DealZone Daily

November 30, 2009

Pubs operator Mitchells & Butlers will ask Britain’s takeover watchdog to rule whether rebel shareholders are attempting to gain control of the group after they blocked the appointment of a chairman.

Piedmont, an investment vehicle owned by billionaire Joe Lewis that owns 23 percent of M&B, obstructed the appointment of an independent chairman and vetoed three candidates at the final stage despite being involved in the hiring process from its beginning.

In other M&A and corporate finance news reported by Reuters and other media:

Beijing Automotive Industry Holding Corp (BAIC) might still be interested in buying General Motors’ Saab unit, the Chinese car company’s general manager says. “I would just say, ‘stay tuned a little bit’,” he says.

Honiton Energy Group has hired Morgan Stanley to help the China-focused wind power developer lure a new investor, in a deal that could value the entire company at up to $250 million, two people familiar with the details say.

Deutsche Boerse says it will not increase its bid for a controlling stake in the Warsaw Boerse after the Polish government requested an improved offer for the exchange.

Dubai World refuses to offload assets at fire sale prices to repay obligations, forcing it to seek a debt standstill, al-Ittihad reports, quoting an unnamed source at the government-controlled firm. For the Reuters story click here.

Promethean, a UK based maker of interactive white boards, is planning to float in a deal that could value it at up to 500 million pounds, the Financial Times reports.

In other signs the European IPO market will warm up next year, UK budget airline Flybe and five oil companies are planning flotations in London next year which are expected to value them collectively at 1.5 billion pounds, the Sunday Times said.

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