Deals wrap: Selling U.S. banks

June 1, 2011

The Smart Money 30 group of top hedge funds spent the first quarter unwinding positions in major banks, one of their most successful bets of 2010, and shifting toward investments that can prosper in weaker economic times, like deep discount retailers. Find Reuters’ quarterly package of Smart Money stories here.

Carlyle Group is looking to pick banks to underwrite its planned IPO in the coming month, four sources familiar with the situation said, making it the latest buyout firm to tap the public markets.

Apartment building owner Archstone, whose $22 billion buyout in 2007 exemplified the excesses of the housing boom and helped bankrupt Lehman Brothers, is coming back to the market.

SAC Capital Advisors faces an insider trading probe from the Securities and Exchange Commission related to the $15 billion takeover of biotechnology firm MedImmune, the Wall Street Journal reports, citing people familiar with the matter.

Timothy Geithner weighs in on the bailout of the auto industry, in a Washington Post opinion piece.

Sealed Air Corp said it will buy privately held cleaning products maker Diversey Holdings in a cash-and-stock deal valued at $4.3 billion.

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