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Jun 29, 2010

Sparks fly as Emerson tops ABB’s Chloride deal

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.

Jun 25, 2010

Goldman Sachs reclaims top spot in global M&A

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.

Jun 17, 2010

US probe halts sale of Dubai World’s ISS -sources

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
Thursday.

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
investigation.

Jun 11, 2010

Bank reform chief sees Basel compromise to limit pain

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.

Jun 10, 2010

Banks say reform plans could cut growth by 3 pct

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.

Jun 9, 2010

China bank ICBC head warns recovery not solid

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.

Jun 8, 2010

ABB to buy Chloride Group for $1.25 billion

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.

Jun 3, 2010

Rothschild’s star rises as European M&A languishes

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).

Jun 1, 2010

Financial software firm Sophis for sale – sources

LONDON (Reuters) – Private equity firm Advent International is seeking to sell Sophis, a provider of portfolio and risk-management software to banks and hedge funds, people familiar with the matter said on Tuesday.

Advent has hired Credit Suisse to help it prepare for a sale of the business, which is likely to take place after the European summer, three of the people said.

Jun 1, 2010

Exclusive: Financial software firm Sophis for sale

LONDON (Reuters) – Private equity firm Advent International is seeking to sell Sophis, a provider of portfolio and risk-management software to banks and hedge funds, people familiar with the matter said on Tuesday.

Advent has hired Credit Suisse (CSGN.VX: Quote, Profile, Research) to help it prepare for a sale of the business, which is likely to take place after the European summer, three 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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