M & A wrap: Moody’s cuts French banks
Moody’s cut the credit ratings of two French banks because of their exposure to Greece’s debt, highlighting growing risks to Europe’s financial sector from a deepening euro zone sovereign debt crisis. In an opinion piece, the WSJ reports the French financial system maintains too close a relationship to the state.
Google raised its offer for Motorola by 33 percent to $12.5 billion over two weeks of negotiations between the two companies, according to a regulatory filing.
The chief executive of Anglo American, Cynthia Carroll, has downplayed speculation that the miner is on the hunt for acquisitions, the Financial Times reports.
“Bruce Kovner is betting he can pull off what eluded Stanley Druckenmiller and Julian Robertson: Keeping his hedge fund alive after retiring from trading client money,” reports Bloomberg.
The NYT’s Deal Professor takes a look at the Merrill Lynch and Lehman deals:
One of these deals has been a success. The other is questionable. The difference shows not only how a chief executive’s hubris can destroy a company, but how three years later, the failure of the Treasury Department, Federal Reserve and the banks themselves to shrink significantly the banks’ mortgage liabilities still threatens our economy.