Unstructured Finance

Deals wrap: VW revving up for shopping spree?

July 29, 2010

German automaker Volkswagen has revealed it has amassed a $20-billion war chest it intends to use to finance its ambitious Strategy 2018, VW finance chief Hans Dieter Poetsch told Reuters.

Trust the Cadbury trustee to get a deal

January 27, 2010

Warren Buffet may think Kraft isn’t doing a good deal by taking over Cadbury. With Kraft shares falling, Cadbury’s shareholders may not think the deal too sweet either and some disgruntled British consumers may be appalled that a much loved brand will be sold to a non-British group – and one that sells  chocolate symbolised by a lilac cow at that.

Reliance aims big with $12 bln bid for LyondellBasell

November 24, 2009

Ranked by Forbes as India’s richest man with a net worth of $32 billion, Mukesh Ambani is no stranger to taking risks.

Reliance aims big with $12 bln bid for LyondellBasell

November 23, 2009

Ranked by Forbes as India’s richest man with a net worth of $32 billion, Mukesh Ambani Mukesh Ambani, chairman of Reliance Industries, is no stranger to taking risks.

Slaying Goliath to save the Dragon

November 20, 2009

In the blue corner – Emirates National Oil Company (ENOC), which recently hired proxy solicitation firm Georgeson to get out the shareholder vote in favour of its $1.9 billion bid to buy out the 48 percent of Dragon Oil it doesn’t already own. (Georgeson say they are the oldest and best shareholder consultancy in the business, and helped engineer a record turnout for the HBOS AGM that approved Lloyds’s takeover of the bank.)

Noted: Why BHP won’t revisit Rio

November 20, 2009

The year-long ban BHP Billiton has had on revisiting a takeover of rival miner Rio Tinto will soon end, but it seems as if the moment has passed. Liberum and Investec said earlier this week that most of the synergies were captured anyway by the duo’s iron-ore joint venture.  If regulators nix that deal, analysts say a full takeover could be back on — but how that would pass muster if a JV doesn’t is not clear. On Friday, Credit Suisse joined the chorus of disapproval, saying a takeover would cut BHP’s return on equity (ROE) in half. From the CS note:

The derision thing

November 9, 2009

Derisory (di-ry-ser-i) adj. deserving derision; too insignificant for serious consideration.

Can American Capital find a rich suitor?

November 2, 2009

More consolidation may be coming to the world of private equity lenders. Debt-laden Allied Capital solved its long-standing problems last week when it sold itself to Ares Capital. Rival American Capital, once an S&P 500 component but now struggling for survival, could be the next takeover target.

Tandberg shareholders take on Cisco

October 15, 2009

Acquisitive by nature, with a famed M&A team at hand and a couple of different bids already in the market, Cisco Systems is no stranger to stakeholders in its takeover targets trying to get a better deal. So news that investors holding 24 percent of the shares in videoconferencing firm Tandberg have snubbed Cisco’s $3 billion bid shouldn’t rattle the company too much.