The Daily Deal articles from February 2002

The Daily Deal archives from February 2002

A new Czech government may handle CEZ sale.
February 18, 2002... The Czech government said Friday that if it has not agreed on a sale of utility CEZ AS by Feb. 28 it will defer the multibillion-dollar privatization to the next government, which is due to be elected in June. The Czechs, who have set an...

BG Group closes deal for Enron's Indian oil assets.
February 18, 2002... British natural gas producer BG Group plc said last week it closed its purchase of Enron Oil & Gas India Ltd. from bankrupt Enron Corp. BG announced the deal Jan. 23 for $350 million, less than the $388 million it agreed to pay in October....

Banque Sudameris-Banco Itau talks extended.
February 18, 2002... The exclusive negotiating period for the sale of Banque Sudameris SA to Brazilian lender Banco Itau SA has been extended until March 8 from a Feb. 15 deadline. According to a joint statement last week from Itau and IntesaBCI, Italy's largest...

Bofors taking Cell ITS unit.
February 18, 2002... Arms maker Bofors Defense AB said last week it's buying Cell ITS, the defense business division of Swedish competitor Cell Network AB, in a transaction valued at about SKr45 million ($4.3 million). Karlskoga, Sweden-based Bofors said the move...

Kelly's purchasing Axia Group.
February 18, 2002... Kelly's Coffee Group Inc., a Salt Lake City holding company looking for a business to acquire, has set its sights on Axia Group Inc., a crosstown financial consultancy and real estate management company. Kelly's said Feb. 15 that it would...

LineSoft sold to rival Itron.
February 18, 2002... Itron Inc., a Spokane, Wash., provider of data to utilities, said Friday it agreed to acquire LineSoft Corp., a privately held provider of software and services to power transmission and distribution systems, also of Spokane, for $21 million...

Magna nabs Eurostar plant.
February 18, 2002... Magna International Inc., an Aurora, Ontario, supplier of automotive components, said last week that its Magna Steyr Group unit agreed to buy DaimlerChrysler AG's Eurostar manufacturing plant in Graz, Austria. The facility is adjacent to a...

Magnum Hunter gets $500M for Prize purchase.
February 18, 2002... Magnum Hunter Resources Inc., an oil company in Irving, Texas, said Friday it obtained a commitment from Deutsche Bank AG unit Bankers Trust for a $500 million senior bank credit facility to fund the cash portion, retire the debt assumed and...

VitalStream acquired by Sensar.
February 18, 2002... Sensar Corp., a Salt Lake City holding company that invests in tech companies, said last week that it has purchased VitalStream Inc., an Irvine, Calif., provider of digital broadcasting. VitalStream shareholders would receive about 15.3...

Xcel Energy is getting 26% NRG Energy stake.
February 18, 2002... Minneapolis utility Xcel Energy Inc. said Friday its board approved plans to acquire the 26% of power generator NRG Energy Inc. it doesn't own in exchange for stock. Xcel is the latest utility to buy back a previously spun-off unit in an...

Court approves Nx Networks auction.
February 15, 2002... Byline: Soma Biswas Bankrupt Nx Networks Inc., a Herndon, Va.-based provider of Internet telephony solutions, received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia in Alexandria to run an auction process...

Bankrupt Harvard Industries seeks buyers.
February 15, 2002... Byline: Jonathan Berke Bankrupt Harvard Industries Inc., having received final approval for a $35 million debtor-in-possession financing, is intent on finding buyers for the whole auto-parts company or pieces of it. "If we can't find...

Dresser provides $35M DIP for bankrupt companies.
February 15, 2002... Byline: Soma Biswas Dresser Industries late last week provided a $35 million debtor-in-possession loan commitment to one of its former units, Harbison-Walker Refractories Co., and two other subsidiaries of RHI Refractories Holding Co....

Globalstar files chapter 11.
February 15, 2002... Byline: Olaf de Senerpont Domis Like many of its former rivals, satellite telephone service provider Globalstar LP has finally crashed to earth, announcing late Feb. 15 that it has filed for Chapter 11 bankruptcy protection. ...

