DealZone

DealZone Daily

ING Group completed the sale of its Asian private banking unit to Singapore’s OCBC, the biggest deal in the private banking sector since the financial crisis. Netherlands-based ING said the sale is in line with its strategy to focus on fewer franchises and reduces the group’s complexity.  Read the Reuters story here.

Spain’s Ferrovial has no plans to tap equity markets in 2010, though its British airport operator BAA will continue to raise cash through bond issuance, chairman Rafael del Pino told Reuters on the sidelines of the World Economic Forum.

And in other news:

Bank of New York Mellon Corp is in late-stage talks to buy a PNC Financial Services Group business for about $2.5 billion, the Wall Street Journal reported, citing people familiar with the matter. Pittsburgh-based PNC has been shopping its PNC Global Investment Servicing business and a deal could come as soon as next week, says the report.

JP Morgan is launching a worldwide business aimed at selling loans and commercial banking services to multinational corporations, the Financial Times said. The new business will sell products ranging from loans to commodities and focus first on fast growing economies like China and India.

DealZone Daily

Shares of China XD Electric Co, which raised $1.5 billion this month in a Shanghai IPO, unexpectedly fell in their trading debut on Thursday, serving a stark warning to China’s securities regulator that it may have gone too far in trying to cool the overheating stock market.  Read the Reuters story here.

And in other news:

Keolis, the transport unit of France’s state railway group SNCF, and British transport operator Arriva, are studying a possible equity link-up, French daily La Tribune reported.

DealZone Daily

Shares in Russian aluminium group Rusal fell heavily on their debut, as a broad market slump across Asia and worries over the group’s debt and legal issues dogged its landmark $2.2 billion Hong Kong IPO.

And in other media:

Greece is wooing China to buy up to 25 billion euros of its bonds in its efforts to avert one of Europe’s biggest debt crises, the Financial Times and Wall Street Journal reported.

Private equity groups including CVC Capital Partners and Carlyle are preparing to finance a 5 billion euro bid for German cable provider Kabel Deutschland, the FT reported.  Read the story here.

DealZone Daily

Kraft’s acquisition of Cadbury is expected to trigger the next blockbuster sale in the global corporate bond market as the company refinances an $11.5 billion bridge loan used to temporarily fund the deal.  The world’s second largest food group Kraft is expected to have no trouble drawing demand for a bond sale, thanks to its investment grade ratings. Read the Reuters story here.

Private equity giant KKR is to launch a partnership to invest in consumer services, education and media businesses, a source familiar with the situation said on Monday. It will launch the business with Jonathan Grayer, former chairman and CEO of Kaplan, a unit of Washington Post Co.  Grayer was CEO of Kaplan for 14 years in 2008.

And in other media:

American International Group has decided not to sell its aircraft leasing unit International Lease Finance Corp, the Financial Times said, citing people close to the situation.  AIG has realised that it will not reap a big profit from the divestment of the business, ptompting it to scrap the sale plans.

DealZone Daily

Italy’s Ferrero has ruled out a rival bid for Cadbury Plc, clearing the way for Kraft Foods to complete its 11.7 billion-pound ($18.9 billion) proposed takeover of the British confectioner. Fellow chocolate maker Hershey has already said it has no intention of bidding for Cadbury, so with Nestle already ruled out, Kraft appears on course to complete its recommended bid by the deadline of February 2.

US investment group Blackstone is examining the possibility of entering the UK banking market, its chief executive Stephen Schwarzman said on the sideleines of a conference in Saudi Arabia, confirming earlier reports by Reuters and other media. He said that opening a bank in the UK would not represent a major change in strategy for Blackstone.

And from other media:

CPA Global, the patent and legal services group, is set to complete on Thursday a management buyout financed by Intermediate Capital Group, the Financial Times reported.

DealZone Daily

Wednesday’s highlights:

Ford Motor Co (F.N) and China’s Geely are set to report progress as soon as Wednesday in talks to sell Ford’s Volvo unit to the Chinese automaker, two people with direct knowledge of the matter say.

Spyker Cars presses ahead with efforts to cut a deal for Saab with General Motors, with talk of possible backing from a Dutch billionaire fanning the Swedish carmaker’s faint hopes of an eleventh-hour reprieve.

Chinese Internet firms are eyeing more spin-off offerings after raising nearly $1.5 billion this year as they bank on strong foreign interest in high growth China plays.

DealZone Daily

Tuesday’s highlights:

The proposed merger of two live music powerhouses, Live Nation Inc and Ticketmaster Inc , is given a huge boost as a British regulatory body drops its objections and approves the deal.

Sweden says a last-ditch bid by Spyker Cars for Saab offers a thread of hope the iconic brand would survive, as talks between the Dutch luxury carmaker and General Motors trigger an extended deadline.

Dubai World disappoints creditors by making little progress on securing standstill on $22 billion of debt, as a key creditor meeting proves a tame affair with less than half the expected attendees showing up.

DealZone Daily

Friday’s highlights from Reuters:

The energy, finance, technology and healthcare industries are expected to be the hottest areas in a dealmaking market that in 2010 is likely to expand gradually from this year’s depressed levels. M&A totals $1.968 trillion so far in 2009, down 32 percent from full-year 2008 and down 53 percent from the record high in 2007, according to data from Thomson Reuters

A dizzying recovery in financial markets this year has upended the usual pecking order for fee-making in investment banking and turned the bonuses flowing from those fees into political dynamite. The shape of the fee pool has really changed materially over recent years,” said Simon Warshaw, co-head of investment banking for Europe, the Middle East and Africa (EMEA) at Swiss bank UBS, ranked fifth for global equity capital markets (ECM) issues and fees this year. Read the  story here.

And in news elsewhere:

The disposals Lloyds has agreed to as compensation for taking state aid were a “very fair deal” but it has no plans to sell the assets off soon, the banking group’s chief executive told the Financial Times.  Read the report here.

DealZone Daily

Thursday’s highlights:

National Australia Bank made a surprise trump bid for AXA Asia Pacific Holdings’ Australian and New Zealand units on Thursday, in a cash deal that would value all of the target firm at around $12 billion.  The bid tops an offer from Australian life insurer AMP Ltd, which had faced resistance from AXA Asia Pacific’s independent directors who were looking for a higher offer.

Private equity firm Apollo Management said it had agreed to buy Ohio theme-park company Cedar fair for $635 million. The total deal is valued at $2.4 billion including the refinancing of the firm’s outstanding debt.

And in news elsewhere:

Bailed out U.S. insurer American International Group plans to file a prospectus for a multi-billion dollar IPO of its Asian life insurance unit before Christmas, the Financial Times reported on Thursday.  The Hong Kong IPO of American International Assurance is expected to raise $10 billion to $20 billion, the paper said.

DealZone Daily

British chocolate maker Cadbury (CBRY.L) ramps up its targets for sales and operating margins to show it’s worth more than Kraft’s (KFT.N) hostile $16.5 billion offer. It says it has seen interest from other bidders, but doesn’t mention them . Stock markets are unimpressed — Cadbury shares are up only 0.7 percent.

In the wrangling over Saab, Beijing Automotive Industry Holding Corp (0r BAIC) has said it has acquired some of the assets of the General Motors unit.

French insurer AXA (AXAF.PA) and Australia’s AMP Ltd (AMP.AX)  have raised their takeover offer for AXA Asia Pacific Holdings to $11.7 billion — a 16 percent rise. The two are keen to get their hands on different parts of the business. The French insurer is already the biggest shareholder in AXA Asia Pacific Holdings, and also its parent company.