Deals du jour
In China, two regulators are facing off over GM’s controversial plan to sell its Hummer unit to a little-known Chinese outfit. In the United States, the sale of a stake in Facebook gives the whole a value of some $6.5 billion. And in Germany, Software AG is buying IDS Scheer in the country’s first major corporate takeover of 2009. For more on these stories, and all the other latest deals news from Reuters, click here.
And here’s what the papers are saying (some external links may require subscriptions):
* China National Petroleum Corp (CNPC) could make a binding offer for up to 75 percent of the Argentine unit YPF of Spanish oil major Repsol (REP.MC) in the next few days, ABC reported, citing sources close to the talks. Reuters story here.
* Some of London’s best-known banking and insurance analysts have come together to launch an independent research boutique in September, the Financial Times reported. Autonomous Research, headed by Stuart Graham, a former Merrill Lynch banks analyst, will focus on both equity and credit research on Europe’s top banks and insurers. FT story here.
* Private equity firm Starwood Capital Group is bidding on assets of Corus Bankshares Inc (CORS.O), a Chicago-based lender hit hard by losses on condominium loans, the Wall Street Journal reported on its website.
* Royal Bank of Scotland (RBS.L) Chief Executive Stephen Hester will be given tougher performance targets to meet next year to collect his maximum bonus, according to Tuesday’s edition of the Financial Times.
* Former Republican Congressman Michael Huffington has filed a lawsuit against Carlyle Group [CYL.UL] alleging the private-equity firm misrepresented the safety of Carlyle Capital Corp, the publicly traded mortgage-securities fund that collapsed last spring, the Wall Street Journal reported.