.L: Quote, Profile, Research, Stock Buzz), the
British maker of car parts, industrial hoses and bath tubs,
backed a 2.9 billion pound ($4.5 billion) takeover offer from
Canadian investors that would be the year’s largest leveraged
buyout.

Tomkins said a trio of investors owning more than 9 percent
had also formally backed the $4.5 billion offer from Onex,
Canada’s largest private equity firm, and the C$127 billion
Canada Pension Plan, the country’s second-biggest pension fund.

Jul 26, 2010

Lion to buy Picard in biggest French LBO since 2008

LONDON (Reuters) – BC Partners agreed to sell French frozen-food firm Picard Surgeles to rival Lion Capital, highlighting the keen appetite of private equity firms to strike deals in the recession-resilient food industry.

The sale of Picard, which has thrived by persuading France’s fastidious consumers that convenience food can be high-quality, is the country’s biggest leveraged buyout (LBO) since the September 2008 collapse of Lehman Brothers.

Jul 23, 2010

Advent-Bain near purchase of RBS WorldPay: sources

LONDON (Reuters) – Royal Bank of Scotland is in exclusive talks with Advent International and Bain Capital over the sale of its payment-processing unit WorldPay, two people familiar with the matter said on Friday.

The private equity duo have about a week’s exclusivity to finalize a deal for the business, which handles about half of all face-to-face debit and credit card transactions in Britain, one of the people said.

    • 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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