General Motors has increased the preferred stock on offer by 25 percent and raised the price for common stock in its landmark IPO, bringing the U.S. government closer to break-even on a still-controversial bailout of the automaker. NYT’s Andrew Ross Sorkin looks into who should get the credit for GM’s IPO and Dow Jones Newswires cautions investors with a look back to Blackstone’s IPO.
BHP Billiton’s boss is likely to face calls next week for a massive share buyback when he faces shareholders in Australia after his third straight failure to pull off a major acquisition.
Australia’s farm sector would have too much of an advantage if BHP Billiton was allowed to buy Potash Corp, argued Canada’s farm minister. While Canada’s decision to block the deal stunned many, most Potash Corp investors seem unperturbed, eying its long-term growth prospects.
By blocking BHP Billiton’s $39 billion bid for Potash Corp, Canada reveals it’s not entirely “open for business.” Like many countries, it has become more wary about allowing foreign investors to gain control of companies that hold strategic resources. Reuters takes a look at BHP’s tenacious CEO, what’s next for the company and if other Canada-Australia deals can expect some backlash.
Canada insisted it had made no decision yet on what to do about BHP Billiton’s $39 billion offer to buy Potash Corp, even as two newspapers reported that bureaucrats were advising that the bid should go ahead. A decision by the Canadian government is due by the end of Wednesday.
Communications cable maker CommScope said it agreed to be bought out by The Carlyle Group in a $3.9 billion deal. It’s the latest sign of a resurgence of acquisitions by private equity firms, which are under pressure to invest billions of dollars of capital raised in the past few years. *View article *View preview of Blackstone and KKR’s results
BHP is offering more concessions to Canada’s Saskatchewan province to get a $39 billion deal for Potash Corp approved. “I think it’s wrangling rather than anything more serious. There’s a lot that BHP is willing to do in order to ensure that this deal is a success,” said analyst Charles Kernot at Evolution Securities in London. *View article *View timeline *View scenarios for Potash