DealZone Daily

December 10, 2009

Thursday’s top stories:

Dubai’s Emaar Properties (EMAR.DU) says it will not merge with Dubai Holding’s property units, a move analysts said protected the developer from Dubai Holdings’ vulnerable debt position.

Sempra Energy (SRE.N) may join Royal Bank of Scotland Group Plc (RBS.L) in selling off their entire joint commodities business, offering quick entry into a lucrative market with a diverse, global trading book.

When AOL Inc Chief Executive Tim Armstrong rings the opening bell of the New York Stock Exchange on Thursday, he hopes to put behind one of the most disastrous mergers in corporate history. The question is, Yinka Adegoke writes, whether investors will take to the newly independent Internet company, especially since the spin-off was structured so the first holders of the stock are Time Warner Inc (TWX.N) shareholders.

And George Chen and Michael Flaherty say while the allure of raising a Chinese currency fund is strong for private equity firms, setting up a yuan fund risks alienating private equity’s most prized stakeholders: U.S., European, and Middle Eastern pension funds and fund-of-funds, which have committed billions of dollars to the buyout industry over the last decade.

For the rest of the latest deal-related news from Reuters, click here.

And elsewhere:

Citigroup Inc plans to pay back TARP by raising money in an equity offering that could be announced as early as Thursday and could be some $20 billion, television network CNBC reports, citing sources. Reuters story here.

Hershey Co. and the philanthropic trust that controls it are nearing a final decision on whether to bid on candy maker Cadbury, the WSJ says, adding that the two sides—Hershey management and the trust’s board—are tilting toward making a bid but haven’t made a final decision.

Alliance Boots is setting its sights on overseas expansion as it looks to build on progress since its £12.4bn buy-out with private equity firm Kohlberg Kravis Roberts in 2007, the FT says.

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