Deals du Jour
Opel remains the biggest story of the day. Marathon talks to shield it from a looming bankruptcy ended with no results, a deal is now expected by Friday. In another bankruptcy-related story, Nortel Networks is looking for a buyer for its majority stake in a South Korean joint venture with LG Electronics. For today’s top headlines on deals, click here.
This is what we found of interest in the newspapers:
* Fortress Investment Group, a listed private equity and hedge fund company, is nearing an agreement to inject $800 million in fresh capital into First Southern, a Florida bank, with other investors, the Financial Times said.
* Eircom Holdings has started detailed discussions with three potential bidders to sell its 57 percent stake in Eircom, the former Irish state-owned telecoms company, the Financial Times said.
* Citigroup Inc is in early negotiations with the U.S. Securities and Exchange Commission (SEC) to settle a probe into whether it misled investors by not properly disclosing its troubled mortgage assets, the Wall Street Journal said. Read a Reuters story here.
* Reinsurer Swiss Re is in talks with India’s Religare Enterprises to form a joint venture health insurance company in India, the Economic Times said on Thursday. Reuters story here.
* Investment bank Morgan Stanley has presented a recapitalisation proposal to Australian miner OZ Minerals Ltd, giving it an alternative to its planned takeover by China’s Minmetals, the Australian Financial Review said on Thursday. Read a Reuters story here.