Unstructured Finance

DealZone Daily

April 14, 2010

Prudential says it has appointed Rob Devey, head of the UK insurer’s British and European operations, to lead the integration with AIG’s Asian life insurance arm. Read the Reuters story here.

DealZone Daily

April 13, 2010

Cerberus Capital Management said it would buy defense contractor DynCorp International for about $1 billion in cash in one of the biggest leveraged buyouts of a publicly traded US company since the global financial crisis.  Read the Reuters story here.

DealZone Daily

April 12, 2010

Britain’s ruling Labour government would seek to extend its powers to scrutinise foreign takeovers of UK companies if it wins an election on May 6, a party source told Reuters on Sunday.  The source played down a BBC report that the plan would amount to a “Cadbury’s Law”, to protect UK companies against hostile takeovers .

DealZone Daily

March 25, 2010

The Dubai government unveiled plans to recapitalise its indebted Dubai World flagship and repay Nakheel bonds in full, injecting what it said was $9.5 billion in new funding, but without new aid from Abu Dhabi. Read the Reuters story here.

DealZone Daily

March 15, 2010

Arrow Energy says discussions with Royal Dutch Shell and PetroChina over their $3 billion joint takeover offer for the Australian group are continuing. That is despite a story in the Australian Financial Review that says Arrow is set to reject the bid as too low. Read the Reuters story here.

DealZone Daily

March 12, 2010

Lehman Brothers Holdings Inc used accountancy gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, a court-appointed examiner has found. The good news is, but there was not extensive wrongdoing.  Read the Reuters story here.

DealZone Daily

March 10, 2010

American International Group could learn the fate of the stalled $2.2 billion sale of its Taiwan unit Nan Shan Life Insurance as early as Thursday, when Taiwan’s parliament will review a report on the deal from the top financial regulator.  Read the Reuters story here.

DealZone Daily

March 9, 2010

Sberbank, Russia’s biggest lender, is lining up a bid for the 21 percent stake in Turkey’s Garanti Bank that is being sold by General Electric, a source close to the deal tells Reuters. The stake in the most actively traded stock on the Istanbul bourse is worth $3.7 billion at current market prices. Read the story here.

DealZone Daily

March 8, 2010
American International Group was closing in on a deal to sell its foreign life insurance unit to MetLife Inc for about $15.5 billion in cash and stock, sources familiar with the matter say. MetLife is expected to pay AIG about $6.8 billion in cash and about $8.7 billion in equity, which includes convertible preferred, common shares and common equivalent securities, for the unit, American Life Insurance Co (Alico). Read the Reuters story here.   Indian conglomerate Essar Group plans to raise about $2.5 billion to $3 billion by listing its energy and power businesses on the London bourse in late April, a person familiar with the matter says. Read the Reuters story here.   In other M&A and corporate finance news on Monday:   Kraft Foods is being investigated by UK regulators on whether the company misled employees and investors in its pursuit of Cadbury, the Wall Street Journal said, citing people familiar with the matter.   Top Prudential shareholders are threatening to revolt because they were not given a role subunderwriting the insurer’s $20 billion rights issue, reports the Telegraph. Shareholders are “furious” they have not been offered a role and that the job and lucrative fees that go with it have been given to a group of 30 banks instead.

DealZone Daily

February 9, 2010

Japan Airlines will keep its partnership with American Airlines, due to concerns that forging ties with rival suitor Delta Air Lines would make it difficult to achieve a quick turnaround, a source tells Reuters. Delta and American have been courting JAL, now bankrupt, for months, looking to gain access to its vast network in Asia.