IPOs banking on honesty.
February 15, 2002... Byline: Heidi Moore The debut of PayPal Inc. shows that a little disclosure can go a long way: Call it the honesty premium. Online payment company PayPal saw its shares soar as high as 54% on its first day of trading. For the...

Fujita to sell property unit, join merger.
February 15, 2002... Byline: Charles Smith TOKYO ? Struggling mid-sized Japanese construction company Fujita Corp. will divest its debt-ridden real estate division and merge its core construction business with a group to be formed next year by Mitsui...

Federated faces shareholder suit.
February 15, 2002... Byline: Josh Kosman Federated Department Stores Inc.'s recent preparations to downsize its Fingerhut subsidiary in case it doesn't find a buyer for the unit's core catalog business has prompted a shareholder lawsuit. New York-based...

Microsoft cuts losses.
February 15, 2002... Byline: Tyson Freeman Microsoft Corp. continues to unwind its failed telecom and cable TV investments Feb. 15, dumping its remaining equity in United Pan-Europe Communications NV for an undisclosed price. Microsoft held a 6.3% stake...

Stock image industry to consolidate.
February 15, 2002... Byline: Dawn Hayes in London Consolidation in the struggling, $2 billion-a-year, photo stock-images industry will continue apace this week with the expected merger of Superstock, a photo image agency in Jacksonville, Fla., and...

EU clears Masterfoods, Royal Canin deal.
February 15, 2002... Byline: Renee Cordes BRUSSELS ? The European Commission on Feb. 15 gave Masterfoods Holdings permission to swallow rival French pet-food maker Royal Canin SA, but put the company on a diet in two of its most important markets. The...

SAI exits Fondiaria, at least for now.
February 15, 2002... Byline: Heather O'Brian MILAN ? Turin-based insurer Societ? Assicuratrice Industriale said Feb. 15 it agreed to sell its remaining 7.7% stake in Florentine insurer La Fondiaria Assicurazioni SpA to Italian investment bank Mittel SpA and...

P&O Princess shareholders vote for more time.
February 15, 2002... Byline: Donna Block Shareholders of British cruise operator P&O Princess Cruises plc voted Feb. 15 to table a decision on the proposed merger with Royal Caribbean Cruises Ltd., giving hostile suitor Carnival Corp. more time to plead its...

Snia accepts sweetened Bios bid.
February 15, 2002... Byline: Heather O'Brian MILAN ? The board of Italian biomedical group Snia SpA accepted a sweetened takeover bid Feb. 15 from prominent Italian entrepreneur Emilio Gnutti that values the company at about ?765 million ($667 million). ...

Canadian seafood merger slips hook.
February 15, 2002... Byline: Laura King Canadian Fisheries Products International's attempt to turn its rival into a trophy catch has foundered. The St. John's, Newfoundland-based seafood giant said last week that it has abandoned its planned C$510...

PE interest in assisted living swells.
February 15, 2002... Byline: Jonathan Berke With predictions that the nation's octogenarian set will swell over the next couple of years, private equity players are the ones joining with real estate developers to buy more assisted and independent living...

Commerzbank enters auction for Consors.
February 15, 2002... Byline: Jonathan Braude BERLIN ? Germany's Commerzbank AG, parent of online discount-broker Comdirect AG, has entered an auction for rival broker Consors AG with an indicative offer, the bank said Feb. 15. A Commerzbank spokesman,...

Tyco discloses details about smaller deals.
February 15, 2002... Byline: Kevin DeGeeter Tyco International Ltd. spent $4.4 billion on acquisitions during the three months ending Dec. 31, according to documents filed with U.S. Securities and Exchange Commission last week. The disclosures paint a...

Behrman Capital co-founder dies.
February 15, 2002... Byline: Kelly Holman Darryl G. Behrman, the 51-year-old co-founder of Behrman Capital, died Feb. 12 while vacationing in Anguilla, the British West Indies, the firm announced Feb. 15. Behrman's death comes after the private equity...

