LONDON (Reuters) – Deutsche Bank (DBKGn.DE: Quote, Profile, Research) is close to a deal with the Icelandic tycoon who owns generic drugmaker Actavis to slash its crippling multi-billion-euro debt load, sources familiar with the matter said.
Any agreement would move the bank closer to resolving a problem that has dogged it since 2007, when it financed Bjorgolfur Thor Bjorgolfsson’s 4.7 billion euro ($6.3 billion) leveraged buyout (LBO) of Actavis, one of the world’s biggest makers of copycat drugs.
AMSTERDAM/LONDON, June 29 (Reuters) – Dutch construction
group Oranjewoud (ORANW.AS: Quote, Profile, Research) would issue new shares if its
takeover bid for peer Strukton, valued at close to 200 million
euros ($244.1 million), is successful, three sources said on
Oranjewoud, which offers services to the construction, real
estate, landscape and environment sectors in Northern Europe
and the U.S., would expand its Dutch footprint and capabilities
with the acquisition of much larger builder Strukton.
By Quentin Webb and Victoria Bryan
LONDON(Reuters) – Spurned U.S. suitor Emerson Electric(EMR.N: Quote, Profile, Research) raised its cash offer for Chloride(CHLD.L: Quote, Profile, Research) by more than a third to $1.5 billion, seeking to tempt the British group away from an agreed $1.25 billion deal with Switzerland’s ABB(ABBN.VX: Quote, Profile, Research).
Shares in the UK maker of uninterruptible power supplies (UPS) were up 11.6 percent at 1204 GMT, above Emerson’s sweetened offer, suggesting some investors think ABB could yet trump Emerson’s bid.
LONDON (Reuters) – Goldman Sachs reclaimed the top spot for mergers and acquisitions advice in the first half of 2010, underlining the Wall Street giant’s resilience even as it battles U.S. civil fraud charges.
With global dealmaking still subdued, Goldman’s(GS.N: Quote, Profile, Research) advisory role on nearly $190 billion of transactions allowed it to retake the M&A crown from Morgan Stanley(MS.N: Quote, Profile, Research), which last year bested its arch-rival for the first time since 1996.
LONDON, June 17 (Reuters) – A U.S. investigation has halted
the sale of Inchcape Shipping Services (ISS), the first Dubai
World [DBWLD.UL] business put up for sale since the emirate’s
debt crisis began, people familiar with the matter said on
The Department of Justice (DoJ) is probing the port and
shipping agent’s “government services” arm, two of the people
said. Reuters could not determine the precise nature of the
VIENNA (Reuters) – Banks are to get more time to implement new capital rules and some proposals will be eased to ensure the industry can adjust to the new standards, a top central banker and regulator said, lifting the sector on Friday.
“We will ensure the banking sector can move to the new standards through earnings retention and reasonable capital raising,” said Nout Wellink, chairman of the Basel Committee and a member of the European Central Bank.
VIENNA, June 10 (Reuters) – A regulatory crackdown on banks could cut 3 percent off economic growth over the next five years in the United States, euro zone and Japan and cost almost 10 million jobs, top banks said on Thursday.
The Institute of International Finance (IIF), a bank lobby group representing more than 400 companies, said a need to hold more capital, pay more taxes and other possible reforms could hit economic growth hard.
VIENNA (Reuters) – The global economic recovery is not built on solid foundations and Europe’s government debt crisis is the biggest near-term risk, the chairman of Industrial and Commercial Bank of China warned on Wednesday.
The head of ICBC, the world’s most valuable bank by market cap and China’s biggest lender by assets, said the recovery remained fragile but emerging economies were helping rebalance the economy.
ZURICH/LONDON (Reuters) – Switzerland’s ABB (ABBN.VX: Quote, Profile, Research) on Tuesday announced an all-cash deal to buy Britain’s Chloride Group (CHLD.L: Quote, Profile, Research) for 860 million pounds ($1.25 billion), possibly setting off a bidding war with spurned U.S. suitor Emerson Electric Co (EMR.N: Quote, Profile, Research).
The Swiss group, which sells power equipment to oil and gas companies, said it would offer 325 pence per share to Chloride, whose products protect against power shortages at Heathrow’s Terminal 5 and Arsenal’s Emirates soccer stadium.
LONDON (Reuters) – Rothschild, which unveiled a senior hire to boost its North American business, is making the best of a steep downturn in mergers and acquisitions (M&A) on its European home turf.
Ranked just 9th by value on M&A with European targets last year, the family-owned bank’s strategy of focusing on a larger number of smaller clients and deals has helped propel it into 2nd place for the year-to-date, behind JPMorgan (JPM.N: Quote, Profile, Research).