LONDON, Feb 16 (Reuters) – Babcock International <BAB.L>
will need to offer about 700 pence a share to pull off a
takeover of VT Group <VTG.L> with larger suitors watching as the
industry scouts for ways to offset cuts in defence spending.
Babcock, which operates ship-building and nuclear power
programmes, on Monday revealed a 1.14 billion pound (633.9 pence
a share) approach to buy defence services firm VT Group,
potentially scuppering VT’s own bid for support services group
Mouchel <MCHL.L>. VT quickly rejected Babcock’s approach.
Highlights from this week’s Thomson Reuters Investment Banking Scorecard:
” ENERGY & POWER M&A MORE THAN DOUBLES
The proposed acquisition of Allegheny Energy by Ohio-based electric utility First Energy Corp, in a transaction valued at $8.9 billion, brings the volume of mergers in the energy & power sector to $50.4 billion, more than double the volume of announced deals in the sector last year at this time.
Deal activity in the oil & gas and power sub-sectors account for nearly 88% of activity in the sector this year. Targets in the United States account for 52% of activity this year, with Brazil and France accounting for 19% and 12%, respectively.
“ASIA PACIFIC DRIVES 66% OF IPO ACTIVITY
Global initial public offerings total $15.9 billion for year-to-date 2010, a marked increase over the first six weeks of 2009. Asia Pacific issuers account for 66% of overall IPO activity, bolstered by nearly $9.2 billion in new listings from Chinese companies.
Offerings from the materials, financials, energy & power, and high technology sectors comprise 70% of total IPO volume this year.
LONDON (Reuters) – Mexican tycoon Carlos Slim’s multi-billion dollar move to consolidate his telecoms empire has helped push emerging-market mergers and acquisitions (M&A) ahead of U.S. and European dealmaking in the year to date.
Thomson Reuters data, released on Wednesday, showed M&A with targets in emerging markets totaled $93.3 billion, or 48 percent of global deals so far in 2010.
LONDON, Feb 9 (Reuters) – Cadbury Plc’s <CBRY.L> outgoing
chairman joined calls for Britain to re-examine its
long-standing openness to takeovers and the role of hedge funds
in bid battles, after the chocolate maker’s $18 billion sale to
Kraft Foods Inc <KFT.N>.
Roger Carr, the veteran dealmaker who also chairs power
company Centrica Plc <CNA.L>, suggested Britain consider making
deals harder to clinch and hedge funds less pivotal.
LONDON, Feb 8 (Reuters) – Private equity firm Montagu has
hired investment banks to help it weigh options for two medical
companies, sources said, seeking to build on the sale of three
other portfolio companies with fresh sales or public listings.
Two people familiar with the matter said on Monday Montagu
had brought in Morgan Stanley <MS.N> to plan a flotation of BSN
Medical, which could value the German maker of bandages at as
much as 2 billion euros ($2.7 billion).
LONDON (Reuters) – Europe’s private equity market is springing back to life, with buyout shops running the slide rule over firms specializing in anything from recycling to hearing aids, and banks and investors more willing to lend.
KKR’s recent 955 million pounds ($1.50 billion) purchase of British pet-shop chain Pets at Home shows how private equity can triumph in so-called “dual track” sale-or-flotation processes, especially as the market for initial public offerings (IPOs) wobbles.
LONDON/AMSTERDAM (Reuters) – A clutch of assets the UK is putting up for sale in what could be its biggest post-Thatcher wave of privatizations is attracting strong interest despite a looming general election.
The British channel rail link and Dover, Europe’s busiest ferry port, are in the vanguard of Prime Minister Gordon Brown’s 16-billion-pound ($25.4 billion) privatization plan, as he aims to halve Britain’s budget deficit in 4 years.
Highlights from the January data snapshot from Thomson Reuters:
· Private Equity-backed M&A totaled $5.8 billion during January 2010, the lowest total monthly since April 2009.
· Imputed global advisory fees during January totaled just over $1.3 billion, down 32% from this time last year.
LONDON (Reuters) – Societe Generale <SOGN.PA> has hired six senior bankers, from JPMorgan <JPM.N>, Credit Suisse <CSGN.VX>, Merrill Lynch and elsewhere, to help boost the French bank’s standing in European mergers and acquisitions (M&A).
The bank stood in 16th place for announced European M&A in 2009, according to Thomson Reuters data.
LONDON/FRANKFURT, Jan 28 (Reuters) – Oaktree Capital
Management is seeking to sell German flexible packaging maker
Nordenia International AG for about 600 million euros ($844
million), people familiar with the matter said.
Nordenia’s range of flexible packaging, technical films and
other products includes packing for Tyson Foods Inc <TSN.N> meal
kits and Nestle <NESN.VX> cat food, and components for Procter &
Gamble <PG.N> diapers.