Noble Group, the Singapore-listed commodities trader involved in the pitched battle over Australia’s Macarthur Coal, has upped the stakes in takeover trash-talking. Noble had planned to take a stake in Macarthur, as part of a deal in which Macarthur would in turn acquire Gloucester Coal. And so it was aghast when U.S. miner Peabody Coal made a counter-offer to buy Macarthur (others are now circling). Not for Noble the plain-vanilla rejection of an offer as “derisory” — or even a sly bit of blogging — but instead, a series of bracing statements via the Singapore stock exchange.
On Monday dead kangaroos were invoked:
“The board of Macarthur reacted to [Peabody's] bid with the same enthusiasm as a lost and hungry hiker who stumbles across a road kill Roo that had been in the sun too long, and not surprisingly said “no thanks”…
LONDON (Reuters) – About 10 buyout houses are preparing to make indicative bids on Monday for Inchcape Shipping Services (ISS), the $700 million-plus port and shipping agent owned by Dubai World’s investment arm Istithmar.
The keen interest highlights the ongoing appeal of so-called secondary buyouts, where financial investors sell each other portfolio companies, despite concerns that previous owners may have already withdrawn much of the value in a company.
LONDON (Reuters) – A slew of buyout firms and rival payment and technology firms are expected to bid by Wednesday’s deadline for Royal Bank of Scotland’s (RBS) <RBS.L> payment processing arm, seen to be worth up to 3 billion pounds ($4.6 billion).
About 40 firms have shown interest in the Global Merchant Services (GMS) unit, which includes the WorldPay business, early in the process, though some are not expected to have followed through and others are teaming up.
LONDON (Reuters) – Anglo American Plc <AAL.L> is nearing the sale of its $1 billion-plus zinc businesses, with a handful of rival miners preparing to submit binding bids later this month, people familiar with the matter said.
Anglo, under pressure from investors after an abortive merger approach from rival Xstrata <XTA.L> last year, is selling the mines in Ireland, South Africa and Namibia as part of a multi-billion dollar disposal and restructuring program.
Thursday’s top stories:
* Dai-ichi Life Insurance (8750.T) jumps 14 percent in its market debut after Japan’s No. 2 life insurer priced its $11 billion initial public offering, the world’s biggest since 2008, at a discount to rival insurers.
* Struggling music major EMI has failed to clinch a licensing deal for its North American rights, sources said, making a covenant breach inevitable and pushing its owner Terra Firma back to investors for more cash.
LONDON, March 29 (Reuters) – One of China’s most senior
female bankers, two top Swedish industrialists and a childhood
friend of London’s mayor led the Rothschild team that helped
Geely seal China’s biggest-ever overseas autos takeover.
Signing the deal helps cement Rothschild’s [ROT.UL]
standing as the busiest adviser to the automotive industry –
and underlines the family owned bank’s impeccable establishment
LONDON (Reuters) – London Stock Exchange Group Plc (LSE) <LSE.L> wants to make more of its half stake in the FTSE Group of indexes and may pursue acquisitions to build its post-trade services business, its chief executive said on Monday.
LSE, which operates bourses in London and Milan, has been losing ground in share trading since Europe’s markets were opened to competition in 2007. It has fought back by cutting fees and post-trade costs and by expanding into new businesses.
HONG KONG/LONDON (Reuters) – China’s Zhejiang Geely Holding Group has lined up total financing of $2.7 billion to back its purchase of Ford Motor’s <F.N> Volvo car unit, sources said on Monday.
The extra $900 million above the reported purchase price will allow the Chinese auto maker to grow its business and draw down capital during fallow cycles in the auto industry.
HONG KONG/LONDON, March 29 (Reuters) – China’s Zhejiang
Geely Holding Group has lined up total financing of $2.7 billion
to back its purchase of Ford Motor’s <F.N> Volvo car unit,
sources said on Monday.
The extra $900 million above the reported purchase price
will allow the Chinese auto maker to grow its business and draw
down capital during fallow cycles in the auto industry.
LONDON, March 26 (Reuters) – A hedge fund trader among seven
men arrested as part of Britain’s biggest swoop on an insider
trading ring said he was innocent on Friday as the probe shone
an unwelcome light on several banks and listed companies.
Britain’s Financial Services Authority (FSA) and the Serious
Organised Crime Agency (SOCA) made the arrests this week on
suspicion of involvement in a long-running and sophisticated
insider-dealing ring. [ID:nLDE62N1WU]