DealZone Daily

January 18, 2010

Monday’s highlights:

London-based oil explorer Tullow Oil (TLW.L) exercises a right to buy Ugandan oil fields which its partner in the fields, Heritage Oil (HOIL.L), previously agreed to sell to Italy’s Eni (ENI.MI) for $1.5 billion.

Some of Cadbury’s (CBRY.L) biggest shareholders, led by Legal & General, continued to reject Kraft Foods’ 10.5 billion pound ($17.2 billion) bid and will look for an increased offer.

Brazil’s Camargo Correa Group reiterates its interest in cement maker Cimpor and says it is pondering its options after the Portuguese stock market regulator turned down its merger proposal.

Dutch sports car maker Spyker denies it has plans to bid jointly for General Motors’ Saab with Luxembourg investment firm Genii Capital.

For more on these and the rest of the latest deal-related news from Reuters, click here.

And elsewhere (some external links may require subscriptions):

French utility GDF Suez (GSZ.PA) is eyeing a tie-up with Britain’s International Power (IPR.L), according to weekend press, with the Sunday Times saying a takeover bid is on the cards, while France’s Wansquare said the link would take another form. Reuters story here. Monday’s FT says rather than a full merger, the duo have talked about creating a tie-up involving their foreign energy assets in a deal that could create one of the world’s leading electricity partnerships.

A three-year drought in UK technology stock market flotations is poised to come to an end this year, as a number of companies prepare to go public, the FT reports. Separately, it says the private equity backers of General Healthcare Group will this week run a beauty parade to choose investment banking advisers for the planned £1bn ($1.6bn) initial public offering of the UK’s biggest private hospital operator.

The Telegraph interviews Cadbury Chief Executive Todd Stitzer, who says the takeover battle with Kraft is “strangely exhilarating” and endorses analysts’ views that the UK chocolate maker could be worth £10 a share by 2013.

Market sentiment will be tested this week when Travelport, the online travel booking company, announces plans to float on the London stock market, the Daily Telegraph says.

Britain is in danger of becoming the “bankruptcy brothel of the world”, it was claimed, as furious creditors prepared a landmark legal challenge over the country’s largest pre-pack administration, that of Greece’s Wind Hellas, the Times says.

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