Education investing sees surge.
February 15, 2002... Byline: Clifford Carlsen Venture capitalists took a keen interest in education during the recent investment bubble, but like frustrated students unwilling to do the coursework, most have since dropped out. As with most nontechnology...

AWD Holding seeks acquisitions home, abroad.
February 15, 2002... German financial services company AWD Holding AG, armed with [Euro]500 million ($437 million) from its initial public offering two years ago, said Thursday it's in talks to buy companies in Germany and Britain. AWD is also looking for...

Ailing software company Webforia throws in towel.
February 15, 2002... Despite a high-profile deal with CNN.com, software firm Webforia is making news of its own, filing a Chapter 7 liquidation petition. Court documents include Cascadia Capital llc, Costco, Dell Computer Corp., DoubleClick and ImageX as...

AmeraMex Intl buys land for mill.
February 15, 2002... AmeraMex International Inc., an Irvine, Calif., forest products company, said Thursday it has bought land near Ensenada, Baja Mexico, for a new lumber mill in Ojos Negros. The facility can provide 1.2 million board feet of lumber a month,...

Cellomics.
February 15, 2002... Pittsburgh-based Cellomics Inc. has landed Series D funding of up to $20 million led by Oxford BioScience Partners. The fresh cash will help push the company toward profitability. The company's new cellomics technology is concerned with the...

DSM chief: We're still on lookout for deals.
February 15, 2002... Dutch chemicals company DSM NV is still considering acquisitions after trying unsuccessfully to merge with French rival Rhodia SA. DSM's chief executive Peter Elverding said his company is still looking for a deal, but would not be specific....

Energis plc hires PwC.
February 15, 2002... Troubled Energis plc has hired PricewaterhouseCoopers to go over its books. The U.K. telecom already put off a meeting scheduled for today in which it was to disclose a new business plan to lenders. Energis said it would now unveil its...

Evolution Robotics.
February 15, 2002... Phoenix-based Evolution Robotics Inc., a software technology and services company that is creating an open software platform for the personal robotics industry, says it has raised $3 million from Idealab, a startup incubator, and Ben Rosen,...

Green Mountain Energy.
February 15, 2002... Electricity reseller Green Mountain Energy Co. has raised $24 million in financing from Dallas financier Sam Wyly, BP plc, Dutch utility company Nuon NV and Dallas-based hedge fund Maverick Capital the Austin American-Statesman reported. The...

Imperial plans merger with Warrior.
February 15, 2002... Evansville, Ind., oil company Imperial Petroleum Inc. said Thursday it purchased 29.4 million shares of Warrior Resources Inc., formerly Comanche Energy Inc. of Tulsa, Okla., from Warrior's officers and directors for 2.9 million shares of...

Langenscheidt to obtain Berlitz.
February 15, 2002... Munich-based Langenscheidt Publishing Group and Berlitz International Inc., founded in 1856 and 1878 respectively, agreed to merge Thursday. Terms were not disclosed, but Langenscheidt's U.S.-based president Stuart Dolgins said the purchase...

Lloyd Miller raises heat on FairMarket.
February 15, 2002... Investor Lloyd Miller III may propose that management of FairMarket Inc., an online auction developer, consider pursuing a financial transaction, such as an acquisition. Miller said the Woburn, Mass.-based company's stock is significantly...

Medical Simulation.
February 15, 2002... Simulation technology company Medical Simulation Corp. said Thursday it has raised $5 million in a Series C preferred stock offering. According to the company, funding was provided by individual investors including Gerard Moufflet, CEO of...

Medical Staffing.
February 15, 2002... Boca Raton-Fla.-based Medical Staffing Network Holdings Inc. filed for an estimated $143.75 million initial public offering last week with the Securities and Exchange Commission. In its filing, the company said it is the largest provider of...

NaPro BioTherapeutics.
February 15, 2002... Biopharmaceutical company NaPro BioTherapeutics Inc. has raised $16 million from venture capital firm TL Ventures though the private placement of common stock and convertible debentures. The financing consisted of $8 million of NaPro common...

