Deals du jour

June 17, 2009

Looking closely at JPMorgan’s ties in the Rio Tinto saga, Addax Petroleum at the centre of an $8 billion-plus battle, British American Tobacco expanding in Indonesia, and more – for all the latest deals news, click here.

And in the papers (some external links may require subscriptions):

* Ocado, a British online grocery retailer, is considering a flotation on the stock exchange next year, the Times said. The newspaper said the group — 29 percent owned by the pension fund of employee-owned retailer John Lewis — is worth an estimated 600 million pounds ($986.2 million).

* British budget hotel chain Travelodge says it has investor backing for a 100 million pound ($164.5 million) fund to buy struggling hotels, one of its executives told the Times. Reuters story here.

* Barclays is in regular talks with its Japanese investor Sumitomo Mitsui Banking Corp over a wealth management alliance in Japan, the head of the British bank’s wealth management division said in an interview in the Financial Times. Reuters story here.

* Real estate tycoon Donald Trump has made a bid to buy New Jersey casino operator Trump Entertainment Resorts Inc, which in February logged its third bankruptcy filing, the Wall Street Journal reported.

* Sapient Corp is buying U.S.-based Nitro Group LLC, an independent advertising agency, for a combination of cash and stock valued at about $50 million, the Wall Street Journal said, citing a person close to the deal.

* Private bank Sal. Oppenheim is considering selling its 28.6 percent stake in bankrupt German retailer Arcandor, German newspapers reported on Wednesday. Reuters story here.

* Volkswagen Chairman Ferdinand Piech opposed a swift agreement with Qatar at a meeting of Porsche owner families on Monday that would see the Gulf state taking a stake in Porsche, Financial Times Deutschland reported, citing no sources.

Volkswagen has mapped out ways for Porsche to overhaul its strained finances without the Emirate of Qatar taking a voting stake in the luxury sports car maker and talks on the matter are being held by the two companies, Platow Brief reported, citing unspecified sources.

* Kohlberg Kravis Roberts & Co (KKR), CVC Capital Partners and TPG are interested in buying part of Anheuser-Busch InBev NV’s operations in central and eastern Europe in a deal that could be worth more than $2.5 billion, the Wall Street Journal said, citing people familiar with the matter.

* Royal Bank of Scotland chief executive Stephen Hester has warned that while the worldwide financial economy is recovering, losses from loans secured against property in the banking sector could hamper growth for years, The Times said.

* Clive Cowdery’s Resolution investment vehicle will look to make an initial acquisition in the range of 5-7 billion pounds, using its shares to fund part of the deal, the Financial Times said.

* National Express is in talks with lenders to renegotiate terms on a portion of its 1.2 billion pound debt, amid concerns the bus and rail operator could breach loan covenants in December, the Financial Times said.

* Clinton Cards is set to re-acquire 140 Birthdays stores after it placed the loss-making subsidiary into administration last month, The Independent said.

One comment so far | RSS Comments RSS

Rumour goes that after last weeks deal with Rio Tinto, BHP-Billiton is again preparing for a major acquisition and that Woodside petroleum might be the target.


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