DealZone Daily

February 22, 2010

Top stories:

Schlumberger Ltd agrees to buy Smith International in a $11.34 billion all-stock deal that will boost the oilfield services leader’s revenue to double that of its nearest rival.

Dai-ichi Mutual Life Insurance, Japan’s second-largest life insurer, will sell about 1.07 trillion yen ($11.7 billion) of shares in Japan’s largest initial public offering in more than a decade.

EMI wants to keep ownership of the Abbey Road recording studios, immortalized by the Beatles album of the same name, though it is talking to other parties about revitalizing the site, the Terra Firma-owned music company says.

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

And here’s some highlights from elsewhere on the web (some links may require subscriptions):

Glencore, the Swiss commodities trader, is sounding out potential partners as it prepares to buy back the $2.5 billion Prodeco coalmine owned by Xstrata, The Times says it has learnt.

The Swiss trading group is understood to be discussing a possible deal with Vale, the Brazilian miner, and GIC, the Singaporean sovereign wealth fund. It is also believed to have held talks with First Reserve, a US-based investment fund, and Alpha Natural Resources, an American coal producer.

Acromas Holdings, the merged AA and Saga group, has become Britain’s latest private equity-owned business to abandon plans to float on the stock market this year, reflecting a new militancy among institutions refusing to back businesses with huge debts, the Guardian says.

Ontario Teachers’ Pension Plan is competing against European private equity firms CVC Capital Partners and BC Partners in the bidding for UK lottery operator Camelot, Financial News says (via the WSJ website).

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