Quanta reports charge for UtiliCorp proxy fight.
February 15, 2002... Houston utility contractor Quanta Services Inc. said Thursday it recorded a $1.1 million charge in the fourth quarter related to its proxy fight with Kansas City, Mo., utility UtiliCorp United Inc. The charge contributed to a 7% earnings drop...

SAI and SecurityVillage.com still entangled.
February 15, 2002... Although their merger appears dead, Security Associates International Inc. isn't finished with SecurityVillage.com Inc. just yet. SAI, an Arlington Heights, Ill., security company, said it intends to collect on a $1.72 million note offered by...

STM purchases Tioga Tech assets.
February 15, 2002... Swiss chipmaker STMicroelectronics NV said Thursday it acquired the product licensing of Tioga Technologies Inc., a San Jose, Calif., provider of telecom circuitry and software, for $10 million. The deal gives STMicroelectronics the...

SWE-DISH Satellite Systems.
February 15, 2002... Stockholm-based developer of broadband applications for mobile satellite communications SWE-DISH Satellite Systems AB said Wednesday it has raised an undisclosed amount of cash from London-based 3i Group plc in exchange for 17% of its equity....

Some Hynix creditors cautiously favor Micron.
February 14, 2002... Byline: Gina Chon in Seoul SEOUL ? Displaying none of his enthusiasm of the previous evening, Hynix Semiconductor Inc. CEO Chong Sup Park told reporters Feb. 14 there is a "50% chance" that Hynix creditors will reject a $4 billion deal...

Kahala takes control of bankrupt Ranch*1.
February 14, 2002... Byline: Soma Biswas A New York court, Feb. 14, confirmed a reorganization plan that hands over control of bankrupt Ranch*1 Inc. to Kahala Corp., a Scottsdale, Ariz.-based owner of restaurant chains. Kahala had provided New York-based...

Nucor sets sights on BirmSteel.
February 14, 2002... Byline: Greg Johnson When Nucor Corp.'s Daniel R. DiMicco said Jan. 15 that U.S. steelmakers needed to consolidate, he wasn't kidding. The president and CEO of the Charlotte, N.C., mini-mill operator announced his second deal in 12...

Enron Watch: week of Feb. 11.
February 14, 2002... Byline: Jaret Seiberg Week of Feb. 11 Former Enron Corp. Chairman Kenneth Lay finally appeared on Capitol Hill this week, though he disappointed lawmakers who as recently as last Friday were suggesting the energy trader's top dog...

Sun Country Airlines looks to stop liquidation.
February 14, 2002... Byline: Cheryl Meyer Minneapolis-based Sun Country Airlines filed a motion with the U.S. District Court in Minneapolis Feb. 14 to stop Chapter 7 liquidation proceedings. A court hearing on the motion is scheduled for March 11. ...

Investor group to acquire Sun Country Airlines.
February 14, 2002... Byline: Lou Whiteman Sun Country Airlines Inc. said Feb. 14 it has secured a buyer as part of a plan for the airline to continue operations through a Chapter 11 bankruptcy reorganization. MN Airlines llc, a group of unnamed...

BigStar's lights fade to black.
February 14, 2002... Byline: David Shabelman Online video store BigStar had dreams of making it big in the movie business, but has become yet another of the Internet?s bright lights to fizzle out. New York-based BigStar Entertainment Inc. has shut down...

Great Lakes Chemical drops 'poison pill'.
February 14, 2002... Byline: Charles Sisk BOSTON ? Herbert Denton just can't seem to pick a fight. Earlier this week, the president of the New York money management firm Providence Capital Inc. won his three-year battle to force Great Lakes Chemical...

Governance ratings plan in the works.
February 14, 2002... Byline: Charles Sisk in Washington Imagine an early warning system that flags corporate governance problems before they cause trouble. That's the idea behind a ratings system Institutional Shareholder Services and Davis Global...

