Keeping score: biotech, Chinese debt and European ECM
Here are some highlights from this week’s Thomson Reuters Investment Banking Scorecard.
Medarex boosts biotechnology M&A to $5.3 billion
Bristol-Myers Squibb’s $1.9 billion acquisition of Medarex lifted the volume of biotechnology M&A to $5.3 billion for year-to-date 2009, a 90% decrease from 2008 levels. Last year’s total was bolstered by the $46.7 billion acquisition of Genentech by Roche Holding. Excluding the Genentech transaction, biotechnology M&A volume is down 22% over 2008 levels. By number of deals, mergers in the sector are up 15% over last year.
Deals du Jour
Reports of new Asian share sales attracted headlines on Wednesday, with China National Pharmaceutical Group planning a $1 billion IPO, China Merchants Bank seeking $3 billion and BBMG Corp looking for cornerstone investors.Other corporate finance stories in the newspapers include:* French water utility Veolia Environnement (VE.N) plans to sell a 30 percent stake in its Czech unit Dalkia, daily Hospdarske Noviny reported, citing Dalkia’s board chairman.* The Russian government has reached a deal on the purchase of services conglomerate Sistema’s (SSAq.L) stake in telecoms giant Svyazinvest, Kommersant newspaper said.For all the latest deals news, click here.
Deals du Jour
New European regulations made headlines on Tuesday as the former chief executive of Man Group hit out at proposed changes to hedge fund rules and the first details of new European bank regulations emerged.Other stories to make the newspapers include:* Bondholders to Northern Rock, the UK bank rescued by the state, are being repaid ahead of the British government due to a contract breach in 2008, the Guardian reported.* London Residential Opportunities, a new residential property fund, is looking to raise 50 million pounds ($81.16 million) in equity ahead of floating on the London Stock Exchange later this year, according to the Daily Telegraph.* Preparations are being made to put Independent News & Media (INNZF.PK) into examinership — an Irish form of bankruptcy protection — in case restructuring talks fail, the Times reported.* China’s state-owned Beijing Automotive faces long odds in its bid to buy European carmaker Opel due to Chinese reluctance to buy foreign auto firms, according to influential Chinese magazine Caijing.For all the latest deals news from Reuters, click here.
Deals du jour
Top deals news today includes LSE boss mulling new acquisitions, BC Partners downing tools on a BGI bid and Fiat signing a big Chinese joint venture. All the latest deals news here.
In the morning papers:
The new chief executive of London Stock Exchange Xavier Rolet has told La Tribune newspaper that he is ready to look at acquisitions and alliances but is not treating them as a priority. Reuters story here.
Deals du jour
Top deals news today includes Fiat boss’s confidence about an Opel takeover, Regions Financial planning a $1.25 billion stock offer, Aussie Rio shareholders seeking a new Chinalco deal and Novartis buying cancer drugs unit. All the latest deals news here.
In the morning papers:
Fiat SpA has more than a 50 percent chance of successfully linking up with Opel, La Stampa said, citing chief executive Sergio Marchionne. Reuters story here.
Deals du jour
State Street is selling $2 billion of stock, Morgan Stanley expects more listed company share sales and billionaire Kirk Kerkorian strikes his latest deal, and more. Here are the latest deal-related stories:
State Street sells stock, takes $3.7 billion charge
Morgan Stanley exec sees more follow-ons
Kerkorian buys MGM Mirage shares, stake now 42 percent
Fujitsu eyes more M&A to boost software operations
Lehman seeks OK to probe Barclays payment
Kona Grill shareholder offers to take company private
Morgan Stanley to sell remaining stake in MSCI
And in the morning papers:
The U.S. Treasury has preliminarily granted BlackRock Inc a second-recond interview to buy toxic assets from U.S. banks, using taxpayer money, the Wall Street Journal said on its website.

