Glencore kept a lid on its aspirations for a much-hyped market debut, targeting proceeds of $11 billion after securing record commitments from investors. The commodities trader set a price range of 480 to 580 pence per share for the London IPO, confirming an earlier Reuters report. That values it at $61 billion at the mid-point, in line with early forecasts. Glencore is planning a dual-listing in London and Hong Kong.
Nasdaq OMX and IntercontinentalExchange will take their takeover bid for NYSE Euronext straight to the Big Board’s shareholders as they try to corner the company into talks. NYSE has already rejected Nasdaq and ICE’s $11 billion unsolicited offer twice in favor of a lower bid from Deutsche Boerse.
A group of Facebook shareholders is seeking to offload $1 billion worth of shares on the secondary market, a sale that would value the company at more than $70 billion, according to sources. It would represent one of the largest transactions of Facebook shares to date and points to a growing wariness among early-stage investors and employees who fear the social networking service’s growth cannot keep pace with its market valuation.
French dairy giant Lactalis launched a $4.9 billion offer to take over Italy’s Parmalat, prompting intervention by Italy and France to defuse a row over control of the Italian company. The bid comes just hours ahead of a meeting between Italy’s Prime Minister Silvio Berlusconi and French president Nicolas Sarkozy where the Italian government has expressed worries about French moves on Italian companies. Europe’s biggest dairy group bought 29 percent of Parmalat in March which sparked alarm in Rome.
Nasdaq OMX and Intercontinental Exchange (ICE) said they have lined up a commitment to finance their rival bid for NYSE Euronext and have offered to pay a breakup fee if the deal fails to go through. This article from The Wall Street Journal lists the details of how Nasdaq and ICE is plan to sweeten their offer for the exchange even more.
Another multi-billion dollar international healthcare deal could be coming if Johnson & Johnson has its way. Synthes, a Swiss medical device maker, confirmed it is in takeover talks with J&J after reports the U.S. health giant is keen to buy it for about $20 billion.
Glencore is looking to raise up to $12.1 billion for its initial public offering in a duel listing that will boost firepower for deals at the height of the resource boom. The long-awaited details of the offer, set to be the largest ever in London, were outlined in an intention-to-float that confirmed an earlier Reuters story. However, the company did not name a new non-executive chairman, a requirement for its listing.
The planned $18 billion deal between BP and Rosneft was left even more uncertain after its chief backer Igor Sechin stepped down as Rosneft’s chairman. Sechin, who is also Russia’s deputy prime minster quit after President Dmitry Medvedev ordered the removal of ministers from the board of state companies. BP’s tie-up with Rosneft is already blocked by a court injunction secured by the company’s Russian partners in its TNK-BP venture.
Nasdaq OMX Group responded to NYSE Euronext’s snub by reaffirming their cash and stock offer for the exchange was superior to that of the bid submitted by German rival Deutsche Boerse AG. Nasdaq’s CEO, Robert Greifeld said in a statement they have received positive feedback from NYSE Euronext shareholders and expects, at the very least a meeting with NYSE Euronext to discuss further details. Shares of Deutsche Boerse rose 1 percent after NYSE Euronext’s rejection of Nasdaq’s offer.