Layoff roundup: week ended Feb. 14.
February 14, 2002... Byline: David Ehrlich Three big rounds of cuts at three big companies lead the layoffs this week, as Sara Lee Corp. cuts 6,200 workers, British Airways plc drops 5,800 employees and Goodyear Tire & Rubber Co. eliminates 3,500 jobs. ...

UBS, Mitsubishi to list REIT in Tokyo.
February 14, 2002... Byline: Charles Smith TOKYO ? Marking the third time a real estate investment trust will be listed on the Tokyo Stock Exchange, a joint venture formed by Swiss financial group UBS AG and Japanese trading company Mitsubishi Corp. began...

PayPal prices IPO.
February 14, 2002... Byline: David Shabelman Online bill payment service PayPal Inc. priced its long-awaited initial public offering at $13 a share late Feb. 14, raising $70.2 million. The pricing was in the middle of its $12 to $14 range. With 59.8...

MIM buys stake in Moura coal mine.
February 14, 2002... Byline: Giles Parkinson SYDNEY ? Australian mining group MIM Holdings Ltd. said Feb. 14 it bought a 55% stake in a Queensland coal mine from a subsidiary of Rio Tinto plc. MIM paid $166 million for Moura mine, which it bought from...

Scottish & Newcastle buys Hartwall.
February 14, 2002... Byline: Nicola Hobday LONDON ? British brewer Scottish & Newcastle plc has turned its sights eastward, agreeing Feb. 14 to buy Finnish beer company Hartwall Oyj for ?2 billion ($1.7 billion) and gaining half of the leading beer maker in...

U.S. Filter sells FSG to Pall.
February 14, 2002... Byline: Alan Tillier in Paris and Claire Poole in Houston U.S. Filter Corp., a unit of Vivendi Environnement SA, said Feb. 14 it sold its Filtration and Separations Group to Pall Corp. of East Hills, N.Y., for $360 million in cash, a sale...

Kirch restructuring prompts possible suit.
February 14, 2002... Byline: Jonathan Braude BERLIN ? Germany's debt-laden Kirch Gruppe suffered another blow to its hopes of recovery Feb. 14 with the announcement by a London law firm that it had been instructed to try to block the planned merger of the...

Dick Clark goes private.
February 14, 2002... Byline: Peter Lauria Dick Clark has many more coins to toss into the fountain of youth by virtue of a deal Feb. 14 to sell his company to an investor group for $140 million. The group, consisting of Mosaic Media Group Inc., CDP...

Cruise ship takeover war heads into the night.
February 14, 2002... Byline: Donna Block The vote counting went late into the night on Valentine's Day as P&O Princess plc's shareholders tried to decide whether to accept the proposal of Royal Caribbean Cruises Ltd. or succumb the hostile advances of...

Perry Ellis may acquire Jantzen swimwear.
February 14, 2002... Byline: Katie Andersen Retailer Perry Ellis International Inc. announced late Feb. 14 that it has entered negotiations with apparel maker VF Corp. to acquire the assets of its Jantzen Inc. swimwear line. Financial terms were not...

Buffett reportedly in running for Tyco's CIT.
February 14, 2002... Byline: David Weidner A damaged, but respected company is trading at a discount, and a buyer in the shadows is picking up its debt at a discount. Is Warren Buffett readying a play for Tyco International Ltd.'s financial services arm, CIT...

Average multiples: Non-U.S. targets - February 15, 2002.
February 14, 2002... For more M&A stats, please see M&A Watch Scoreboard. www.TheDeal.com

From around the Americas.
February 14, 2002... Byline: compiled by Greg Johnson Langenscheidt to obtain Berlitz Munich-based Langenscheidt Publishing Group and Berlitz International Inc., founded in 1856 and 1878 respectively, agreed to merge Thursday. Terms were not disclosed,...

Supermodels at the heart of Kiwi lingerie contest.
February 14, 2002... Byline: Giles Parkinson in Sydney Supermodels and fashion wars are usually associated with New York or London, Paris or Milan. But in New Zealand's staid city of Auckland, world famous Elle MacPherson and local glamour model Nicky Watson...

