DealZone

Looking for a Sun Valley deal

The logo on the door of the Sun Valley resort, site of the 26th annual Allen & Co conference in Sun Valley, Idaho July 8, 2008. REUTERS/Rick Wilking  At Sun Valley, so far, it’s the fabricated deals that are getting the headlines. News Corp is not in talks to sell MySpace, despite the rumors. View article Read More

BP boss Tony Hayward is in the Middle East in a quest for cash to ward off takeovers. What’s in it for sovereign wealth funds in the oil-rich area? Diversity, says Reuters reporter Natsuko Waki. View article

The hedge fund industry has seen inflows of roughly $30 billion since last summer but British firm Man Group is not following the trend. Outflows from institutions have shrunk from year-ago levels but private investors are now pulling money out. View article

Now that the “world’s largest IPO” headlines  have been written about Agbank,  do the big numbers add up? View FT article

WSJ has some interesting predictions on who will be cutting steak with Warren Buffett this year. No one has  admitted yet to paying $2.6 million for a lunch date with the Oracle of Omaha.  View WSJ article

In man vs machine, GLG has Manly appeal

Hedge fund firm Man Group apparently pricey deal to buy GLG Partners gives Man – the world’s biggest listed hedge fund — better access to the large and lucrative U.S. market. It also counts as a small win for the human race in its apocryphal war for investors’ funds with cheaper, faster and — many would argue — far more dangerous algorithmic trading machines known as black boxes.

The $1.6 billion cash-and-shares deal represents a heady 55 percent premium to GLG’s closing price on Friday. Clearly some investors are worried it’s a little too rich. It has so far driven the shares of Man – which had already lost about a fifth of their value since mid-April — down by a little more than 8 percent.

London-based Man has long been seen as needing more inroads into the U.S. market to take on industry leader JP Morgan. As Joel Dimmock and Laurence Fletcher report, the purchase would also dilute Man’s reliance on its flagship black box fund AHL which badly lagged rivals last year. What do you do when the black box fails? Start investing in people again.