DealZone Daily

February 4, 2010

Business tycoon Hugh Osmond raises 420 million pounds with the IPO of his acquisition vehicle Horizon (HZNA.L). Not quite as much as the 500 million at the top of his expected range, but still enough to buy  a company with an enterprise value of up to 3 billion pounds. The brand-new shares were last seen at a whisker below their 10 pounds offer price.

Also watch Endemol, the Dutch reality TV producer that gave the world Big Brother. Yesterday, lenders voted on a plan to limit the use of debt buybacks to increase earnings. Some investors have queried the use of buyback profits, and the case could still go to court. Results of the vote will be out today.

In rival media:

Guy Hands will ask investors in his private equity group Terra Firma for 100 million pounds to cover a shortfall, saying its music company EMI will be unable to meet its loans from Citigroup, says the Financial Times.

China’s Ministry of Finance is considering injecting money into Bank of Communications (BoCom) to consolidate its position as the largest shareholder of the country’s fifth-largest lender, according to the China Business News.

Chinese sovereign wealth fund CIC has finalised a $956 million investment deal with British private equity group Apax Partners [APAX.UL], China Daily quoted a source close to the fund as saying.

Snack food companies Lance Inc and Diamond Foods Inc are among the bidders for privately held potato-chip maker Kettle Foods, according to a report on Bloomberg’s website.

A future Conservative government in the U.K. would not interfere with foreign takeovers of British companies, a senior party official said, running against the increasing political wariness of the U.K.’s open borders. WSJ story here.

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