Smith & Nephew buys ORATEC.
February 14, 2002... Byline: Brian Cattell LONDON ? In a move to boost its North American business, British medical-equipment maker Smith & Nephew plc agreed to pay $258 million for U.S. counterpart ORATEC Interventions Inc. Smith & Nephew said it has...

Deal Traveler ? February 14, 2002.
February 14, 2002... Byline: compiled by Erica Schlesinger North America Bell Canada International Inc. has found a secret investor willing to buy $300 million worth of common shares in its Telecom Americas Ltd. joint venture, Canada's National Post...

Rabble Babble ? February 14, 2002.
February 14, 2002... Byline: Stacy Mosher The news never rests, and nowhere is it busier than on the Internet bulletin boards. This column excerpts the choicest messages on the latest deals. Postings are selected from several sources, including Yahoo!,...

Telecom Italia advances asset-sale program.
February 14, 2002... Byline: Heather O'Brian MILAN ? Italy biggest phone company, Telecom Italia SpA, said Feb. 14 it was nearing completion of its massive asset-sale plan, following the sale of its stake in the company that controls Bouygues Telecom of...

Bombardier seeks damages for Adtranz buy.
February 14, 2002... Byline: Laura King TORONTO ? Canadian transportation giant Bombardier Inc. said Feb. 14 it is seeking ?1 billion ($871.2 million) in damages from DaimlerChrysler AG, claiming the German auto maker overvalued its Adtranz rail car unit in...

EU defends merger policy.
February 14, 2002... Byline: Renee Cordes BRUSSELS ? Fighting back against sharp criticism from France, the European Union's merger regulator insisted that its reviews of deals are fair and do not block European companies from competing with global rivals....

US scandals create opportunities in UK.
February 14, 2002... Byline: Joshua Jaffe in London Questionable accounting practices in the U.S. have certainly complicated dealmaking, but in Britain, reverberations from the Enron scandal may soon spur mergers-and-acquisitions opportunities. On Feb....

Argentine devaluation prompts defaults.
February 14, 2002... Byline: Jake Keaveny in Buenos Aires Buyout firm Hicks, Muse, Tate & Furst Inc. and John Malone's Liberty Media Corp. are the latest foreign investors to be squeezed by Argentina's currency crisis. Cablevision SA, an Argentine...

Alcatel's wireless equipment unit on the block.
February 14, 2002... Byline: Josh Kosman and Alan Tillier Financial buyers may soon be bidding for Alcatel SA's radio frequency systems (RFS) business in the United States, sources said. The French telecom equipment and network giant has retained...

Doughty, Parmalat after Danone's cheese unit.
February 14, 2002... Byline: Siobhan Almond Private equity firm Doughty Hanson & Co. and bid partner Parmalat Finanziaria SpA are still in the running to buy Groupe Danone SA's Italian cheese business for more than ?1 billion ($871 million), despite the end...

Chipmaker Corrent clinches $16M.
February 14, 2002... Byline: Lou Whiteman Six months after setting out in search of a follow-on to its last venture round, fabless semiconductor company Corrent Corp. has instead closed on a new $16 million third round of funding, its largest deal to date....

TIAA-CREF struggles amid slow venture market.
February 14, 2002... Byline: Vyvyan Tenorio TIAA-CREF is widely known for corporate shareholder advocacy. Less known is the New York pension fund giant's role as a private equity and venture capital investor. Being a relatively late beginner, its...

ASM Brescia.
February 14, 2002... MILAN -- Local Italian utility ASM Brescia said it has chosen Italian banks IntesaBCI and Mediobanca as global coordinators for an initial public offering. An IPO of up to a 30% stake in ASM Brescia is expected to take place by June, a...

Chartwell aiming for acquisitions.
February 14, 2002... Five weeks after hiring a financial adviser, Denver holding company Chartwell International Inc. said Wednesday that its management is pursuing acquisitions. On Jan. 8, Chartwell announced that it had hired New York investment banker...